Depositing your own money is vital to start buying Bitcoin
So how do you deposit your local currency and change it into Bitcoins or other Cryptocurrencies?
Now that you’ve signed up to an exchange, you are ready to start depositing your first amount of your chosen currency. It could be Australian dollars (AUD), United States dollars (USD), European Euros (EUR) or multiple other currencies.
I will outline how to do this in CoinSpot as I found it incredibly easy to navigate when I was first starting out. CoinSpot is an Australian exchange and you deposit in Australian dollars. But for anyone wanting USD or EUR, follow the links to Coinbase and you will be able to deposit USD just as easy.
Instant online payment allowing you to make a bank transfer from your internet banking site directly into your Coinspot account.
Deposit time: Instant.
Deposit fee: Free
Daily deposit limit via POLi: $10000
To make a BPay deposit, log in to your financial institutions online or telephone banking portal and follow the prompts to make a BPAY Bill Payment. You will be required to enter the Biller Code and Customer Reference number listed on the BPAY payments page.
Deposit time: 1-3 business days
Deposit fee: 0.9%
Daily deposit limit via BPAY: $10,000
CoinSpot is partnered with BlueShyft allowing you to make over the counter Cash Deposits at thousands of newsagencies in Australia. There is a map so you can find the closest agent.
To process a cash deposit, you will first need to choose an amount you with to deposit. Then a screen will appear with a QR code. Scan this and then take the code and your cash to a participating newsagent.
Deposit time: Instant, once cash is deposited
Deposit fee: 3%
Daily cash deposit limit: $2000