Buy Bitcoin and Crypto with Cash in Australia

Buy Bitcoin and Crypto with Cash in Australia

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December 24, 2022
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Summary: The best way to buy Cryptocurrencies with a Cash Deposit in Australia is through a regulated Australian digital currency exchange. With this method, investors can deposit Australian Dollars at participating Newsagencies and Blueshyftx retailers that will get credited to a cryptocurrency exchange.

Our top pick for cash deposits in Australia is CoinSpot. They offer instant and cheap AUD cash deposits and thousands of news agencies across the country to trade 370+ crypto assets.

Table of Contents

Best Crypto Exchange for Cash Deposits

Platform Highlights

  • Instant Australian Dollar (AUD) deposits with Cash to buy and sell over 370 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.

Is buying Bitcoin or Crypto with cash safe?

Buying Bitcoin and other cryptocurrencies with cash is safe when you use a licensed digital asset trading platform like CoinSpot. It is not safe when you use P2P exchanges like Paxful or Local Bitcoins, because meeting with a vendor in person to exchange is incredibly dangerous. We recommend avoiding P2P platforms entirely if you are an Aussie investor looking to buy crypto with cash.

How to buy Crypto with Cash Deposit in Australia

The easiest way to buy Cryptocurrencies with cash is through Australia's largest exchange CoinSpot. Their platform allows you to deposit AUD to a local Post Office (BlueShyft Location) that will get loaded instantly onto their exchange. This will allow you to trade over 350 different tokens and even stake them to earn passive income. To get started, follow this simple guide:

  1. Sign up to the CoinSpot platform and verify your identity.
  2. Click 'Deposit Funds' and select the 'Cash' method.
  3. Input the amount of AUD you want to deposit, and copy your unique QR code.
  4. Find a 'Cash Deposit Location' in the map at the bottom of your screen.
  5. You can deposit AUD with any of these participating retailers via BlueShyft and it will be instantly loaded to your CoinSpot account.
How to buy Crypto with Cash Deposit in Australia.
How to buy Crypto with Cash Deposit in Australia.

CoinSpot Cash Deposit Fees

The cash deposit fee when you deposit AUD with BlueShyft is a flat 2.5% per transaction. This may seem expensive, but other platforms charge up to 4% and offer less cryptocurrencies with worse trading fees on the platform. The cash deposit limit to buy cryptocurrencies on CoinSpot is $10,000 AUD per day. This limit may be raised if you contact their support team.

CoinSpot Fees Schedule.
CoinSpot Fees Schedule.

Can I sell BTC or Crypto to Cash in Australia?

There is no way to sell you Bitcoin or digital assets back into Cash with platforms like CoinSpot, Digital Surge or SwyftX. You would need to find a willing party that would accept your Crypto in exchange for cash in a peer-to-peer trade.

Final Thoughts

Cash deposits are a popular way to buy cryptocurrencies in Australia. The process involves depositing your AUD at one of thousands of participating stores, with fees that begin from as low as 2.5%. CoinSpot is our top pick for cash deposits in Australia and allow you to deposit up to $10,000 AUD per day.

That said, there is no way to convert your digital assets back into cash, so you will need to find a peer-to-peer trade if you want to liquidate your crypto holdings.


Adrian Graham

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.

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