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Buy USDC in Australia

Buy USDC in Australia

Adrian Graham
Fact Checked
Dec 27, 2022

Summary: The safest and easiest way to buy USDC (USD Coin) in Australia is through a crypto exchange that is licensed and regulated by AUSTRAC. With this method, users can securely deposit AUD to buy, sell and hold stablecoins like USDC, and enjoy competitive rates in the process.

Our top pick for Australian investors looking to buy USDC is CoinSpot. They are Australia's largest crypto exchange with over 2.5 million users that offers fast and cheap AUD deposits to buy USDC and over 370 other cryptocurrencies. CoinSpot is licensed by AUSTRAC & ASIC and are based in Melbourne.

Table of Contents

Best Exchange to Buy USDC in Australia

Platform Highlights

  • Instant Australian Dollar (AUD) deposits with 10+ payment methods to buy USDC and 370+ other cryptos.
  • 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 USDC Legal in Australia?

Yes, USDC and other stablecoins are legal in Australia. In general, stablecoins are digital currencies that are pegged to the value of a specific asset, such as the US dollar, and are intended to maintain a stable value.

In Australia, the Australian Securities and Investments Commission (ASIC) is responsible for regulating the use of digital currencies, including stablecoins. According to ASIC, the use of stablecoins is generally not prohibited in Australia, but it is important for individuals and businesses to understand the risks associated with using these types of digital currencies and to ensure that they comply with any applicable laws and regulations.

How to buy USDC in Australia

The best overall way to buy USDC in Australia (and other stablecoins) is with the CoinSpot exchange. They offer instant and free AUD deposits to buy USDC and 370 other crypto assets on their secure and regulated trading platform. The exchange also offers secure USDC staking, the ability to buy NFTs with USDC, OTC USDC buying and much more.

You can get started in 4 simple steps:

  1. Sign up to CoinSpot Australia and verify your identity.
  2. Select the 'Deposit Funds' button once your account is verified. You can now deposit AUD with a variety of different methods.
  3. Once the AUD hits your account, select the 'BUY/SELL' button in the navigation to find USDC.
  4. Input the AUD amount of USDC you want to buy and execute your order.
Buy USDC in Australia
How to Buy USDC in Australia in 4 steps.

What are the fees to buy USDC in Australia?

The fees to buy USDC with CoinSpot depend on the payment method you choose. For example, if you use a Bank Transfer to deposit AUD into your account, there are zero fees. If you use a debit card or credit card, the fees are 1.49%. You can read our full CoinSpot Review for more details on deposit types and corresponding fees.

That said, once your funds are deposited on the platform, you will only pay a 0.1% fee if you buy USDC with a market order. For instant buys, users will pay a 1% fee to buy, sell or swap USDC and other tokens.

Best USDC Staking Platform in Australia

The best way to stake USDC in Australia is through a secure decentralised finance application. We recommend avoiding many centralised staking providers after the collapse of BlockFi, FTX and other lenders due to malpractice.

The most popular platform to deposit USDC and earn yield is AAVE. AAVE, or Aave, is a decentralized finance (DeFi) protocol that allows users to lend and borrow cryptocurrencies. It is a platform that allows users to earn interest on their idle cryptocurrency assets by lending them to borrowers, and allows borrowers to access cryptocurrency loans using their crypto assets as collateral.

USDC AAVE staking
Deposit USDC on AAVE to earn yield.

Final Thoughts

USDC is a stablecoin that provides users with the ability to store value in a digital form that is backed by the US dollar. In Australia, USDC and other stablecoins are legal, but it is important for individuals and businesses to understand the risks associated with using these types of digital currencies and to ensure that they comply with any applicable laws and regulations.

The best way to buy USDC in Australia is with CoinSpot, as they offer zero fee AUD deposits and low trading fees on their secure and regulated exchange. The best way to earn yield with USDC is through a secure decentralised finance application, such as Aave. With this platform, you can deposit your USDC and earn yield without the risk of a centralised provider collapsing.

Overall, USDC is a great stablecoin for Australians to use and it provides a secure and reliable option for storing value. With the right platform, users can also take advantage of additional features such as staking, lending, and trading.

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Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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