My last post attracted a lot of interest in terms of helping people get into cryptocurrency and getting an account setup. This time I want to talk more about purchasing cryptocurrency now that you've made an account. Also I'll try and give some tips and hints to help you trade.
For those interested in part I, check out the link: https://steemit.com/cryptocurrency/@banglasteve/how-to-buy-cryptocurrency-in-australia
Anyone wanting to learn more please sign up to my FB group: https://www.facebook.com/groups/253342165192623/
HOW TO PAY FOR CRYPTOCURRENCY?
You typically have 3 options if using Coinspot (https://www.coinspot.com.au?affiliate=UCZKE):
- BPAY
- POLI
- Cash Deposit
Using Coinbase ( https://www.coinbase.com/join/593e073fa1e75263bdd076e5):
- Debit card
BPAY
I'm sure everyone here has used BPAY to pay a bill of some sort. It is just worth noting there is a 2% fee. This is without the trading brokerage/fees. This is great if you want to lock that money away for a while.
PoLi
This is I'm sure the most popular method of depositing money. However for anyone using this service I just want to bring to your attention the fact that PoLi is not supported by your bank account. In fact they are an external party that gain access to your account information and transactions everytime you login. They are actually a 3rd Party! Read this if you are interested: http://forums.whirlpool.net.au/archive/2540403
Now I have fallen victim to using PoLi also. I used it to even pay for flights once! With zero fees it really does get you going. My advice is make a temporary account with another bank where it is okay for it to be reviewed because it's basically a 'dumped' trading fund.
CASH DEPOSIT
This typically involves a physical visit to your local Newsagent. Do these even exist? I joke. But the point is you are able to take your physical cash and deposit it, it will cost you 3% in fees.
The best option of the three looks like POLi with a dummy account.
1% BROKERAGE FEE?
Yes. Once you have bought your cryptocurrency you can switch into other currencies for instance from LISK to TETHER at 1%. This is great for swing traders. You can jump out of a coin that has drastically inflated in value and jump into a coin that has bottomed out and ready for a lift off.
DEBIT CARD
As part of the verification process with Coinbase, you will confirm a transaction less than $1 to prove that you are the true account holder. This will confirm your account. Coinbase is excellent for trading BTC, ETH and LTC. Unfortunately that is the only coins available and it has a limit of $500 so I encourage you to own both a Coinbase and Coinspot account.
Hope this helps guys. Just want you to know the 'ins and outs' of investing in the crypto world. Can't wait for all this forking nonsense to be over. Good luck and happy investing/trading. There are other exchanges and places to trade which I will post in part III. Stay tuned.
Cryptoshaf
BITCOIN GENERATING FAUCET: https://freebitco.in/?r=5345367
- Generates small amounts of bitcoin
- Can reward handsomely for particular digits
- Link to wallet and withdraw function works (have used it and can confirm)
DONATIONS
BTC - 1M5anDbT4HAuA6XkJekbMfSTFR1ippEkch
ETH - 0xC1f258BeD748F03130edc6D3A07320C882eD8862
LTC -LWx8U7j5Y4vo8jq8CpqWKwWMXKrByaNW6s
DISCLAIMER: Always invest with money you can afford to lose and do your research - these are VERY risky investments. A lot of groups and people will misguide you so be sure you know what you are doing. Always remember all these investments can erode significantly in value as these are VERY volatile markets.