All of our cryptocurrencies can be purchased using either Australian Dollars (AUD) or Bitcoin (BTC).
Many new customers wish to purchase cryptocurrencies using funds from their bank account. The following example outlines how to buy Bitcoin (BTC) but equally applies to all our cryptocurrency/AUD combinations.
1. Fund your account
Go to Account > Deposit to make your first deposit via BPAY or Osko.
2. How to buy Bitcoin
Once the deposit has cleared, you will receive an email. Log in to your account and go to the Buy/Sell page.
To buy BTC using AUD select the “BTC/AUD” trading pair from the "Change Market"dropdown box, located near the top of the page.
3. Select your order type
Scroll down to the Buy/Sell Bitcoin section and choose the order type by selecting the 'Market' or 'Limit' tab.
What is a Market Order?
A market order will buy or sell immediately at the best available price. The best available rate is shown in the order book if you want to check it before ordering. To create a market order just select the "Market Order" option on the trading page.
What is a Limit Order?
When you place a limit order, you decide what price you wish to buy or sell your funds. Your order will then be added to the order book and will be waiting for someone to submit a matching order.
Once you have selected the order type, fill out the volume and price fields on the left.
- Volume: How much of the available funds you want to spend
- Price: This applies only if you have selected a Limit order. What is the unit price you are wanting to pay?
There are also helpful links to automatically populate 'Spend All' (volume) or 'Best Sell Price'.
Review the total cost with fees shown in the 'Spend Total' section and press the 'BUY BTC' button to submit your request. Our fee structure can be viewed here - https://btcmarkets.net/fees.
Stop-limit orders are a more advanced order type. Please read the documentation and watch the video here https://support.btcmarkets.net/hc/en-us/articles/360002061847 before using this option.
Please note that in some cases, an order submission may not automatically result in a purchase. Orders need to be matched to a corresponding sell order, and there may be other orders ahead of yours in the queue.
Waited a long time, and the order is still not matched?
If you find that nothing happens after a long time, click on 'Open Orders' and have a look to see if your order is still open: https://www.btcmarkets.net/trading/openorders. Check the price to see if it's near the market average. You may have to cancel it and put in a more competitive price if you want your order matched more quickly. This is all part of trading.