If you have followed the first part of the How to buy cryptocoin and bitcoin part 2 of 3, you should have created an account on an Australian cryptocoin exchange and had the account secured and verified. For this part, we’ll transfer some AUD from an Australian bank account to the exchange in preparation to buy cryptocoin like bitcoin.

Adding AUD to your cryptocoin exchange to buy cryptocoin

Log back into BTCMarkets (Direct Link) if you weren’t already and go to the ACCOUNT -> DEPOSIT menu item.

Scroll to the bottom of the page, and you will see the option to despoit AUD funds via bPay or POLi. (As a sidenote, NEVER use POLi. It requires you to hand over your internet bank password to a third party. It WILL breach any protections you have with your bank if you do this!)

Read the instructions carefully. Depending on your account details, you will need to deposit between the minimum and maximum amounts each time. To deposit more than your maximum amount, you will need to do multiple payments over multiple days to stay under their limit.

With the details provided on this page, log in to your banking app and make the bill payment using the details provided on this page. Some banks may delay payments related to cryto coins. Be mindful of this when leaving a note or any other details on your order!

Once you have made payment, it generally takes 2 or 3 days for the funds to arrive into your exchange account. You will receive an email advising you of that the payment has been received.

Back in BTCMarkets, go to the ACCOUNT -> OVERVIEW menu item. You should be able to see your deposit in the account Summary section. ‘Available Balance’ should reflect the amount you deposited.

That is it. You are now ready to buy cryptocoin like bitcoin, ethereum or litecoin.

Continue to part 3 to learn about making your first cryptocoin purchase