How to Sell Crypto in Australia

Are you thinking of selling cryptocurrency in Australia? Don’t rush in!

We’ve compiled a complete list of recommended crypto exchanges you should use, as well as vital info on the best time to sell Bitcoin and crypto along with other handy tips. Let’s get started!

When is the Ideal Time to Sell Crypto?

The best time to sell crypto isn’t easy to figure out. It depends on your financial circumstance, risk appetite, regulatory developments, profitable market rates, hype and what price you bought it. The regular trading strategy for maximising profits for most traders is to buy low and sell high. 

To figure out the best time to sell your digital coins, you need to analyse the market carefully and gain more trading experience. You’ll become better at maximising profits with time.

How to Convert Crypto to AUD

You can convert crypto to AUD using various methods such as through a crypto exchange, selling from your wallet address directly to a trusted friend , using Bitcoin ATMs, or using a peer to peer trading platform. If you stored your cryoto in a cryptocurrency exchange, you’ll find it easy to convert your crypto to AUD. Depending on the exchange you’re using, you may either sell through a web browser or their mobile app.

Here’s a step-by-step guide on how to convert crypto to AUD using CryptoWallet. You’ll need crypto loaded in your wallet to begin. 

  • Create a CryptoWallet account and Log into your account.
  • Go to the exchange section and choose the AUD trading pair you want to sell.
  • Choose the currency you want to convert it to. In this scenario, select AUD
  • Select the amount you want to sell. The exchange rate will be displayed on the screen.
  • When you’re satisfied with the details, select “confirm transaction”. Your funds will arrive in your wallet.
  • Withdraw to your bank account

How to Sell a Large Amount of Crypto

The best way to sell large amounts of crypto is through an OTC (over-the-counter) transaction. An OTC transaction occurs when a private buyer and private seller are connected by a broker to facilitate the trade. OTC brokers help high-volume traders buy or sell large crypto amounts by getting funds from liquidity providers who hold large amounts of cryptocurrencies.

Follow these steps to sell large crypto amounts using OTC trade

  • Initiate your trade through a chat room or an OTC brokering platform. Before choosing an OTC broker, assess the minimum and maximum trade amount available, the transaction fees, the signup process, and available cryptocurrencies.
  • Agree on the terms of the trade with the broker. This includes the amount of crypto you want to sell, when you want the sale to take place and your desired price. 
  • Once you’ve agreed to the buyer’s terms, the buyer will send the agreed amount of AUD to you and you will send a similar amount of crypto coins or tokens to the buyer in exchange. In some circumstances, you might need to do KYC or due diligence on each other to meet legal regulations before trading.

Here are the Best Exchanges to Sell Crypto in Australia

When considering a crypto exchange for your crypto trading, there are some factors you need to evaluate such as ease of use, deposit methods, trading fees, security, and customer support. We’ve carefully crafted a list of one of the best crypto exchanges in Australia for you to choose from.

2 Swyftx

Swyftx is a top cryptocurrency exchange in Australia that lets you buy, trade and sell crypto with AUD. It is a registered trading platform that offers a simple and transparent way for traders to invest in digital assets.

  • Location and Currency: It’s located in Australia and supports AUD.
  • Cryptocurrencies: It supports 226+ digital assets to trade with.
  • Fees: No AUD deposit or withdrawal fees
  • Rating: 5

3 CoinSpot

CoinSpot is one of the leading Australian exchanges that is focused on helping beginners buy Bitcoin and a wide range of cryptocurrency coins with AUD. It’s the only crypto exchange to meet the ISO security standards.

  • Location and Currency: Located in Australia and supports AUD.
  • Cryptocurrencies: It supports 260+ cryptocurrencies.
  • Fees: Affordable trading fees.
  • Rating: 4

4 CoinJar

CoinJar is a popular online exchange in Australia. Traders can buy, sell, store and spend digital assets easily. It also offers crypto debit cards and crypto EFTPOS cards to users.

  • Location and Currency: It’s located in Australia and the UK. It supports AUD and GBP.
  • Cryptocurrencies: It supports 24 crypto for trading.
  • Fees: Low trading fees and average deposit fee.
  • Rating: 4

9 Independent Reserve

Independent Reserve is an Australian crypto trading exchange established in 2013 that supports more fiat currencies like AUD, USD and NZD. It also offers OTC trading for large orders. Deposits can be made via bank deposit, POLi, PayID and SWIFT.

  • Location and Currency: It’s located in Australia and supports AUD, USD, NZD, and SGD.
  • Cryptocurrencies: It currently supports 26 cryptocurrencies.
  • Fees: 0.5%
  • Rating: 4

6 Binance

Binance is a global cryptocurrency exchange that allows traders to buy, trade and sell more than 200 digital currency trading pairs. It supports multiple payment methods such as bank deposits and credit/debit cards.

  • Location and Currency: It’s located in Seychelles and supports AUD, USD, EUR, GBP, SGD, and UGX.
  • Cryptocurrencies: It supports 250+ cryptocurrencies.
  • Fees: One of the cheapest trading fees.
  • Rating: 4

7 Digital Surge

Digital Surge is an Australian based digital currency exchange that provides an instant and simple way to buy and sell crypto using AUD. It has a beginner-friendly interface for everyday Australians to get started with crypto assets.

  • Location and Currency: It’s located in Australia and supports AUD.
  • Cryptocurrencies: It offers over 260 cryptocurrencies for trading.
  • Fees: No withdrawal fees, low trading fees
  • Rating: 4

8 eToro

eToro is a perfect exchange platform for beginners who want to speculate on the prices of Bitcoin and crypto CFD’s in Australia, Users can fund accounts using credit cards, bank transfer, and PayPal.

  • Location and Currency: Its headquarters are in Israel and have offices in the US, China, UK, Australia and Cyprus. It supports AUD, USD, GBP, and EUR.
  • Cryptocurrencies: It supports 16 cryptocurrencies.
  • Fees: It has zero deposit fees and cheap withdrawal fees.
  • Rating: It’s rated 3.5

9 Coinbase

Coinbase is a popular crypto trading exchange that is available in over 100 countries including Australia. It was established in 2012 and supports crypto staking.

  • Location and Currency: Headquartered in San Francisco with a presence in other 11 countries. It supports AUD, USD, GBP, CAD, EUR and NGD.
  • Cryptocurrencies: 46 different cryptos.
  • Fees: Higher than average trading and deposit fees.
  • Rating: 3.5

10 Bittrex

Bittrex is a trading platform that is simple to use. It offers automated trading features, such as stop-loss, instantly buys or sells, including all the standard technical charting tools for traders.

  • Location and Currency: It’s based in the U.S and supports USD.
  • Cryptocurrencies: It offers 300+ cryptocurrencies to trade with.
  • Fees: Zero deposit fees and affordable trading fees.
  • Rating: 3.5

11 Coinmama

Coinmama is an easy-to-use cryptocurrency exchange where you can buy, sell, trade and invest in Bitcoin and other virtual currencies. It has a user-friendly interface designed to suit beginners. It was the first crypto exchange to allow crypto purchases with a credit card.

  • Location and Currency: It’s headquartered in Slovakia and supports USD, EUR, AUD, CAD, GBP, and JPY.
  • Cryptocurrencies: 11 different cryptos.
  • Fees: High trading fees on cryptocurrency transactions
  • Rating: 3

FAQ

Let’s take a look at some commonly asked questions about selling crypto in Australia.

Can you sell crypto in Australia?

Yes, you can confidently sell crypto and carry out any crypto transaction in Australia because crypto trading and investing is completely legal and widely accepted by the Australian government. Investors can put their money into any crypto investments they like, as long as they pay capital gains tax on their assets when they sell them. The Australian government has also begun plans on creating a central bank digital currency (CBDC) for the Australian dollar.

Is crypto legal in Australia?

Since 2017, cryptocurrencies have been declared legal in Australia. Digital currencies like Bitcoin or Ethereum, Doge, etc, are freely traded, and widely accepted in Australia and the country has been evolving in its execution of blockchain technology & cryptocurrency regulations.

According to the Australian Securities and investments Commission (ASIC), crypto-asset participants must adhere by some regulator guidelines, including issuers of crypto-assets, crypto-asset mediators ,stakeholders in mining activities, crypto-asset exchange and trading platforms, payment and merchant service providers, wallet and custody service providers, and local consumers.

How do I convert crypto to cash?

There are several ways you can convert your crypto to cash in Australia. You can sell to a cryptocurrency broker, a cryptocurrency exchange, sell via a Bitcoin/ crypto ATM, or sell via peer to peer platforms.

Some exchanges offer brokerage services using the” quick sell” option. Converting Bitcoin for AUD in a cryptocurrency exchange involves placing a sell order on the exchange order books and it’s matched with buy orders places by other users. Bitcoin ATM lets you convert crypto into fiat to withdraw as cash.

Can you sell Bitcoin on Coinbase in Australia?

Coinbase allows residents in Australia to purchase Bitcoin using a debit card but it does not enable users to sell Bitcoin back to AUD in their Bitcoin wallet. If you own some Bitcoin in Coinbase, you will need to transfer the asset to a local exchange that supports withdrawals to an Australian bank account.

Can I sell Crypto through PayPal?

Only PayPal users in the US can buy, sell, hold, and checkout with Cryptocurrencies using their personal PayPal account. They’ll also be able to learn about Crypto, track crypto prices, all on the PayPal app. However, this feature isn’t currently available for business accounts. And PayPal hasn’t announced any plans to rollout this feature in Australia yet.