The guide will explain the best way to buy Bitcoin Cash (BCH) in Australia. You will also understand the step-by-step method of buying BCH in a cryptocurrency exchange. Moreover, the guide offers tips on selling Bitcoin Cash in the exchange, how to store it, and important things you should know before buying the token.
Bitcoin Cash (BCH) was forked from Bitcoin (BTC) in 2017 as a means of reducing transaction costs and increasing transaction speed. The cryptocurrency has since grown in usability and popularity.
It uses the same technology like Bitcoin and shares similar features. That means it is decentralized and not owned by anyone or any entity.
Its BCH token has also increased in price, as it recently hit an all-time high. Yet, there is still more demand for the token by retail and institutional investors. If Bitcoin Cash (BCH) has caught your attention and you’re looking to buy the crypto asset in Australia, the following guide will be a great companion.
What's in This Guide?
- Quick Guide: How to Buy Bitcoin Cash in Australia
- Where to buy Bitcoin Cash in Australia
- A Step-by-Step Guide to Buying Bitcoin Cash in Australia
- How to Sell Bitcoin Cash
- Which Wallets Can I Use to Hold Bitcoin Cash?
- How Bitcoin Cash Works
- Key Things to Consider When Buying Bitcoin Cash in Australia
Quick Guide: How to Buy Bitcoin Cash in Australia
- Open an online account with an exchange
- Verify your account
- Deposit funds into your account
- Search for Bitcoin Cash and click Buy
- Enter the amount you want to buy
- Review the transactions details
- Confirm your order
Where to buy Bitcoin Cash in Australia
The simplest and quickest place to buy Bitcoin Cash in Australia is through a cryptocurrency exchange, which is also called a broker.
They operate just like stock brokerage firms because they provide the avenue for buyers and sellers of assets to meet together and exchange assets. This option is also the best for you if you’re only starting in the crypto industry.
A Step-by-Step Guide to Buying Bitcoin Cash in Australia
There are two options available to you when buying Bitcoin Cash:
- Buying BCH with another cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH).
- Buying BCH with fiat currency (AUD).
Buying Bitcoin Cash with other cryptocurrencies
Let’s say you have Bitcoin in a wallet, almost all exchanges in Australia will be willing to receive your Bitcoin in exchange for Bitcoin Cash. Once you register with the exchange, you can transfer the amount of Bitcoin you want to exchange from your wallet to the broker’s account. Afterward, go to the BTC/BCH pair on the market section of the exchange and order Bitcoin Cash. It’s that simple.
Buying Bitcoin Cash with fiat currency
This is the obvious option for you if you're new to cryptocurrencies and don’t have any other crypto asset you can trade with.
If you’re buying Bitcoin Cash with AUD, you need to look for an exchange that allows AUD deposits. There are very few of them, but you will also find those that are registered in Australia.
The guide below will show you how to buy Bitcoin Cash with AUD as a novice trader.
Step 1. Register for an account with an exchange
The first thing you have to do is to register an account with a crypto exchange. But before registering with the exchange, you’ll be required to provide certain personal information, depending on the exchange.
Some may ask you to provide your full name, photo ID, email address, and employment detail. After providing the information, your account will be created. But remember to enable two-factor authentication (2-FA) to provide more security to your account.
Step 2: Deposit funds into your account
After creating and verifying your account, the next step is to deposit funds into your account. Go to the deposit section where you are given different deposit options ranging from card deposits to PayPal. Select the option that’s more convenient to you and enter the amount of AUD you want to deposit.
Step 3. Buy Bitcoin Cash (BCH)
Once you’ve received the funds in your exchange account, you can proceed to the section of the market where different cryptocurrency pairs are listed. In most exchanges, you will see the “Buy/Sell” button at the top of the screen.
Search for BCH and see the list of pairings for the token. You should be able to see the BCH/AUD pairings on the menu. If this is not available, you can always buy the BTC/AUD pairing before using the BTC to buy BCH.
Once you’ve entered the details of the order, you will be asked to review the order before clicking on the “buy” option.
When your order is executed, an email notification will be sent to you, confirming the execution of your order. That’s the simple way to buy Bitcoin Cash with AUD in an exchange.
How to Sell Bitcoin Cash
If you are ready to sell your Bitcoin Cash, you can either exchange it for fiat currency or another cryptocurrency. Just as you’ve bought Bitcoin Cash, selling it involves the same process, but you’re navigating to the “sell BCH” option now.
Understand that it’s possible that BCH may not be listed as a pair with AUD on the exchange. In this case, you can always sell the token in exchange for Bitcoin (BTC). Afterward, you can sell the BTC for fiat currency, which is always available.
Which Wallets Can I Use to Hold Bitcoin Cash?
There are basically two types of wallets that can hold Bitcoin Cash. One is for online storage while the other is for offline storage.
The offline storage option usually called cold or hardware wallet is the safest because it is not connected online. It keeps your Bitcoin Cash away from hackers. This is the right option if you do not intend to access your crypto asset regularly.
How Bitcoin Cash Works
As we’ve mentioned before, Bitcoin Cash was forked from Bitcoin to offer lesser transaction fees and high transaction speed. It uses the same technology as Bitcoin and operates based on anonymity and a decentralized system.
The decentralized nature of the token makes it resistant to social and political interference on its protocol development.
Read Also: Could Bitcoin Cash Be A Millionaire Maker?
Key Things to Consider When Buying Bitcoin Cash in Australia
The following as some of the important things you should know before buying Bitcoin Cash
1. Crypto trading is risky
The risk in cryptocurrency trading is one of the main reasons why many investors are skeptical about joining the industry. Bitcoin Cash and other crypto assets are very volatile. So, it’s important to trade with caution.
2. Market performance
Bitcoin Cash has performed considerably well in the market. It has surged to great levels over the past months, and this has attracted more interest from retail and institutional investors.
Bitcoin Cash was created to offer a more scalable solution to Bitcoin. Accordingly, the token and its protocol is living up to expectations.
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Where can I buy Bitcoin Cash in Australia?
The best place to buy Bitcoin Cash is through a cryptocurrency exchange.
Can I buy Bitcoin Cash with a credit card?
Yes, some crypto exchanges allow users to buy Bitcoin Cash with their credit card.
Can I buy Bitcoin Cash anonymously?
Yes, some exchanges do not require any details from you before registering your account with them.
How can I sell Bitcoin Cash?
Selling Bitcoin Cash is very simple. You can sell them on a crypto exchange.