Coinbase is easily the most popular and widespread of the cryptocurrency exchange sites. Starting in 2012, Coinbase started as a crypto wallet, but quickly evolved as cryptocurrency took off. It incorporates basically every cryptocurrency you can think of into it and allows you to exchange each one easily.
The easiest bitcoin wallet for Australians is Cointree's free exchange wallet. It's the easiest because you can store your bitcoin where you buy it, secure your account with two factor authentication, and access it 24/7.
In October 2022, Coinbase relaunched in Australia with a suite of upgrades for Aussie traders – most notably AUD deposits and withdrawals. The highly-anticipated overhaul makes Coinbase a much more attractive option for Aussie traders than its previous rendition, but it's still up against some stiff competition.
Coinbase is making it easier for Australians to buy, sell, and trade crypto. Now with PayID support enabling AUD deposits and withdrawals, access to over 200+ crypto assets with Advanced Trading tools, security features and 24/7 chat support.
Over a million Aussies own some kind of cryptocurrency. 69% of crypto investors in Australia are men. There were over 82 million Blockchain wallets in April of 2022.
Key features to consider when choosing a crypto wallet include security, portability, user-friendly interface, multi-currency support and reputation of the wallet provider.
The best crypto wallet for maximum security is a cold (offline) hardware wallet, like Trezor or Ledger. The security benefits of the two crypto wallets are comparable, though Trezor's easy-to-use touchscreen and insurance against forgotten passphrases are big benefits.
Yes, CoinSpot is a trusted cryptocurrency exchange and one of the few exchanges that has never been hacked since it was founded in 2013. It is also the first-ever Australia-based cryptocurrency exchange conferred the globally accredited ISO 27001 certification for its robust information security mechanisms.
Hot and Cold Wallets
Hot wallets are extremely accessible and fast due to their internet connectivity, for example your CoinSpot account.
Yes, Binance is available for Australian citizens and residents to open an account and begin trading.
Can you convert Bitcoin Cash to cash? Yes! With CoinSpot you can convert your Bitcoin Cash to AUD (Australian dollars) instantly. You can also withdraw AUD to your Australian bank account for free with no withdrawal limits.
How much tax do you pay on crypto in Australia? In Australia your crypto investment is generally subject to Capital Gains Tax. You report capital gains and losses within your Income Tax Return, and pay Income Tax on any net gains.
It's directly related to purchasing crypto or adding cash in local currency using a linked bank account. For security reasons, you won't be able to immediately cash out your local currency using a linked bank account or send crypto purchased with such funds off of Coinbase (we call this “cashout availability”).
Coinbase Pro account holders have a daily withdrawal limit of $50,000/day. This amount applies across all currencies (for example, you can withdraw up to $50,000 worth of ETH per day). To be considered for higher withdrawal limits, go to your Limits page and select Increase Limits.
In order to request reimbursement under the Coinbase Account Protection, please contact us via the Coinbase Help Center to lock your Coinbase Account and report that someone gained unauthorized access to your Coinbase account and withdrew your funds without your permission.
Coinbase Australia is registered and enrolled with the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) to provide digital currency exchange services in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (“AML/CTF Act”).
To make an additional AUD deposit to your balance:
Access the Coinbase mobile app. Select More then choose Add cash. Enter the amount of AUD you'd like to deposit.