What are the options for buying and selling Monero in Australia?
First of all, there is no legislation prohibiting the buying, selling or owning of Monero in Australia. Monero is treated the same as Bitcoin and there are Capital Gains Tax (CGT) obligations associated with the disposal of Monero. I.e. whenever you send XMR to a wallet that you cannot prove you own.
Now, here is a breakdown of your options on obtaining or selling Monero in Australia.
localmonero.co is an escrow service that facilitates peer-to-peer trades for Monero against fiat or other currencies. Australia is supported and you will find many vendors there who are willing to buy or sell Monero. Here are some tips for this method:
- Sign up with a non-disposable email address. Many vendors (people who list ads for buying/selling) will tick a box that only permits interaction from accounts that have a confirmed, email address. This is because there are scammers/griefers who will create throwaway accounts and initiate fake trades in the hopes of tricking a vendor who is not careful with managing the escrowed funds. This is very inconvenient, because the funds are time-locked and may need admin intervention to unlock in worst case scenarios.
- Be aware that many vendors will have special requirements like asking for proof of ID, etc. Some do not, so just look through the list carefully.
- The best price is not always shown on top. Vendors with more long-standing reputations will be favoured over new vendors. Scroll further down and press "show more..." to find the best price.
- An array of different payment options are offered, including bank transfer, paypal, vouchers and even cash. Sort by your payment option of choice to make it easier to find the best price. Cash can be in person or by mail and is of course the most perilous option. Not recommended if you haven't already committed a crime. Crime is also not recommended in general.
- If you are buying, initiation of a trade will lock a vendor's XMR into the service's escrow. You will have about an hour to send the AUD, before they are able to cancel the trade. Make sure you do so and click "I have paid" before this time expires. This will keep the XMR locked for you until the vendor confirms receipt. Keep evidence of payment in case of dispute. This is easy for bank transfers.
- Break larger amounts into discrete transactions with the same vendor. If the first goes smooth, it is likely that subsequent transactions will also go as smooth, if not better. Risk is mitigated.
Some centralised exchanges do offer Monero in Australia, though none are straightforward unfortunately. Here is a recommeded course of action:
- Sign up to Binance, verify ID fully (you'll need license or passport) , and add AUD to your balance using a credit/debit card. You could also buy BTC or BUSD directly with your card, to save time. NOTE: DO NOT LINK A BANK ACCOUNT OR USE DIRECT BANK TRANSFER. THIS WILL PERMANENTLY LOCK YOUR BINANCE ACCOUNT OUT OF TRADING PRIVACY COINS LIKE MONERO.
- Exchange BTC or BUSD for XMR. You can now withdraw this to your private wallet.
- To sell your XMR, you can deposit it to your Binance account. Now swap it for another, more widely supported coin. I prefer low-fee coins. LTC, NANO or XLM are solid options, with LTC probably being the most convenient of all.
- Since you cannot withdraw AUD from Binance, you will now have to create an account at another exchange. Coinbase or Coinspot are viable options. I prefer Coinspot as it is Aus based and has good customer service. You can link your bank account to this exchange.
- Move your LTC to the second exchange (let's say Coinspot). You could withdraw to your private wallet first, or transfer directly between exchanges.
- Sell LTC for AUD at Coinspot and withdraw to your bank account.
BONUS NOTES: If you've already locked yourself out of XMR on Binance, you can create an account either on Mandala or Poloniex. These service Australia, but do not offer AUD onramps/offramps of any kind. So, similar to the steps above, you can use Binance to acquire LTC or BUSD, send to these secondary exchanges and trade Monero there. Poloniex has the advantage of offering margin trading, if that's your thing.
Buy Monero on a direct exchange. The only one I am aware of is changenow.io. You can just buy it directly to your private wallet using your credit/debit card. This is the most expensive option as they take about 11% on top of market price. It is also the fastest. Note also that they will likely ask for proof of ID, which can slow you down. They are not upfront with this, unfortunately.