Purchasing Bitcoin is frequently the first move that investors take when entering the world of cryptocurrencies. And it might be a foreign terrain for those accustomed to standard financial goods. There are a few methods to consider the risks and possible benefits of purchasing Bitcoin or other cryptocurrencies. Bitcoin cannot presently be purchased through your bank or investment firm, while some organizations are working on making this a possibility in the long term. Till now, you must utilise a cryptocurrency exchange service to transfer your US dollars into Bitcoin or other cryptocurrencies. There are several cryptocurrency exchanges where you may buy cryptocurrency online, but some of the most well-known include Coinbase, Gemini, and Kraken. However, you can also use a variety of trading platforms in Australia to get Bitcoin. Some exchanges that allow buying and selling of Bitcoin using POLi are described below:
Bitcoin Trading Platforms that accept POLi
- Independent Reserve
- Cointree
- Coinspot
1. Independent Reserve
Independent Reserve, established in 2013 in Sydney, Australia, has been named Crypto Trading platform of the Year 2019. They accept Bitcoin as well as 13 other coins. With some of the cheapest rates, you may purchase Bitcoins using Australian dollars, New Zealand dollars, and US dollars. Bank transfer (EFT), POLi, Osko, and International SWIFT are all approved transfer methods. Bitcoin may be purchased by individuals, SMFS, Trusts, and corporations. There is also an OTC trading desk and security on digital currencies.
2. Cointree
Cointree, launched in 2013 in Melbourne, Australia, offers a huge spectrum of virtual currencies including Bitcoin. Purchase using Australian dollars, New Zealand dollars, or US dollars. Transfer options supported include bank transfer (EFT), POLi, and cash. Bitcoin may be purchased by individuals, SMFS, Trusts, and corporations. For big orders, an OTC trading desk is offered.
3. Coinspot
Coinspot is another Australian exchange that was developed in 2013. Coinspot is an Australian marketplace where you can simply buy, sell, or exchange Bitcoin and over 100 other cryptocurrencies. Purchase using Australian dollars, New Zealand dollars, or US dollars. Transfer options supported include bank transfer (EFT), POLi, and cash. Individuals and corporations can purchase Bitcoin, but SMSFs cannot. There is no OTC accessible.
What is POLi?
POLi is a digital payment method that enables you to safely buy goods and services using your online banking services. You can buy bitcoins in Australia on the exchanges that accept POLi. POLi Payments is an Australia Post subsidiary.
The advantages of POLi are listed below:
- Your payment is confirmed instantly by the exchange.
- PoLi is free. You are not charged any fees.
- It is secure. POLi does not keep any of your personal information on file.
- There is no credit card. Everything is done through your online banking.
Stake Crypto with POLi in Australia
You may also use POLi to invest AUD to CoinSpot to purchase and stake cryptocurrencies such as Ethereum, Solana, or Avalanche to generate up to 10% APY earnings.
Staking coins on the CoinSpot exchange enables you to earn an income share of various networks and protocols, such as those mentioned above.
POLi Bitcoin Trading Fees
When purchasing Bitcoin using a POLi-funded account, the only charges to pay are deposit fees. POLi payments on the CoinSpot platform are absolutely free and the lowest in Australia at the time of writing.
How To Purchase Bitcoin Using Poli In Australia
Australia Post owns POLi Payments and is widely recognised by Australian Bitcoin exchanges as a method of money transfer to the trading platforms and purchasing Bitcoin.
Other companies that take POLi include Twitch.tv, Skype, Jetstar, and AirAsia.
You might be wondering about how to buy bitcoin in Australia using POLI. Well, the process is simple. POLi does not necessitate the creation of any new accounts. Obviously, you will still need to register on the Bitcoin Exchange. It is basically a method of transferring money straight from your bank account to the bank account of the trading platform. When moving funds, you will be transferred from the online exchange to the POLi domain, where you must input your bank account information in order to complete the transaction automatically.
Data Security and Privacy
When you pay using POLi, you will be taken to a POLi website where you will input your bank details and finish the payment. POLi does not keep your bank credentials; instead, it utilises them to connect to the bank’s API and perform the bank transfer. More information regarding POLi security may be found here.
Why Do Bitcoin Exchanges in Australia Use POLi?
The client benefits since bank transfers that would normally take one to three days now take a while with POLi. The main advantage for exchanges is that it enables them to identify the account number and identity of the payment, allowing them to detect fraud.
POLi levies a 1% fee, which is always reimbursed by the Bitcoin exchange.
Buying Bitcoin with POLi: A Step-by-Step Guide
Now is the time to understand the complete procedure of buying Bitcoins using POLi on HardBlock Australian Bitcoin Exchange, however you can also look for other Australian exchanges.
- To begin, you must sign up for an account and authenticate your email address.
- After selecting Fund Deposit, you will be directed to the authentication screen. You must provide your contact information as well as identity documents. ID verification should take no more than a day.
- After being authenticated, you can proceed to the Fund Deposit page.
- Type the amount of Australian dollars you wish to deposit into your HardBlock account and then click Pay With POLi.
- Examine the address bar at the top to see whether you’ve been rerouted to a POLi site. POLi collaborates with the majority of Australian banks.
- You must register or sign in with your bank details to verify your transaction. The Bitcoin exchange never sees the passwords. POLi does not save them; instead, it calls the bank’s API to initiate a net bank transfer.
- You must now complete the transfer’s final confirmation. Your bank will almost certainly want an SMS confirmation as well. Your transaction is finished after you have given your final confirmation. You must now wait about one hour for your account to be charged with Australian Dollars.
- Now you can initiate the process of buying or selling by simply clicking the Buy / Sell button once your account has been loaded with money. Type the amount in Australian dollars you desire to spend on Bitcoin and click the Buy button. Then, you’ll be taken to a verification screen that displays your purchase order. After hitting the Confirm button, you will immediately get your Bitcoins.
- Finally, keeping your Bitcoins on a centralised exchange is really not a smart strategy. If your investment is small, use a desktop or mobile wallet; otherwise utilise paper or cold storage. Transfer Bitcoin from the exchange to your wallet by entering your wallet’s address and pressing the Send button.
Conclusion
With this guide, we hope that you have learned the procedure of buying bitcoins with POLi in Australia. The best thing about POLi is that it is free of cost service and all your data whether personal or financial is safe, so you can buy or sell or trade bitcoins using POLi in Australia without worrying about your data security.
