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.

Click the Deposit AUD Button

This will take you to a page where you can choose your payment method between POLi, BPAY and Cash Deposit (using BlueShyft)

Each method is different and has different fees.

POLi:

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


 

BPAY:

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 


 

Cash Deposit:

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

Viola! You are now ready to start buying Bitcoin and other Cryptocurrencies

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