7 Best Ways To Buy Bitcoin With Cash In Australia (Updated 2020)

There are several ways to buy Bitcoin with cash in Australia which provides an equal opportunity for Australians to enter into the cryptocurrency market.

Some of the best cryptocurrency exchanges in Australia allow cash deposit as an alternative payment method to traditional banking methods such as bank transfer or credit/debit card which we will discuss in this guide. 

How To Buy Bitcoin With Cash In Australia: Guide

To buy Bitcoin with a cash deposit in Australia, follow these steps:

  1. Register for an account with an Australian cryptocurrency exchange such as CoinJar
  2. Complete the signup registration process and verify your email  
  3. Deposit AUD into the account
  4. Select Bitcoin from the cryptocurrency list 
  5. Choose "cash deposit at newsagency" as the deposit method  
  6. Enter the amount of Bitcoin you want to buy using cash
  7. Confirm the transaction details and obtain QR code

Different Ways To Buy Bitcoin Using Cash

  • Cash in hand: Trade cash for Bitcoin in person with a trusted friend or family member who are willing to cashout and sell Bitcoin. It is best to bring a mobile phone wallet or your laptop to confirm the transaction.
  • Peer to peer: Use an online peer to peer exchange such as Paxful that connects willing buyers and sellers that features an escrow service (i.e. remain anonymous). This means the Bitcoin is held by the site and released it to the buyer once the payment for the Bitcoin is verified.
  • Cash transfer at bank: Go to a local bank and fill in a cash deposit form for the bank to transfer the funds to Bitcoin sellers account.
  • Australian Bitcoin exchange: Register an account with a reputable trading platform such as CoinJar that allows Bitcoin purchases with cash.  
  • Gift cards: Purchase a gift card in exchange for cash at a local store or newsagency outlet. Then buy Bitcoin with the prepaid gift card.
  • Bitcoin ATM: Visit a Bitcoin ATM and insert cash in exchange for Bitcoin. There are a growing number of ATM's located in Australia that you can find using Coinatmradar.

Best Places To Buy Bitcoin Using Cash In Australia

If you prefer to use cryptocurrency exchange to purchase Bitcoin using a cash deposit at a local newsagency, the following exchanges are reputable and trusted providers in Australia.

CoinJar

CoinJar is Australia's longest-running digital currency exchange that started in 2013. The exchange allows users to buy, sell, store and spend digital assets.

The exhange has a solid reputation and well known for their simple and easy-to-use products. With over 400,000 users and counting, it is one of the best places to buy crypto in Australia with cash (AUD). 

coinjar

To buy Bitcoin (BTC) using cash deposit with CoinJar:  

  1. Visit the CoinJar website 
  2. Register email and verify account
  3. Activate 2 Factor Authentication
  4. Click on 'Deposit' then select 'Cash Deposit' 
  5. Enter in AUD and Click 'Add Funds'
coinjar cash deposit

You will be provided with details where you can visit a newsagent of retail outlet across Australia that accept cash deposit. There is a link on the page to find out which vendors accept cash payment. A purchase QR Code will be displayed that is tied with your account. Simply take the QR code to your nearest participating retail location to deposit your cash.  

Related: CoinJar Australia: Complete Exchange Review

CoinJar charge a 1.5% fee to buy Bitcoin in cash which is reasonable. It is slightly more expensive than bank transfer and BPAY methods. The cash deposit minimum limit is $50 and maximum limit of $5,000 AUD per day.

Coinspot

Coinspot supports well over 200 cryptocurrency coins that will cater to the broader cryptocurrency investor. The platform features a secure online wallet to stores coins, exchange back to AUD or convert into another cryptocurrency.  

The exchange complies with Australian financial laws and KYC process and features bank-like security that has not been compromised to date.

coinspot login

To buy crypto using a cash deposit with Coinspot:  

  1. Visit the CoinSpot website
  2. Register email and verify account
  3. Activate 2 Factor Authentication
  4. Select 'Cash Deposit'
  5. Enter in the amount of AUD to deposit

You will be provided with details where you can visit a newsagent of retail outlet across Australia that accept cash deposit. There is a link on the page to find out which vendors accept cash payment. 

Read next: CoinSpot Review – Is It Safe To Buy Bitcoin?

The purchase QR Code can be emailed to the account holder that is linked to the account. Simply take the QR code to your nearest participating retail location to deposit your cash. CoinSpot charge a slightly higher cash deposit fee of 2.5% and has a daily of $8,000 per day.

Bare in mind that CoinSpot is one of Australia's most trusted and safest exchanges, so while it costs a little to transact users are provided with peace of mind their Bitcoin investment will be secure.

coinspot cash deposit

Cointree

With over 100 coins and low fees, Cointree is one of the best places to buy, sell and trade bitcoin, altcoins and all of your favorite digital currencies in Australia. It is a well established cryptocurrency exchange based in Melbourne with over 60,000 members.

CoinTree has a variety of deposit methods including cash deposit to buy Bitcoin. The exchange even offers a $10 bonus to get started and purchase cryptocurrencies with on Cointree

cointree login

To buy Bitcoin (BTC) using cash deposit with CoinTree: 

  1. Visit the CoinTree website 
  2. Register email and verify account
  3. Activate 2 Factor Authentication
  4. Click on 'Buy / Sell / Trade', select 'Buy Coin' and then 'Cash'
  5. Enter in AUD and Click 'Buy'

Once you have entered the amount to deposit and clicked 'Place order', you will see a purchase order has been created and a QR Code will be displayed. A copy of the QR code will also be emailed to your email address tied to your account.

Take the QR code to your nearest participating retail location to deposit your cash. Advise the newsagent that you are making a deposit into your Cointree account using Blueshyft.

Cointree charge a 1.5% fee to buy Bitcoin in cash which is reasonable and slightly more expensive than bank transfer and BPAY methods. The cash deposit minimum amount of $50 and maximum of $5,000 AUD per day.

cointree cash deposit

Paxful

Paxful were established in 2015 and have grown to most places around the world. It is a peer to peer cryptocurrency platform that gives people the ability to buy and sell to each other. The exchange has a reputation for reliability and extensive choice of over 300 deposit methods to purchase crypto.

It is also a widely used platform to sell Bitcoin to other individuals around the world. Currently, there are 55 different ways to buy Bitcoin including cash deposit via Australia's most popular banks.

paxful login

To buy Bitcoin (BTC) using cash deposit with Paxful:

  1. Visit the Paxful website 
  2. Register email and verify account
  3. Activate 2 Factor Authentication
  4. Select 'Buy Bitcoin' and "Cash" as the deposit method
  5. Enter in the amount of AUD to deposit and 'Search For Offers'

Paxful does not charge any fees to customers who are buying Bitcoin. When purchasing bitcoin from another customer, you are buying bitcoin at a rate set by the customers themselves.

These rates vary based on numerous factors such as your verification status, payment method, currency pair (e.g. USD, AUD , NZD) and order size. Our tip would be to make sure you evaluate each offer that you choose when buying Bitcoin to ensure the best deal.

paxful cash

Binance Lite

Binance Lite Australia provides a medium for everyday Australia's the option to spend AUD to buy Bitcoin using cash deposit at 1300+ news agencies across the country.  The only downside is that you cannot convert BTC to AUD using this exchange.

Binance is the largest digital currency exchange services in the world that provides a platform for trading more than 100 cryptocurrencies. Binance have brought their name down under with a partnership with Binance Lite Australia.

binance lite

Related: Binance Lite Review: Convert AUD-BTC In Australia

However, the exchange is independently run and operated by the Australian company InvestbyBit who are registered with AUSTRAC. So there is no connection to the Binance exchange, but the team does work in close partnership according to the website.

To buy Bitcoin (BTC) using cash deposit with Binance Lite Australia:

  1. Visit the Binance Lite Australia website 
  2. Enter order details such as 'Amount', 'Bitcoin Wallet Address', 'Phone Number' and 'Email' 
  3. Submit and Verify ID
  4. Click on 'Buy / Sell / Trade', select 'Buy Coin' and then 'Cash'
  5. Review order and click 'Buy Bitcoin'
binance lite cash

You will be provided with details where you can visit a newsagent of retail outlet across Australia that accept cash deposit. There is an interactive Google Maps feature that finds all the supported newsagencies that will accept cash payment.  

Binance Lite Australia a 2.5% fee to buy Bitcoin in cash which is a bit expensive. The cash deposit minimum amount is $30 and maximum of $1,000 AUD per day.

Bitcoin Australia

Bitcoin Australia is a local cryptocurrency exchanges that provides everyday Australia's a platform to buy and sell Bitcoin and also Ethereum.

In addition, Bitcoin Australia provides a number of cryptocurrency investment services such as Over The Counter (OTC) trading, SMSF investing with superannuation funds and a cryptocurrency fund operating under an Australian Financial Services Licence and regulated by ASIC.

Bitcoin Australia makes cryptocurrency investing easy by removing the difficulties associated with directly investing in the crypto asset space by providing a number of easily accessible deposit methods, including cash deposit at your local newsagency.

bitcoin australia

To buy Bitcoin (BTC) using cash deposit with Bitcoin Australia:

  1. Visit the Bitcoin Australia website 
  2. Click on 'Buy Bitcoin' and select 'Newsagent' for cash deposit method
  3. Enter the amount of BTC to purchase in 'AUD'
  4. Complete your details such as 'email', 'Bitcoin wallet address' and 'phone number'
  5. Review order and click 'Place Order'
bitcoin australia cash

All cryptocurrency orders with Bitcoin Australia need to be verified under Australian KYC regulation. The information is shared with the exchange's verification provider (Australia Post’s Digital iD™) for verification purposes only.  

Related: Bitcoin Australia Review (2020): Is It Still Cheap?

To buy Bitcoin with cash with Bitcoin Australia, the trading fee is 2% in addition to the buying and selling fees. The exchange has also lifted the daily maximum limit to $9,000 for cash purchases which might suit certain investors who prefer to pay with cash (AUD).

Frequently Asked Questions

Should I Use Cash To Purchase Bitcoin In Australia?

There are several reasons you would prefer to make an investment in Bitcoin using cash only.

  • The popular being desire to remain anonymous. That is, to not leave a digital signature from a bank account to a cryptocurrency exchange which might be used by certain individuals to avoid regulations by their country. Furthermore, buying Bitcoin with cash can avoid having to submit extensive personnel identify documents with some local exchanges.  
  • Speed is might be the deciding factor for individuals to buy Bitcoin with cash. Bank transfers can take between 1 to 3 business days which can also be delayed with lengthy verification processes on the exchange. Using cash to deposit can save a lot of time which can be critical when timing the market. 
  • Another reason might be the fear of hackers intercepting the electronic transfer over the internet. This is more common with the older population and paying with cash is often perceived to be a safe means of transacting given the risk of identity theft online.

Is Bitcoin Taxed in Australia If I Pay With Cash?

Yes. Any gains as a result of trading cryptocurrencies regardless of purchase method still need to be taxed under the capital gains tax (CGT) rules. CGT applies to cryptocurrency at the time it is disposed of which includes: 

  • Selling crypto to fiat (using an exchange)
  • Trading crypto for another crypto (e.g. Bitcoin to Litecoin)
  • Gifting crypto to a friend or family
  • Receiving crypto as earnings (e.g. crypto mining) 
  • Purchasing goods and services with cryptocurrency

Can I Sell Bitcoin For Cash Instantly?

Yes, there are several cryptocurrency exchanges in Australia that allow you to sell Bitcoin for cash instantly. There are two ways to cash out and sell Bitcoin:

  • Sell Bitcoin for fiat currency such as Australian Dollars (AUD) to your nominated bank account
  • Sell Bitcoin for another cryptocurrency (e.g EthereumLitecoinRippleCardano or other altcoin)

Conclusion: Buy Bitcoin With Cash In Australia

Buying Bitcoin with cash deposit in Australia is one of the simplest and easiest payment that has several advantages that we have listed above. Not everyone will be comfortable using cash in hand, peer to peer transfer, using a BitcoinATM or by money transfer service.

In this case, we would suggest to register with a reputable cryptocurrency exchange in Australia. This will also allow you to cash out and sell BTC to AUD when the time is right direct to your bank account.

Please share this article with your network if you find it useful!

Also, check out:

Default image
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.

Newsletter Updates

Enter your email address below to subscribe to our newsletter