Summary: If you're interested in purchasing cryptocurrencies like Bitcoin using a Credit Card, the initial step is to sign up with a digital asset exchange approved by AUSTRAC. With this approach, you can deposit AUD onto a trading platform through with a credit card, and subsequently use these funds to buy digital currencies. Choosing a platform licensed by ASIC or AUSTRAC is vital to ensure regulatory compliance.
Upon a comprehensive review of the leading cryptocurrency exchanges that accept credit card deposits, we've determined that Bybit is the best option. Bybit enables quick and fee-free AUD deposits through credit cards, making it possible for you to buy digital currencies at a negligible fee of only 0.1% of your entire transaction amount.
- Free and instant Australian Dollar (AUD) deposits via Visa, Mastercard and Maestro Credit Cards.
- Buy, sell and trade over 770 cryptocurrencies and stablecoins with low fees from 0.1%.
- Regulated and trusted exchange with over 18 million users.
Can I Buy Bitcoin with a Credit Card?
Yes, buying and trading cryptocurrencies with a credit card in Australia is legal. However, as part of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), Australian digital asset exchanges must be registered with AUSTRAC to offer their services legally within the country. This means you must verify your identity on the platform before buying crypto with a credit card.
How to Buy Crypto with a Credit Card in Australia
One of the most straightforward and fastest methods for Australians to purchase cryptocurrencies, such as Bitcoin, with credit cards is via the Bybit exchange. Bybit enables instant transactions in Australian dollars using multiple card types, such as Visa, Mastercard, and Maestro, allowing users to buy, sell, trade, and stake from an extensive choice of over 770 cryptocurrencies.
Here is a simple guide to start trading a multitude of cryptocurrencies on Bybit:
- Sign up on Bybit using your email address and create a password.
- Click on 'Buy Crypto', then 'One-Click Buy', and select 'AUD' as your desired currency.
- Choose 'Credit Card' as your deposit method and look for the cryptocurrency you want.
- Specify the amount you'd like to purchase and click on 'Buy'.
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Buy Crypto with Credit Card Fees
Bybit is one of the most affordable cryptocurrency exchanges globally as it provides free and instant Australian Dollar deposits via credit card. The only fee applied to the trading process is buying crypto through spot markets, which will incur a 1% fee. If you want to use your funds to trade derivatives, the maker fee is 0.01% and the taker is 0.06%. Compared to other trading platforms, Bybit has competitively low costs.
Is it risky to buy Crypto with a Credit Card?
Buying cryptocurrency with a credit card can be safe if you take the necessary precautions. However, it is important to be aware that buying digital currency with this method may also be more risky than other methods, as credit card transactions are generally not reversible, and you may be more vulnerable to fraud or different types of losses.
To help protect yourself when buying cryptocurrency with a credit card, you should:
- Use a credit card from a reputable financial institution and ensure your credit card information is secure.
- Only buy cryptocurrency from reputable exchanges or brokers with a good track record and are regulated by AUSTRAC in Australia.
- Carefully review the terms and conditions of any cryptocurrency purchase, including any applicable fees or charges.
- Keep your credit card information and other personal financial information safe by using strong passwords and enabling two-factor authentication whenever possible.
- Monitor your credit card statements and account balances regularly to ensure you know of any unauthorised transactions or other issues.
Final Thoughts
To summarise, buying cryptocurrency with a credit card can be a convenient and secure way to get started investing in digital assets. The number one choice for Aussie investors is the Bybit exchange, as it is Australia’s largest and most secure trading platform. It offers zero fees to deposit via card and supports over 770 cryptocurrencies like Bitcoin, Ethereum and Solana.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
