If you are wondering where to sell Bitcoin in Australia for cash, we're sharing some of the best cryptocurrency exchanges in Australia that we have used where you can do exactly this.
Firstly, you should know there are two ways to cash out and sell Bitcoin:
- Sell Bitcoin for fiat currency such as Australian Dollars (AUD)
- Sell Bitcoin for another cryptocurrency (e.g Ethereum, Litecoin, Ripple, Cardano or other altcoins)
This article will focus on transferring Bitcoin from a hardware wallet to convert into AUD (with the lowest fees) and receive cash directly in a bank account.
How To Sell Bitcoin To Australian Dollars (AUD)
For those that are interested in how to sell BTC to cash (AUD), follow these simple steps:
- Register for an account with an Australian crypto exchange such as Swyftx
- Complete the signup registration process and verify the email address
- Go to the left menu and Click 'Trade' and choose Bitcoin to 'Sell'
- Enter in the BTC sell price and trade method (e.g. market sell or limit)
- Click 'Instant Sell' and confirm the transaction details
- Go to your 'Bitcoin Wallet' and click on withdraw
- Select your fiat currency (e.g. AUD) and submit withdraw to bank account
Ways To Sell Bitcoin In Australia
There are several ways for residents in Australia to sell Bitcoins. Each method will comprise of different risks and fees that must be considered before making any transaction to cash out of Bitcoin to AUD.
- Cryptocurrency exchange: an online website or trading app that allows users to deposit Bitcoin that can be converted into AUD and withdrawn to a bank account (recommended method)
- Cash in hand: Trade cash for Bitcoin in person with a trusted friend or family member who are willing to pay with cash. It is best to bring a mobile phone wallet or your laptop to confirm the transaction.
- Peer to peer: Use an online peer to peer exchange such as Paxful that connects willing buyers and sellers that features an escrow service (i.e. remain anonymous). This means the Bitcoin is held by the site and released it to the buyer once the payment for the Bitcoin is verified.
- Gift cards: Purchase a gift card using Bitcoin using a website such as Bitrefill to spend AUD
- Bitcoin ATM: Visit a local Bitcoin ATM to transfer Bitcoin and cash out in Australian Dollars
Why Use An Australian Exchange To Sell BTC
Our recommended method to sell Bitcoin to AUD is to use a reputable and trusted cryptocurrency exchange in Australia. Here are the pros and cons of using an exchange to liquidate BTC to AUD.
Best Crypto Exchanges To Sell Bitcoin Fast
Here is our list of our top rated crypto exchanges in Australia to sell Bitcoin into AUD (with our commentary):
- Swyftx (competitive trading fees and lowest spreads)
- Binance (worlds largest crypto exchange to sell Bitcoin to AUD with low fees)
- Independent Reserve (tiered fees structure with a discount based on volume)
- CoinJar Exchange (fees as low as 0.1% to convert BTC to AUD)
- CoinSpot (reputable Bitcoin exchange with low fees using the exchange)
- ZebPay (low trading fees to convert to BTC to AUD)
0.6% (low spreads)
0.1% / 1%
0.1% / 1%
Best Places To Convert BTC To AUD
Our review and assessment of the best exchanges in Australia to cash out of Bitcoin is based on important factors such as ease of use, reputation, trading fees, security and customer support.
Swyftx is a state-of-the-art online platform that users to buy, trade and sell crypto with AUD. The trading platform is well known for having 4 times lower spreads and 2 times cheaper trading fees compared to its closest competitors in Australia and rapid account verification in less than 2 minutes without taking selfies.
Ease of use
Binance exchange that offers a place to buy, trade and sell more than 200 cryptocurrencies. The platform offers instant AUD deposit and withdrawal via PayID/Osko (NPP payments), is supported by over 100 Australian banks and financial institutions. Binance is one of the cheapest cryptocurrency exchanges in Australia with trading fees between 0% and 0.1%.
Ease of use
Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar.
Ease of use
CoinJar is a trusted crypto exchange in Australia and also one of the longest-running digital currency exchanges. CoinJar allows users to buy, sell, store and spend digital assets. With over 400,000 users and counting, CoinJar exchange is one of the best places to sell Bitcoin in Australia that will suit both beginners and experience investors.
Ease of use
CoinSpot was founded in 2013 and has built up a solid reputation and trustworthy image for an Australian cryptocurrency platform. The exchange is focused on helping newcomers to sell Bitcoin and cryptocurrency in Australia into AUD. Coinspot has historically been one the best place to sell Bitcoin in Australia over the last few years.
Ease of use
Zebpay provides an on-ramp to allow investors residing in Australia to purchase cryptocurrencies through their desktop and mobile trading apps. ZebPay is a used by over 3 Million users across the globe and has opened to the Australian market with an office in Victoria.
Ease of use
Frequently Asked Questions
Can You Sell Bitcoin For Real Money?
Bitcoin can be cashed out into fiat currency such as USD, AUD, EUR and GBP using a crypto exchange to spend as real money. The best method to sell Bitcoin is using a cryptocurrency exchange that supports the local currency with zero fees to withdraw to a bank account.
When To Sell Bitcoin?
This is a question on every Bitcoin investors mind. Knowing when to sell Bitcoin is one of the hardest things to know as there is no right or wrong answer to this question. It depends on your financial circumstance and risk appetite.
Of course, to maximize your fiat profits you need to buy low and sell high. So, don't be afraid to take profits if you were fortunate to buy on the dip. Remember, Bitcoin is a highly volatile asset so we caution all investors to never risk more than you can afford to lose.
Why Can't I Sell Bitcoin And Cash Out?
If you're having trouble selling Bitcoin in Australia, make sure that you check the exchange allows you to convert Bitcoin into AUD. Not all Bitcoin exchanges are the same and offer various deposit and withdrawal methods.
You should check the payment and withdrawal methods before depositing funds to purchase Bitcoin.
There you have it. The best websites to sell Bitcoin in Australia instantly for cash.
Just remember any gains that you make as a result of selling Bitcoin need to be recorded under the capital gains tax (CGT) rules. So, it's a good idea to consider using Swyftx and Independent Reserve to withdraw cash to your account as they both have a tax calculator.
If you want an alternate way to cash out, you might be interested in BlockFi that lets you keep your crypto and take a fiat cash out loan. To learn more, read our article on the best platforms to earn interest on crypto.
Now it's time for you to comment.
What price will you decide to sell Bitcoin?
Have you used any of these crypto exchanges in Australia?
What was your experience like selling Bitcoin to AUD?
Leave us a comment below and share it with your social network if you found this article useful.
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