How to Buy Crypto with Cash
As previously mentioned, the best cryptocurrency exchange that accepts cash as a form of payment is CoinSpot. The exchange works directly with the news agency chain, BlueShyft and accepts cash deposits at thousands of these locations nationwide. Once you have completed the in-store payment, the funds will be instantly credited to your CoinSpot account.
Australian investors can start trading over 400 cryptocurrencies with cash by following this short guide:
- Create a free account on CoinSpot and complete the onboarding process.
- Go to 'Deposit Funds', tap 'Cash Deposit', enter your desired AUD deposit amount, and click 'Continue'.
- Save your QR and reference codes, then go to your nearest BlueShyft deposit location.
- Lastly, bring your ID, cash, and the QR code. Your funds will instantly be credited to your account when the deposit has been completed in-store.
Fees to Buy Crypto
Those considering diving into the crypto market through an exchange in Australia should examine the associated costs. Typically, these platforms will levy fees for actions like depositing funds, carrying out trading transactions, and withdrawing assets. Lucky for CoinSpot users, deposits with cash is a small 2.58% fee, and trading fees vary between 0.1% - 1%. Withdrawals are completely free.
Can I Sell Crypto for Cash?
No, there is no safe and reliable way to sell cryptocurrency for cash in Australia. Many investors will use P2P (peer-to-peer) platforms but we suggest avoiding these platforms as they are not regulated in Australia and are considered risky as you have to meet strangers in person to complete the trade.
Is it Legal to Buy Crypto with Cash (AUD)?
In Australia, the purchase of cryptocurrency using cash is legal. The Australian government recognises cryptocurrencies like Bitcoin as a form of property and subjects them to Capital Gains Tax (CGT). Australians can purchase cryptocurrencies from various digital asset exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
However, it is essential to be aware that in 2018, Australia imposed Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations on cryptocurrency exchanges. This means that while buying cryptocurrency with cash is permissible, exchanges are required to verify the identities of their users, maintain records, and report suspicious transactions to the AUSTRAC.
To recap, purchasing cryptocurrency directly with cash (Australian Dollars) demands vigilance and adherence to the country's regulatory guidelines. For investors aiming to navigate this avenue safely, the preferred route is to utilise an AUSTRAC-regulated digital asset exchange.
Among the few exchanges accepting AUD cash deposits, CoinSpot is the standout choice, distinguishing itself with competitive fees, a broad spectrum of tradable digital currencies, and additional features that enhance the overall crypto experience for users. This exchange further simplifies the cash-for-crypto process by collaborating with the BlueShyft news agency chain, allowing for nationwide in-store deposits.