Ask LH: How Do I Sell My Bitcoin In Australia?

Ask LH: How Do I Sell My Bitcoin In Australia?
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Dear Lifehacker, I bought bitcoin through Coinbase, now I am told I can’t yet sell digital currency in Australia. Is this so? If not, is there a way in which I can transfer my bitcoin to another exchange to be able to sell it? Thanks What-The-Fine-Print.


I see you’re interested in the bitcoin craze and you have used Coinbase to buy bitcoin. As you may be aware, Bitcoin is a decentralised digital currency – there are no banks or institutions that look after the money. As such, it is a global currency and can be bought and sold by basically anyone with an internet connection.

Coinbase is an intermediary between you and your valuable, precious bitcoin. In fact, Coinbase is just your bitcoin wallet. Essentially, without advanced knowledge of the way in which bitcoin works, the system it is relatively difficult for novice users to execute buying and selling. However, places like Coinbase will allow you to buy and sell bitcoin via their service so you don’t have to do any of the more complicated work. Coinbase makes buying and selling bitcoin a little bit more like trading on the stockmarket – you use your real money to buy bitcoin and you can track the value of the cryptocurrency in almost real-time.

The problem you have run into is that Coinbase allows Australians to buy bitcoin, but not to sell bitcoin. According to their website, Coinbase are “working to add the ability to sell digital currency for Australia soon” so the first thing I would suggest is contacting them to see how far away this might be. If you don’t have to wait long, just hold onto your bitcoins. 2017 has seen the value of bitcoin rise pretty dramatically so you might even see their value increase!

One of the negatives of using an intermediary like this is you have to create an account and connect your banking details to it which takes away the pseudonymity of using a cryptocurrency, one of the major appeals of using it in the first place.

Fortunately, if you want to send your digital currency elsewhere, Coinbase has a step by step guide to doing so. This should allow you to send your bitcoin from your Coinbase account to another wallet address or email address, which hopefully will allow you to sell bitcoin. There are a wide range of online facilities to sell bitcoin in Australia.


  • You can use the ‘Living room of Satoshi’ ( which was previously featured on Gizmodo. They allow payment via Bpay or direct deposit to a bank account – once the transaction details are entered, they will give you a bitcoin address and the exact amount to pay in bitcoins. You then take this and enter it into the ‘Send’ feature on Coinbase and the transaction will be processed.

    Note that the rate they will give you is lower than the one that Coinbase will have at the time – this is both due to their being based in Australia, and (I’m assuming) a profit margin as well.

  • Two specific ways to do it.
    Easiest. (Also handles several other currencies)
    Deposit straight into your bank account. No setup or questions asked.

    My current way, as I happen to have moved to them, since MtGox crumbled.
    Their rate are probably better than livingroomofsatoshi.

    Also should mention, you might like to hold the coin through CoinBase during the coming fork.

    • You actually want to take your BTC into your own wallet during the forks as there is no guarantee that Coinbase will honour you with the additional currency that is created (Bitcoin Gold, BTC 2x). They didn’t honour bitcoin cash (they said they will give it in January, maybe, if they feel like it).

    • Yep! Coinjar, they aren’t cheap though. I also use a Ledger Nano S hardware wallet, which gives me a little piece of mind. I put $400au in there a few months back and currently sitting on $1100au, ride the wave baby! 🙂

      • I second coinjar. They give a great rate of Bitcoin to cash. Shapeshift to move Bitcoin to coinjar wallet then transfer to coinjar cash for deposit into your nominated bank account. Happy to guide you if you are around Brisbane as I’m off work with a baby currently. Good luck

        • @dancingirena I’m a stay at home dad currently between contracts as a private security professional. I’ve invested in btc but not familiar with the details of cashing out. If the offer is still there I’d be happy to shout a coffee for the guidance. I’m South of Bris 15 mins.

        • Hi there Dancingirena. I m based in brisbane and new to the bitcoin drama. Would be greatly appreciated if you could guide me through in getting my stuff from coinbase to coinjar. Thanks.

        • Hi dancingirena
          I’m in west Brisbane and also looking for some bitcoin guidance, as I’m a dinosaur with this stuff. Would love to get together for a chat.
          My coinbase won’t allow me to sell either. Also they won’t allow me to link my bank account, so I’m using a credit card. On top of that, I’m limited to buying $500 per week which just isn’t enough because I’m looking to invest 10k in the stuff.

    • Doesnt CoinJar require ID verification to transfer in and out of bank accounts and hence cash?

      Any recommendations on an Australian site without the need for ID checks ?

  • Coinbase charge a large premium for purchasing crypto that way for convenience of not having to place buy and sell orders yourself.

    For purchasing crypto in Australia I highly recommend using there is the “Australia Tax” tacked on which you will find with pretty much all methods of buying in Australia (BTCmarkets is fairer than most). A good way to check if you are getting a good deal or not is to look at which shows the average price of different crypto currencies from all the exchanges they trade on.

    Surprised in a article about selling crypto in Australia it provides no real information… Please remember you need to pay tax on all crypto gains as well.

    • I’d avoid coinspot if you can, there super dodgy.
      there fees are the highest i’ve ever seen and there entire exchange is designed so that once you put money in its super hard to get it out, because there process is long winded or there fee’s are LUDICROUSLY high.

      I use BTCmarkets to get money into bitcoin (lower fee’s and easier signup) and then use Bittrex to trade.

    • I’ve used them. Their ID check seems quite in-depth, but sensible. Guess it helps limit their exposure to fraud and probably makes it easier to cough up any records the ATO may fancy in the future.
      And once all set up, don’t forget to enable 2FA on their login.

  • Couldn’t help myself, I just had to tell someone, I just made $3500 clear on what was essentially a longshot. I put $500 into Bitcoin over a period of a month or two and just watched what was happening. Had a bit of a heart attack there a couple of weeks back, but toughed it out until today’s skyrocket. $500 became $4000, so I jumped ship, but I left the original $500 in there to see what happens now. – Giggity 🙂

  • hi i actually have a european account as well. so im blessed with the good international rates not the price gouged crap we get here. which i believe means i can buy over there and sell here.

    funnily enough that is legal, i believe, as i am using different exchanges to buy, and as long as i declare it. i can keep reaping rewards buying there and selling here converting then transfering and doing it again.

    but i feel like its to good to be true…..

    for advice to everyone. stay away from the big value coins if you want only 2-3 times gains this year.

    the ALTcoin market is massive. all you need is btc or eth, then you can transfer it to (the best exchange in the world), and your away.

    access to all those, recent ico drops and high quality coins like ICX, EOS and so on

    good luck

  • I found an exchange service that is faster when it comes to buying and selling of BTC, ETH, LTC, and BCH, Try it out!

  • Trading (buy or sell) bitcoins at furcoins has given me a brand new experience of customer satisfaction in terms of prompt service delivery and an effective customer care service. These guys are very good

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