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  1. #1
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    How to get FIAT into the crypto market from Australia - BTC Markets

    Currently the cheapest way to get FIAT into the market from an Australian bank account is through the exchange BTC Markets. This is because you can use BPay to send money to them without any deposit fees. There are other exchanges and methods (such as Bitcoin.com.au where you can respond to Ads for crypto purchases that anyone can put up if they have coins to sell) however this guide is for BTC Markets only.

    It is important to know that Australian's pay an average of a few extra percent and the Australian exchanges are usually pumped up by global price increases and then slow to fall so it can pay to wait a bit longer, such is life as in many areas we pay the Australia Tax (eg. cars, phones, TVs, tools, everything). Don't expect that your AUD deposit will arrive as USD 'untouched' by fees and conversion rates.

    TERMS TO KNOW
    FIAT - cash, money, Australian dollars, American dollars, Pounds, Euros, etc. etc.
    EXCHANGE - basically a software platform that allows individuals to exchange pairs between each other. Exchanges charge fees for the service but they are not directly involved, the individuals set their own prices.
    PAIRS - each side of what is being exchanged, for example AUD for Bitcoins. The pair for this is usually written as BTC/AUD. Sometimes you are exchanging one cryptocurrency for another as in ETH/BTC (buying Etherium-ETH with Bitcoin-BTC).
    WALLET - a general term for the place where your funds and coins are stored. When trading on exchanges you are trading from your wallet. You can also have wallets that are independent of exchanges and these are safer. The safest option is a hardware wallet (USB Ledger Nano). Never buy a used hardware wallet as the previous person can steal your funds.
    2FA - Two Factor Authentication, see the description below.
    BTC MARKETS - An exchange based in Australia which allows deposits in AUD. The coins available are quite limited and you are basically only trading with other Australians who are looking to get in and out of the global market.
    BINANCE - An exchange located in Japan that has a lot of pairs available.
    CRYPTOPIA - An exchange located in New Zealand that tends to have lower quality coins.
    BITCOIN.COM.AU - A website where anyone can advertise their cryptocurrencies for private sale for any price they want to. There are no guarantees or way to find the people if anything goes wrong and they usually charge a bit of a premium. Because you deposit your money at a bank or newsagency it seems more legit however the bank has no idea about the agreement you have made they are simply taking a deposit into their customer's bank account.
    ALT COINS - This term refers to cryptocurrencies that aren't mainstream. Bitcoin is mainstream, some people would say Etherium is mainstream. Alt coins have a much lower value per coin because they are newer and usually represent a company or project that is as yet unproven. You are investing in these projects when you buy alt coins so it pays to know about them.
    SECRET Keys, Codes, Phrases, etc - There are many people in an around cryptocurrency who are very successful at stealing people's hard earned. If anything is labelled as secret or related to your login information, NEVER EVER EVER give it out to anyone no matter how legit they seem. Secret means only you should ever know it. It will take a thief about 15-45 secs to take everything. Manual transactions should never be needed, you should be able to see everything on the website with the correct address in the address bar.
    FURTHER SECURITY ADVICE - think very carefully before posting on public social media and broadcasting your love of crypto other places as well. It can very quickly make you a target, so unless you know that your IT system and methods are massively secure don't make yourself stand out. This includes in your local community as kidnappings and other forms of coercion and thefts are bound to take place in the future.
    If you are risking your money then you should be doing as much research as you can into how to maintain security of that money. No bank, police force, interpoll, etc. will help you to find what you lose and this is just a risk of this space.

    Step 1 - Have some money in an Australian bank account.
    Remember that cryptocurrency trading is very volitile and you should only transfer an amount you are willing to lose. Many people fall victim to losing their money through simple errors, scams or just not spending enough time to learn the markets. It is well worth going through a trial run (such as $100) rather than sending $25000 on your first try. Many experienced traders wish that they had of waited, watched and learned for 1-2 months or longer before they started. Expect some early losses through misktakes and being out of the loop, and spend accordingly.

    Step 2 - Create an account at https://www.btcmarkets.net/signupIndividual
    Capture.jpg
    Enter your details. Consider picking a new password that you don't use for anything else and write it down, you probably won't need it away from your computer so it is not an inconvenience. Here is a link explaining why the traditional approach to passwords (eg. PaS$Wor.d!) is not very secure against hacking programs and you should be using passphrases of random words instead (eg. puddlefencedrivehumblekeeperburpe) - https://www.lifehacker.com.au/2017/0...rong-password/. Even better, use a password generator.

    Step 3 - Verify your email address by clicking the button
    Capture2.JPG
    and then Login
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    You will not need a Two-Factor Code at this stage so leave it blank for now.

    Step 4 - Next enable Two-Factor Authentication
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    You will now need to download Google Authenticator from the Play or App store for your device.
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    Make sure it is the real one by verifying that the number of downloads is in the millions.
    Run the new app and Click on the + Button to add a new secret pairing. The camera will start and you can scan the QR code on screen with your device.

    ....Continued in next post

  2. #2
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    Once you have scanned the red area with the app you will have a 6 digit code, and you should enter it at the bottom of the page above to verify it and enable 2FA (two factor authentication) on your BTC Markets account. This means you will need your phone with you whenever you login.
    Capture8.jpg
    Once you enter it, the exchange will show another secret code and QR scan. You MUST take a print out of this or record the key off your computer. If your phone breaks, only this key can get you back into your account otherwise you will lose your funds! The exchange cannot help you if you lose it. Ctrl-P to print. You can get access to this later if you still have google authenticator working.
    * Note: 2FA really must be your standard basic security level, only the exchange and your device know the secret key and the key is used to generate a 6 digit code based on the precise time.

    Step 5 - Verify your account by completing your profile and following the instructions.
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    Almost everywhere you go in crypto, you will find that you will need to show ID, and often a selfie with your ID or even a written note with the date and name of the exchange. It is unnerving at first but you will soon get used to it. Ask questions if you have concerns first, then provide your details as you won't be able to get anything back if you rush into it.
    BTC Markets will take a number of business days to complete the ID checks, and unfortunately you will have to wait in the meantime.

    Step 6 - Make a deposit onto your exchange wallet using BPay.
    Once verified, head to the BTC Markets page, click on Account, and then Deposit. You will see a range of options for different types of deposits. Read through the AUD - BPay section and follow the instructions.

    Step 7 - Wait until it clears, usually 2 business days. You will receive an email from BTC Markets when the deposit is processed and verified by them (an actual person has to do it). The AUD is now in your exchange wallet.

    Step 8 - You are now able to exchange your AUD for 1 of 6 options for cryptocurrency - Bitcoin, Litecoin, Etherium, Eth-Classic and Ripple (known as XRP). Click on the Buy/Sell button and scroll down.
    Capture10.jpg
    Select the pair you want to look at using the BTC/AUD etc. drop down box. We are using ETH/AUD in this case.
    There are 4 main areas on the Buy/Sell page:
    1 - The charts. You will get to know these later, you can check the recent prices and decide whether the price is trending up or down. Note that you will need to lower the timeframe to see what has happened recently by selecting 12h or 1d.
    2 - The Buy and Sell boxes. Here you can enter your order. You can select a price per coin that you want to pay. You may only buy 1/2 of a coin or another fraction so this price is not necessary how much you are spending.
    If buying this should be at or below the current "Ask" unless you want to overpay (this is a common early mistake as there are so many numbers to review).
    The "Market" option is to buy immediately at whatever the current Ask is, and it is not the best way to buy. The "Limit" option should be selected.
    In our example, you can see that the Ask is $510.82 meaning that someone is trying to sell for that price right now. In order to get a better deal, we might set the price to be $505.02 and wait a few minutes (or even hours/days) to see if someone will sell to us for that price. Patience will pay off here as the prices always go up and down. You must also set how much of the coin you wish to buy or select "Spend All". When we enter these details the fees that the exchange changes will show up below.
    When we are ready we click Buy ETH and this will enter the order book (My Open Orders below).
    3 - The Orderbook. This is a list of current bids for buying and selling. You can see on the right the current Ask (or lowest price being offered). On the left are people trying to buy at a lower price. If we made the order for $505.02 it would appear just above the order for $505.01 for 433.000000 ETH which is $218,699.33 at that price. We may prefer to be further up the list, and certainly in front of this HUGE order because otherwise it could take a long time.
    4 - My Open Orders. This is where your buy and sell orders will sit until they are filled. Importantly, there is a cancel order option available should you not choose the right price or change your mind. Once the order is filled it will change to your trading history.

    You may be happy to stay at this point. If your goal was to just purchase some Bitcoin or Etherium then you have achieved it! Hopefully the price will go up to $550 and then $600 and so on and your investment will grow.

    TRADING ALT COINS ABROAD
    However, your goal may be to trade alt coins on the global exchanges. On balance, the Binance exchange is currently the best exchange to start off with as it has a good reputation for security, it has large trading volumes, lists many popular alt coins, and is accepting new registrations.

    Step 1 - Choose your coin for transfer.
    In order to place funds on an exchange abroad, you will need a crypto to send across the network as you can't send AUD. This is the reason we use BTC Markets, to convert out AUD FIAT into a crypto coin.
    All cryptos have different fees and timeframes associated with their transfer. Basically when you process a transaction/transfer, a number of other computers (miners) will need to verify the change to the blockchain (ledger). Bitcoin tends to be slow to process and expensive in terms of fees. Etherium and Litecoin consistently show themselves to be the best options (taking a few mins and fairly low fees, eg. about $6-18 for $500-1000 transfer). However, you may still use Bitcoin if the fees associated with changing from AUD > ETH > BTC again are more than the BTC transfer fee and time associated with it.
    If you are transfering to another exchange, you can work out in real time what the exchange rate will be.

    Step 2 - Register with Binance via my referral link - https://www.binance.com/?ref=26072399, referral ID 26072399 or without it - https://www.binance.com/register.html. The referral link means Binance will give me 20% of the fees you pay to them. You needn't verify your identity with Binance to trade and you can stay unverified indefinitely. You will see the limits related to being "unverified" on the Binance control panel. The only reason to verify is to increase these limits.

    Step 3 - As before, enable 2FA on your account. This should be easier this time around. Here's a guide if not - https://support.binance.com/hc/en-us...-2FA-Guideline

    Step 4 - Both withdraw (BTC Markets) and deposit (Binace) to move funds into your Binance wallet.
    On BTC Markets, select Account and then Withdraw. You will see in the Etherium box your balance. You can select an amount of Etherium (not dollar amount) which will leave the "Etherium Address" to fill in. That comes from Binance in the form of an ETH Deposit Address.
    It is important to know that if you send Etherium to a Bitcoin wallet, the funds will be lost forever. This is true of all cryptos because there is not yet a universal wallet solution available (it is in development).
    It is very important to get this right.
    Select "Funds" and "Deposit" on Binance in a new browser tab. Click the drop down and type ETH and select Etherium. You will then see an ETH Deposit Address. Select "Copy Address".
    Return to the BTC Markets tab and paste the address into the correct box. You will now see the fee associated with your transaction. Click withdraw and the transaction will begin.
    Expect it to take between 60 secs and 30 minutes depending on the traffic in the ETH blockchain network.

    Step 5 - Check your Funds > Balances to verify the funds have been received and let go of that breath you've been holding.

    Step 6 - Now you can go onto the Binance exchange and begin trading.
    Select Exchange and either Basic or Advanced.
    You will now see similiar information as on BTC Markets in a different format. On the right hand side, select your Base pair from BTC, ETH, BNB and USDT. This is the type of crypto that you have to trade, in this case ETH. You will see a list of more than 100 different pairs that you can purchase with ETH.

    Step 7 - Purchase and activate BNB.
    BNB stands for Binance Coin. It is used on Binance to pay for fees. Binance halve your trading fees from 0.1% to 0.05% if you use their coins to pay as they benefit from the price of BNB going up (because they hold most of the coins themselves in reserve making their company worth a hell of a lot).
    Select your base pair (ETH), then BNB/ETH from the list. Purchase 1 coin and set the price lower than the current Ask (displayed on the left in the middle of the buy and sell orderbooks) as you did on BTC Markets. 1 coin at around $12 at the time of writing, will probably be enough to start off with and you can't buy them fractionally. If you make a buy worth $100 USD it will cost 50c in BNB.
    Go back to your control panel by selecting the icon next to the language selector and Account.
    Turn On "Using BNB to pay for fees" for the discount.

    Step 8 - Purchase your first Alt Coin.
    Make a purchase using the Price and Amount boxes in the same way you did before. Remember that you should select a price lower than the current Ask and have patience for your price to come up.
    Choosing Alt Coins to invest in requires a lot of research. A good place to start is with Udemy courses, youtube videos and other guides that are readily available if you go looking for them.
    If your Alt Coin is not available on Binance, you will need to sign up for the exchange where it is listed and transfer funds to the exchange to make a purchase. You can use the Markets Tab on https://coinmarketcap.com/ by selecting a coin and then Markets. This will list all the exchanges where you can buy the coin sorted by volume (higher volume makes for easier/faster buys and sells).
    You should also consider having a non-exchange wallet such as MyEtherWallet. Make sure that you don't transfer the wrong type of crypto to an incompatible wallet as your funds will be lost.


    If you have got this far, this will seem like a whole lot of info however this is just the start. There is so much that you will need to know to be "in the loop". However, there's nothing wrong with taking your time and holding on to the cryptos you have purchased until you learn more.

    I hope this write up has helped you. I would appreciate any of your comments and questions below.

    Cheers,
    TFishy
    Last edited by TFishy; 04-09-2018 at 11:19 AM.

  3. #3
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    I had to repost so my signature would show up
    Been into crypto since Dec 2017. Ask me about PT and PTF settings. Avoid DMs and post in the forum so that everyone can learn.

    ETH Wallet address - 0x3A0585D95EA13f5503252cE82341db3976c0f292

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