How to Buy Bitcoin in Australia

Bitcoin (BTC) is the largest cryptocurrency by market capitalisation. Owing to the insane popularity of this digital gold, you will easily find Bitcoin listed on almost every cryptocurrency exchange. This creates a challenge, especially for newcomers, to identify the best platform out of the entire pool of platforms operating in the market.

For this purpose, we have curated this comprehensive guide, disclosing the best Bitcoin exchanges and brokers to use in Australia when buying Bitcoin. These exchanges have been cherry-picked based on multiple essential parameters. Moving forward, you will find other ways to earn money with Bitcoin in 2024.

Best Exchanges to Buy Bitcoin in Australia

	Name	Score	Visit	Disclaimer
	1eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.
	2Plus500 CFD Broker	9.8	Visitplus500.com					82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
	3Pepperstone	9.0	Visitpepperstone.com					Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
	4Eightcap	8.8	Visiteightcap.com
	5Webull	8.3	Visitwebull.com
	6Coinbase	8.4	Visitcoinbase.com
	7Changelly	7.4	VisitChangelly.com
	8Trading 212	8.4	Visittrading212.com					CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Platforms to Buy and Trade Bitcoin in Australia

This part of the guide walks you through the top platforms for buying or trading Bitcoin in Australia.

Buy Bitcoin Using Cryptocurrency Brokers in Australia - The Easiest Way

It is easy to use a cryptocurrency broker to acquire Bitcoin because of the simple sign-up process and multiple deposit methods available. The most convenient platforms are listed in the table below:

eToro

eToro is the most beginner-friendly platform as it offers an educational section containing many courses. Moreover, you can open a demo account to test the trading app before risking real money.

Binance

Binance is one of the renowned cryptocurrency exchanges with ultra-low trading fees and intuitive trading interfaces. On top of that, the platform supports multiple trading pairs for Bitcoin, making it convenient to convert most coins into BTC.

Coinbase

One of the top choices is Coinbase because the platform provides a premium service for beginners with its simple interfaces, quick deposit times, and educational content. Also, their Coinbase Pro app comes with charts and multiple order types that can help buy Bitcoin.

Buy Bitcoin on eToro: Step-By-Step Guide

Step 1: Open eToro

Go to the official eToro website and press the “Start Investing” button at the centre of the screen. Now type in your username, email, and password, and accept the terms & conditions. Next, access your dashboard and verify your email.

Step 2: Verify Your Identity

Provide eToro with your personal information like your name, surname, and physical address. Then verify your identity by uploading a picture of your passport, driver’s license, or ID card.

Step 3: Deposit

Using one of the deposit methods available, deposit funds into eToro. The platform accepts bank transfers, debit cards, PayPal, and various online banking apps.

Step 4: Buy Bitcoin

Head to the cryptocurrency section and select Bitcoin. Click “Trade” and input how much money you want to convert to BTC. Finally, press “Open Trade” to acquire the crypto.

Step 5: Send Bitcoin to a Wallet

To send Bitcoin to your wallet, go to the cryptocurrency tab and choose BTC. Then click “Transfer to Wallet” and the specified amount to send.

Buy Bitcoin On eToro Now

Best Wallet to Buy and Store Bitcoin in Australia - Bitcoin Wallet Comparison

Bitcoin wallets are software or hardware devices that store your cryptocurrency investments. The wallets offer superior protection because you have the custody of keys (instead of exchanges) to access the coins. Remember, not your keys, not your crypto. Therefore, it is better to withdraw to a personal crypto wallet. The wallets listed below can be used to store Bitcoin and other cryptocurrencies.

How to Sell Bitcoin in 2024 Using eToro?

Selling coins like BTC is a smooth process with eToro. Here’s a simple guideline for cashing out your investment:

• Step 1: Sign in to eToro and head over to the cryptocurrencies tab. Select BTC to open the trading interface.

• Step 2: At the top of the page, select the sell option and input the amount of BTC to exchange. Review the order and press “Open Trade” to finish.

For more information, feel free to check out this comprehensive post How to Sell Bitcoin in Australia

Buy and Sell Bitcoin in Australia Using CFDs - Best for Trading

Contract for difference (CFD) is a different way of investing in Bitcoin. These contracts are issued by crypto brokers like eToro, Plus500, and Eightcap. However, with this method, you cannot spend your Bitcoin because you are purchasing a derivative product.

eToro

eToro is brilliant for investing due to its straightforward trading interfaces and deposit methods. Also, they’re the only broker that allows you to withdraw to their cryptocurrency wallet.

Plus500

Plus500 lets you set up alerts, indicators, and view the trading graph to help trade. Moreover, beginners can always access a demo account, numerous courses, news articles, and analytics. Also, you can set up price alerts on assets you want to track.

Eightcap

Eightcap has many useful features like trade order types, different trading software, educational content, and a news section. It also comes with an interactive smartphone app that lets you trade while on the go.

Best Apps to Buy Bitcoin in Australia - Most Convenient

Trading on a smartphone app is convenient with the listed options underneath. They all provide interactive screens, Bitcoin trading, and popular deposit methods. Also, some of the exchanges have an instant buy section, letting you conveniently use a bank card to buy BTC. We selected some of the best Bitcoin apps in Australia to help you decide in terms of fees and some other considerations.

Top 3 Bitcoin apps in Australia

Buy Bitcoin on eToro App in Australia: Step-By-Step Guide

Step 1: Create an Account

Sign up for a new account with eToro and provide your personal details.

Step 2: Verification

Next, verify your information so you can begin trading BTC.

Step 3: Deposit Money

Then deposit money into your account using one of the multiple payment methods.

Step 4: Buy BTC

Open the cryptocurrency section and find BTC. Click on the crypto, and a buy page will prompt up. Now input the amount you want to purchase and click “Open Trade” to finish.

Buy Bitcoin On eToro Now

Buy Bitcoin With Exchanges in Australia- The Cheapest Way

Cryptocurrency exchanges offer the best trading experience and competitive fee rates. After searching across all the available options in Australia, we have shortlisted Binance, KuCoin, and Kraken as the most cost-effective platforms to buy Bitcoin.

Buy Bitcoin on Binance in Australia: Step-by-Step Guide

Step 1: Open Binance and Register.

Go to the Binance homepage and press the register button at the top. Then provide your email and a password. Next, verify your email address and provide Binance with information about yourself. Then verify your identity by uploading a picture of your government-issued document.

Step 2: Deposit

Now, deposit funds into Binance using your preferred payment method.

Step 3: Open the Trading Interface

Next, open the trading interface and search for BTC. Then click the relevant trading pair to the currency you’ve deposited.

Step 4: Complete the Trade

Finally, fill out the box at the centre of the screen. Choose the order type and the amount of money you want to exchange, then click the “Buy” button to complete the transaction.

Step 5: Confirm the Transaction Using the Blockchain Explorer

Blockchain technology is exceptionally transparent, and you can view all historical transactions executed on the network. Simply navigate to the blockchain explorer to view the record of the transactions. For example, you can use BTCScan to track Bitcoin transactions, Etherscan to track Ethereum transactions, and BscScan to track BNB transactions.

Buy Bitcoin On Binance

Buy Bitcoin Using Decentralized Exchanges (DEX) in Australia - The New Way

DEXs (Decentralized exchanges) are dApps built on top of a blockchain network like Ethereum or BNB Smart Chain that facilitate trade orders using a liquidity pool system. You can start using a DEX by connecting your decentralised wallet like MetaMask to the Dapp. Decentralised exchanges do not require ID verification and are not regulated. The most user-friendly decentralised exchanges to buy Bitcoin are listed below:

Can You Buy Bitcoin Using P2P Services in Australia?

Peer-to-peer platforms connect buyers and sellers for a small fee. You can purchase Bitcoin from verified sellers with a set price for each coin.

Can You Buy Bitcoin Using Other Trading Platforms in Australia?

Bitcoin being the first cryptocurrency ever created and having the largest market cap, it’s listed on most platforms offering cryptocurrencies. The table below will disclose the fees and if BTC is listed in their exchange.

What Is the Difference Between Buying Bitcoin and CFDs?

When you purchase Bitcoin from an exchange, you can withdraw, spend, lend, or store it. However, with a derivative product like CFDs, you cannot move your coins and must leave your invested funds within the broker. Buying CFDs means you will be invested in Bitcoin while not actually owning it.

Best Ways to Buy Bitcoin in Australia

Here is a rundown of the top platforms for specific payment methods when buying Bitcoin.

Buy Bitcoin Instantly With Online Banking in Australia- The Fastest Way

Online banking is a popular deposit method because it’s fast and cheap. Coinbase is the overall best platform for buying Bitcoin via this payment option because it's secure, straightforward to set up, and you can use recurring payments.

Buy Bitcoin With PayPal in Australia - The Safest Way

You cannot directly buy Bitcoin from PayPal if you are a resident of Australia. However, you can use PayPal as a deposit method to fund your cryptocurrency exchange account with fiat like AUD and then use the account balance to buy Bitcoin.

Buy Bitcoin Using a Debit Card in Australia - The Cheapest Way

The most low-cost way to buy BTC with a debit card is to use it as a deposit method on Coinbase. Also, avoid using instant buy sections as they have significantly higher fees than the spot trading platform.

Buy Bitcoin Using a Credit Card in Australia

Crypto.com is a premium exchange offering several Bitcoin trading pairs at competitive fee rates. The platform accepts multiple funding methods, including credit cards.

Best Platforms to Buy Bitcoin in Other Countries

Laws and regulations can impact the accessibility of exchanges worldwide. Therefore, the top provider in each country will vary based on the nation’s individual cryptocurrency regulations. Here you can explore the best platforms to use along with the starting fee rates.

What Are the Fees When Trading Bitcoin in Australia?

This table calculates the costs of buying 1000 AUD worth of Bitcoin and holding it for 30-days.

Cheapest Way to Buy Bitcoin in Australia

Crypto exchanges have the best fee structures that work on a tier-based system. This means if you have a high 30-day trading volume, you’ll receive better fee rates when buying Bitcoin.

Moreover, exchanges like KuCoin and Binance have their native cryptocurrencies that can be used for paying trading fees to enjoy an additional discount on trading fees. KCS (the native token of Kucoin) gives a 20% discount, while BNB (the native token of Binance) gives 25% off.

Fastest Way to Buy Bitcoin in Australia

The platforms discussed in this section offer fast sign-up processes and easy-to-use trading interface. Also, all these platforms provide educational resources as a bonus for users who want to improve their crypto literacy and investment knowledge. The fastest broker is eToro, followed by Coinbase and Crypto.com.

How to Buy Bitcoin Anonymously in Australia?

This section covers the top platforms for buying Bitcoin anonymously or without ID verification.

How to Buy Bitcoin Without Registration or KYC in Australia?

You can use a decentralised exchange to avoid creating an account or fulfilling the KYC process. These dApps are not owned by a central company, and they do not require verifying your identity to use.

How to Buy Bitcoin Without Verification in Australia?

Most cryptocurrency exchanges (centralised) require the users to complete the KYC verification to start trading cryptocurrencies like Bitcoin, depositing fiat currency, and executing withdrawals. However, some exchanges like Kucoin allow P2P crypto trading without KYC verification.

Can You Buy Bitcoin Offline in Australia?

Although you cannot buy Bitcoin offline since all cryptocurrency platforms need an internet connection to function, you can try paper wallets. Paper wallets can be used to receive (not buy) Bitcoins in an offline environment.

Should You Buy or Sell Bitcoin?

Bitcoin is the most popular cryptocurrency owned by individuals, businesses, banks, and institutions. It has led and peaked in all bull runs since its creation. Therefore, most investors would consider Bitcoin an essential asset in their portfolio. If you’re undecided on BTC, here are some pros & cons:

Do You Need to Pay Tax on Bitcoin in Australia?

Australian Taxation Office (ATO) requires individuals to pay tax on net capital gains from selling, trading, spending or gifting cryptocurrency like Bitcoin. It is to be noted that the amount of tax is calculated based on your tax bracket and how long you hold. For more information, you should check the official website of ATO.

Bitcoin Price Prediction: What Is the Future of Bitcoin?

Speculating the future value of Bitcoin is challenging, and many experts have voiced their opinions. This section will cover what can impact BTC’s price.

What Impacts Bitcoin Price?

These are the five main factors that can swing Bitcoin’s value:

• Demand: Increased demand with lower supply grows Bitcoin’s price as investors are willing to pay more for each coin.

• Market status: Bitcoin performs best during bull runs as more money goes into the cryptocurrency market. On the other hand, Bitcoin loses tremendous value during bear markets as its price bottoms out.

• Regulations: Countries regulating and implementing new crypto laws can impact the growth of Bitcoin negatively or positively. Crypto-friendly nations have more potential investors, which increases the demand for Bitcoin.

• Adoption: Bitcoin becoming more adopted by individuals and businesses boosts its value as it gets utilised more.

• Influencers: Bitcoin trending on social media is great for increasing its popularity and demand on a global level. More people find the cryptocurrency market and begin exploring coins like Bitcoin.

Historical Bitcoin Course: Major Milestones in the History of Bitcoin:

Here, you can examine a few major milestones since Bitcoin’s creation:

Current Price Prediction News

Below, you can read about what experts have to say about the future potential of Bitcoin.

Other Ways to Make Money With Bitcoin in 2024

The following part of the guide shows alternative ways to earn money with Bitcoin.

Stake Bitcoin Using DeFi or CeFi

Unfortunately, Bitcoin cannot be staked as it uses a POW (Proof-of-work) consensus mechanism. Only those coins can be staked that operate on top of a blockchain network following a Proof-of-Stake consensus mechanism.

Buy Bitcoin Using ETPs (ETFs & ETNs)

Exchange-traded product (ETPs) are securities traded on the stock exchange. The best place to buy Bitcoin ETPs is 21Shares AG

Buy and Sell NFTs Using Bitcoin

While popular NFT marketplaces like OpenSea, Mintable, and Foundation only allow purchases with Ethereum, the closest any NFT project has come to Bitcoin is Stacks, which verifies NFT transactions on the Bitcoin blockchain. However, you, as a buyer, can only purchase in their native tokens called Stacks.

There is no marketplace where you can buy or sell NFTs with Bitcoin. Hence, you would need to convert your BTC to the NFT platform’s supported cryptocurrencies.

Buy Stocks and Shares in Companies Owning Bitcoin

Tesla is one of the largest global companies investing in Bitcoin. However, the company has sold 75% of its holdings to improve its liquidity position. You can buy their stock conveniently with eToro.

Bitcoin Mining

Bitcoin mining is a process in which your GPU solves complex cryptographic hash puzzles to verify transactions on the blockchain. In return, you are rewarded with Bitcoin for allocating your computational power.

Unfortunately, Bitcoin mining is not worth it today as you need to invest in expensive GPUs to be profitable. Also, Bitcoin’s halving is expected on May 4th, 2024. This is when mining each block becomes harder, and rewards are cut in half.

Use Bitcoin Faucets

Bitcoin faucets are platforms that offer a small amount of bitcoins after completing a quiz or a task. The best platforms to earn crypto rewards via faucets are Coinbase and Binance, as these two platforms have a great selection of quizzes to take. However, you are likely to earn different cryptocurrencies, which you can sell after for Bitcoin.

What Cryptocurrencies Are Similar to Bitcoin?

Here you’ll find different payment cryptocurrencies similar to Bitcoin that you may find interesting.

Is It Still Worth Investing in Bitcoin or Not?

Bitcoin is a behemoth in the cryptocurrency space in terms of its market cap and global adoption. It has performed best during bull runs and gathered a loyal community that supports a decentralised economy. Factoring in all aspects of Bitcoin, it’s definitely worth buying and holding long-term. Note: Not a Financial Advice (NFA).

FAQs

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