Key Takeaways
- Choose a reputable crypto exchange like CoinSpot to sell Bitcoin in Australia.
- Open an account with the chosen exchange and verify your account.
- Deposit your Bitcoin into your exchange wallet.
- Navigate to the sell section, select the amount of Bitcoin you want to sell, and complete the sale. Withdraw your AUD or reinvest in other cryptocurrencies if desired.
If you've Googled "How to sell Bitcoin" you probably have some Bitcoin that you don't know how to sell because it's stuck on an exchange like KuCoin which doesn't allow crypto sales, or you stored it on a crypto wallet. Either way, the easiest way to sell your Bitcoin, or any cryptocurrency, is to open an account with a reputable crypto exchange such as CoinSpot. I will run through the steps in detail below.
Where to sell Bitcoin?
You can sell Bitcoin from any of the best cryptocurrency exchanges (see list here). However, the most important step is to choose a legitimate site that will not scam you. Here at Debt Bombshell, we only recommend trusted crypto exchanges that we have personally tested, so you know that they are safe to use. If you use any exchange on our list of recommended crypto exchanges for Australians, you can trust your funds will be safe.
In this step-by-step guide of how to sell Bitcoin, I will include screenshots from my personal CoinSpot account. If you want to follow along easily with this guide, you can sign up with CoinSpot for free. The reason I use CoinSpot as my cryptocurrency exchange is for these reasons:
- Over 410+ different cryptocurrencies supported
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
- Free withdrawals to your bank account
Top cryptocurrency exchanges
(Scroll across to see the full table)
How to sell Bitcoin?
7 easy steps
Selling Bitcoin is really easy. You just need to follow these simple steps, and you will have sold your Bitcoin for AUD in a few clicks.
1. Open an account with a crypto exchange
The first step is to sign up for an account with a reputable cryptocurrency exchange. I suggest signing up with CoinSpot because it is one of the best crypto exchanges in Australia, and it will be easier for you to follow along with my guide, as I will be using screenshots from CoinSpot. You can read my CoinSpot review here if you want to do some more research first.
To open an account with CoinSpot, click this link and you will be taken to a page like the image below. Either sign up easily with your Facebook account, or simply enter your email address and create a password, then click 'Create your account'.
2. Verify your account
Once you have signed up, you need to verify your account. Click on the "Complete Verification" button and follow any prompts. You will have to verify your email, and enter your identification details, then upload a copy of your driver license. It might take some time for your verification to be processed, so you can spend time browsing your new CoinSpot account and learning how to navigate the exchange.
3. Deposit Bitcoin into your account
Now that you have verified your account, it's time to send Bitcoin to your CoinSpot account. Click on Wallets (circled in green, in the screenshot below) and then 'Open BTC Wallet' on the right (red arrow).
You will see a page similar to the screenshot below. Click on 'Receive' (shown by the red arrow), and you will see your Bitcoin address displayed as a string of characters (where the green rectangle is below). Next, you need to log in where your Bitcoin is currently being held, whether it is on an exchange or in a crypto wallet, and find the option to Send Bitcoin to another account. Copy and paste the Bitcoin address over, and be sure to double check that the address is the same before you make your transfer. If this is wrong, you will lose your BTC and it is unrecoverable.
When you have made the BTC transfer, you will need to wait for it to show up in your CoinSpot account. This can take from a few minutes up to over an hour, which varies based on the network usage. In most cases, you should receive your Bitcoin within 10-20 minutes. You can tell when it has arrived because you will see an increase in your Bitcoin balance in the Wallets section.
4. Go to the Sell section in the cryptocurrency exchange
Now that your Bitcoin has arrived in your Digital Surge account, it is time to sell it. Click on 'Buy/Sell' (circled in green in the screenshot below), and then click on 'Sell BTC' (red arrow in the screenshot below).
5. Select how much Bitcoin you want to sell
You can now decide how much Bitcoin you want to sell, by typing the amount of Bitcoin, or you can click 'Change to AUD' to type in the dollar amount of how much you wish to sell. You can also click 'Sell max' to sell all of your Bitcoin.
6. Sell Bitcoin
When you have chosen the desired amount, click on the blue 'Sell' button underneath and follow any on-screen prompts to finalise the sale. Congratulations, you have successfully sold your Bitcoin, and you should see your AUD in your account balance now!
7. Withdraw AUD or buy more crypto
Now that you have your AUD from your sale of Bitcoin, you can buy more crypto if you like. Simply click on 'Buy/Sell' and find which crypto you want to invest in. Alternatively, you may want to withdraw your money to your bank account. To do this, click on the account button in the top right (red arrow in the screenshot below), and then click 'Withdraw AUD' from the dropdown menu (circled in green).
You will be taken to the withdrawal screen (shown below), where you can enter the amount in AUD that you want to withdraw to your bank. If this is your first withdrawal, you may have to add your bank details. When you are ready, click 'Withdraw Funds'. The withdrawal should be quick, but there may be a delay if this is your first ever withdrawal, so don't worry if it takes a few days to transfer. If you ever get stuck along the way, you can contact CoinSpot live chat customer support 24/7.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell, and own cryptocurrency in Australia.
Yes, Australia considers cryptocurrencies such as BTC to be assets, and you will need to pay Capital Gains Tax (CGT) when you sell your crypto. If you have held your Bitcoin for more than a year, your tax will be halved, so this is a good thing to remember.
The method is the same, as long as the cryptocurrency is found on the exchange. CoinSpot offers over 410+ coins, so there is a good chance the coin you want to sell is available.