Is buying Bitcoin or Crypto with cash safe?
Buying Bitcoin and other cryptocurrencies with cash is safe when you use a licensed digital asset trading platform like CoinSpot. It is not safe when you use P2P exchanges like Paxful or Local Bitcoins, because meeting with a vendor in person to exchange is incredibly dangerous. We recommend avoiding P2P platforms entirely if you are an Aussie investor looking to buy crypto with cash.
How to buy Crypto with Cash Deposit in Australia
The easiest way to buy Cryptocurrencies with cash is through Australia's largest exchange CoinSpot. Their platform allows you to deposit AUD to a local Post Office (BlueShyft Location) that will get loaded instantly onto their exchange. This will allow you to trade over 350 different tokens and even stake them to earn passive income. To get started, follow this simple guide:
- Sign up to the CoinSpot platform and verify your identity.
- Click 'Deposit Funds' and select the 'Cash' method.
- Input the amount of AUD you want to deposit, and copy your unique QR code.
- Find a 'Cash Deposit Location' in the map at the bottom of your screen.
- You can deposit AUD with any of these participating retailers via BlueShyft and it will be instantly loaded to your CoinSpot account.
CoinSpot Cash Deposit Fees
The cash deposit fee when you deposit AUD with BlueShyft is a flat 2.5% per transaction. This may seem expensive, but other platforms charge up to 4% and offer less cryptocurrencies with worse trading fees on the platform. The cash deposit limit to buy cryptocurrencies on CoinSpot is $10,000 AUD per day. This limit may be raised if you contact their support team.
Can I sell BTC or Crypto to Cash in Australia?
There is no way to sell you Bitcoin or digital assets back into Cash with platforms like CoinSpot, Digital Surge or SwyftX. You would need to find a willing party that would accept your Crypto in exchange for cash in a peer-to-peer trade.
Cash deposits are a popular way to buy cryptocurrencies in Australia. The process involves depositing your AUD at one of thousands of participating stores, with fees that begin from as low as 2.5%. CoinSpot is our top pick for cash deposits in Australia and allow you to deposit up to $10,000 AUD per day.
That said, there is no way to convert your digital assets back into cash, so you will need to find a peer-to-peer trade if you want to liquidate your crypto holdings.