How To Buy Bitcoin With Cash In Australia

Kevin Groves
Posted by: Kevin GrovesUpdated May 2nd, 2023

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Most investors in Australia will buy Bitcoin and other digital currencies with a bank deposit or to a lesser extent using a credit card. However, not everybody has access to these financial tools. Tens of thousands of Australians still get paid in cash. For some, buying Bitcoin with physical money is more suitable for their personal situation.

There are some reputable Australian-based exchanges that allow cash deposits to credit an account. This article will examine which platforms support this, how to do it, and the pros and cons of using cash to buy Bitcoin.

How To Buy Bitcoin With Cash In Australia – Quick Guide

  1. Compare and select a crypto exchange. There are only a couple of exchanges that support cash deposits in AUD. Comparing these exchanges before making an account to check the trading fees, customer service and reputation.
  2. Create an account and complete KYC protocols. Register an account on the chosen crypto exchange. Cash deposits in AUD have to be made to an AUSTRAC-registered exchange. Therefore, new customers must pass the Know Your Customer (KYC) process to verify their identity.
  3. Find the closest cash deposit location. The relevant crypto exchanges will have cash deposit locations all around Australia. Investors can usually do it at a local newsagent. Customers will also need to bring a QR code to verify the deposit.
  4. Buy Bitcoin. Cash deposits are typically instant. Once the account is funded, scroll through the platform’s supported cryptocurrencies. Find and click on Bitcoin to make a purchase.

Can You Buy Crypto With Cash Deposit In Australia?

Yes, Australians can deposit lump sums of cash to various local exchanges to invest in Bitcoin with AUD. The process can be time-consuming, as investors will need to visit a nearby location in-person to complete the transaction. Investors using cash must use an Australian-based exchange to deposit AUD. International exchanges generally do not currently accept cash deposits with Australian dollars apart from select P2P platforms.

Where To Buy Bitcoin Using Cash In Australia - 2023 Reviews

Australians can choose from a few popular crypto platforms to buy digital currencies with cash. Each platform has its own unique benefits and drawbacks. It is worth comparing their features, fees and trustworthiness. To assist in the decision-making process, a review of the exchanges currently supporting cash deposits is featured below.

1. CoinSpot – Best For Buying Altcoins With Cash

CoinSpot was founded in 2013 and has quickly climbed the ranks to become one of Australia’s most trusted cryptocurrency exchanges. Operating out of Melbourne, the platform has a registered user base of over 2.5 million. CoinSpot is renowned for its huge list of supported digital currencies. Customers can buy over 370 different assets, including Bitcoin (BTC), Ethereum (ETHER), Dogecoin (DOGE), Binance Coin (BNB) and many more. Through their partnership with BlueShyft, CoinSpot accounts can buy these cryptocurrencies with a cash deposit.

Coinspot websiteCoinspot website

The Australian platform is registered with AUSTRAC and complies with all relevant government regulations, including Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) protocols.

CoinSpot is at the cutting edge of blockchain technology. An advantage of using this exchange is its suite of useful features. Investors can add popular NFTs to their multi-token wallet, earn passive interest on their portfolio and even buy crypto bundles. Both beginners and crypto aficionados should be satisfied with the ways they can put their coins to work.

Buying Bitcoin on Coinspot with a cash depositBuying Bitcoin on Coinspot with a cash deposit

Depositing AUD cash onto CoinSpot is a fairly straightforward process. Once an account has been verified, users can select ‘Cash Deposit’ and input the amount of money they wish to invest. CoinSpot will automatically generate a QR code that investors can take to a participating BlueShyft newsagency.

CoinSpot charges a hefty 2.5% fee for cash deposits. This can significantly decrease trading margins compared to other fee-less deposit methods. CoinSpot also charges a flat 1% transaction fee for crypto purchases, on top of a variable spread. Accounting for every fee type, a transaction using cash deposit on CoinSpot can total over 5%.

CoinSpot has a daily deposit limit of $100,000 for all transaction methods. When using cash, customers can deposit up to $8,000 per day. Cash deposits using CoinSpot are instant. Funds will hit the user’s CoinSpot account as soon as the supported newsagent receives the cash.

For a deep dive into CoinSpot’s features, fees and security, visit our comprehensive CoinSpot review.

2. CoinJar – Best For Cash Deposit Low Fees

CoinJar is a Melbourne-based Australian exchange that has since expanded operations to the UK. CoinJar’s business is trusted by over 400,000 users. The platform has been around for nearly a decade and is supported by prominent venture capitalists Boost VC and BlackBird Ventures. The platform has a much smaller range of cryptocurrencies for purchase. However, it lists most major coins like BTC and ETH.

CoinJar websiteCoinJar website

The CoinJar team hangs their hat on accessibility. The platform has an intuitive, beginner-friendly design making it easy for anybody looking to buy crypto with cash. They also support various useful features, such as a native crypto debit card, a sleek mobile application and comprehensive security features. CoinJar is AUSTRAC-registered, stores over 90% of funds in offline ‘cold wallets’ and has never experienced a hack.

Depositing cash to a CoinJar account requires the use of their mobile application. Users can download this from Google Play or Apple iOS store. Customers without a supported smartphone device will need to use a different exchange.

CoinJar has partnered with payment gateway Blueshyft to allow cash deposits. There are over 1,500 retailers and newsagents throughout Australia that accept cash. Customers in rural areas may need to reconsider their funding method, as most supported locations are within major cities or suburbs.

How to deposit cash with CoinJarHow to deposit cash with CoinJar

Cash deposits made via CoinJar incur a 1.5% fee, which is relatively competitive. This is on top of a base 1% fee for all cryptocurrency transactions and a spread. Experienced traders that desire better cost-efficiency should consider using the CoinJar exchange instead of the main application.

CoinJar has a unique, rolling daily limit that varies from user to user. This number tends to be around $10,000 AUD. These limits do not apply according to Australian Eastern Time, but instead 24 hours since the previous account action. Customers that require a greater spending limit can request their account restrictions be adjusted.

Thanks to Blueshyft’s payment technology, cash deposits are instantly available once submitted to a supported retailer. For further information on the range of features, fees and platform accessibility, head over to our full CoinJar review.

3. Cointree – Best Platform For Ease of Use

Cointree is a crypto exchange founded in 2013, alongside other legacy platforms like CoinSpot and CoinJar. The Cointree platform manages over 250 million in assets and supports buying, selling and trading of over 160 digital currencies. This makes it easy for investors with cash to convert AUD into major coins like Bitcoin, Ethereum, Stellar Lumens (XLM).

Cointree websiteCointree website

Cointree is well-known for being one of the first Australian exchanges to support SMSF accounts. This can be a great way for Aussie residents to diversify their superannuation portfolio by adding crypto such as Bitcoin. Cointree is one of the safest cryptocurrency exchanges out there. The platform is AUSTRAC-licensed and has never encountered a public hacking or phishing attempt.

Cointree users can fund their accounts to buy Bitcoin using a cash deposit. This exchange has very competitive rates as Cointree does not charge any fees on AUD deposits. However, Blueshyft, the payment provider for cash deposits, charges a 3% fee for their services. This is quite high compared to some alternatives.

Paying with cash on CointreePaying with cash on Cointree

The base transaction fees for buying Bitcoin and other digital currencies on Cointree are variable. There are different fee tiers that depend on either trade volume or referred customers. Instant buy/sell fees range from 0.9% to 0.5% which are very competitive for an Australian exchange. Swapping crypto on Cointree is also cost-effective. These fees are between 0.25% and 0.05%.

Cash deposits on Cointree are instant once the cash is deposited via one of the 1,000+ supported retailers. Payment limits are variable, but the minimum purchase is always $20 AUD. Customers can typically deposit up to $9,000 AUD in cash per day, and $20,000 per week, although this figure is subject to change.

For a full walkthrough on Cointree’s features, customer support and user design, visit our updated Cointree review.

Exchanges That Support Cash Deposits Compared

The table below lists and compares the best exchanges for buying Bitcoin and other digital currencies with cash. Click on the individual reviews for more information.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
CoinSpot Logo


3801% (instant), 0.1% (spot)
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
Full StarFull StarFull StarFull StarHalf Star
$20 Bitcoin for creating a verified account and depositingVisit CoinSpotCoinSpot Review
Coinjar logo


BTC, ETH, USDT and 50+ more1% to instant buy/sell, 0.1% on CoinJar Exchange
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
Full StarFull StarFull StarFull StarEmpty Star
None available at this timeVisit CoinjarCoinjar Review


160 including BTC, ETH, BNB, XRP, ADA, DOGE0.5% - 0.9%
RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
Full StarFull StarFull StarHalf StarEmpty Star
None available at this timeVisit CointreeCointree Review

Is It Safe To Buy Bitcoin With Cash In Australia?

Yes, buying Bitcoin and other digital currencies with cash is safe. Most exchanges accepting cash deposits are trusted Australian businesses registered with the government body AUSTRAC. Additionally, Blueshyft is one of the most popular payment gateways for cash deposits in Australia and over 1,500 retailers utilise their services. All transactions made with Blueshyft are encrypted, secure and irreversible.

Popular cryptocurrency exchanges like those reviewed in this article use top-of-the-line security measures and may have insurance funds in case of a hack. Nevertheless, hackers can attack a crypto platform anytime and funds lost or stolen. It is always worth researching an exchange’s individual security measures to make an informed decision when choosing a platform to invest with.

What Are The Fees Of Buying Bitcoin With Cash?

Australian exchanges that accept cash deposits have a partnership with payment gateway Blueshyft. Blueshyft charges at least a 1.5% payment processing fee on all transactions. Some platforms using their services are charged additional deposit fees on top of this. On average, most Australian exchanges charge a transaction fee of approximately 1% for buying and selling Bitcoin. This means buying BTC, or other digital currencies, with cash will incur a fee of ~3%.

Pros and Cons Using a Cash Deposit In Australia

Acquiring cryptocurrencies with a cash deposit can be advantageous to certain investors for their high security and fast transaction times. However, investors should also consider the disadvantages such as higher fees and restricted deposit amounts.

Buying Bitcoin with Cash in Australia - Pros:
  • Not everybody with money has access to a bank account or the means to transfer AUD digitally. Many Australians get paid in cash, making it more convenient to buy cryptocurrency with this deposit method. There is no need to meet the requirements of opening a bank account when using cash
  • As of writing this article, only three crypto exchanges support AUD cash deposits. Each platform is highly reputable, with a long track record of top-tier security. Additionally, exchanges that accept cash deposits in Australia must be AUSTRAC-registered. Blueshyft, the popular payment provider for cash deposits, is also renowned for secure transactions
  • Once cash has been deposited at a supported Australian location, the transaction will be immediately fulfilled
Buying Bitcoin with Cash in Australia - Cons:
  • Using a cash deposit is more expensive option than alternative deposit methods
  • Often has tighter limitations than other payment options. The maximum deposit limit for cash funding is typically 10% (or more) lower than bank transfers or credit card purchases
  • Cash deposits are inherently restrictive as they can only be accepted by Australian-based exchanges given current government regulations. There are only a handful of Australian exchanges that support AUD cash deposits
  • Customers will have to visit a physical location

Other Ways To Buy Bitcoin With Cash In Australia

Using a well-trusted and popular exchange is the best way to buy Bitcoin with cash in Australia. It is not recommended for beginners to use an alternative cash investment method. However, there are viable alternatives for Australian residents with experience up their sleeves.

  • Peer-to-Peer (P2P) transfer. Peer-to-peer is a popular way of buying Bitcoin without a third-party such as an exchange or broker. This can be done directly with a family or friend by setting up a Bitcoin wallet. In this situation, customers can simply hand over the cash and receive BTC directly to a crypto wallet using their unique BTC address. Alternatively, there are numerous platforms for investors to buy and sell Bitcoin P2P with strangers. Binance P2P, Paxful and LocalBitcoins are all reliable options. First, investors will need to find a seller that accepts cash payments. Then, they will need to visit a supported bank branch to send cash to the desired recipient.
  • Prepaid cards. Customers with cash can visit a supermarket or similar retailer to buy a prepaid card with cash. They can then use this card to buy Bitcoin or other digital currencies at an exchange. Not every platform supports prepaid cards, so it is worth reading our guide on using Prepaid cards here before diving in.
  • Bank branch. Brokers such as BuyABitcoin support the direct purchase of Bitcoin in Australia using cash. Traders can head to their bank and direct a cash deposit to the relevant account in exchange for BTC.
  • Bitcoin ATM. Although cryptocurrency is designed to be an anonymous payment method, using a Bitcoin ATM is one of the few ways to make anonymous transactions. Investors that have set up a BTC wallet can deposit cash into the machine and send Bitcoin directly to their wallet address. As of 2021, there are only about 70 Bitcoin ATMs in Australia, so this payment method can be quite difficult.
  • In-person broker. Some Australian brokers offer to manage investment portfolio’s on behalf of their clients. Some of these businesses will buy cryptocurrency, although they typically restrict purchases to Bitcoin and Ethereum. Examples include Bitcoin Babe and Caleb and Brown.

How To Buy Bitcoin With Cash – Full CoinSpot Guide

Step 1: Register An Account On CoinSpot

Head over to CoinSpot’s official website and register an account. Alternatively, customers can download the smartphone app via Google Play or iOS app stores. Click ‘Register’ and enter an email and password.

Create an account with CoinspotCreate an account with Coinspot

Step 2: Pass Know Your Customer (KYC) Verification

New accounts must verify their identity to deposit cash and buy Bitcoin on CoinSpot. This is according to AUSTRAC’s regulatory guidelines to prevent malicious financial activity. Passing CoinSpot’s KYC protocols will require a few things:

  • A working email address
  • A mobile phone number
  • Government-issued documentation (such as a driver’s licence)
  • Selecting an account type (personal, business or SMSF)
  • Basic details (full name, date of birth and street address)

Once an account has been created, click ‘Complete Verification’ and open the relevant email account. Find the email and link sent by CoinSpot to verify the email address. Next, choose the account type being opened. Most investors will be opening personal accounts. Finally, submit the relevant personal details including full name, address and DoB.

The last step is to upload images of government documentation. CoinSpot currently accepts driver’s licences, passport, and medicare cards. Customers must upload them in .jpeg or .png file formats. Submit the photos for verification, which CoinSpot should complete within a few minutes.

Occasionally, due to blurry photos, the verification process cannot be completed automatically. KYC will then revert to manual verification, which may take up to a week.

Step 3: Find The Closest Cash Deposit Retailer

Before making a cash deposit, it is a good idea to ensure there is a supported retailer nearby. The best way to check is by using Blueshyft’s location page. Enter a postcode to find an easily accessible newsagent that accepts cash deposits.

Finding a cash deposit retailer in AustraliaFinding a cash deposit retailer in Australia

Step 4: Make A Cash Deposit on CoinSpot

From the CoinSpot dashboard, click either ‘Deposit Funds’ or ‘View all deposit options’ to access the deposits page. From this page, select ‘Cash Deposit’ on the left-hand side. Input the amount of cash in AUD to be deposited and select ‘Continue’. This will bring up a QR code on the deposit page. Make sure to take a screenshot of it, or have the webpage available for a later time.

Coinspot AUD deposit pageCoinspot AUD deposit page

Step 5: Deposit Cash At A Participating Blueshyft Newsagent

Head over to the physical location selected during Step 3. Make sure to bring the QR code from Step 4, the cash to be deposited, and photo ID. Once the AUD has been handed over, CoinSpot should fund the account immediately.

Step 6: Buy Bitcoin

Now the account has money, it’s time to buy BTC. Select ‘Buy/Sell’ from the top pane of the CoinSpot platform. Then, scroll down to find Bitcoin or any other digital currency to be bought. Click ‘Buy BTC’ on the right-hand side of the page. Finally, input the desired amount of BTC and click ‘Buy’.

This method will ‘instantly buy’ Bitcoin and the digital currency will hit CoinSpot’s multi-token wallet within minutes. More advanced traders can click ‘Order BTC’ from the top-right of the Buy Bitcoin page to set a Buy Limit or Buy Stop order.

Buying Bitcoin on CoinSpotBuying Bitcoin on CoinSpot

Frequently Asked Questions

Three prominent Australian exchanges that support buying Bitcoin with cash deposits – CoinSpot, Cointree and CoinJar. Other platforms will likely begin to offer this service in the future. Investors can also use brokers, Bitcoin ATMS and P2P trades to exchange AUD for Bitcoin.

Yes, AUSTRAC-registered businesses can sell Bitcoin and other digital currencies in exchange for cash.

Yes, owners can sell Bitcoin for cash in Australia. Popular Australian exchanges do not typically offer this service, but a few viable alternatives exist. The easiest way to sell Bitcoin and other cryptos for cash are through in-person P2P trades or a platform like Paxful. Some brokers can sell Bitcoin for cash on your behalf. Finally, investors with Bitcoin in a wallet can withdraw BTC as AUD from a Bitcoin ATM.

Buying Bitcoin with cash has unique advantages over using a credit card. The fees for these purchase methods are comparable, although cash is usually a little cheaper. Using cash can be more convenient for those that receive income cash-in-hand or without a bank account. On the other hand, credit cards allow investors to buy digital currencies with money in advance, which might benefit active traders.

Every capital city in Australia has at least 1 Bitcoin ATM. Using a website like CoinATMRadar can help locate the closest local Bitcoin ATM.


Cryptocurrencies like Bitcoin are intended to give everyone fair and equal investment opportunities. However, most exchanges still require a bank account and certain assets to participate in buying Bitcoin.

Buying Bitcoin with cash can be a fast and secure payment method. There is at least a 1.5% deposit fee when using this deposit process, making it less cost-effective than bank transfers. However, this is a small price for many, who would otherwise be unable to participate in the exciting world of blockchain technology.

Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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