How to Buy Bitcoin in Australia

Bitcoin is by far the most popular cryptocurrency on the planet, with a market cap over $3 trillion AUD. It’s popular both as a digital currency you can use to pay for everyday goods and services, and as an investment in the future of cryptocurrency.

Whatever your reason for buying Bitcoin, this guide will make it easy. We’ll explain how to buy Bitcoin in Australia and highlight the 3best crypto exchanges you can use today.

Buy Bitcoin in Australia - Quick Guide

Want to buy Bitcoin in Australia right away? We’ll show you how to buy Bitcoin with eToro, our #1-rated Bitcoin exchange in Australia.

Step 1: Register for eToro. Visit eToro’s website and click ‘Join’ to create a new exchange account. Enter your name, email, phone number, address, and birthdate to register.

Step 2: Fund your account. Deposit at least $275 into your new eToro account using a credit card, debit card, PayPal, or bank transfer.

Step 3: Buy Bitcoin. Search for ‘BTC’ and then click ‘Trade.’ Enter the amount of Bitcoin you want to buy, then click ‘Open Trade’ to buy Bitcoin.

🏷️ Open an eToro wallet today!

Ways to Buy Bitcoin in Australia

There are several different ways to buy Bitcoin in Australia. We’ll cover the most popular options.

Bitcoin Exchange

Using a Bitcoin exchange is the easiest way to buy Bitcoin in Australia. You can hop online, create an account, and buy Bitcoin, all in a matter of minutes. Many exchanges will even store your Bitcoin for you, so you don’t have to go through the process of opening a Bitcoin account.

Bitcoin exchanges also offer some of the lowest fees for buying Bitcoin in Australia. At exchanges like eToro, you’ll pay as little as 0.75% in exchange fees. 

Bitcoin ATM

You can also buy Bitcoin in Australia using a Bitcoin ATM. This can be a good option if you want to buy Bitcoin using cash. However, note that fees for using a Bitcoin ATM are typically 7-20% - roughly 10 times as high as fees for using a crypto exchange online.

To use a Bitcoin ATM, you’ll need to locate one in your area. You’ll also need to set up a Bitcoin wallet so the ATM has somewhere to send your digital currency.

Newsagents

You can buy Bitcoin in-person from thousands of newsagents across Australia. This method is nice because you can speak with a real person and you can use cash, credit, or debit to fund your purchase.

However, not all newsagents offer Bitcoin, so you have to find one that does. The fee is typically 5%, which is significantly higher than most online exchanges.

The 3 Best Bitcoin Exchanges in Australia

For most Australians, using a Bitcoin exchange is the best way to buy Bitcoin in Australia. Exchanges are extremely convenient and offer the lowest fees for purchasing crypto.

With that in mind, let’s take a look at the 3 best exchanges you can use to buy Bitcoin today.

1. eToro - Overall Best Exchange to Buy Bitcoin in Australia

eToro is our top-rated exchange for buying Bitcoin in Australia today. At eToro you’ll pay an incredibly low 0.75% transaction fee when you purchase Bitcoin. Even better, there are no fees when you sell. eToro costs half as much as most other major exchanges, which is a big deal considering all you’re doing is swapping one currency for another.

Another thing we love about eToro is that it makes storing your Bitcoin simple. You can keep your coins safely inside your exchange account for easy access with a single login. Or you can use eToro’s mobile Bitcoin wallet for iOS and Android to lock up your coins with top-tier encryption.

eToro also has great tools if you’re interested in trading Bitcoin. You’ll find technical charts, a market news feed, expert analysis, and even a social network to get trade ideas. You can fund your eToro exchange account with a debit card, credit card, bank transfer, or PayPal.

Pros:

  • Ultra-low transaction fees
  • Crypto wallet for iOS and Android
  • Excellent trading tools
  • Accepts credit/debit and PayPal

Cons:

  • Limited e-wallet payment options

🏷️ Open an eToro wallet today!

2. Swyftx - Top Exchange for Trading Bitcoin in Australia

Swyftx is a popular Bitcoin exchange for traders and investors. It offers more than 290 cryptocurrencies, including Bitcoin, so you get access to a whole world of digital currency. The platform uses TradingView charts, which are among the best technical charts in the industry, and offers great portfolio analysis tools for managing multiple crypto investments.

Swyftx is relatively inexpensive, with a Bitcoin trading fee of 0.6% per transaction and spreads from 0.41%. Note, however, that you’ll pay these fees both when you buy and when you sell - so the fees can add up quickly. On the bright side, there are no deposit or withdrawal fees to worry about.

This exchange offers custodial accounts to hold your Bitcoin at the exchange, and it’s compatible with any major Bitcoin wallet. You can fund your purchase with a bank transfer, POLi pay, PayID or OSKO. Unfortunately, Swyftx doesn’t accept credit or debit cards.

Pros:

  • Buy and sell 290+ cryptocurrencies
  • No deposit or withdrawal fees
  • Excellent charting and portfolio tools

Cons:

  • Doesn’t accept credit/debit cards
  • Fees apply to both buy and sell transactions

3. Coinspot - Best Exchange for Beginners to Buy Bitcoin

Coinspot is a simple crypto exchange that offers everything you need to buy Bitcoin in Australia in minutes. You can download a secure crypto wall for desktop and mobile, as well as access 330+ digital currencies.

Coinspot accepts deposits by bank transfer, PayID, POLi, and BPay. You can even fund your account with cash, although that incurs a 2.5% deposit fee.

What’s especially neat about Coinspot is that there are 2 ways to buy Bitcoin. You can instantly buy Bitcoin at the current price for a 1% transaction fee with no spread. Alternatively, you can place a market order to buy Bitcoin from another Coinspot user. This incurs a spread, but the transaction fee is as low as 0.1%.

Pros:

  • Offers a Bitcoin wallet
  • Instant buy or market order options
  • Accepts cash (with deposit fee)

Cons:

  • Doesn’t accept credit/debit cards
  • Limited analysis tools for trading

Storing Your Bitcoin Safely

One important thing to consider before you buy Bitcoin is how you plan to store it.

If you buy Bitcoin through an exchange, the simplest way to store it is by simply holding it in your exchange account. This is known as a custodial account, and it works similarly to how a brokerage account holds your stock shares. You can access your Bitcoin at any time to trade it, send it, or use it for purchases.

If you’re worried about security or your exchange doesn’t offer custodial accounts, you can store your Bitcoin in a cryptocurrency wallet. This is a digital wallet where you can store Bitcoin and other cryptocurrencies. The advantage of a Bitcoin wallet is that only you know the encryption key to unlock your digital currency.

eToro offers an easy-to-use Bitcoin wallet for iOS and Android. It’s a great option no matter where you buy Bitcoin, but it works especially well if you use eToro since you can move Bitcoin seamlessly between the exchange and your wallet.

Buy Bitcoin in Australia Today

It’s never been easier to buy Bitcoin in Australia. You can use an online Bitcoin exchange to buy Bitcoin from your computer or smartphone, or visit a Bitcoin ATM or newsagent to make a crypto purchase in person.

We recommend using eToro to buy Bitcoin in Australia. eToro offers much lower transaction fees than the competition. It also offers a custodial account and an integrated wallet, giving you flexibility for storing your Bitcoin. Join eToro to make your first Bitcoin purchase today!

🏷️ Open an eToro wallet today!

Buy Bitcoin in Australia Today

It’s never been easier to buy Bitcoin in Australia. You can use an online Bitcoin exchange to buy Bitcoin from your computer or smartphone, or visit a Bitcoin ATM or newsagent to make a crypto purchase in person.

We recommend using eToro to buy Bitcoin in Australia. eToro offers much lower transaction fees than the competition. It also offers a custodial account and an integrated wallet, giving you flexibility for storing your Bitcoin. Join eToro to make your first Bitcoin purchase today!

🏷️ Open an eToro wallet today!


FAQs

Is it legal to buy Bitcoin in Australia?

It’s completely legal to buy Bitcoin in Australia. You can buy Bitcoin using an online cryptocurrency exchange or in-person at a Bitcoin ATM or newsagent.

Where is the best place to buy Bitcoin in Australia?

We think eToro is the best place to buy Bitcoin in Australia. eToro offers incredibly low fees, an integrated wallet, and top-tier security.

Can I buy Bitcoin in Australia with a credit card?

You can use a credit or debit card to buy Bitcoin at cryptocurrency exchanges like eToro or at a newsagent stand.

Is Bitcoin a good investment?

Many Australians believe Bitcoin is a good investment because it is the most popular digital currency. However, it’s impossible to say what Bitcoin will be worth in the future.
 

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