Can I convert Bitcoin to AUD?
If you are looking at the price of bitcoin to AUD then you have come to the right place.
There are many exchanges that allow you to deposit or trade Bitcoin (BTC) for the Australian Dollar (AUD). Some examples are Easy Crypto Australia, BTC Markets and Local Bitcoins Australia, amongst many others. These exchanges allow you to directly exchange Bitcoin to AUD or AUD to Bitcoin. Here at Easy Crypto Australia, we believe we are the fastest and safest way to convert bitcoin to AUD or vise-versa. If you want to convert AUD to Bitcoin this guide may suit you better.
A quick overview of what this article will cover:
- How do I convert Bitcoin to AUD?
- How long will it take to receive my AUD after the Bitcoin to AUD conversion?
- Is there a limit on how much Bitcoin I can convert to AUD?
- Is it legal to convert Bitcoin to AUD?
1. So how do I convert Bitcoin to AUD?
If you are reading this you are in one of two camps. You are either a. already holding Bitcoin or b. you are looking to buy Bitcoin with AUD but want to see how you can then cash out at a later date. The good news is, selling Bitcoin for Australian dollars is just as easy as exchanging BTC for AUD in the first place! Most exchanges that have an Australian Dollar on-ramp (a way to buy crypto with AUD) allow you to sell back to them. At Easy Crypto we are no exception. To convert Bitcoin to AUD you begin by heading to the Easy Crypto main page here.
First, choose the sell tab and input the amount of Bitcoin to convert to AUD.
Next, double-check that your Australian bank deposit address details are correct. If they are correct, click o the ‘Get BTC deposit address button’.
An order number will be created for you and the deposit information will be displayed. As is always the case with crypto, triple check the deposit address as our system is completely automated, so a deposit with the wrong amount may be irretrievably lost! Make sure you send exactly the amount that you want to deposit or the system may not process it correctly. Tick the box to confirm this and the Bitcoin public address where you must send your Bitcoin to will appear.
You can now copy this address and send from your chosen wallet where you currently store your Bitcoin. Make sure you take into account the Bitcoin sending fee from your wallet or exchange into account when sending to us (your wallet or exchange will give you the total after fees which you will need to adjust to match what you are required to send to us). Once received our system will process the order and you will have finished converting Bitcoin to Australian Dollars for the first time.
2. How long will it take to receive my AUD after the Bitcoin to AUD conversion?
As long as you have sent the exact amount as per quote, our automated system will wait for the transaction to appear in our wallet and begin processing the BTC to AUD sale. The Australian Dollars will be sent to your nominated bank account and this is subject to the normal bank transfer times. We usually say to allow 3 business days for delivery of the AUD. So if it is a weekend the transfer may take up to 5 business days inclusive.
3. Is there a limit on how much Bitcoin I can convert to AUD?
There is a $10,000 AUD to BTC individual limit when converting from Bitcoin to Australian Dollars in a single transaction. However, you may convert up to $25,000 Australian Dollars from Bitcoin in multiple transactions (cumulative) on a normal Easy Crypto Account. Don’t forget to take into account the tax implications of such a sale. In particular Australian Capital Gains Tax laws.
4. Is it legal to convert Bitcoin to AUD?
Since 2018 Digital Currency Exchanges have been regulated under the Australian Federal Government’s AUSTRAC regulator. This regulator covers banks, financial institutions such as brokers and other services such as financial advisors. Bitcoin to AUD transfers are completely legal with a compliant exchange such as Easy Crypto. If you are ever in doubt about whether an exchange is registered with AUSTRAC, ask for their Digital Currency Exchange registration number.
BTC to AUD Frequently Asked Questions (FAQ)
Q. Do I have to consider Tax when converting BTC to AUD?
A. Yes. The Australian Tax Office (ATO) consider all crypto transactions to be a taxable event. This includes Bitcoin to AUD transactions, AUD to Bitcoin and crypto to crypto trades.
Q. What is the current Bitcoin to Australian Dollar price?
A. Check out our rates page for up to the second Bitcoin to AUD pricing here.
Q. Once I am happy with the AUD payout sell price and want to have it sent to my account, how do I proceed?
A. See our guide on Selling Bitcoin in Australia here.
Q. Why is there a variance between Bitcoin to AUD prices across international and local exchanges?
A. Bitcoin to AUD prices will vary from Bitcoin to USD due to foreign exchange market spread. Each exchange will have its own fees and source of liquidity. This is what creates a price difference Australia and world wide.