How to Buy Bitcoin
Step 1 – Create your Bitcoin wallet
The first step in “how to buy bitcoin” is to set up a wallet. A wallet is essential to send, receive, and store bitcoin. Also, wallets provide additional security to storing bitcoin via an exchange. To help, here is a list of some popular bitcoin wallets.
If you have read our Bitcoin wallets page, remember the golden rule:
If your Bitcoin is not stored on YOUR wallet, its not YOUR BItcoin!
Step 2. Creating your Bitcoin Order.
Now you have a wallet to store your Bitcoin, its time to buy your bitcoin. When you press on the BUY BITCOIN BUTTON in the top right hand side, you will be directed to FIFO Bitcoin’s payment partners page. Which looks like this:
Now enter the amount of AUD that you wish to spend on your Bitcoin. When you do this, the amount of Bitcoin that you will receive for that amount of AUD will automatically fill in.
You will then also have to copy your Bitcoin wallet address from your Bitcoin wallet and paste it into the “Your wallet area”. Your Bitcoin wallet address is the long string of numbers and letters in the send area of your Bitcoin wallet. It will look something like this: 3LJM8nMqiCDSrgqiGwLrjLBvkPrvCKDbJRYZj <this is a sample only do not copy this address, copy the one from your wallet>
Once you have copied your Bitcoin wallet address in the “Your wallet” section, then select your preferred payment method.
Your screen should now look similar to the picture below. Once it does, press the “Create Order” button.
* please note that the below picture is for example purposes only and won’t show exactly the same data. Most importantly make sure all the fields are filled in, including your Bitcoin wallet address.
Step 3. Verifying your identity - Mobile phone.
As FIFO Bitcoin and our payment partners Banxa are both AUSTRAC registered Digital Currency Exchange Providers (check out our About Us Page to read more), BANXA are required to verify your identity before completing the Bitcoin trade.
You will now receive a txt from Banxa. Please type in the 4 digit number that they have texted to you into the below area and the press “Verify”.
Step 4. Verifying your identity - Drivers License/Passport and Selfie.
The next step is to go through a quick Know Your Customer ID check. The first step here is to fill in the below details about your residency.
Once completed, hit the “Submit Verification” button.
In this next step you will be asked to load up the front and back of your Australian Drivers License as per the below screen shot.
Simply use your mobile phone to take a photo of the front and back of your DL or your passport. Make sure that:
1. Your DL or Passport is not expired
2. All 4 corners of your DL or Passport are visible
3. All writing is visible and easy to read.
4. Your face on the DL or Passport is clear.
Once you have loaded the images – by pressing on the “Select your File” fields, press the continue button.
The next step requires you to send a selfie of yourself holding the same Drivers License or Passport that you used in the above verification. This is to prove that it is really you and not some bastard who stole your wallet!
Take your Selfie with you holding your ID, then load it into the “Upload your selfie here” field.
Once you have done this, press the Continue Button.
Step 5. Paying for your Bitcoin.
Depending on the Payment option that you selected earlier, you will now be directed to a page that looks like this. Please note that depending on the payment option you selected it might look different to this. This is the page you will see if you have selected to pay via pOLI.
It doesn’t matter what payment option you selected, it is essential that you read the “Before we finalise your payment” section before you proceed.