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:
- Register for an account with an Australian cryptocurrency exchange such as Swyftx
- Complete the signup registration process and verify your email
- Deposit AUD into the account and choose a payment method
- Enter the amount of Bitcoin (BTC) you want to buy with AUD
- 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):
- Swyftx (low fees and suited for beginners)
- Independent Reserve (popular exchange with variety of deposit methods)
- CoinSpot (reputable and exchange that has been established for many years)
- Coinjar (only Australian exchange with a mobile app to buy and sell cryptocurrency)
- Cointree (worlds largest crypto exchange)
0.6% (low spreads)
5 / 5
0.5% (volume based)
4.5 / 5
0.1% - 1%
4.3 / 5
0.1% - 1%
4.3 / 5
Bank Transfer (EFT)
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 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.
Ease of use
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.
Ease of use
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.
Ease of use
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.
Ease of use
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.
Ease of use
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.
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".
Verify Account & Activate 2FA
Navigate to the side bar on the left and click "Profile" then under your name go to "Verification". An online form will appear to enter in your details which takes a few minutes.
Once you completed all of the verification steps, activate two-factor authentication which adds another security layer to protect the account funds. Go to the "About" page and click "Setup MFA" and follow the prompts to install the Google Authenticator App on your smart device.
Enter the token that appears once you have scanned the QR code.
Deposit Australian Dollars
The next step is to click the "Deposit AUD" link on the left side bar. Here you will be able to choose the amount of Australian Dollars that you wish to deposit. Once you are on the deposit page, you can fund your Swyftx account with Australian Dollars (AUD) using either PayID (instant) or BPAY (within same business day).
Now that your account is verified and you've deposited AUD, you can buy Bitcoins. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select Bitcoin. Select how much AUD you want to spend and click "Instant Buy". The Bitcoin amount will be purchased, show in your trade history and stored in the Swyftx wallet.
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.
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%.
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, Coinmama, Coinbase, Binance, Changelly 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.
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:
- Register an account with a cryptocurrency trading exchange such as Binance
- Complete the signup registration process and verify your email
- Go to the navigation menu and Click 'Wallet'
- Select 'Bitcoin' or another cryptocurrency and click on 'Deposit'
- Transfer funds to the exchange from your hardware wallet
- Go to the “Trade” menu and select another crypto to trade against
- Enter the amount of crypto you want to buy or sell
- Confirm the order details and confirm the trade
Frequently Asked Questions
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.
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.
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.
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.
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.
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.
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