Bitcoin (BTC) has garnered a lot of global attention in the last few years. This is largely due to the huge growth in the price of the biggest cryptocurrency in the world. With more attention, it’s no surprise that more Australians are looking to buy Bitcoin and other digital assets. This guide will detail the steps that you need to make to invest in BTC in Australia with popular crypto exchange Swyftx. Coinware listed Swyftx as one the best crypto exchanges in Australia. In short, the steps you need to take to buy Bitcoin (BTC) in Australia are:
- Create a free trading account with Swyftx
- Complete KYC verification check
- Enable Two-Factor (2FA) Authentication
- Deposit AUD into your account
- Click the ‘Trade’ option
- Search for Bitcoin (BTC) and click the ‘Buy’ button
- Enter the amount of Bitcoin you’d like to buy, or the AUD equivalent
- Review your order details
- Confirm your purchase by clicking ‘Buy BTC’
Where can I buy Bitcoin ?
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What is Bitcoin?
Bitcoin is a decentralized digital currency created in 2009. It’s a peer to peer virtual currency which means it can be used to buy, sell and exchange without going through a third party like a central bank. All Bitcoin transactions occur between participants on the Bitcoin network, and this transaction data is stored on a blockchain. A blockchain is a decentralised database. This means the data stored within this blockchain is stored across a network of nodes, rather than a single server.
The history of Bitcoin
Bitcoin was created in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto. This followed the global financial crisis in which traditional financial institutions caused financial markets around the world to crash. Bitcoin was created as a currency that people could trust and would function without the need for third-party invention.
The Bitcoin whitepaper was released in 2008, just a few months prior to the launch of the Bitcoin blockchain. This is a guide that detailed the purpose of Bitcoin is and what it sets out to do. In this whitepaper, Nakamoto described that Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.”
In the 13 years since the inception of Bitcoin, its price has grown by nearly 80 million per cent, making it the greatest performing asset of the last decade and one of the greatest performing assets of all time. In 2021, Bitcoin has gained a lot of mainstream attention and is getting more and more real-world adoption every day.
How to get started with Swyftx
Swyftx is considered to be one of the best cryptocurrency exchanges in Australia due to its low fees, helpful customer service and easily navigatable interface. We’ve provided steps below that detail how to buy Bitcoin in Australia through the Swyftx trading platform. It’s important to keep in mind, that other Australian based cryptocurrency exchanges like Coinspot and Coinjar have a similar sign and verification process. So if you have signed up to another Bitcoin exchange, this guide will still be a useful resource.
Step 1: Register an account
The first step to buying Bitcoin in Australia is to register a trading account. This is a similar process to signing up for a bank account. Click here to visit the Swyftx registration page. Here, you’ll need to provide your first and last name, email address, phone number, country of residence and create a secure password. Once all those fields are complete, you’ll need to check the terms and conditions box as well as the “I am not a robot” box. Then simply click “Create Account.”
Step 2: Complete KYC verification
To activate your account, you’ll need to verify your details. This can be accessed via the profile tab on the left-hand navigation bar. This will require you to verify your email address, phone number and identity. Verifying your email and phone number is simple, you’ll just need to input the code sent to you via email and SMS.
To verify your ID, you’ll need to provide an image of a piece of government-issued photo identification like your driver’s license or your passport. Swyftx does not require you to scan or print a copy of your ID. Instead, they have an ID verification system that is quick and hassle-free. This can typically takes 2 minutes.
Step 3: Enable Two-Factor Authentication (2FA)
Two-factor authentication (2FA) adds an extra layer of protection to your account. Also known as multi-factor authentication, this is an extra code of password that is required to login into your account and/or to withdraw funds from your account. Though this is not mandatory, it is highly recommended you set up 2FA to protect your funds from being stolen by a hacker or a scammer.
Most exchanges support 2FA generators like Google authenticator, Microsoft Authenticator and Authy. These apps generate codes that you’ll need to login into your account.
Under the profile tab in your Swyftx account, click “Set up 2FA.” This will present you with a QR code that you can scan on your preferred authenticator app.
Once you have done this your Swyftx 2FA code will be automatically stored in your authenticator app. This code will reset every 30-seconds, so you’ll need to check your authenticator app every time you log in to your Swyftx account.
Step 4: Deposit AUD into your account
After your account has been verified and activated, the next step is to deposit funds into your account. Often exchanges will allow their users to deposit funds via a number of different supported payment methods. You can deposit funds into your Swyft account via bank transfer, POLi, PayID or credit or debit card.
To deposit Australian dollars, navigate to the “Quick Deposit” tab and then click on “Deposit AUD.” You will then be presented with your deposit options. The most deposit option is bank transfer. Here you’ll need to transfer money from your bank using the BSB and account number provided to you. We used this method and it took 1 – 2 minutes for the funds to arrive in our account.
Step 5: Click the ‘Trade’ option
Once funds have been deposited into your account, you can then use these funds to buy Bitcoin immediately. Start by navigating to the trade tab in the left-hand side panel and clicking “Buy.”
Step 6: Search for Bitcoin (BTC)
Using the search bar, type in “Bitcoin” or “BTC” and click on the corresponding option. When on the “Buy Bitcoin” page. This will show you the price of 1 Bitcoin in AUD as well as giving you a range of order types.
Step 7: Choose an order type
When on the Bitcoin buy page, you’ll have the option of four order types. These order types include market order, limit order, stop order and recurring order. We have provided more info about these below:
A market order is the most common type of crypto order type. This refers to buying Bitcoin at its current price. This means, if swyftx has the Bitcoin purchase price at $70,000 AUD, then this is the price you will purchase Bitcoin at.
A limit order is a type of crypto order that refers to setting a price in which you wish to purchase BTC. When the price of BTC hits this price point, your limit order will automatically trigger your trade. For instance, if the price of Bitcoin is $70,000 AUD and you think this is too high, you could set a limit order to trigger at a price lower than its current price (i.e. $60,000).
A stop order is similar to a limit order except it involves setting a price higher than the current market price to trigger an order at. These orders are commonly used when buying price breakouts and the investor believes the price will continue rising.
Recurring orders can be an effective order type for people looking to Dollar Cost Average (DCA). This is an order type, that refers to purchasing Bitcoin regularly over set intervals (i.e. every week). This mitigates the risk of badly timed trades.
Step 8: Enter the amount of Bitcoin you’d like to buy, or the AUD equivalent
If you would like to make a market order, start by entering the amount of Bitcoin you’d like to buy. However, it may be easier to enter the amount of AUD you’d like to spend. After this, click the “instant Buy” button to review your order details.