How To Buy Bitcoin
Exchanges
Simply put, an exchange is a platform where users can buy and sell bitcoin. In Australia, several bitcoin exchanges allow individuals to buy or sell Bitcoin. Some of the well known bitcoin exchanges available in Australia include:
1. CoinSpot
2. Coinbasd
3. Bitaroo
For this tutorial we will be using Bitaroo.com.au I personally use this and recommend it as it is the best bitcoin exchange available in Australia and offers the best service.
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Steps are as follows
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Create an account
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Provide some ID information
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Verify email
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Fund your Bitaroo Account from Your bank
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Buy Bitcoin!
Create Account
Go to: Bitaroo.com.au
Select Sign up.
Enter details to create and click create account.
Send confirmation to your Email.
Navigate to your emails and click the link to confirm.
Now Log in with your new details.
You will be sent to a page to provide details to verify your ID as show below.
Select “Passport” or “Drivers licence” to provide those.
This is required by law in Australia for KYC (Know Your Customers) purposes.
Deposit
Now It’s time to fund Your Exchange account!
Select the Deposit tab on the main page.
You will see the details you need to deposit money from your bank account on the right hand side, I have blurred mine for privacy.
Send these in the traditional manner you make bank transfers from your respective desktop or mobile banking app. Once this is completed your Bitaroo account will receive your funds.
The fastest way to deposit money is to use PayID. The slower, more traditional way to pay is with the BSB and Account number that is shown on your deposit page. Enter these and send funds.
The 24 hour default deposit limit is set to $10,000 you can opt to increase this.
Purchase Bitcoin
Navigate over to the BUY tab, you will be able to see once your funds have landed in your account. The time for the funds to land in your account may vary depending on what deposit option you chose and what bank you are with.
We can bulk purchase bitcoin from this page by selecting max, or alternatively you can manually type the amount you would like to buy. Once you are happy select the buy button.
You will be asked to confirm your order. Check to make sure the details are correct and confirm.
Congratulations you have now made your first purchase!
If you navigate to the main page by Selection the TRADE tab you will be able to see your Bitcoin holdings on the left side as displayed below.
Next you must withdraw your bitcoin!!! “Not your keys, not your coins”
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If you have not created a bitcoin wallet yet go to self custody and first make sure you read and understand what your keys are. Once you have done this go to "Create your first hot wallet".
Withdrawal
Navigate to Account then go to Withdrawal.
Copy and paste your bitcoin wallet receiving address into with drawl address. Select your fee and confirm.
Confirm withdrawal details, enter you password and confirm.
You will shortly receive funds received into your nominated bitcoin wallet!
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You have now purchased and secured bitcoin into you own personal hot wallet!
