Did you know that you could buy Bitcoins in Australia with PayPal?
How To Buy Bitcoin with Paypal in Australia?
The easiest (and maybe the only legit way) to buy bitcoin with paypal in Australia, or anywhere else is the world, is to sign up with a trading platform that:
- has Paypal as payment method
- has Bitcoin as a tradable asset
Here is a guide on how to invest in Bitcoins using your PayPal account without spending extra on international fees. The best brokers are:
Plus500 is one of the best known online providers for CFD trades. The broker’s diverse portfolio includes Bitcoins as well.
You will be able to open an account using PayPal. Then proceed to make any crypto trades using your PayPal account. Plus500 holds your PayPal funds in a segregated segment. This is a major component of their “Client Money Protection” guarantee.
The company was founded in Israel but has its biggest branch in London. Plus500 abides by UK’s financial regulatory rules. The company has a subsidiary in Australia to abide by ASIC rules as well. In essence, Plus500 is a very safe broker to use.
Plus500 allows users to trade Bitcoins 24/7. Instead of spending a lot of money buying Bitcoins as an asset, you can trade with leverage. The broker allows leverage up to 1:30 ratio. So, if you have $100, you can potentially gain $3,000.
Plus500 has many other perks to offer as well. The broker’s app is one of the highest rated for both Android and iOS devices. Their online software has rave reviews too. You can try the broker’s software using a free demo where you don’t have to spend money on trades.
eToro is a massive online broker with a vast trading platform. The broker is famous for its CFD and stock market options. eToro also offers expansive cryptocurrency investment options for traders from around the world.
- quickly make deposits using PayPal on eToro.
- Then use the funds to buy and sell Bitcoin. Build a Bitcoin-based portfolio using eToro’s acclaimed software.
The platform is highly user-friendly. You can easily access your profile online or on mobile.
eToro offers a huge advantage most traders don’t get with other exchanges. Users can execute market orders almost immediately. This is a major perk considering the volatility and activity seen in the Bitcoin market.
The broker’s diverse online platform also enables something called “social trading.” It makes trading online assets rather intuitive. Plus, new users can see how the top users are trading. You can copy these trades to enjoy similar success.
The broker is also highly reliable. eToro is an Israel-based company. However, it has a subsidiary in Australia regulated by ASIC. Australian users are assured that eToro abides by all the local laws and rules.
Investing in Bitcoins in Australia
Bitcoins are the best-known cryptocurrency in the world. Despite being a currency, albeit a digital one, it doesn’t offer as many perks yet. For example, you can’t buy groceries online with Bitcoins. Most people buy Bitcoins as an investment asset. Hold onto your Bitcoins to take advantage of any price increases in the future.
Bitcoins are notoriously vulnerable to price volatility. Don’t be surprised if you notice the price of a single coin go up and down several times a day. This happens because the value of Bitcoins is based on speculation. Some investors, therefore, buy Bitcoins as CFD investment. These investors profit from the difference between the buy and sell ratio of the coins.
Though Bitcoins are vulnerable to dramatic price fluctuations, the overall value of the cryptocurrency has only increased since its inception. If you bought Bitcoins five years ago, you would already see a profitable return for your investment. Bitcoins are a great asset to add to a diverse investment portfolio thus.
Buying, Selling, and Trading BTC
Bitcoins are bought through an exchange. The most popular Bitcoin exchange is Coinbase. Unfortunately, it’s only available in North America, some parts of Europe, and Singapore. Australians, therefore, will have to look for exchanges elsewhere.
Refer to the section below for recommended Bitcoin exchanges offered by brokers.
You can either pay for Bitcoins or mine them yourself. Mining Bitcoins is a complicated process that requires technical knowledge and a lot of computing power. It’s not for everyone and only a few professionals undertake this option.
Buying Bitcoins is the best option for casual investors. There are several ways to purchase these coins. Your choices could be either limited or expansive depending on the exchange you choose.
You can pay for Bitcoins directly from a bank account, through another investment, or via PayPal. The latter is a great option because bank accounts may incur additional transfer fees. PayPal is also highly secure and allows you to remain anonymous online.
Once you have purchased Bitcoins via an exchange, you can add them to your portfolio. Remember, you can purchase less than a single Bitcoin. You can also buy Bitcoins on leverage without paying the full price for a single coin. Leveraged purchases allow you to profit with price changes.
Investors can hold onto Bitcoins until the price seeks a remarkable spike to sell and profit. Some investors prefer to hold onto Bitcoins for years, for future profitability. Bitcoins are not fully functional as a currency yet. But one day it could be. If so, holding onto Bitcoins may prove to be worthwhile.
How to be Cautious
Due to the immense popularity of Bitcoins, there are many unscrupulous “brokers” online that buyers need to be aware of. Therefore, keep the following in mind:
- When choosing a Bitcoin broker or an exchange, always choose an entity that is regulated in Australia. The broker must have a valid business address and a license in the country of origin.
- Only choose a broker or an exchange that is transparent about commissions and fees. The above-recommended brokers offer detailed information about payments. Dubious online exchanges may charge you undisclosed amounts.
- A broker that offers a demo version of their product, like Plus500, is highly reliable. You can check out the trading platform to ensure it matches your needs.
Do keep in mind that Bitcoins are still a highly speculative asset. Avoid spending all your money on Bitcoins alone. You should add Bitcoins only to a diverse portfolio to protect your wealth against unnecessary risk.