Topic: Australian Dollars - What's the best way to trade them for BTC & Vice Versa. - page 2. (Read 7878 times)

Hmm... "easy enough to get money into MtGox" you say. Wondering how you do that even? Well, I am trying to set up something myself so watch this space.

I'm in the same boat as you mate.  It's easy enough to get money into MtGox but near impossible to get it out for us Aussies!

I'll be watching this thread and will post if I find any good methods.  In the mean time I guess we need to wait for bitpiggy to come back online!

Oh! I have no problems converting between currencies on the exchange. I had bitcoin in MtGox and traded for USD and vice versa, but the problem is getting the dollars of regular currency in or out of the market. I can't spend USD while it sits in MtGox, so I want to buy something in AUD, how do I get it out? Likewise, if I want to buy up some bitcoin, but I only have AUD, how do I get that in? The only options on MtGox were Liberty Reserve and Dwollar, the latter being available only for transacting with US bank accounts. Liberty Reserve doesn't appear to offer any payment pathway to and from bank accounts, but a bewildering array of even more intermediaries. So where do you go from there?

TradeHill offers more currency choices but I think it's the same problem with getting some money ($AUD) in or out of the exchange. Note: Paying by percentage is expensive for larger amounts, while fixed fees are expensive if you are limited to the size of transaction. I had to do two transfers to LR over two days to get $2000 into LR, being charged a fee each time. Of course I didn't want money in LR anyhow. I just wanted my money on my bank account. All of these middle-men, pseudo-currencies and escrow services want a piece of the pie to handle your funds and having to use them, kinda defeats the purpose of bitcoin P2P transactions. There must be a better way. 

Or else I'll have to set something up myself.

Convert your AUD to USD, do your Bitcoin trades in USD, and put another % into DXY puts to hedge against currency fluctuation.

I'm probably not alone in this, but I had lots of struggles in the past week, with trying to first take some bitcoin and cash it in for my local Australian currency, then wanting to buy some of those cheap bitcoins today, I struggled to find a way to buy in with Australian dollars. It's quite frustrating when you have good money in your bank and there are people on MtGox and TradeHill screaming to sell, yet I cant get a look in. In the first instance (getting AUD for bitcoin), I tried selling on MtGox and opened a liberty reserve account, then I opened an offer on Exchange Zone to sell my liberty basic USD for USPP, until I realized all the difficulties that go with depositing PayPal and that nobody would want to go near a reversible transaction. So I backed out of that pathway and put my money back on the Mt. By the time I bought back in with bitcoins still soaring, they had gained $4 USD so I lost some ground there. 

I then discovered BitPiggy, but they only handle the lesser of $500 or however much is in their pot and now they are also down for servicing for a few days. Somebody pointed me towards e-ForexGold but the seem to require a 24 hour waiting period, at the time It was because I had a new desire to buy bitcoin while the price was low. Now the prices are going back up, it seems I missed bus again.

This is really quite frustrating. I have bitcoin in my wallet, money in my bank and accounts with PayPal, Liberty Reserve, Exchange Zone, e-ForexGold, MtGox and TradeHill, Yet I still can't easily just pay AUD anywhere, to buy BTC or vice versa. Anybody with the same problems or a reliable solution?