How to buy Bitcoin (BTC) from Australia

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Updated 9 Feb 2024

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There are a number of ways to buy Bitcoins. You can buy Bitcoin on an exchange, using a broker, or you can buy it from someone who already owns some. There are even Bitcoin ATMs.

If you want to know where and how you can buy Bitcoin from Australia today, this is the guide for you.

Crypto exchanges

Buying Bitcoin using a crypto exchange is very common and there are a lot to choose from. Some of them are more established than others and there are several exchanges based in Australia such as Swyftx and CoinSpot.

To buy Bitcoin using an exchange, you’ll need to set up an account and then verify your identity by providing some personal information. Typically you will need to provide your name, address, and a proof of identity like an ID card, passport, or driving licence. Exchanges differ in their verification requirements, so it could take you anywhere between a few minutes to over a week before you can buy and sell on their platform, which is a long time in crypto investment.

Once you have been verified, you can fund your account by linking up your bank account or credit card and buy some Bitcoin. There is a fee to buy Bitcoin using an exchange and they typically vary depending on the size of the trade and where you are located vis-a-vis the exchange.

Binance Australia

On website

Highlights

  • Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
  • Access the world's biggest platform for buying, selling, and trading crypto.
  • Trade and stake thousands of cryptocurrencies and trading pairs.
  • Deposit funds without worrying about any extra charges.

Pros

  • Low trading fees.
  • Easily deposit funds using credit or debit cards.
  • Practice with demo trading before diving into real investments.
  • Access powerful charting and trading features designed for experienced traders.
  • 24/7 live chat support.
  • AUSTRAC regulated.

Cons

  • The platform's user interface can be complex for beginners, making it harder to navigate initially.
  • Ongoing regulatory challenges in various countries could raise concerns for some users regarding its long-term stability.
Swyftx

On website

Highlights

  • Access over 440 assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi tokens like UniCoin.
  • Choose from multiple payment options, including PayID, OSKO, POLi, and bank transfers for deposits and withdrawals.
  • Learn the basics of crypto trading with Swyftx’s demo mode, allowing risk-free mock trading.

Pros

  • Australian-based platform with AUSTRAC regulation.
  • Access to 440+ crypto assets.
  • Quick customer support—live chat replies within 5 minutes.
  • Integrated tax reporting for easy tracking.
  • Supports trading in AUD, USD, and NZD.

Cons

  • Limited access to advanced trading markets.
  • Trading fees start at 0.6% for regular users, higher than some competitors.
CoinSpot

On website

Highlights

  • Trade a wide variety of over 530 cryptocurrencies, including top options like Bitcoin, Ethereum, and Litecoin, suitable for both beginners and seasoned traders.
  • Simple and intuitive interface for easy navigation and management of your cryptocurrency investments.
  • Focuses on strong security with two-factor authentication (2FA) and cold storage for your digital assets.
  • Based in Australia and fully registered with AUSTRAC for compliance and trust.

Pros

  • Trade at just 0.1% fee and withdraw in AUD for free.
  • Purchase crypto packages (Bundles) in a single transaction.
  • Multiple deposit options with free PayID and Direct Deposit.
  • Access to the CoinSpot NFT Marketplace.
  • User-friendly mobile app for easy trading on the go.
  • Earn $10 in BTC by referring a friend.
  • 24/7 customer support is available.

Cons

  • Margin trading is not available, as it focuses on buying, selling, and swapping a wide range of cryptocurrencies.
  • Fewer selections of cryptocurrencies compared to larger global exchanges.
eToro Crypto

On website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.

Brokers

It is increasingly common for brokers to offer crypto as an asset class alongside other tradable assets such as shares, precious metals, and currencies. Although the likes of CommSec have yet to make crypto a tradable asset, others like eToro and CMC Markets do. (If you already have a trading account, it would be worth checking in case you can use it to buy Bitcoin before opening another.)

There is not much difference between signing up for a stock broker or a crypto exchange, but what is worth considering is this: do you plan on investing in crypto alone, or would you also like the ability to also trade shares?

If you would like to buy Bitcoin, trade crypto, and also be able to trade markets, then you'll need to use a stock broker since crypto exchanges are typically solely focussed on crypto.

Stock brokers typically charge a fee in the spread, i.e. the difference in the buy and sell price. Fees vary between brokers and are similar to those charged by exchanges.

eToro

On website

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Highlights

  • Trade and invest in top financial instruments, including a wide selection of stocks.
  • eToro is regulated by CySec, FCA, and ASIC.
  • Your funds are protected by industry-leading security protocols.
  • Earn up to 5.3% annual interest on your balance.*

*Applicable to uninvested funds. Your capital is at risk. Eligibility and Terms & Conditions apply.


Pros

  • Stock fees are low, helping you keep more of your returns.
  • Pricing is competitive, giving you good value for your trades.
  • Access to a wide range of markets.
  • The platform is simple to use, even if you’re new to trading.
  • Social trading lets you follow and learn from experienced investors.
  • Access to market news and trader insights.

Cons

  • Customer support is limited.
  • Advanced traders may find the analytical tools too basic.
  • Withdrawals come with a $5 fee, which can add up over time.
  • Only a few account base currencies are available, which may lead to extra conversion costs.
CMC Markets

Not available for application via this website

Highlights

  • Trade your preferred instruments such as FOREX, Indices, Cryptocurrencies, Commodities, Shares & ETFs and Treasuries from around the world.
  • Keep your trading costs down with competitive spreads, commissions and low margins.
  • Access expert educational materials created by seasoned market analysts and strategists with years of experience in financial markets.

Pros

  • Trade Australian shares with $0 commission on up to $1,000 in trades, once per day.
  • Access advanced research tools and educational resources to support your trading journey.
  • Start investing with no minimum deposit requirement.
  • Explore global markets with a broad range of investment options.
  • CMC Markets' easy-to-use platform is designed for a seamless trading experience.

Cons

  • Stock CFD fees are relatively high compared to other platforms.
  • Customer service is not always available when needed, with limited access hours.

Other ways to buy Bitcoin

If you would rather not use an exchange or broker to buy Bitcoin, there are some other options available.

Digital banks

Digital banks like Revolut are positioning themselves much like a one-stop-shop for all your banking needs. In many ways, Revolut could be considered a financial "super-app" since it offers a broad range of banking services from a debit card with intelligent budgeting to money transfers and crypto.

Other digital banks in Australia such as 86 400 and Up are yet to offer crypto, whereas it has been available on Revolut since 2017.

As a way of buying Bitcoin — and several other crypto coins — Revolut is a viable option considering you can set up an account with Revolut without switching from whoever you currently bank with.

Revolut charge a margin for exchanging Bitcoin. The fee you have to pay depends on the plan you have and ranges from 1.5% to 2.5%.

Buying from an individual

If you know someone who has some Bitcoin, you can buy it from them, i.e. trade Bitcoin for AUD or something else of value. The seller will need to know your wallet ID — you can think of this like an address that's unique to you‚ in order to transfer the Bitcoin into your ownership.

However, let me be clear: this is not without its risks and dangers, especially when it comes to buying from a stranger. Be very careful because unless you trust the seller you are dealing with, they could take your money or goods and then not transfer the Bitcoin.

If you still want to buy Bitcoin from someone, then consider mitigating your risk by using an Escrow service. There are several to choose from, and it may well be a cost worth incurring if it protects you from fraudulent sellers.

Bitcoin ATMs

There are several Bitcoin ATMs, also known as BTMs, located around in Australia. While possible, buying Bitcoin from an ATM is not without its problems.

First of all, Bitcoin ATMs are not easily accessible. There are very few of them in Australia, and those that do exist tend to be located in the capital cities (for obvious reasons we won't go into). If you don't live nearby, simply getting to them will cost money and time, and time is of the essence with Bitcoin.

And then there are the fees. Using a Bitcoin ATM does not come cheap, with fees ranging from 10 - 20% and higher — considerably more than it would cost to use an exchange, stock broker, or Revolut.

Where to store your Bitcoin

Just the way you store cash in a physical wallet, you can store Bitcoin in a digital wallet. Digital wallets can be either software-based or hardware-based.

These wallets store the information you need to make transactions. Though these wallets are described as a place to store crypto assets like Bitcoin, they are essentially inextricable from the blockchain.

Digital wallets are primarily of two types, i.e., hot wallets and cold wallets. While hot wallets are accessible online, cold wallets are intentionally kept offline to keep hackers from gaining access. Hardware wallets are also considered cold wallets because they have no direct connection to the internet and are the most secure way to store Bitcoin.

Final thoughts

There are many many ways to buy Bitcoin. If you want to diversify your portfolio and invest in Bitcoin, you have lots of reliable, transparent, and regulated options.

Few assets experience volatility like Bitcoin — a cursory glance at its price will tell you everything you need to know. The question is not so much how to buy Bitcoin, rather it is should you buy it now or wait for the price to drop.

Disclaimer: We put our customer’s needs first. The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a position in the cryptocurrencies mentioned. Finty is committed to providing factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.

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