Bitcoin is now booming very well in Australia and lots of people are buying the cryptocurrency right now.
Do you live and work in Australia?
Did you travel to that part of the world recently?
Or you are just trying to buy Bitcoins for the first in Australia?
Do not worry though, because I got your back covered and will definitely guide you with this tutorial.
In this post content, am going to compare and contrast some of the best exchanges that you can buy bitcoin crypto investment, while you are still there in Australia.
This will definitely help you to make the best choice, and also avoid scams that exist in the space as well.
Before I forget, you will need somewhere to store your Bitcoin when you finally buy it, and that is a cryptocurrency wallet.
In other words, you will first need to get a secured cryptocurrency wallet (i.e. either Cold or Hot Wallet) to keep your BTC away from theft or hacks.
If you need my straight answer, I will simply suggest that you just go ahead and purchase a hardware wallet like Ledger Nano X or Trezor wallet, as they are the best hardware wallets in the market today.
Have you gotten the wallet already?
If you have gotten a crypto wallet, then we can now dive into all the available places to buy Bitcoins in Australia right now. Shall we?
How can you buy Bitcoin in Australia?
The numerous options out there can make it very confusing for most people to make the right choice, when choosing the best exchange to buy BTC.
Below are the list of best place to buy Bitcoin safely in Australia, but they are characterized according to different payment methods.
So let’s get started already!
Buy Bitcoin with credit card in Australia (CoinSwitch)
CoinSwitch is my favourite site for buy and exchanging between different cryptocurrencies quickly.
Unlike other exchanges in this list, CoinSwitch is an aggregator that lists all the exchanges available online in one place, and that allows you to purchase, or switch up-to 300+ cryptocurrencies for Bitcoin.
If you’re still new, and have not heard about this platform, I strongly recommend you read my review on CoinSwitch crypto platform.
It works for almost every country, but you need to have the knowledge of how to use in Australia to buy Bitcoins safely, due to to different in payment processors online.
What’s even better, registration is not required for you to swap or buy cryptocurrencies instantly with this platform, while in Australia.
Even if you already have other altcoins, you can still swap them for Bitcoins, otherwise, you will need a VISA/MasterCard credit or debit card.
However, this service is limited to a few countries such as; US, UK, Russia, Japan and Australia.
Another thing I like about CoinSwitch is its flat fee of 0.0-0.5% for each transaction, and there are no additional withdrawal fees or commissions.
If you use my link below, the both of us will earn free $5 worth of BTC when you purchase up-to $100+ Bitcoins on the platform.
Buy Bitcoin with cash in Australia (Coinbase)
Based in San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange in the United State, but also work in Australia.
Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous exchange platform.
Just make an account, link your preferred payment method (likely a Bank account), then you can start purchasing any amount of Bitcoin as you wish.
Please note that if you are based in the United States, most credit card purchases are disabled.
For AML reasons, Coinbase, like most exchanges, requires that you go through a process known as KYC (Know your Customer), where users need to submit a picture of their ID and other information for verification purposes.
When it comes to fees, this will depend on the payment method used. When paying with cash, the bank charges 1.49%, and on credit or debit card purchases, you should expect up-to 3.99%.
Purchase limits depend on your accounts verification level, with the highest tier of verification allowing you to buy up-to $50,000 worth of BTC to be purchased daily.
Buy Bitcoin with PayPal in Australia (LocalBitcoins)
LocalBitcoins P2P (peer-to-peer) exchange that offers a trustworthy escrow service for individuals that wants to buy or sell Bitcoins.
On the exchange, users to trade among themselves, and because of the nature of transactions on the exchange, there is a resolution and feedback system, which is used to resolve disputes amongst people.
It also allows users to post a quick buy, or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading that you can still use to buy Bitcoin with PayPal.
LocalBitcoins is one of the better exchanges for users concerned with their privacy anonymity. Bitcoin is either purchased in person without linking an identity to an exchange, or you can still pay through cash deposit.
Buy Bitcoin with Altcoins in Australia (Changelly)
Changelly is one of my favourite service after CoinSwitch and am glad that it covers Australia too in its supported countries.
Here, you can simply sign-up using your email ID, and then swap any other supported cryptocurrency for Bitcoins if you have one.
If you don’t, you can buy Bitcoins using credit/debit cards as well – just like you would do with CoinSwitch, but the difference is that you will need to create an account on Changelly before doing any transaction on the platform.
You can check the exchange rates of USD/BTC using my link, and also decide for yourself when and how much of BTC you will buy, whenever you want.
Buy BTC with Bitcoin ATM in Australia
Bitcoin ATMs is one of the fastest and easiest ways to buy/sell Bitcoin in Australia. And the unique thing about Bitcoin ATMs is that, it does not require bank accounts to use it.
But you do need a reliable Bitcoin wallet to receive your Bitcoin, as soon as you’ve bought it.
If your choice is to buy BTC Bitcoin ATM, they you will need to check popular Bitcoin ATMs location services to find the closest Bitcoin ATM near you.
There are many different types of Bitcoin ATMs out there, each one comes with slightly different buying and selling process with unique level of verifications.
To help you buy Bitcoin with ATMs safely, it’s better to check out this comprehensive Bitcoin ATM guide.
Below are my answers to some of the frequently asked questions found online on how to buy Bitcoins in Australia.
How do you buy Bitcoin in Australia with BPay?
BPay is an electronic billing system used in Australia. CoinJar accepts this method, and in order to add a BPay account to CoinJar, head to their contact page and add a new BPay biller.
You’ll be asked to provide:
- BPAY Biller Code
- Reference Number
- Biller Nickname
- Verify your identity.
What is the best app to buy Bitcoin in Australia?
Out of the mentioned exchanges is Coinbase, and the only mobile app. It’s extremely popular and larger. Coinbase is used in more countries and it has a great reputation.
What is the Australian government’s stance on Bitcoin?
The Australian government has commented on Bitcoin in a few cases. On ato.gov, they mention Bitcoin tax implications.
They’ve even funded a Bitcoin exchange start-up with over $8.3 million in funding.
The service mentioned is TravelByBit and is a way to book activities such as flights, cruises, tours and more using cryptocurrency.
Is Bitcoin mining profitable in Australia?
While it is somewhat popular, the expensive electricity in Australia makes it difficult for individuals to mine Bitcoin for profit making.
Other countries such as China or Canada are better suited for mining as it much cheaper to mine.
How do Buy Bitcoin anonymously in Australia?
LocalBitcoins is probably your best method for this due to them allowing person to person transactions. The website requires some personal information, but requires much less than other options.
How to buy Bitcoin instantly in Australia?
Coinbase allows users with a linked credit or debit card to purchase Bitcoin instantly. This is great for buying the dip as you do not need to wait for your transaction to go through like on other exchanges.
Even if a bank account is used, the buy-in (or sell) price is locked while funds move between bank accounts.
What is the lowest fee exchange in Australia?
Of the mentioned exchanges, Coinbase seems to have the highest fees on purchases. Fees are one of the most important factors when choosing an exchange, so both are great options.
Which exchange in Australia has the best wallet?
It is strongly advised against to use any exchange wallets as they are very vulnerable to exchange hacks.
Due to the way cryptocurrency is stored (private key cryptography) you do not truly own your funds when they are on an exchange.
Coinbase insures their customer’s funds through Lloyds of London, but even then it is better to be in charge of your funds by storing them in a secure wallet.
Why doesn’t Coinbase accept my Australian credit card? Due to complaints from certain credit card companies, Coinbase had to remove credit cards as a purchase method. Debit cards are still a great option.
Buying Bitcoin in Australia
Australia is gradually becoming a Bitcoin hub, creating and enabling an environment for cryptocurrency. The Australian economy as regard Bitcoin has gone through several phases before getting to what it is today.
These stages can be described as that which is steady and progressive as the country is now gradually becoming a Bitcoin Hub, an attempt would be made to consider how the country has grown through several phases.
Buying Bitcoins around the world has become simpler over the years and Australia is not an exception.
There might be some other domestic services in Australia that serve this purpose too, but They’re not listed here as am not sure of them.
Though, you can still share with me if you know any one of the services that are as reliable the ones listed in this post.
Lastly, never store your Bitcoins in any of the wallets provided by some of these services, because these are all hosted by third-party services, and can be hacked any time.
Your Bitcoins will be safe only as long as they are not getting hacked which is risky, and that’s why you should get an offline wallet to safely store your Bitcoin investment away from theft.