Summary: If you're looking to buy cryptocurrencies such as Bitcoin using cash, the first step is to register with a digital asset exchange registered with AUSTRAC. You can deposit AUD in cash onto a trading platform and swap these funds to purchase digital currencies. It is crucial to select a platform licensed by ASIC or AUSTRAC to ensure your transactions meet regulatory standards.
After conducting a thorough evaluation of top cryptocurrency exchanges that accept cash deposits, we have concluded that CoinSpot is the best choice. The platform accepts cash by using the newsagency franchise, BlueShyft. This method allows Aussies to deposit AUD in person at thousands of locations nationwide and receive the funds instantly in their CoinSpot accounts.
- Instant Australian Dollar (AUD) deposits with Cash to buy and sell over 380 cryptocurrencies.
- Regulated by AUSTRAC as a Digital Asset Service Provider and licensed by ASIC.
- Wide variety of features including Crypto Staking, NFT Marketplace & Wallet, Crypto ETFs and more.
Can I Buy Bitcoin with Cash (AUD)?
Yes, the only way to buy cryptocurrency with cash in Australia is through a digital asset exchange. Finding a trading platform licensed by the Australian Securities and Investments Commission (ASIC) or the Australian Transaction Reports and Analysis Centre (AUSTRAC) is important for maintaining regulatory compliance in Australia. Using a regulated exchange will also guarantee the security of your assets.
How to Buy Crypto with Cash in Australia
The best way for Australians to invest in cryptocurrencies, such as Bitcoin, using cash is through the CoinSpot exchange. CoinSpot facilitates immediate transactions in Australian dollars using cash deposits via 1500+ BlueShyft locations nationwide. This enables users to buy, sell, trade, and stake from a comprehensive selection of over 380 cryptocurrencies.
Here is a straightforward guide to begin trading a variety of cryptocurrencies:
- Sign up to the CoinSpot platform and verify your identity.
- Click 'Deposit Funds' and select the 'Cash' method.
- Input the amount of AUD you want to deposit, and copy your unique QR code.
- Find a 'Cash Deposit Location', and deposit AUD with the participating retailers.
- Once your funds have been deposited, head to the ‘Buy/Sell’ tab and invest in hundreds of tokens.
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Can I Sell BTC or Crypto for Cash in Australia?
There is no way for CoinSpot to repurchase Bitcoin or digital assets from you for cash as it has no physical locations to hand out money. You need to find a willing party that accepts your crypto in exchange for cash in a peer-to-peer trade like an unregulated P2P platform such as LocalBitcoins. However, we recommend avoiding this method as it is not secure.
Alternative Methods for Buying Crypto with Cash (AUD)
The only way to buy digital assets with cash is through Australian cryptocurrency exchanges, and there are only three platforms that accept this payment method. As previously mentioned, CoinSpot is the number one option for Aussie investors as it offers the lowest deposit fees, the widest range of assets, and the best security. However, the alternative two exchanges are CoinJar and Cointree.
Final Thoughts
To summarise, buying cryptocurrencies like Bitcoin with cash is straightforward and possible in Australia via a regulated digital asset exchange. The top-rated platform for such transactions, as established through our exhaustive evaluation, is CoinSpot, primarily due to its seamless integration with the BlueShyft news agency franchise, allowing in-person AUD cash deposits at thousands of locations.
You can buy, sell, trade, and stake a variety of over 380 cryptocurrencies after depositing cash into your account. However, selling digital assets for cash directly through CoinSpot is not possible as the platform does not have physical cash handout locations. We caution against insecure peer-to-peer trades on unregulated platforms.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
