Bitcoin Forum

Gday

I am quite newbish with crypto. I mined once upon a time then pretty much forgot about crypto. I have some medical expenses coming up and I am looking for recommendations converting ETH, LTC, and Doge to AUD.

I know am going to take a hit, but smaller is better. Are Exchanges the best way to go? Any recommendations?

Cheers

Kaine.

Exchanges (centralized and decentralized) are the typical avenues by which users buy and sell coins and is the best way to go imo. Some users sell directly when face to face with a buyer but this is very risky and not advisable.

On recommendations, there are reputable exchanges which you can use such as binance which accepts AUD, and for transactions below a certain amount, you would not need to provide KYC documents, protecting your privacy.

I too will suggest you go for Binance, there are certain extent you can still make use of Binance without KYC. Also there are some other exchanges you can also use as an Australian citizen:


But, I will recommend you to use binance. You can even make use of p2p on Binance for ease.

Yeah, by all means, exchanges are the best way to sell of your coin be it Eth, Ltc, Doge etc to $AUD. I suppose that to be Australian Dollar and your local currency as well. So, the exchanges can help you do that, to get your coins worth in your nation's currency or paper money. Sorry, if I'm too fast to assume on the nation thing.
Though, there is also a p2p option, some exchanges offers that while others do not but, it does help too. So, its left for you to choose which is more convenient following security reasons and regulations in your nation. Good luck trading.

Iirc coinspot is an Australian exchange. I had to use them years ago. Pretty sure they implemented KYC since then but depending on your use case that might be a non-issue. There are the big exchanges that have been mentioned as well. I wouldn't suggest P2P, being a relative newbie this can lead to getting scammed.

Just be sure to verify that you are using the a legit exchange and that you visit the correct website before depositing funds.

I would say Binance since the support of all the coins you mentioned above. You can either trade off your assets and withdraw fiat directly from the platform but at a fee or you can trade of the coins and exchange them for fiat on their p2p exchange for free through the different available payment gateways provided by the buyers - https://p2p.binance.com

A lot of my Aussie friends also use this exchange. Looks like it is quite reputable for Australian users. If you're fine with P2P I think looking for alternatives other than Binance P2P such as Hodlhodl is a good idea, especially if you don't find a good rate.

Make sure your bank also allows fiat transactions from crypto/exchanges to make sure your account doesn't get blocked.

You have no choice but to sell those on exchanges unless you find personal trades that would like to meet you up and buy those coins you've mined. But during this pandemic, that won't be hard as an option even your country has a lower case these days.

Binance has support for AUD so that's an ease for you but if there's a specific local exchange that has been mentioned for your country, you should give it a try because that's better.