Coinbase is a super convenient way to buy cryptocurrency in Australia. Using Coinbase you can buy Bitcoin and a number of other popular cryptos using your credit card. This means you can buy and access your bitcoin instantly. But unfortunately you can’t sell your Bitcoin back into Fiat in Australia. So read on to find out how to get around this and convert your bitcoin back into cash.
Coinbase Doesn’t Support Sells in Australia
While you can buy Bitcoin on Coinbase in Australia, you can’t sell your Bitcoin and other coins through Coinbase. They have indicated that they’ll be adding this feature sometime in the future, but right now you can sell.
So what can you do if you’ve bought Bitcoin or another coin on Coinbase and now want to sell it (hopefully for a profit!).
Well here is the easiest way to sell your Bitcoin and book your profits…
Selling through CoinSpot
CoinSpot is a local, Australian cryptocurrency exchange. They support both buying and selling of cryptocurrency. Here is how you’d sell from Coinbase:
- Sign up to Coinspot here
- Verify your account and add your bank details
- Generate a bitcoin address on Coinspot to send your Bitcoin to
- Send the Bitcoin from Coinbase to Coinspot
The whole process is really simple. Selling on Coinspot is instant and it’ll take up to a couple of days for you to see the funds in your bank account.
As well as Bitcoin you can also send a number of altcoins into Coinspot to sell. Major coins like Ethereum, Ripple, Litecoin and Dogecoin are supported.
However, for many coins listed on Coinspot, you won’t be able to send them in to get sold. So for these coins you’re going to need to first convert them into Bitcoin, then sell that Bitcoin on Coinspot. I would recommend Binance as a trusted exchange to do that. They support a huge number of altcoins.
Although I recommend Coinspot for it’s super easy to use interface and trusted reputation, there are a number of other exchanges in Australia. BTCMarkets also has a good reputation, and I’ve personally used it as well to sell my coins.