Buying cryptocurrency with a credit card can be an extremely convenient way for Australian investors to build their crypto portfolios. It often takes away a step or two from buying crypto on most exchanges, simplifying the process. Credit cards are easily accessible, and it allows people to react to the market without necessarily having capital available. This guide will jump into how to buy crypto with a credit card, any associated risks, and the best exchanges in Australia to use a credit card to buy Bitcoin and other crypto-assets.
Can You Buy Crypto Using A Credit Card In Australia?
Yes, crypto investors can easily purchase various digital assets from crypto exchanges using credit cards. With demand for credit card purchases of crypto growing, crypto exchanges in Australia and globally are offering credit cards (and debit cards) as a gateway to obtaining digital assets. That being said, some banks and financial institutions place an element of risk on the use of credit cards to buy crypto and certain restrictions may apply.
Best Places To Buy Crypto With A Credit Card Australia
Australian crypto investors who prefer credit cards as a payment method for obtaining digital assets have multiple options to choose from. Based on our reviews, these are the best places for buying crypto in Australia using a credit card in 2022.
How To Buy Cryptocurrency In Australia Using A Credit Card - Quick Guide
To crypto using a credit card in Australia, follow these simple steps:
- Compare and select a crypto exchange. Find and compare cryptocurrency exchanges in Australia that support credit cards as payment. Important factors to consider include credit card fees, customer support, and deposit limits.
- Create an account and complete ID verification. Create an account with an AUSTRAC registered crypto exchange using a valid email address or mobile number. Complete the mandatory Know Your Customer (KYC) process in order to meet Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws.
- Enter credit card details to deposit funds. Choose the credit card payment option. Enter the card details and the amount of Australian Dollars (AUD) to deposit into the wallet.
- Buy Crypto. Browse the supported assets and choose Bitcoin or another crypto to buy. Use the AUD-funded wallet to purchase cryptocurrency.
Where To Buy Crypto Using A Credit Card In Australia: 2022 Reviews
Numerous crypto trading platforms support using credit cards as a means of directly purchasing crypto or funding the account wallet to enable crypto purchasing. Below is a list of crypto exchanges and brokers that currently allow Australians to invest in crypto using bank cards.
1. Swyftx - Overall Best Crypto Exchange With Credit Cards
Swyftx is a Brisbane-based cryptocurrency exchange that has been providing products and services to the Australian community since 2019. In terms of its trading volume and user base of over 550,000 investors and traders, Swyftx is the largest and most popular exchange in Australia. The exchange provides easy access to buy Bitcoin and over 300 altcoins through its modern and sleek interface. The platform's rise to popularity and commercial exposure has been on the back of its offering of innovative crypto features that are specifically designed for the Australian market.
Australians have a lot of choices when it comes to financing their account wallet and VISA and Mastercard credit cards are among them. This is due to Swyftx's partnership with the third-party payment provider, Banxa. Whilst credit card deposits through Banxa are not immediate, the indicated wait time of 45 minutes is an overestimation as 30 minutes is more common. True to Swyftx’s form, the credit card fee of 1.99% of the transaction amount is rather competitive in the Australian market. However, an additional spread of up to 3% is charged, as credit card purchases are deposited as USD which can become expensive.
Investors with small amounts of capital available should note that there is a minimum credit card deposit of $75 AUD (and a maximum of $15,000) per day. Over the course of a month, customers cannot exceed $60,000 AUD in deposits.
Verified users can fund their account via credit cards by following these steps:
- On the left-hand side of the dashboard, navigate to 'Quick Deposit' and select 'Deposit AUD'.
- Scroll to the bottom of the deposit page and expand the Credit Card option. Select 'Deposit with Credit Card'.
- Input the card details, including the amount to deposit and KYC consent.
- Confirm the deposit and wait for the funds to come in.
As one of the top-rated exchanges in Australia based on our reviews, Swyftx users that fund an account with a bank card can then benefit from the wide variety of features and products offered. For more information, read our full review on Swyftx.
2. Binance Australia - Best For Buying Altcoins With A Credit Card
Binance is one of cryptocurrency’s most renowned exchanges. Binance users have access to an ecosystem of premium crypto products and services with features including over 600 digital currencies, a well-developed NFT marketplace, an advanced trading interface, a variety of trading markets, financial management products, and much more.
Depositing AUD funds into the account wallet on Binance is made possible through its partnership with Simplex, a third-party payment provider. Other payment options available to Australia include PayID and OSKO. Binance Australia even allows customers to instantly buy altcoins using a credit card.
To buy crypto with Binance Australia, follow these steps:
- Navigate to the 'Buy Crypto' dropdown menu.
- Select 'Credit/Debit Card'.
- Input the relevant details, including the spend amount and currency. Customers can also set up a recurring buy if desired.
- Click 'Add New Card' and input the credit card’s details.
- Confirm the transaction through the bank provider, and then Binance.
Beginners with small amounts of funds to invest in crypto will appreciate the minimum deposit amount of $25 AUD. The maximum limit is $20,000 AUD which is typical amongst exchanges.
Like Swyftx, Binance will charge a competitive fee of 2% for using a credit card to buy crypto. Occasionally, Binance Australia will introduce discounts and other promotions where the credit card fee may be waived for a period of time. Up to five different cards can be linked to any one Binance account, which offers customers an extra layer of flexibility. For more information on Binance fees, read our Binance review.
3. Crypto.com - Best Crypto App In Australia For Debit Cards
Founded in 2016, Crypto.com now boasts an impressive customer base of over 10 million registered users as of 2022. The platform has garnered much of its success due to its world-class mobile app which is geared toward a new generation of investors. Australians can access over 250 different cryptocurrencies by downloading the Crypto.com app and creating an account.
Crypto.com offers a variety of payment methods for Australians to fund account wallets, including credit cards. Customers will need to first link and verify their card prior to making a purchase. This will involve Crypto.com taking (but not charging) a small amount from the card. The user will then need to input the specific amount to complete the verification process.
Once the credit card is linked, users in Australia can begin instantly buying crypto with their credit card. The fees for buying digital currencies with a credit card range between 2.99 and 3.99%, although this figure is subject to change. The platform also occasionally offers a promotion that waives all fees from credit card purchases for the first 30 days of an account. This is a good opportunity for traders who wish to use a lump sum on a cryptocurrency. The low minimum deposit amount of $20 will suit entry-level investors with small amounts of capital to invest.
Crypto.com also has one of the most popular cryptocurrency debit cards on the market. This offering allows crypto holders to spend their balance at various supported merchants, a competitive cashback rate, as well as access to rewards such as free Spotify and Netflix subscriptions. These Crypto.com cards can be topped up with credit cards for a fee of only 1%. Click here to explore the full features of the platform in our Crypto.com review.
4. eToro Australia - Best For No Credit Card Processing Fees
eToro is a global multi-asset trading exchange with headquarters in Israel, the UK, the USA, and Australia. The platform is renowned for its innovative 'social trading' concept where users can browse and copy the trading strategies made by successful investors.
eToro has a number of cryptocurrency products that are ideal for beginners, including access to over 120 digital currencies, a multi-token wallet, and a highly-rated crypto demo account stocked with $100k of virtual funds to explore the platform and practice trading.
The platform enables residents in Australia to fund an account to buy crypto CFDs. It is a straightforward process, customers are able to fund their eToro accounts using a credit card following these steps:
- Click 'Deposit Funds' in the bottom-left corner of the dashboard
- Select 'Credit/Debit Card' as the payment method.
- Input the relevant information and then confirm the transaction.
eToro does not charge any clearance fees for using a credit card to fund an account. However, eToro does have a flat transaction fee of 1% for all crypto buy and sell orders, which is a little high in the Australian market. Deposits made with a credit or debit card are typically accessible instantly, although this will vary depending on the card’s provider.
Australians need to be conscious that the platform’s primary currency is USD. This means depositing AUD with a credit card can result in foreign exchange fees, as well as any slippage in the current exchange rate. This is not ideal and combined with the flat trading fee, is an expensive option. For a full list of the fees, visit our eToro review.
5. Coinjar - Best For Minimum Credit Card Purchase Amount
Coinjar is one of the oldest crypto exchanges in Australia and is known for its clean and easy-to-navigate user interface, and streamlined crypto purchasing processes. There are over 50 supported cryptocurrencies available for purchase on Coinjar. Despite the limited selection of crypto, Coinjar offers an enviable array of features including support for Self-Managed Super Funds (SMSF), crypto bundles, multi-currency deposits, and OTC trades over $50,000 AUD.
CoinJar has implemented an 'Instant Buy' service where cryptocurrencies such as Bitcoin and Ethereum can be bought using credit cards. The fee for using the feature is 2% of the transaction amount which is similar to the other platforms on this list. Low-volume investors will be satisfied by the minimum amount of $10, however, high-net traders may look elsewhere as the maximum limit is $10k daily.
Similar to Crypto.com, Coinjar also offers its own credit card, the Coinjar Card, which can be loaded up with cryptocurrency and used at supported online and in-store merchants that support Mastercard. It can even be used to convert crypto to cash at most ATMs around Australia. There are no management fees for using the CoinJar Card, and every dollar spent is rewarded with redeemable points. To learn more about the CoinJar Card, read our review on CoinJar.
Is It Safe To Buy Crypto Using A Credit Card In Australia?
If investors are using a reputable and AUSTRAC registered exchange to buy their crypto, using a credit card is likely a safe option. The same potential risks of holding crypto on an exchange apply regardless of payment method, including hacks and counterparty risks.
However, using a credit card can open up investors to scams. Whereas bank transfers and other deposit methods don’t usually require any sensitive information, credit card transactions require users to input their card details. If this is done on a malicious website, the details may be stolen and debt quickly racked up before the card can be canceled.
Which Australian Banks Allow Crypto Purchases With A Credit Card?
Australian investors who prefer credit cards as a payment option for crypto have several options when it comes to credit card providers. Examples of financial institutions that currently allow their credit cards for crypto purchases at the time of writing are Westpac, Macquarie Bank, Judo Bank, Jolt Bank, ANZ, and NAB. These are subject to change that can depend on personal circumstances and card issuer.
Due to the volatile nature of crypto, some banks and financial institutions may prohibit the use of credit cards to acquire digital assets. This is primarily due to the potential risks associated with users defaulting on their loans. At the time of writing, the Commonwealth Bank of Australia, HSBC, and Bendigo Bank are examples of Australian banks that have banned crypto purchases with credit cards.
What Are The Fees Of Using A Credit Card To Buy Crypto
Buying cryptocurrency with a credit card will almost always incur a greater fee than the alternative deposit and purchase methods. In Australia, the average credit card fee for buying crypto ranges between 2% and 4% excluding spreads and any costs incurred by the credit card provider. Examples of credit card fees by popular crypto exchanges available in Australia are shown below.
|Crypto Exchange||Credit Card Fees|
|Swyftx||1.99% card fee + 3% spread|
|Binance Australia||2% + spread|
|Crypto.com||2.99% – 3.99%|
On top of this, there can be other fees associated with using a credit card to buy crypto. Some platforms will convert AUD to a native currency such as USD which will incur a foreign exchange fee. Moreover, certain Australian banks may charge a credit and debit card fee for the service.
Pros And Cons Of Credit Card Crypto Purchases
To summarise whether Australians should use a credit and debit card for investing in crypto, they should consider the following pros and cons:
Pros of buying crypto with a credit card:
- Credit cards offer a quick and easy way of obtaining crypto
- Using a credit card lets investors quickly buy crypto in market swings
- Some credit card providers provide rewards, e.g. cashback
Cons of buying crypto with credit card:
- Credit card purchases tend to have higher fees due to the involvement of third parties
- Credit card transactions are not always instantly completed
- Some Australian banks and financial institutions don't support the use of credit cards to buy crypto
Credit Card Transaction Speeds And Limits For Buying Crypto
The transaction speed of buying crypto with a credit card in Australia will depend on the mechanisms of acceptance and the card issuer. Typically, credit card transaction times to either fund an account wallet or directly purchase crypto range from being near-instant to up to 45 minutes.
Transaction limits can be per transaction, daily, weekly, or monthly. They are typically in the tens of thousands and won’t usually impact new or low-volume investors. Experienced traders with a lot of capital will likely prefer to use bank transfers or OTC trading unless they need cash in advance.
Full Guide – How To Buy Crypto Using A Credit Card
Step 1 – Compared and select a crypto exchange in Australia
Not all crypto exchanges allow individuals to buy crypto using a credit card. It is therefore essential to find and compare cryptocurrency exchanges that accept bank cards as an option to fund an account with AUD. Important factors to consider include the fees, customer support, and deposit limits. This tutorial will provide a step-by-step guide demonstrating how to buy crypto with a credit card on one of Australia’s top exchanges, Swyftx.
Step 2 – Register an account and complete ID verification
Once a crypto exchange that supports credit or debit cards has been chosen, navigate to the homepage and begin the account registration process. Enter a valid email address, and set a strong password, full name, and phone number. Click 'Agree' to the terms and conditions and hit 'Create My Account'.
To comply with AUSTRAC requirements, all Australian exchanges providing AUD payment gateways will mandate a Know Your Customer (KYC) process to minimize the risk of fraudulent activity.
To complete KYC, new users will need to submit a copy of a form of government-issued documentation such as a driver’s license or passport. or proof of residence. The process on Swyftx is fast and hassle-free and can be completed within 2 minutes of creating a new account.
Step 3 – Fund account with a credit card
The next step is to add funds to the account. On Swyftx, this process is rather straightforward. First, navigate to the 'Quick Deposit' page via the menu on the left and select 'Deposit AUD'. Next, users will need to scroll down to the bottom of the deposit page until they see “Deposit Methods”. Expand the credit card option and click 'Deposit With Credit Card'.
Finally, input the relevant card and personal details through Swyftx’s third-party provider, Banxa. Confirm the transaction on Banxa, and then on Swyftx. Within 30 minutes, the deposited funds should be accessible.
Step 4 – Buy cryptocurrency
Now the exchange account has been financed, users are ready to begin buying crypto. On Swyftx, head to the 'Trade' tab on the left side of the dashboard and click 'Buy'. The search function can be used to find the desired asset to purchase. Next, input either the amount of cryptocurrency to be purchased or AUD to spend. Finally, click “Instant Buy” and confirm the transaction via the pop-up notifications. The crypto will be added to the user's wallet within a few minutes.
Frequently Asked Questions
Westpac, Macquarie and ANZ all support crypto purchases with credit cards. Some Aussie banks do not allow customers to buy crypto with credit cards. The most prominent example of this is the Commonwealth Bank of Australia. However, regulations are always being updated and this information can change at any point.
Yes, it is legal for Australians to make cryptocurrency purchases with a credit card. Crypto regulations are constantly being reviewed by government officials and financial institutions and can be updated at any time.
Yes, although this feature is not very widespread. Certain exchanges, Bitcoin ATMs and DeFi platforms support anonymous transactions. Most major Australian exchanges do not support anonymous cryptocurrency investments.
Typically less than half an hour. The exact time will vary depending on the specific exchange and credit card provider. It will very rarely take over 60 minutes, and purchases can sometimes be completed within a minute.
Buying cryptocurrency with credit cards can be dangerous due to the extreme volatility of the market. This makes both banks and crypto exchanges less willing to take on the potential risk of debt if a customer’s assets are to drastically decrease in value. Additionally, government regulations can sometimes restrict the use of credit cards on certain crypto platforms.
Yes, quite a number of cryptocurrency exchanges in Australia support buying Bitcoin and other coins with a prepaid card. Examples include Binance, Crypto.com, Paxful, eToro and Coinbase. For a complete guide on how to buy crypto with a prepaid debit card, read this article.
Cryptocurrency exchanges allow investors to sell crypto back into AUD. However, it is not currently possible to transfer the funds back to a credit card in Australia.
Buying cryptocurrency with a credit card in Australia is an appealing prospect for certain people. It’s convenient, fast, and lets active traders quickly adjust to changing market conditions without any upfront capital.
However, using credit for investing in crypto comes with additional risks and drawbacks and should be avoided where possible. The credit provider can impose high fees for the transaction and 20% interest charges or higher if the amount owed is not paid back. Moreover, there is very little benefit for first-timers to be using debit card payments to build their portfolio other than being slightly more convenient.
While buying Bitcoin with a credit card can be convenient, individuals should consider using alternative AUD payment options such as a bank transfer, PayID and POLi Payments. These are highly accessible and supported payment options that can have no fees depending on the platform.