So, you want to know how to buy Bitcoin in Australia? Want to jump straight to the answer and learn how to buy and use Bitcoin as Australians residents?

You can Buy Bitcoin in Australia in 5 easy steps:

  • Register for a free trading account at Coinspot.
  • Verify your identity within 2 minutes using Coinspot’s automatic ID system
  • Create a buy order for Australian dollars (AU$).
  • Pay for it instantly using Coinspot’s instant payment system or manual bank transfer
  • Have Bitcoin (BTC) delivered directly to your own personal wallet.

In the following sections, we will explain the process to buy Bitcoin in Australia in greater detail.

Please note that Cryptocurrency investments are high-risk investments. Any investment decision is under the responsibility of the individual. We are not financial experts, and the resource links below are provided for information purposes only. They are based on our own research and experience with Bitcoin (BTC) in Australia. They are not intended to be legal and/or financial advice.

How to buy Bitcoin in Australia in easy steps. Find the best crypto exchanges to purchase BTC in Australia in 2021. Step by step tutorial.

Review and Analysis

Bitcoin (BTC) statistics & facts

Bitcoin statistics & facts
Key figure Value
Name Bitcoin
Symbol BTC
Price Today 76,607.19 Australian dollars (AU$)
24 hour % change -5.64
7 days % change -6.89
30 days % change -7.35
60 days % change 27.73
90 days % change 13.40
Total Supply 18,884,225
Circulating Supply 18,884,225
Daily Volume 42,354,797,493
Market Cap 1,030,461,070,152.00

Overview

Bitcoin was the first-ever cryptocurrency to be launched globally since it was first introduced back in 2008. What is intriguing is that so many years after its creation, nobody is still certain about who actually was Bitcoin’s original creator, since that person is still only known under the pseudonym Satoshi Nakamoto.

    By the end of the guide, you should know the following:
  • Can you buy Bitcoin in Australia?
  • If Bitcoin is a good or a bad investment.
  • How to buy Bitcoin in Australia.
  • Where to buy Bitcoin in Australia.
  • The Best Crypto Trading Platforms in Australia in 2021.

Can I buy Bitcoin in Australia?

You can usually buy Bitcoin with AUD. Australia exchanges support local payment methods, such as POLi Payments. You can access local customer support. You get better consumer protection if your funds go missing.

How to buy Bitcoin in Australia

how to buy bitcoin in australia.jpg Step-by-step instructions for getting started with Bitcoin (BTC). You can buy Bitcoin in Australia in three simple steps:
  • Choose a Bitcoin wallet where you can store your BTC.
  • Choose a Bitcoin exchange.
  • Buy Bitcoin in Australia through your chosen platform.

Choose a Bitcoin wallet

Before you can buy any Bitcoin, you’ll need to set up a digital wallet where you can safely store your coins. Bitcoin wallets don’t actually hold any coins, but instead store the private keys you need to access your public Bitcoin address and sign transactions.

Choose a Bitcoin exchange

The next step is to decide how and where you will buy Bitcoin. For most first-timers, the easiest and most convenient option to buy Bitcoin in Australia is to use a Bitcoin broker.

There are several brokers offering Bitcoin in Australia, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Buy Bitcoin

The final step is to submit an order through your chosen platform. No matter which platform you choose, you’ll usually need to sign up for an account first. Depending on the platform you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.

Once your account has been verified, you’ll need to enter the amount of BTC you want to buy, choose your payment method, review the fees and the total cost of the transaction and then finalise your purchase.

The exact steps you’ll need to follow vary depending on the payment method and type of platform you choose, so keep reading for more details on the different ways you can buy Bitcoin (BTC) in Australia.

Where to buy Bitcoin in Australia

The Best Crypto Trading Platforms in 2021

How to Buy Bitcoin with Credit or Debit Card on in Australia

4.7 / 5

Rating breakdown

Security
90%
4.5/5
Ease of Use
100%
5.0/5
Tradable Assets
80%
4.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
100%
5.0/5
Support
90%
4.5/5

Things we liked:

 Zero commission policy
 Customers support is available 24/7
 Up to 500:1 leverage
 Low minimum deposit requirement

Things we didn't like:

 No demo account
 TradeOr offers only one payment method – bitcoin

How to Buy Bitcoin with Credit or Debit Card on in Australia

4.7 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
90%
4.5/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
100%
5.0/5
Support
88%
4.4/5

Things we liked:

 One of the most trusted brands in crypto
 Very fast, easy to use interface
 Binance offers extremely low transaction fees

Things we didn't like:

 Can be overwhelming for people who are new to crypto or trading

How to choose a Bitcoin exchange

best exchanges to buy bitcoin in australia.jpg

With hundreds of platforms to choose from, finding the best Bitcoin exchange for your needs is a challenging task. Consider these key factors when comparing exchanges:

Where the exchange is based and how it is regulated.

While the regulatory environment surrounding Australia digital currency exchanges is becoming clearer all the time, the same can’t be said for some overseas-based exchanges. Do some research to find out where an exchange is based, the regulatory requirements that apply in that country, and whether the exchange complies with those requirements.

How to pay for your Bitcoin

There are many different ways you can purchase Bitcoin, each of which has its own pros and cons.

  • Buying Bitcoin with PayPal in Australia
  • Buy Bitcoin with your bank account
  • Buy Bitcoin with a credit card or debit card in Australia
Buying Bitcoin with PayPal in Australia

The biggest advantage of buying Bitcoin with PayPal is that it’s quick and easy to do as you’ll no doubt be aware if you’ve ever used PayPal to purchase anything else online.

You may need to hunt around for the right platform, and if the platform you choose doesn’t accept AUD, then you’ll need to be fully aware of the fees that apply.

Buy Bitcoin with your bank account

Another way to buy Bitcoin with Australian dollars (AU$) is to choose a platform that accepts bank transfer deposits. Choose a platform that accepts POLi Payments. Transfers using this system are typically processed more or less instantly, but they may attract higher fees

Buy Bitcoin with a credit card or debit card in Australia

Many Bitcoin brokers and exchanges allow you to buy Bitcoin using your credit card in Australia. These include platforms like eToro and Coinmama, and using your credit card allows you to make quick and convenient purchases.

Whichever payment method you select, make sure you consider the following:

  • Any transaction limits that apply
  • The fees charged by the Bitcoin exchange or broker
  • How long it will take for your funds to arrive

Buying Bitcoin from a Australia exchange: pros and cons

There’s plenty of choice when selecting a Bitcoin exchange, and Australia users can choose from platforms based here at home or in countries all around the world. So, should you buy Bitcoin from a Australia exchange or from a foreign platform? To help you decide, consider the pros and cons of buying on a Australia exchange.

Pros

  • You can usually buy Bitcoin with AUD. Australia exchanges support local payment methods, such as POLi Payments.
  • You can access local customer support.
  • You get better consumer protection if your funds go missing.

Cons

  • You’ll need to provide your personal details and proof of ID – a disadvantage for people who want to trade anonymously.
  • The registration process takes longer than on those platforms that don’t require ID verification.
  • AUD to crypto prices are often higher than USD to crypto prices, meaning you sometimes pay a premium for buying directly with AUD.
  • Some things are simply not available on Australia exchanges. For example, 100x leverage margin trading, staking features and many altcoins.
    • Regardless of whether you choose a Australia or overseas-based crypto exchange, make sure you compare a range of options before deciding which platform to use.

      Buying AUD with local and trusted platforms

      Our research highlighted several AUD platforms, but few are based in Australia and offer transparency. For this reason, we suggest considering the following locally-owned (and trusted) platforms.

      The following two recommended platforms are Australian based and we feel can fully cater to the needs of Australian residents wishing to embark on their Bitcoin trading and investing journey with added trust and confidence in transparent conditions:

      Coinspot

      Highly trusted and respected, many view Coinspot as the best Australian cryptocurrency exchange. From its base in Melbourne, Coinspot provides Australians wishing to buy or sell Bitcoin, with a safe, secure, reliable and user-friendly platform where they can engage in all their crypto activities. By opening an account on the Coinspot exchange, Australians are able to instantly and easily buy or sell Bitcoin, as well as trade BTC in the open market and potentially earn significant profits through successfully speculating on prices.

      Swyftx

      Enjoying a good and reputable name and trusted by many Australians already for their crypto trading needs, Swyftx is another prime example of an entirely Australian owned and operated crypto exchange. Enjoying the backing of several global liquidity providers, Swyftx is able to offer very low trading fees and very competitive spreads, and this is one of the main reasons why many Australian’s made it their exchange of choice. Users cannot only buy Bitcoin on Swyftx, but an impressive number of over 260 different cryptocurrencies, including many newly-launched or less known ones which are not usually offered on other exchanges.

      These platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of people living in Australia. Both options are free to join, funded from any Australia bank account/card, and have a local support team.

      Case Study: Buying AUD on Coinspot

      Want to buy AUD from a cryptocurrency broker using AUD? Here’s a step-by-step guide explaining exactly what you need to do, using Australia-based exchange Coinspot as an example:

      Step 1: Register for an account with Coinspot

      You can sign up for an Coinspot account by providing your email address and creating a password. Before you can trade, you’ll need to verify your account by doing the following:
      Verifying your email address
      • Uploading a photo of your AU driver’s licence or AU passport.
      • Providing your address details.
      • Uploading a photo of yourself.

      Remember to also enable 2-factor authentication on your account for extra security.

      Step 2: Deposit funds into your account

      From your Coinspot account dashboard, select the currency you want to buy – in this case, Bitcoin (BTC).

      Specify how much money in Australian dollars (AU$) you want to spend, up to an order limit of AU$10,000.

      Step 3: Buy BTC

      Click “Buy Now”. Pay through the Coinspot website via POLi Payments or deposit the required funds via bank transfer. Once Coinspot has received your payment, your order will be automatically processed and will typically arrive in your inbox within a few minutes.

      Remember to take a moment to review the full details of the transaction before you finalise your transaction.

      The BTC to AUD crypto-to-fiat pair presented the exchange between the world’s oldest and most popular cryptocurrency, Bitcoin, and the national currency of Australia, the Australian dollar, which is the 5th most traded currency in the world. Both assets in this pair are popular and this means that the BTC/AUD pair enjoys increased liquidity in the market. This results in narrower spreads and lower transaction costs and fees for traders on this pair, compared to other less popular pairs being traded.

      The successful trading of the BTC/AUD pair though largely depends on a trader’s ability to timely anticipate potential swings in the price of the two assets. To do so one needs to grasp the fundamentals driving the prices of the two currencies. In the case of BTC its price is largely impacted by the scale of its adoption as a payment method and a viable alternative to fiat currencies. The price of the AUD on the other hand, is largely affected by the prices of Australia’s key exported commodities, such as iron ore, gold, wheat, and copper, the monetary police decisions taken by the Reserve Bank of Australia, as well as the performance of the economies of Australia’s main trading partners, such as China.

      Bitcoin (BTC) to Australian dollars (AU$): Trade BTC to AUD pair and track its real-time price

      buy and sell bitcoin in australia.jpg

      The Bitcoin to Australian dollars (AU$) pair features BTC as the base along with AUD, the official currency of Australia, as the counter currency. The value of the pair can be interpreted as how many Australian dollars (AU$) can be purchased with one BTC or how many Australian dollars (AU$) it takes to purchase one BTC.

      BTC/AUD - Why is the Bitcoin (BTC) to Australian dollars (AU$) pair important to traders?

      BTC to AUD is a very popular crypto-to-fiat pair. The pair’s counter currency – Australian dollars (AU$) – is the official national currency of Australia. The crypto market, including Bitcoin, is extremely volatile, which provides huge potential for speculation. Observing the popularity of BTC to AUD exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.

      Bitcoin (BTC) Historical performance

      The historical performance of BTC reflects its success since, while in 2010, you could get 1 Bitcoin (BTC) for less than a dollar in December 2017, the price of one BTC reached a record high of $17,900. In fact, BTC grew by almost 2000% in 2017 alone. Though like other cryptos BTC did see a huge dip in early 2018 and though fluctuations are commonplace, spurred by the pandemic it has recently hit new highs.

      Australia's Bitcoin legislation

      Australia and in its government in particular have long been very supportive of the fintech industry and progressive in their implementation of cryptocurrency related regulations. In fact, cryptocurrencies, digital currencies, and cryptocurrency exchanges are all legal in Australia, since a government declaration to this end was issued in 2017. This however has also meant that ever since all crypto related transactions and activities became subject to Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006), and particularly to section 5 and associated rules of the said Act.

      Australian legislation has also made specific reference to Bitcoin, and to consequently to all cryptocurrencies sharing the same fundamental characteristics, explicitly stipulating that the should be treated not as fiat currencies, but as property, which is also subject to Capital Gains Tax (CGT). This new tax treatment came to abolish a previous arrangement under which cryptocurrencies had been subject to double taxation under Australia’s goods and services tax (GST), and was also a sign of the progressive and liberal approach taken by Australian authorities on cryptocurrencies in general.

      The taxation on Bitcoin in Australia

      Bitcoin, as well as other cryptocurrencies in Australia are considered as property and are thus taxable both for Income Tax purposes, as well as Capitan Gains Tax purposes. In fact, the Australian Tax Office (ATO) has recently set out clear and extensive guidelines on exactly how crypto buying, selling and mining is taxed in Australia, encouraging Australian tax residents to comply with their obligations in order to avoid incurring notices, audits and penalties due to their crypto related activities. Each Australian tax payer, who has either bought or sold cryptocurrency in any financial year, must clearly calculate and declare all their crypto totals when filling in their income tax return form.

      Australian tax authorities have since mid-2019 devised a data sharing program with all Australian exchanges classed as designated providers of crypto services, and this has enabled them to obtain access to the crypto transaction data of these providers and their clients dating back to 2014 and have started thorough checks on this data to ensure all crypto related activities are properly taxed and the ensuing taxes paid by taxpayers.

      The risks of buying Bitcoin

      • High transaction fees
      • Scalability issues = slow transaction times
      • Huge environmental cost due to proof-of-work concept

      FAQS

      Is Bitcoin legal in Australia?
      Currently, cryptocurrencies and cryptocurrency exchanges are legal in Australia, including Bitcoin
      How can I sell Bitcoin in Australia?
      If you want to sell Bitcoin, you once again have a wide variety of platforms to choose from, including brokers and a long list of crypto exchanges. You also have the flexibility to exchange your Bitcoin for Australian dollars (AU$) or to sell it for an extensive range of cryptocurrencies.
      How do I cash out of Bitcoin in Australia?
      Any exchange with a Australian dollars (AU$) trading pair will allow you to sell your Bitcoin for fiat currency.
      What’s the easiest way to buy Bitcoin in Australia?
      The easiest way to buy Bitcoin in Australia is to use a trusted Bitcoin broker. These services make it as simple as possible to get your hands on some BTC. Their platforms are easy to use, you can pay with AUD using everyday payment methods like your credit card or a bank transfer, and transactions are generally processed quite quickly.
      Who regulates Cryptocurrency and Bitcoin in Australia?
      The sale of cryptocurrency and other digital assets like Bitcoin (BTC) is regulated by Australia's existing financial services regulatory regime

      Although Australia currently does not have specific legislation related to cryptocurrencies, any form of regulation is enforced by the Australian Securities and Investments Commission (ASIC). Cryptocurrency is treated as property for purposes of income tax legislation.

      How tax rules apply to Bitcoin in Australia?
      The Government of Australia website does not make it clear how exactly you should account for digital currency on your tax return, only stating that you should. Tax rules apply to digital currency transactions, including those made with Bitcoin. Using Bitcoin (BTC) does not exempt Australians from tax obligations in Australia. This means digital currencies are subject to the Income Tax Act. It is safe to assume that as soon as you convert Bitcoin (BTC) back into Australian dollars (AU$), this is classed as income from capital gains and needs to be declared as such.

      You can check this Australia cryptocurrency guide for more information.

      What is the price of Bitcoin in Australia?
      Bitcoin prices are changing every second. Currently 1 Bitcoin (BTC) worths 76,607.19 Australian dollars (AU$)
      Is Bitcoin a good investment for Australians in 2021?
      By the end of the year 2021, using forecast and algorithmic analysis, our price prediction forecasts suggest that one Bitcoin will reach an average price of 120314.4871 Australian dollars (AU$), which will be an impressive 157% growth from it's current market price. Having said that perhaps is a good idea to buy Bitcoin (BTC) due to Bitcoin following properties and characteristics:
      • Widespread institutional involvement making it a store of value and fiat hedge
      • First mover advantage/name recognition = head start on real world adoption
      • Deflationary fully decentralised tokenomics
      Is there an official Bitcoin website?
      There is no Bitcoin's official website. Just like with so many other things, nobody owns the Bitcoin network but everyone can use it.

      Further Reading - Topic-related Questions

      How to Buy Bitcoin in Canada in 2021: The Complete Guide
      How to Buy Bitcoin in New Zealand in 2021: The Complete Guide
      How to Buy Ethereum in Australia in 2021: The Complete Guide