Bitcoin has grown exponentially since its launch in 2009, becoming a disruptive technology that is transforming the banking sector, providing a cheaper means of global payments, and the source of a digital downturn.
As the first digital currency grows, the number of ways to acquire it also doubles. Today, there are several ways to buy Bitcoin on different platforms and in many countries.
This guide shows how to buy bitcoin in Australia. It goes into regional specifics, fees, regulations, and platforms.
How to buy Bitcoin in Australia
The easiest way to buy Bitcoin in Australia is to buy online from a cryptocurrency exchange.
Exchanges make buying and selling Bitcoin and other cryptocurrencies easy from your smartphone, tablet, or computer.
how to buy cryptocurrency in AustraliaCheck out our recommended platforms below and follow the steps to buy Bitcoin safely in Australia.
1. choose a platform
The platform you choose should work specifically in Australia. It should operate under financial services laws and ideally be regulated by a local government agency or a body recognized by local authorities.
The providers we have selected meet all of these criteria.
2. create and fund your account
Enter your name, contact information, and other details in the registration form that usually appears after you click the Register button on the main page.
To fund your account, you will need to pass KYC verification by submitting identity and address documents such as ID and utility bills.
3. buy bitcoin Australia
Go to the "Explore" or "Discover your account" page and search for Bitcoin. Depending on the platform, you may see indicators such as BTC / AUD or BTC-USDT.
Buy Bitcoin directly with a funding method of your choice or from your account balance.
Where can you buy Bitcoin in Australia?Australian citizens have access to a variety of crypto platforms that support the purchase of Bitcoin. In addition, ATMs for Bitcoin have been set up in major cities.
The best places to buy bitcoin in Australia
1. eToro - the best place ever to buy bitcoin in Australia.
eToro is a social investment platform that allows its users to buy cryptocurrencies through an easy-to-use mobile application. The platform differs from its competitors with its social features, copy trading, and thematic investments.
EToro's social features go beyond creating a community and allow users to copy the investment decisions of their more experienced peers. Buying Bitcoin is one thing, buying it and selling it profitably is quite another and with eToro, you can.
The platform offers users more than 70 cryptocurrencies along with a range of other investment assets such as stocks, commodities, and ETFs.
You can search for Bitcoin in the Discover section and buy it directly with fiat.
Direct transfers from fiat currencies to cryptocurrencies cost 1% of the transaction value. In special cases, additional fees may apply, for example, Luna Classic transactions are charged an additional 0.6%.
Operating fee due to the 1.2% burn tax introduced by Blockchain until the total supply of 10 billion coins is reached.
The deposit methods are through credit cards, PayPal, poly, or by bank transfer, Skrill and Neteller. With Skrill, Neteller, and bank transfers, you can only use US dollars, British pounds, and euros, so there is a transfer fee for transactions in Australian dollars.
The original Australian dollars can be sent directly using credit cards, PayPal and Poli.
Deposits are free at the end of eToro, but payment providers may charge transaction fees.
The minimum initial deposit is 10 dollars (15.03 Australian dollars), and subsequent deposits must be at least 50 dollars (75.14 Australian dollars) or 500 dollars (751.40 Australian dollars) if By credit card at the time of writing this article.
EToro is regulated in Australia by the Australian Securities and Investment Commission ( ASIC ) and Australian Financial Services.
The advantages
- Has a mobile app.
- Very well organized and reliable.
- The social investment feature allows you to copy other people's trades.
- Low minimum deposit of 10 USD.
Disadvantages
- Limited choice of encryptions.
- Limited original payment methods in Australian dollars.
2. binance - the cheapest way to buy bitcoin in Australia
Binance is a Goliath among cryptocurrency exchanges with more than 600 cryptocurrencies, many NFTs, vanilla options, and even an automated trading service. It is the place to go for cryptocurrencies in most parts of the world.
Apart from its huge size and impressive collection, Binance also charges the lowest fees on our list. You can buy bitcoin at the market price through the classic trading terminal with a fee of 0.1%, much lower than its competitors.
For deposits, Binance accepts original Australian dollar deposits via bank transfers, credit cards, and third-party providers like Simplex and Poli. Deposit limits are AUD 25- AUD 20,000 for credit card payments.
Payment providers may also charge a fee. It is known that credit card transactions incur 1.8% of the transaction value, while bank transfers incur one dollar per transaction for both purchases and sales.
To avoid these fees, you can use the peer-to-peer market to replenish your account. This market connects individual buyers and sellers of cryptocurrencies around the world.
You can choose which cryptocurrency and fiat currency you want to trade and trade with other users with the same currencies.
The deposit fee on P2P is minimal, if any, as you can send a legal order locally to your counterparty and receive cryptocurrencies in return, while Binance as a guaranteed service ensures that everyone gets their fees.
The advantages
- An extensive crypto collection of more than 600 coins.
- The spot market fee is low at 0.1٪.
- P2P market for cheaper deposits and withdrawals.
- A powerful platform for saving, earning, and saving.
Cons
When the network is crowded, cryptocurrency withdrawals might get pricey.
3. Coinbase, which is the simplest option to purchase Bitcoin in Australia
With more than 190 cryptocurrencies available, including Bitcoin, Coinbase is a US-based cryptocurrency exchange.
The platform is well renowned for being incredibly user-friendly and is a fantastic choice for beginners.
Coinbase offers common traditional transfer methods like bank transfers, credit cards, and wire transfers, making it simple to make deposits on the site.
The transfer fee is 10 US dollars (15.03 Australian dollars) for bank transfers and costs 2.49% for credit cards.
For bank transfers, the withdrawal fee is 25 USD (37.57 AUD), but it is 2.49% for credit cards.
Adding funds to your Coinbase balance using a bank account allows you to purchase.
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