When I first bought Bitcoin in 2013 it was hard. It took me weeks to send AUD to an overseas exchange (it was MtGox, and guess what? soon I lost my bitcoins). The prices on local services were in excess of 10% above the spot price.
Thankfully things have gotten easier. We haved worked a lot to be the easiest way to buy bitcoin in australia. On HardBlock you can get verified instantly and buy Bitcoin all within an hour.
In this article you will read a step-by-step guide about how to buy Bitcoin in Australia using HardBlock Exchange.
Key Information
- Instant Verification using DigitalID
- Instant Deposits using POLiPay
- PayID Deposits credited in under 24 hours
- No deposit or withdrawal fees or trade commissions
- ~2% Spread
- Operating in Australia Since 2014
1. Create A HardBlock Account
First you will need to sign up for an account on HardBlock. You will receive an email from us with a link to confirm your email address. Check your spam folder if you cant see the email, or contact our support team at support@hardblock.com.au, we are always glad to help.
2. Verify Your Identity
Once you are logged in you will need to verify your identity. First click on the fund deposit button.
You will now be on our verification screen. Once you agree to the terms you should see a big ‘Verify with DigitalID button’. Click the button.
A DigitalID popup window will now appear.
Choose your method of verification and provide your ID data.
After you have successfully completed verification you will go to the fund deposit page.
If you have failed verification you will be back on the verification page. You can attempt to get verified using DigitalID again, or you can contact our support team for help.
3. Fund Your Account
Choose if you want to fund your account using POLiPay or PayID (OSKO).
There are two methods of funding your HardBlock account. Both are ways of transferring money from your Australian bank account.
It’s very important that the owner of the bank where the money is coming from is the same person who verified their identity on HardBlock. Otherwise we will not accept your deposit and will return your money instead.
3.1 Fund Your Account Using POLiPay
POLiPay is a payments system by Australia Post. It supports payments by major Australian banks.
Enter the amount you want to deposit. It has to be below your initial deposit limit. This limit will increase as you make more deposits.
After you click ‘Pay With POLi’ you will be redirected to the POLi payments page where you have to choose your bank account.
You will then have to provide your bank credentials and confirm your payment.
Once you confirmed your payment, you will return to HardBlock. Your account balance will reflect your new deposit amount.
You can now buy Bitcoin!
3.2 Fund Account Using PayID (OSKO)
PayID/OSKO are part of the New Payments Platform introduced by major Australian banks in 2018. It is available from most Australian Banks from their online banking.
On the deposit page you will see our PayID and a unique payment reference number.
Log in to your online banking and go to make a payment to a PayID. Different banks use different interfaces. Click here to see if your bank supports PayID.
Enter our PayID and your unique reference number. Complete the payment.
Your account will be credited within 24 hours in most cases.
Your payment amount has to be below your deposit limit otherwise there will be delays in your account being credited.
3.3 Deposit Limits
Your inital daily deposit limit is $50. Once your total sum of deposits reaches $50 your daily limit will increase to $100. Thereafter it will increase to $200, etc. (these limits are for example purposes and might change in the future).
4. Buy Bitcoin!
Great, you have funded your account with AUD, you can now buy Bitcoin.
Click on the Buy/Sell page.
Enter the amount of Dollars you want to spend you want to spend on buying Bitcoin.
Click Buy, you will see the details of your order.
Further Information
Verify Your Phone Number
We strongly recommend that you further verify your identity by verifying your mobile phone number.
It’s not compulsory but your Bitcoin withdrawal limits will be 5 times lower if you do not do it.
You can verify your phone number by going to Settings -> Mobile Phone No.
You will then have to provide your mobile phone number and get it verified by sms and automated phone call.
Send Bitcoin
Cool, you now have Bitcoin in your HardBlock account …
But you might wanna do something cool with them, like purchase a trip to space ;).
To send Bitcoin go to the Send BTC page.
Enter the destination address where you want to send Bitcoin. This can be found in your destination wallet.
Enter the send amount and press send. We will send you Bitcoins within an hour. However your destination might not show them as received for a few hours. This depends on how the destination wallet handles incoming Bitcoin.
If you are a new user who recently made a deposit you will have Bitcoin withdraw limits apply to your account.
Bitcoin Withdrawal Limits on HardBlock
We charge no fees and have very good prices on buying and selling Bitcoin.
For this to be possible we have to prevent fraud that would incur financial losses for us and be passed on to our customers.
One way we do this is by having Bitcoin withdrawal limits on new accounts when they make their first AUD deposits.
These are caps on how much Bitcoin you can withdraw from our platform.
The limits expire and as you continue to use our services they will become higher and higher. Eventually they disappear.
As a new user these are the Bitcoin withdrawal limits you can expect:
| Your AUD deposit | How many Bitcoin denominated in AUD you can withdrawal (per day) |
|---|---|
| First ever AUD deposit into HardBlock |
|
| A Deposit from a bank account you have not used previously | Same as above |
| Deposit from a payment method you have not used previously e.g. POli vs PayID | Same as above |
| Any POLiPay deposit |
|