Sell Bitcoin in Australia

 A quick guide on selling your Bitcoin.
Stuart Butler | 2019

So the time has come to sell some of your precious Bitcoin? This would mean you have your own digital wallet or are using an exchange wallet to hold your Bitcoin.  Either way, you have made the decision to sell back to Australian Dollar (AUD) and you want a fast yet effective means of liquidating your position (Selling). 

Great,  Now you can ask yourself some questions…

 

Why am I selling now?  Do I need the money?  Have I made a profit?  What if Bitcoin keeps going up?

All these questions would be swirling around in your head and they all require answers to help you make the correct decision.  Maybe you want to purchase a new car, or maybe you have to put the money towards a house deposit.  All these things are great reasons to sell.  On the other hand, if you are selling to jump out then back in on a dip I recommend you proceed with caution and think things through thoroughly. 

 

Sure picking a nice peak on the daily or 4 hour chart and selling then getting back in on a trough or dip seems easy on paper, but if it was this easy we would all be well off.  The ebbs and flows of a market are  more predictable for a seasoned trader and even so they are really only as good as their last trade.

 

Your best bet is to remain disciplined and focused on what you are trying to achieve.  Before purchasing Bitcoin, and definitely before selling it, set yourself clear and precise price targets in Australian Dollars. Back them up with reasons so that you are more likely to pull the trigger, and sell when the price hits these targets.  So you might say to yourself: ‘I entered the market purchasing one Bitcoin at $10,000 USD.  My target for selling is $15,000 USD.  This will help me achieve my overarching goal of a house deposit (becoming more expensive in Australia), or sell $5,000 which is half my initial investment back lowering my risk exposure.’

Then once the trigger price reaches $15,000 you sell and execute your plan with discipline and a precise vision.

 

If Bitcoin starts to take off again and exceeds $15,000 and you get FOMO (Fear of Missing out); have a plan to re-enter and a price you are happy to pay.  Keep half your initial investment of $5,000 and go back in with $10,000.  If however it drops, you could also look to re-enter for a much cheaper price which is excellent news.  Remember the words of Warren Buffet which is also applicable to the Cryptocurrency market.  “The Stockmarket is a device for transferring money from the impatient to the patient“. 

These are just examples of ways to trade with discipline and things to consider before selling your Bitcoin.  After all Bitcoin is only going to become more rare as time goes on.

Things you will require before selling Bitcoin in Australia:

  1. An account with a reputable Australian crypto exchange for example Easy Crypto
  2. The Australian bank account details (in your name) of the account you want to sell into.
  3. You will require your photo Identification if you have not signed up or been verified with a selling exchange. This usually entails a selfie while holding a hand written note and your ID card for most exchanges.  Here is an example of what may be required:

  1. On creating an account you will in most cases be required to provide your Bank details so when you go to sell you will see the following:

  1. You will then need to acknowledge your order by clicking confirm or something similar as shown below:

  1. Once you have confirmed the amount it will then generally provide you with a Bitcoin or other cryptocurrency deposit address and a QR Scan code. Simply deposit the desired amount of Bitcoin to the given address and follow the status of the order on your account page or via emails.

 

It is a fairly simple process to sell and can be done almost as quick as buying crypto.  I have simply used Easy Crypto as an example to provide you with some screenshots, as you will more than likely come across similar pages among other reputable Australian exchanges. 

So effectively the exchange waits to see the deposit enter into the exchange wallet and then automatically creates a bank transfer directly to your provided Australian bank account.  From that point on you will more than likely receive a receipt from your chosen exchange via email.  Expect deposit times to vary depending on your bank etc but from here on out the transfer speed is like any other transfer from bank to bank.  If you are with the same bank expect it pretty much instantaneous and if not expect it deposited within 1-2 business days.

Selling Bitcoin and Cryptocurrency in Australia is becoming far more efficient, user friendly and timely.  The aim of the industry as a whole is to make buying and selling Bitcoin streamlined and instantaneous coupled with high level security and absolute confidence.  We can see a future where with the click of a button you can buy and sell Bitcoin and other cryptocurrencies person to person instantly regardless of age, technical abilities, distance and borders.

Sell Bitcoin Australia – FAQ’s

Q. How much Bitcoin can I sell in Australia?

A. There is no limit to the amount you can sell.  Easy Crypto allows a maximum of $10,000 AUD to be sold daily and this is similar across most exchanges.

Q. What are the tax implications when I sell Bitcoin in Australia?

A. When buying and selling any Cryptocurrency in Australia you must understand your tax obligations with the Australian Tax Office.  In general, every AUD to Crypto, Crypto to AUD and Crypto to Crypto trade is a tax ‘event’.  Contact a crypto friendly accountant (such as Darcy Financial) to discuss your personal situation before selling.

Q. How long does it take to receive my AUD after I sell Bitcoin in Australia?

A. It is all dependent on Australian bank processing times.  This can range from almost instant (in the case of NPP type payments) through to 3 business days.  The exchange will keep you in the loop via email.

Q. Can I cash out to my partners Australian account?

A. Contact Easy Crypto via email to discuss this.

Q. Why is the sell price higher than the buy price?

A. Selling Bitcoin in Australia (and across the world) always follows the same principle, that is there is a buying and selling market.  Buyers will set a buying price and sellers a selling price.  To buy, your buying price must match the sellers price.  The difference between these two prices is called ‘the spread’.  So in order to sell instantly, you must lower your sell price down to the buy price to match up with a buyer.  Once this occurs your order immediately processes.  This is all done by the exchange automatically and you don’t have to worry about it.