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.
This is my guide to selling your Coinbase crypto in Australia.
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’t sell. I don’t predict this feature will be coming to Coinbase anytime soon.
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 Bitcoin from Coinbase. You can do the exact same thing for Ethereum, Litecoin and other coins you’ve bought on Coinbase too.
1 – Sign Up to CoinSpot
Create a Coinspot account here. The process is quick and easy. You will need to verify your account. The verification process is also pretty quick and it’s the same standard process that is used by all legit crypto exchanges.
2 – Generate a Bitcoin Address
Visit the Wallets from either the CoinSpot app or the website. Click on Open BTC Wallet and then click on the Receive button. This will generate a Bitcoin address.
If you want to sell another crypto do the same but visit the corresponding wallet.
3 – Send your Bitcoin from Coinbase
Visit the Coinbase website (or use the app). Click the Send/Receive button. You’ll be presented with a screen. Enter in the Bitcoin address you just generated in the To field. Enter the amount of Bitcoin you will be sending.
Note – There is a fee to send Bitcoin and this can’t be avoided. The fee will vary depending on busy the Bitcoin network is. If you only have a few dollars worth of Bitcoin, sadly it probably won’t be worth sending.
The transaction could take anywhere from a few minutes to a few hours to complete. It all depends on how busy the network is. You’ll be able to check how it’s progressing from the Coinbase dashboard.
4 – Sell on CoinSpot Markets
Once you’ve got Bitcoin (or other crypto) on Coinspot you can now sell it for Australian dollars. Visit the markets page. If you sell via the markets feature on CoinSpot you’ll pay a fee of just 0.1% which is the cheapest fee in Australia.
Click the View BTC/AUD Market button on CoinSpot. Then enter in how much Bitcoin you want to sell and the price you want to sell it for. You can leave the price set as the default. This is the current best asking price.
I’ve demonstrated what you’d enter below:
The order will be posted when you click the sell button. The order will be filled when there is a matching buyer. If you find your order isn’t selling (maybe the price of Bitcoin has moved) you can easily cancel your existing order and post a new one with a new price.
5 – Withdraw your Funds
Once you’ve sold your Bitcoin you can withdraw your Australian dollars to your bank account. I’ve found this process to be really quick. Make sure you double check the BSB and Account Number.
Why Sell through CoinSpot?
Here is why I chose to sell my Coinbase crypto holdings on CoinSpot:
CoinSpot is a Local Australian Exchange. They are based in Australia, regulated in Australia and have local support people. While there are many crypto exchanges available to Australians, if I’m withdrawing funds to an Australian bank account I want to make sure I’m working with a legit local provider.
Reliable and Secure
I’ve never had any issues using CoinSpot. They have never been hacked (even Coinbase has been hacked). I’ve also found withdrawals to be fast. I’ve never been left waiting for a withdrawal.
The Best Fees
CoinSpot has the best fees of any exchange in Australia. If you sell your crypto using the markets feature on CoinSpot the fee is just 0.10%. You could end up saving a fortune in fees if you sell your crypto through CoinSpot.
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.
If you run into any trouble or just can’t figure it out, let me know in the comments so I can provide more details on this post.