Bitcoin is on its next bull run again. With interest amongst beginners growing, more people are wondering: how can I get a piece of the (virtual) pie?
Here’s the good news: Buying Bitcoin doesn’t have to be complicated or time-consuming. If you want to learn how to invest in Bitcoin, here’s a simple step-by-step guide to get you started.
Taking the first step
Discovering Bitcoin is the start of a journey. And, like any journey, chances are there are plenty of questions swilling through your head. Where do you invest in Bitcoin? Should you make one-off purchases, or invest over time? How do you store, send, and withdraw your cryptocurrency?
Don’t worry — we’re here to join you as you embark into a new world of investment. We’ll cover all these questions and more in our guide below. But first things first: getting started.
7-step guide to investing in Bitcoin
1. Lay out your game plan
Planning is key for any investment, and Bitcoin is no different. When you start out, it’s important to set out your roadmap for success, including:
- Your ongoing investment budget
- Frequency of your investments
- Dollar-cost averaging vs. short-term trading?
Tip: if you’re just starting out, dollar-cost-averaging is the safest and recommended route. Many beginners make the mistake of trying to ‘time the market’ with short-term trading, which can lead to higher risk and higher cost in the short-term and long-term.
2. Do your research
Before you start investing, you need to do your research and make a few decisions on the platform and broker you want to trade with.
3. Create your account and verify your ID
Set up your account on your preferred exchange platform and verify your ID. If you opt to go through a broker, you can set up and verify your ID directly with them.
What you need to verify your account:
- Full legal name
- Date of birth
- Email address
- Mobile phone number
- Residential Address (if using direct debit)
- Authorisation to have your account debited (if using direct debit)
4. Connect your bank account or direct debit
Depending on your game plan, you can either:
- Establish a direct debit
- Link your bank account
- Do an Electronic Funds Transfer (EFT)
For one-off deposits and short-term trading
Tip! You need to verify your identity to withdraw AUD or send Bitcoin. If you purchase Bitcoin through direct debit, your linked bank account will need to be verified in order to withdraw any money. If you purchased Bitcoin via EFT, you don’t need to verify your identity to withdraw via Bitcoin.
5. Automate your recurring investment amount and purchase frequency
If you’re going for the dollar-cost-averaging approach, it’s time to pick your investment amount and how often you’d like to invest.
Choose the recurring purchase frequency that suits you
6. Sit back and relax!
After you’ve set up your account and your recurring investments, it’s time to wait for your order to go through on the market. Bitcoin brokers and cryptocurrency exchange platforms automate the purchase process so you can set it, then forget it.
7. Transfer your Bitcoin to your wallet
Once you’ve made your purchase, you can share and send Bitcoin to your hardware wallet, or instantly sell your Bitcoin and withdraw AUD to your bank account.
Frequently Asked Questions
Have questions? We’re happy to help.
Can I use Google Pay/Apple Pay?
It depends on the exchange platform or broker. At the most basic level, all exchange platforms and brokers should accept direct debit and EFT. At Amber, we’re also working hard to provide you as many options as possible including Apple Pay, Google Pay, PayID, Enhanced BPay, POLi, and more.
How much do I need to invest in Bitcoin?
It’s up to you. If you’re using a dollar-cost-averaging strategy
, you can begin investing in under 90 seconds with as little as $5.
How is my Bitcoin stored?
It depends on your broker. With Amber, we store all of your Bitcoin in cold storage collaborative custody wallets, with the help of the team at Unchained Capital. It’s the safest way in the world to hold Bitcoin.
How old do you have to be to start investing in Bitcoin?
There’s technically no ‘legal’ age to buy Bitcoin. However, in Australia you need to be 18 or over to create an account on an exchange platform or with a broker, in line with Know your customer (KYC) requirements.
Investing in Bitcoin, simplified with Amber.
At Amber, we believe that Bitcoin should be easy and accessible for everyone to build enduring wealth. We remove the barriers and empower you to invest when you want, how you want, from wherever you want — all within the palm of your own hand.
- Build your wealth over time.
Reduce risk and invest small amounts regularly with Dollar Cost Averaging.
- Fast and easy.
Make your first Bitcoin purchase in under 90 seconds, from as little as $5.
- Set it, then forget it.
Automate your recurring purchases, and watch your wealth grow.
- Robustly secure.
Amber cold stores customer’s Bitcoin in multi-sig collaborative custody wallets for greater security.
See how much you could have already made.
Use our Dollar Cost Averaging (DCA) calculator to see how a recurring investment in Bitcoin would have performed.
Get started at https://amber.app/calculate-your-investment/