Forex Trading Market Crypto Commodity CFD Indices Investing Trading Platform Learn to Trade Weekly Insights Shares

Online Trading Forex, Gold Shares And More

How To Buy Bitcoin In Australia with a Credit Card and Paypal? A 5-Step Guide
Onyeka
2020-09-27 1821

The volatile economic environment caused by COVID-19 is prompting many investors in Australia to question possibilities for alternative investments. Fears of runaway government spending, money printing, and inflation are driving interest in buying cryptocurrencies among many traders looking for new opportunities.


Nowadays, investing in bitcoin is very common and easy. But the price of Bitcoin is very volatile, should you buy and hold bitcoin? How to buy bitcoin with card or Paypal effectively? 


This article is going to explore Bitcoin and guide new investors on ways to buy it in Australia.

Post Contents [hide]
Why You Should Buy Bitcoin In Australia?

Bitcoin is creating a lot of interest among both new and experienced investors. Many Australians are becoming very concerned with the state of the economy and are considering Bitcoin as an alternative investment amid an extremely volatile stock market.


Here are some reasons why Bitcoin may be a good investment:


BTC is a “trustless” system


Bitcoin does not have a central authority or issuer and uses technology to authorize transactions. Many computers or “nodes” verify the transactions and confirm them, ensuring that transactions are recorded and cannot be altered. This is why Bitcoin is called “decentralized” - it uses no central bank.


● BTC is secure


Bitcoin transactions are encrypted within the blockchain which makes it impossible to hack due to its decentralized nature.


● No inflation


Unlike fiat currency, BTC is capped at 21 million coins and no more can be produced. 


● BTC is completely private


Transactions made with BTC are encrypted and private data is never revealed. 


● BTC is highly speculative


The price of Bitcoins is extremely volatile and subject to large fluctuations. Experienced investors that understand the nature of the market can take advantage of this volatility and use margin to realize large profits. 


1601202360717

Who is buying Bitcoin in Australia 2020?

Bitcoin has gained interest among a wide demographic of people in recent times, particularly these 3 large groups:


● Speculators


Speculators are purchasing BTC purely for trading purposes without any intention of using it. By using volatility they are attempting to catch the winning side of the trade due to its strong tendency to fluctuate in price. 


● Investors/HODLers


Investors or people that intend to hold Bitcoin for the long term (known as “Hodlers”) make this group. Members of this group may either believe in the capacity of the technology or its potential for long term value and intend to stay invested in bitcoin and not sell out of fear when the prices go down. 


 Bitcoin users


Many individuals that either wish to support the system, seek absolute privacy or enjoy the freedom of decentralized banking choose to use Bitcoin for actual purchases. As the list of services and e-commerce stores accepting Bitcoin grows, viable alternatives like Bitcoin will continue to increase in popularity. 


Don’t miss your opportunity to trade Bitcoin. Start Trading Now!

How To Buy Bitcoin in Australia Within 5 Steps?


Step 1:  Know the popular ways to “ Buy” Bitcoin


When you search for buy bitcoin, there are mainly 2 kinds of traders. The one is to buy physical bitcoin, the other is to buy bitcoin derivatives, such as trade BTC/USD.  Buy means “ go long”, sell means “ go short”.  Which way would you like?


Buying physical Bitcoin is not the only and best way to make money in the market. In addition to funding restrictions, high transaction fees, and the inability to make money when the market falls, you may also risk being hacked.


In order to enable traders to buy and sell cryptocurrencies at a lower cost,  the market for crypto derivatives has a rapid growth.


Globally, in the first quarter of 2020 alone, the actual virtual currency trading volume reached 6.6 million U.S. dollars, and the derivative cryptocurrency market reached more than 2 million U.S. dollars.


It is expected that the trading of crypto derivatives will continue to grow rapidly by the end of this year.




Step 2:  Assess your risk level


Bitcoins have a huge amount of price volatility, making their use as a currency very difficult due to the lack of stability. 


The price per coin has exceeded USD $20,000 and has dropped to less than $5000 in several months. This makes it an extremely risky investment for any type of investor whether they are a beginner or advanced. 


Its inherent riskiness is also affected by our current economic situation, particularly concerning COVID-19 and its upending of the economies in the world. This has caused extreme volatility in the stock market that has also affected the price of BTC due to speculation. 


For ordinary investors, such huge fluctuations are no longer safe to hold. But for Bitcoin followers, in the near future, the world will definitely accept and use Bitcoin, the price of Bitcoin will also skyrocket.


(*The price fluctuates at any time, you can visit Mitrade platform to check the latest price.)




Step 3:  Explore The Payment Options


The process of buying bitcoin can be confusing for the non-initiated. If you decide to buy bitcoin as a risky investment. Let’s see the payment ways to start purchasing.


     ⭐ Credit card or Paypal purchases

 

Most crypto trading exchanges allow you to fund your account with the credit card or Paypal. But charges can be steep, usually between 1.5% and 3%. 

 

Also concerning is that many banks don’t approve of credit when purchasing crypto assets – and there have been occasions when transactions were blocked.


     ⭐ Buying Bitcoin with other cryptocurrencies 


If you’ve other crypto assets stored in a digital wallet or already on an exchange. Obviously, if this is the case, you’ll already have at least a little experience of trading crypto.


     ⭐  Bitcoin ATM

 

This is becoming a popular option in Australia, and some believe it is a much better way to buy (if you are close to one). There are currently over 50 bitcoin ATMs throughout the country.


If you would like to buy physical bitcoin at an exchange, you will also need a Bitcoin wallet. Bitcoin must be stored in a digital wallet. There are many types of wallets available for mobile or desktop devices along with external storage devices.




Step 4:  Select the right place to buy Bitcoin/BTC


What is the best cryptocurrency platform to trade? Well, it all depends on your needs and skills as a trader.


However, any good platform should have low fee costs and no premiums on withdrawal or deposits, it should be easy to use and provide demo accounts to all new and existing clients, and a network with low latency and fast execution.


Besides, as you should take care of your money, any platform you are considering should be well regulated in at least one of the advanced financial economies including the US, Europe, Australia, Switzerland, and Japan.


Next, I will show you my recommended options in different investment ways.


>>> Buy Or Sell bitcoin based on the price movement 


Mitrade 


16012028116011


Mitrade is an ASIC-regulated Forex broker based in Australia that provides almost 100 global popular instruments that include BTC. Other investment instruments include forex, indices, and commodities. 


One difference in Mitrade is that you will trade based on the price movement of bitcoin (not directly owning bitcoin), so you have 2 advantages:


      Use leverage (Bitcoin is up to 1:10)

      Make money even if the market falls (two-way market)


Investing in bitcoin in this way requires only a small amount of capital. For example, you can use 1:10 leverage to buy 0.1 Lot BTC(cost USD106 based on the current price).


In addition, trade bitcoin on Mitrade also has a feature: assuming that the BTC price tends to fall, you can still profit by short selling.


There are many other brokers like Mitrade including IG, CMC Markets, Avatrade, Pepperstone, Etoro, and more.


Don’t miss your opportunity to trade Bitcoin. Start Trading Now!


>>>  Buy and Sell physical bitcoin


CoinSpot


Established in 2013, CoinSpot is a well-known cryptocurrency exchange based in Australia that offers Bitcoin. It provides an intuitive and easy to use interface to clients that offers a large array of features. They offer a variety of coins that include BTC, Ethereum, Litecoin along with over 100 others in addition to over-the-counter trading. 


CoinJar


CoinJar is an established cryptocurrency broker in operation since 2013. The company’s apps on iOS and Android let users buy and sell cryptocurrencies in addition to other trading applications catering to professional traders looking to make larger transactions.


Independent Reserve


Established in 2013, Independent Reserve is a popular exchange in both Australia & New Zealand that offers cryptocurrencies. Payment Methods include EFT, Osko/PayID, POLi, SWIFT and their top tier underground vaults to protect data for optimum security.


Coinbase


Coinbase is an immensely popular global broker that is also available to residents of Australia. Bitcoin purchases are subject to a fee of 3.99% per purchase and are delivered instantly. As an established broker, Coinbase offers top security that may also involve user tracking into how and where their bitcoins are spent. The exchange offers several of the major coins that include Ethereum, Bitcoin Cash, XRP, EOS, and many others.


Coinmama


Available worldwide, Coinmama offers BTC purchases at a  4.9%-5.9% commission fee. The company offers users an easy platform for buying a range of popular cryptocurrencies using fiat currency. 


Kraken


Established in 2011, Kraken is one globe’s most established cryptocurrency exchanges and the largest in the EU when based on the average volume of daily trades. Available in almost all countries, deposits can be made via bank wire, SEPA, ACH and SWIFT. 


>>> Top 15 Best Cryptocurrency Exchange In Australia/USA/UK




Step 5: Do your own analysis to determine when to buy


If you want to invest in cryptocurrency, you must know how to do your own research and determine the best time to buy or sell. 


Despite a lot of methods used by traders these days, there are two typical methods of analysis in crypto-trading: Technical Analysis (TA) and Fundamental Analysis. 


Technical Analysis relies on reading charts to collect data, find the trend, and predict the price of a coin in the future. 


With fundamental analysis, you will need to find the asset’s value, learn the news and events, so that you can view the market from a longer-term perspective.


Next, we come to the trading point, you can try to make the first trade with a demo account. Almost every broker will provide you a free demo account with virtual money for new traders.


Open your trading account at Mitrade or try a free 90-day demo account!


16012028647896

FAQs:


●  How to buy BTC with low fees in Australia?


Buying BTC with low fees is easy on Mitrade. There are several convenient purchase methods that include wire transfers, bank transfers, Visa/Mastercard, POLi, Skrill/Neteller and ATM/Ngan online banking (for Vietnamese clients).


But you should note that when you buy BTC at Mitrade, you are not owning the physical bitcoin, you only trade with bitcoin price movement.


●  What are the Bitcoin trading conditions on Mitrade?


Each market on Mitrade will indicate the conditions (leverage, margin, fee, spread, trading time period, etc., just visit the Mitrade trading app to view).


16012022783759


*The above data may change with time. For the latest market data, please go to the Mitrade trading platform.



●  What is the best cryptocurrency for investment in 2020?


There is no simple answer to this question however many individuals lean towards Bitcoin and Ethereum due to its brand recognition and widespread use. 



●  How can I buy Bitcoin without verification?


Buying Bitcoin without identification is possible, however, the transactions usually incur very high fees. Examples of online marketplaces include LocalBitcoins that facilitate transactions on a peer-to-peer basis.


Another option is to use a Bitcoin ATMs that deliver bitcoins to your wallet upon the insertion of cash. These typically do not require ID however may be hard to locate as most are privately owned and operated. 



●  When is the best time to buy bitcoin?


The current market is subject to intense volatility due to the COVID situation that has upended the world economy and made trading conditions unpredictable.

 

If you prefer short-term trading, you can conduct intraday trading on small price movements, that is, buy on dips and sell on rallies within a day, and keep doing swing trading. It allows you to make long and short trading decisions, according to the pre-set take profit and stop loss point and price comprehensive judgment.


If you are a long-term trader, you’d better buy and sell Bitcoin on the cryptocurrency exchange. You should refer to the Bitcoin news, the international situation, and the overall judgment of derivatives.


Don’t miss your opportunity to trade Bitcoin. Start Trading Now!

Final Words


Bitcoin has been halved for the third time this year, coupled with the current global political turmoil, the price of Bitcoin has entered a new round of volatility.


We can focus on the bitcoin market this time. At the same time, ordinary investors must pay attention to risks in dealing with such highly fluctuating investment products.


1601202360717


The content presented above, whether from a third party or not, is considered as general advice only.  This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Mitrade does not represent that the information provided here is accurate, current or complete. For any information related to leverage or promotions, certain details may outdated so please refer to our trading platform for the latest details. Mitrade is not a financial advisor and all services are provided on an execution only basis. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks. *CFD trading carries a high level of risk and is not suitable for all investors.  Please read the PDS before choosing to start trading.

Share this story
NULL