After receiving so many questions about how to invest in Cryptocurrency, Bitcoin or Altcoins (a type of digital currency).
Here’s a step by step on how you can simply start making money with Bitcoin markets. Please note that I have tried other services and I settled for following steps as it is very easy to do so.
What do you need to kick off your crypto investment?
You will need these things to open the account:
- Passport or Driver License
- Your mobile phone
- Access to your online banking (to authorise or transfer money)
- Access to your computer (make your life so much easier instead of doing it all on the phone).
You should be able to have everything listed above within 2 minutes so now that you have read up to this much. Let’s continue on shall we? Go head, grab those items handy next to you.
STEP 1: Create Wallet & Exchange accounts
The technical term of Cryptocurrency Wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin.
The technical term of Cryptocurrency Exchange is a business(es) that allow customers to trade digital currency for other assets, such as conventional fiat money, or different digital currencies.
In basic English term:
Wallet = your physical wallet to store your coins, something you and only you should have access to it.
Exchange = bank or stock exchange that helps you exchange to other currencies from AUD to something like Yen (Japanese), Dollar (USD) or to buy the stock like GOOG (Google), AAPL (Apple Inc).
*note* I hate when businesses said they also provide wallet (eg Coinspot.com.au) .. yes they do HOLD your money so in a way they’re the wallet but if they close down for whatever reasons, so called ‘wallet’ also disappeared along with your money and you got zero control what-so-ever.
STEP 1.1: Open your Crypto Exchange
Ok.. setting up:
I used Independent Reserve as my Exchange.
Great Price! Lowest commission – 0.5%, compared to Coinjar which is 1%.
Trustworthy! Has POLI for instant deposit up to $5k AUD ($3.30 fee)
Fast turn around! Normal deposit (takes 1 -3 Business days from my experience)
Has the high liquidity! Faster and Safer trade.
Now if I am you, I’d use POLI and pay the fee because the market is not gonna wait for you. Yes it could be better, but it could be worst and usually, it end up costing more than just $3.30.
So click on the link here or above and follow the onscreen signup.
But if you still wanna compare, click here: http://www.bitcoinreviews.com.au. I’m trying to save you loads of times that I’ve already spent on researching it for myself.
Once you sign up, you will need to verify your account!!
There’re a few areas here you will need to do.
- Modify your “Account Summary” (1)
- Modify your “Your Identity Details” (2)
- Enter your email address (3)
- We will cover the Two-Factor Authentication (4) later
Once you did step 1 & 2. On step 3, after you enter your email address you will need to go to your inbox and check for the confirmation code. Grab the code. come back and enter it in.
Then you will see this Verification Screen, click the button.
From here, enter your details as per your ID.
- The challenging part is this is where you grab your phone, hold your ID and do a selfie (make sure ID is very easy to see) so they can see your face & ID in one image.
Next, grab a copy of your bank statement from your online banking.
Upload both of those to the website. At this point you can’t deposit so you just have to wait til they email you that your account is verified, my experience has been within 24 hours.
STEP 1.2: Open 2nd Exchange (optional, but recommended)
But you may be wondering why would you want a second Exchange. That is because this is where all the big money is made unless of course, you are just happy with “BTC or Bitcoin” then.. skip it.
The following step won’t happen til your account is activated.. so make sure to bookmark the page and come back when you get that email.
STEP 2: Depositing Money
- Once your Independent Reserve approved your account
- Go ahead, log in!
- Click on “Accounts” (1)
- Then “Deposit” (2) on the AUD row
- From here you got two choices as mentioned above.
Choice 1: Direct Deposit or
Choice 2: POLI (run by Australian Post / AustPost)
I personally pay POLI fee as it’s faster, easier and INSTANT deposit.
You will have to enter your bank credential to POLI but it is very safe. Again POLI run by Australian Post and has been widely used among other Australian businesses. Your call.
STEP 3: Convert AUD to BITCOIN!
Finally after all the hassle!!
- Click on “Trade” (1)
- Click on “Max” (2)
- Click on “Preview Buy Order” (3)
- once the box loaded, click “Confirm”
TADA! Congrats you got your first bitcoin!! woop woop!