How To Buy Bitcoin In Australia (3 Simple Steps)

Best Exchange For

swyftx

Best Exchange For

coinspot

Best Exchange For

coinjar exchange

Are you a beginner and wondering how to buy Bitcoin in Australia but don't know where to start? If so, this guide will show you how easy buying Bitcoin in Australia is and also answer commonly asked questions such as:

  • Where to buy Bitcoin in Australia?
  • What is the best Bitcoin exchange in Australia? 
  • Which Australian crypto exchange is the safest to buy Bitcoin?
  • How to trade Bitcoin in Australia?

Some exchanges require a Bitcoin wallet before you can buy Bitcoin. If you don't have a wallet, read our guide on the best Bitcoin hardware wallets. 

How To Buy Bitcoin (BTC) In Australia: Guide

To buy Bitcoin in Australia, follow these steps:

  1. Register for an account with an Australian cryptocurrency exchange such as Swyftx
  2. Complete the signup registration process and verify your email  
  3. Deposit AUD into the account and choose a payment method  
  4. Enter the amount of Bitcoin (BTC) you want to buy with AUD
  5. Confirm the transaction details and complete purchase

Where To Buy Bitcoin In Australia

Here is our consolidated list of the best places to buy Bitcoin in Australia (with our commentary):

  1. Swyftx (low fees and suited for beginners)
  2. Independent Reserve (popular exchange with variety of deposit methods)
  3. CoinSpot (reputable and exchange that has been established for many years)
  4. Coinjar (only Australian exchange with a mobile app to buy and sell cryptocurrency)
  5. Cointree (worlds largest crypto exchange)

Exchange

Deposit Method

Fees

Our Review

Rating

Website

swyftx

PayID

POLi

BPAY

0.6% (low spreads)

5 / 5

independent reserve

Bank Transfer

PayID

POLi

Swift

0.5% (volume based)

4.5 / 5

coinjar exchange

Bank Transfer

PayID

BPAY

Cash Deposit

0.1% - 1%

4.3 / 5

coinspot

PayID

POLi

BPAY

Cash Deposit

0.1% - 1%

4.3 / 5

cointree

Bank Transfer (EFT)

PayID

POLi

Cash Deposit

0.5% - 0.9%

4.1 / 5

Bitcoin Exchanges In Australia: Comparisons

This comparison guide provides an overview of where to buy Bitcoin in Australia. To read the full exchange review, click the links above or read our article on the 10 Best Cryptocurrency Exchanges in Australia.  

Swyftx

Swyftx is a state-of-the-art online platform that users to buy, trade and sell crypto with AUD. The trading platform is well known for having 4 times lower spreads and 2 times cheaper trading fees compared to its closest competitors in Australia and rapid account verification in less than 2 minutes without taking selfies. 

swyftx

Features:

  • 100+ crypto coins to buy, trade and sell
  • Rapid verification takes less than 2mins (without document upload)
  • 4 times lower spreads and 2 times cheaper fees than competitors
  • High liquidity to obtain best market rates
  • Automatic recurring purchases to dollar cost average
  • Generate reports to assist with declaring crypto tax

Ease of use

Reputation

Deposit methods

Fees

Independent Reserve

Independent Reserve is a popular Bitcoin exchange in Australia that supports AUD and NZD deposits. Australian can invest in Bitcoin using a variety of payment methods such as bank transfer, POLi, PayID and SWIFT to buy, trade and sell Bitcoin. The tier-based fee structure suits experienced investors and high-net worth individuals that want to buy Bitcoin using a SMSF. 

independent reserve

Features:

  • Reputable and trusted Australian cryptocurrency exchange
  • Tier based fee structure that decreases with volume traded
  • Funds are backed by insurance company
  • Wide range of deposit methods 
  • Automatic recurring purchases to dollar cost average
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

CoinJar

CoinJar is one of the simplest ways to buy & sell Bitcoin in Australia using their intuitive and beginner friendly mobile trading app. CoinJar is suited to beginners and experienced traders looking for an all in one way to manage a Bitcoin portfolio. CoinJar users are able to view the cryptocurrency live prices, deposit funds and buy Bitcoin at any time and place with the mobile app. 

coinjar

Features:

  • Easy to use, simple and innovative cryptocurrency products
  • Trusted and regulated Bitcoin exchange in Australia
  • Reliable and safe crypto trading app
  • Mobile trading app to buy and sell crpytocurrencies
  • Buy crypto with bank Transfer, debit card, Swipe, BPAY and cash
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

Coinspot

CoinSpot is one of the oldest Bitcoin exchanges in Australia that was founded in 2013. Since its establishment, Coinspot has built up a reputation as a trustworthy and safe exchange to buy Bitcoin in Australia. The exchange is designed for beginners with an instant buy Bitcoin feature to help investors convert their AUD into BTC using a quick and simple website. 

coinspot

Features:

  • Simple and easy to use exchange to buy Bitcoin in Australia
  • Over 200 cryptocurrency coins to buy, trade and sell 
  • OTC and support for Australian Super Fund investors
  • Only exchange in Australia to meet ISO security standards
  • Deposit using POLi, PayID, BPAY and cash at local newsagency 
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

Binance

Binance offers a place to buy, trade and sell more than 100 cryptocurrencies. The platform has seen a meteoric rise and allows users to buy Bitcoin using AUD. The deposit methods are limited however have partnered with Binance Lite Australia to allow users in Australia to buy BTC with AUD directly using local deposit methods including cash deposit at a newsagency. 

binance

Features:

  • Leading cryptocurrency exchange in the world
  • Over 100 cryptocurrency assets
  • Multiple trading pairs against fiat, altcoins and stablecoins
  • Competitive trading fees
  • Future, margin and options crypto trading available
  • Earn interest on crypto with a Binance savings account

Ease of use

Reputation

Deposit methods

Fees

Simple Guide To Buying Bitcoin In Australia

Here’s a step-by-step guide explaining how to buy Bitcoin in Australia using Swyftx as an example. 

Before buying Bitcoin, it is recommended that you set up a hardware wallet to safely store BTC. While Crypto exchanges have online wallets, it's highly recommended that you store it on a device that you hold in your possession.   

  • Step 1

  • Step 2

  • Step 3

  • Step 4

Create Account With Australian Bitcoin Exchange

The first step to buying bitcoin in Australia is to register for an Australian cryptocurrency exchange such as Swyftx. Visit the website and click the "Sign Up" button which will direct to the Swyftx registration page. Enter in your email, set a password, enter your name and phone number. Click "agree" to the terms and conditions and hit "Create My Account".

Buying Bitcoin In Australia

Did you know that you don't need to buy a full Bitcoin to own the asset? You can purchase a fragment of the cryptocurrency. While it can seem intimidating at first, buying Bitcoin in Australia is quite simple using an exchange. Here are the best ways to buy Bitcoin with AUD.

Buy Bitcoin With A Bank Transfer

You can purchase Bitcoin using bank transfer (EFT) using a regulated cryptocurrency exchange in Australia. Bank transfers usually credit within the same business day depending on the bank. Most Australians will be familiar using an EFT transaction using their online bank account.

To complete a bank transfer, you need to obtain the BSB and Account Number of the exchange's bank account. This is not different from making a payment to anybody. You should note that bank transfer can take a bit longer to clear compared to other deposit method and it is easy to make an error. 

Bitcoin exchanges in Australia that accept bank transfer as a payment option include SwyftxIndependent Reserve, Coinspot and CoinJar.

Buy Bitcoin With Cash

Exchanges such as CoinJar, Binance Lite and Coinspot allow users to buy Bitcoin with a cash deposit in Australia. This method still requires identity verification to comply with regulations in Australia even if you pay with cash.

To buy Bitcoin using a cash deposit in Australia, the exchange will provide a QR code that can be accepted at supported newsagency across the country. This payment method incurs higher fees between 1.5% and 2.5%.  

Related: 7 Best Ways To Buy Bitcoin With Cash In Australia

Buy Bitcoin With A Credit Card

Banks do not allow customers to buy Bitcoin using a credit card in Australia. Cryptocurrency exchanges established in Australia therefore do not allow the payment method to buy Bitcoin with a credit card.  

Depending on which bank you're with, it can still be possible to buy Bitcoin with a debit card. You should check with your financial institute or card issuer to find out if you can buy crypto with a debit card. Alternatively, Australians can also buy Bitcoin with a debit card using global exchanges such as CEX.IO, CoinmamaCoinbaseBinanceChangelly and ChangeNOW.

Buy Bitcoin With Afterpay

Afterpay is a payment method in Australia that allows customers to purchase items now and pay later with repayments. The payment method is integrated with several merchants. Currently, there are no cryptocurrency exchanges in Australia that support Afterpay as a payment method to buy Bitcoin.

Buying From Australian Bitcoin Exchange: Pros & Cons

There are hundreds of Bitcoin exchanges all over the world, so why would you use an Australian exchange to invest in Bitcoin? Here are the pros and cons of buying Bitcoin using an Aussie exchange.

Pros

  • Australian exchanges must comply with AML/CTF reporting obligations which is enforced by AUSTRAC
  • Can buy Bitcoin directly from the exchange using Australian Dollars (AUD)
  • Supports local deposit methods such as POLi, PayID and BPAY
  • Local customer support service that is easier to get in touch with

Cons

  • Will need to submit identification documents to prove identity before making a purchase
  • Australian exchanges can have lower liquidity compared to overseas exchanges meaning spreads can be higher
  • Innovative products and services offered on global crypto exchanges are not available on Australian Bitcoin exchanges

Where To Invest In Bitcoin Australia

It can be confusing for beginners to know where to invest in Bitcoin in Australia with so many options available with different features, deposit methods and trading fees. The most popular method is to buy Bitcoin using a cryptocurrency exchange. These websites allow people all over the world to buy Bitcoin and other digital assets using traditional currencies such as the AUD.

Bitcoin Adoption In Australia

Bitcoin is increasingly being used as payment method in Australia as blockchain technology increases in adoption, people become curious about transacting without bank or Government intervention and low fees.

Australians can buy everything day items such as a a cup of coffee, clothing and even book a holiday using Bitcoin. There are major global companies leading the way to accept Bitcoin as payment for goods and services. If you want to know what stores or ATMs near you accept Bitcoin in Australia, visit FindBitcoinATM.

How To Trade Bitcoin In Australia?

To trade Bitcoin in Australia, follow these steps:

  1. Register an account with a cryptocurrency trading exchange such as Binance
  2. Complete the signup registration process and verify your email  
  3. Go to the navigation menu and Click 'Wallet'
  4. Select 'Bitcoin' or another cryptocurrency and click on 'Deposit' 
  5. Transfer funds to the exchange from your hardware wallet
  6. Go to the “Trade” menu and select another crypto to trade against
  7. Enter the amount of crypto you want to buy or sell
  8. Confirm the order details and confirm the trade  
binance charts

Frequently Asked Questions

What Is Bitcoin?

Bitcoin is a decentralized digital currency that can be bought, sold, or traded like any other commodity such as precious metals. It is unique as it can also be used to buy goods and services such — food, cars, house, whatever you’d like. Bitcoin is different from traditional 'fiat' currency such as US dollars because it uses peer-to-peer technology to operate with no central authority or bank.

These features are in-built to Bitcoin itself and is powered by the blockchain making it an attractive proposition as Bitcoin's value cannot be manipulated by a organisation, government or single person. Using Bitcoin as a payment method is less expensive than credit cards to transact, with zero chargebacks and zero risk of identity theft.

What Is The Best Bitcoin Exchange Australia?

The best Bitcoin exchange in Australia in our opinion is Swyftx. The platform offers new and exciting features that make it easy for Australian's to invest in Bitcoin fast and easy. Users can buy Bitcoin using a bank transfer with tradings fees as low at 0.6%. For more information on the best bitcoin sites, read our article on the best cryptocurrency exchanges in Australia.

Can I Sell Bitcoin?

If you want to sell  Bitcoin, the best way is to trade them on an Australian crypto exchange for another coin or convert back to Australian Dollars. The process to sell Bitcoin is similar to buying. Instead of selecting 'buy' button on an exchange, choose the 'sell' and enter in the amount of Bitcoins to convert. 

Related: Best Websites To Sell Bitcoin For Cash In Australia [Instantly]

What Is The Cheapest Bitcoin Exchange Australia?

The cheapest Bitcoin exchange in Australia, in our opinion, is Swyftx. The platform offers a competitive trading fee of 0.6% with spreads as low as 0.2%. Compared to other Australian Bitcoin exchanges, the spreads can be as high as 5.2% which eats into your deposit amount.

Is Bitcoin Taxed in Australia?

Any gains as a result of trading cryptocurrencies still need to be taxed under the capital gains tax (CGT) rules. For more information, read our guide on Cryptocurrency tax in Australia.

Is Bitcoin Mining Popular In Australia?

Bitcoin mining was popular with certain groups in Australia however become somewhat unprofitable during the 2018 bear market due to the expensive electricity costs.

Making a return on investment mining Bitcoin in Australia is therefore slim and reliant on the BTC price to increase to make it worth the investment. Mining Bitcoin is more popular in countries such as China and India where the electricity costs are lower and therefore cheaper to mine Bitcoins.

Conclusion

To conclude our article on how to buy Bitcoin in Australia, it is important with any financial investment to make sure to do your own research and due diligence on the exchange before depositing any funds to a crypto exchange such as Swyftx.

If you don't have a hardware wallet, we suggest that you read our review on the best crypto hardware wallets so you can keep your crypto investment safe.

If you found this article useful, feel free to share it with your social network.

Few more related articles to read:

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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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