All of you must have heard a lot about Bitcoins, but what exactly is a Bitcoin? Have you ever pondered over that question?
If not, you should give it a thought and also read our exclusive guide on the same: What is Bitcoin? A Beginner’s Guide.
In the past, I have mentioned various exchanges to buy/sell Bitcoin that covers the international stage, but today I would like to talk specifically about Australia’s Bitcoin scenario.
Bitcoin is booming in Australia and that’s not just my guess. There are charts supporting the narrative. (LBC charts are a good indication of the popularity of BTC in that country).
But for those Australians who haven’t yet embarked on their Bitcoin journey, here is a compiled list of popular services where Bitcoins can be purchased in Australia.
- How To Buy Bitcoin In Australia
- 1. Binance
- 2. CEX.io
- 3. Coinmama (buy Bitcoin with credit card Australia)
- 4. CoinSpot – Native Australian Bitcoin exchange
- 5. Kraken (Instant deposit)
- 6. LocalBitcoins (LBC)
- 7. Changelly (Instant Bitcoin exchange for Australians)
- 8. Bitstamp
- 9. Bitcoin ATMs In Australia
- Which is the best App to buy Bitcoin in Australia?
- Can you buy Bitcoin without ID in Australia?
- Is Buying Bitcoin legal in Australia?
- Is Bitcoin Taxed in Australia?
How To Buy Bitcoin In Australia
Binance is world’s largest crypto exchange which natively supports users from Australia to buy Bitcoin using AUD. You can create an account here (20% discount on trading fees), and by using PayID/Osko, you can add funds to your Binance account.
Now if your first goal is to buy Bitcoin using AUD, simply click on buy crypto, and use from many options to fund your account, and purchase the crypto of your choice.
Since Binance offers the cheapest fees for buying/selling crypto, this should be your first choice to purchase crypto using Australian dollars. Another advantage of Binance is, they have a fully functional mobile app that let you trade with the comfort of your mobile phones.
Binance also offers advanced features such as Binance earn program, where you earn interest by using their saving account. They also support staking features that let you earn passive income with your cryptoassets. And, if you are worried about taxation in Australia, Binance is integrated with all popular tax software like Koinly , Cointracker, which makes the work for you and your CPA easier.
CEX.io service is one of the pioneer services in the cryptosphere operating since 2013 from the UK, but the good news is that it supports more than 100 countries including Australia.
On CEX.io, one can buy BTC in two ways:
- By depositing fiat currencies
- By checking-out using their credit/debit cards
If you are in Australia and have access to VISA/MasterCard debit/credit cards, you can register yourself on CEX.io. Here is an extensive guide by CoinSutra that will help you in the KYC process: CEX.io Review.
Once you are done with the KYC and registration of your cards, you will be allowed to purchase more BTC depending on the level of KYC you have completed.
Also, one can deposit and withdraw funds directly from the mobile app of CEX. The app is very user-friendly and allows one to trade Bitcoins on the go! (Download CEX Android app | Download CEX iOS app)
3. Coinmama (buy Bitcoin with credit card Australia)
Coinmama is an Israel-based service operating in the cryptosphere since 2013. And the good thing about this service is, almost every country in the world can avail of their services, including Australia.
Using Coinmama, you can buy Bitcoins in Australia via a Visa/MasterCard credit/debit card. Remember, Coinmama is a buy-only service which means you cannot sell BTC here.
To get started with Coinmama, you need to register using your email ID following which you will be asked to submit some documents to prove your identity. The more documentation you provide, the more currency you can buy on Coinmama. Check out our full review of Coinmama here: Coinmama Review: Analyzing If It Is Safe And Reliable.
4. CoinSpot – Native Australian Bitcoin exchange
CoinSpot is Australia’s native Bitcoin exchange operating in this space since 2013 and has earned quite a bit of respect too. It is registered to provide digital currency exchange services in Australia by AUSTRAC.
If you are an Australian, it is very easy to start on CoinSpot as verification barely takes any time and one can easily buy/sell BTC on it. It acts as a broker and also has its marketplace where you can see order books to buy/sell Bitcoin according to the below-shown fee schedule:
Highlights of CoinSpot:
- Instant buy/Sell Bitcoin in AUD
- Open personal or business account
- Instant account verification
- Various deposit methods available including POLi, PayID, BPAY.
- Supports all Australian bank accounts
- Buy bitcoin via cash in Australia
The overall Bitcoin community is thriving in Australia and CoinSpot has been the forefront for buying/selling Bitcoin in Australia.
5. Kraken (Instant deposit)
Kraken is a USA-based exchange that has recently spread its wings in Australia. You will trade in the most popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin along with Ripple, Bitcoin Cash and Tether against the AUD.
You can instantly fund accounts via Osko and PayID enabled Australian banks.
6. LocalBitcoins (LBC)
LocalBitcoins is a Finland-based P2P escrow exchange that facilitates buying/selling of Bitcoin in more than 240 countries including Australia.
One can filter trades based on their country. For example, I have filtered out for Australia. You can also choose from the following payment methods to find a specific kind of trader:
- Western Union etc…
Registration on LBC is also very easy and you can simply sign up using your email ID and get started by searching for suitable trades for yourself. This is the easiest way to buy Bitcoins in Australia using cash. Also, look at our this guide for inspiration: How To Purchase Bitcoins Legally In India [Tutorial]
Fees are quite nominal on LBC. Registering, buying, and selling Bitcoin is completely free. LocalBitcoins users who create advertisements are charged a 1% fee for every completed trade.
Note: Transactions to wallets of other LocalBitcoins users are free.
7. Changelly (Instant Bitcoin exchange for Australians)
Changelly is our favorite service and we are glad that it covers Australia in its supporting countries.
Here, you can simply sign-up using your email ID and swap any supported cryptocurrency for Bitcoins if you have one. If you don’t, you can buy Bitcoins using credit/debit cards too.
You can check the exchange rates of USD/BTC here and decide for yourself when and how much you want to buy.
You may also use this direct widget to buy BTC in Australia and within 5-30 minutes your Bitcoin should be with you.
Bitstamp is a known name for anyone who has been involved in the Bitcoin space. It is a UK-based exchange, a reliable one, serving the industry since 2011.
The good news is, Bitstamp’s list of supported countries has Australia in it which means you can buy Bitcoin in Australia via BitStamp.
This functionality is supported by VISA/Mastercard debit/credit cards processed through Bitstamp. Before initiating the trading process, a one-time verification (KYC) of your card details is required following which you can buy BTC instantly.
The limits on the cards are up to USD 5,000/EUR 5,000 daily and USD 20,000/EUR 20,000 monthly. The fee schedule is given below for the cards:
|Any amount||5% (additional fee may be charged by the card issuer)|
9. Bitcoin ATMs In Australia
Another easy way to buy BTC in Australia is through Bitcoin ATMs.
While some ATMs don’t require ID, some do before you can buy BTCs using the machine. Also, you will need Bitcoin wallets to receive your bitcoins. Just in case you don’t have one, pick one from our trusted Bitcoin wallet list.
Conclusion: Buying Bitcoins In Australia
|Exchange Name||Rating Based On Ease Of Use & Fee|
|Bitcoin ATMs In Australia||6/10|
Buying Bitcoins around the world has become simpler over the years and Australia is no exception. There are some other domestic services in Australia that serve this purpose too, but we haven’t listed them here as we are not sure of them. Do share with us if you know of some reliable services.
Which is the best App to buy Bitcoin in Australia?
The best app (desktop and mobile) for Australians to buy Bitcoin is Binance. Binance offers multiple options to buy Crypto using Australian dollars.
Can you buy Bitcoin without ID in Australia?
You can use Bitcoin ATM in Australia or use a P2P exchange to purchase Bitcoin without ID in Australia.
Is Buying Bitcoin legal in Australia?
In 2017, Australia’s government declared that cryptocurrencies were legal and specifically stated that Bitcoin (and cryptocurrencies that shared its characteristics) should be treated as property, and subject to Capital Gains Tax (CGT).
Is Bitcoin Taxed in Australia?
Like every other country, there are no taxes on buying or holding cryptocurrencies in Australia. It is only when you sell Cryptoassets, you need to calculate and pay capital gain taxes on it.
A quick head-ups from our side: Never store your Bitcoins in any of the services because these are all hosted by third-party services. And your Bitcoins will be safe only as long as they are not getting hacked which is risky.
Here are a few other articles for you to read next: