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Buy Bitcoin in Australia

Buy Bitcoin in Australia

Sara White
Fact Checked
Dec 24, 2022

If you are buying Bitcoin in Australia, the most important decision you will make when investing for the first time is finding the right exchange.

With over 300 AUSTRAC licensed Bitcoin trading platforms in Australia, it can be extremely difficult to sift through the noise and find the right one. To help simplify things, we have outlined the 5 best Bitcoin exchanges.

  1. CoinSpot - Best Bitcoin platform to buy & stake.
  2. Bybit - Best way to trade Bitcoin derivatives contracts.
  3. eToro - Best way to buy Bitcoin stocks in Australia.
  4. SwyftX - Best alternative to CoinSpot.
  5. Independent Reserve - Best for Bitcoin SMSFs.

Best Crypto Investing Platform in Australia

  • Offers over 370 Cryptocurrencies for low trading fees starting at 0.1%
  • Crypto Staking, NFT Marketplace, NFT Wallets and other features.
  • Australia's most popular exchange with over 2.5 million users

Where to Buy Bitcoin in Australia

The best way to buy Bitcoin and Crypto is through Australia's largest and most popular crypto exchange CoinSpot. Their platform offers fast and cheap Australian Dollar (AUD) deposits via multiple deposit methods and have low trading fees starting at 0.1%.

To get started, simply follow our 4 step guide below:

  • Step 1: Sign up to the CoinSpot Australia trading platform.
  • Step 2: Deposit Australian Dollars (AUD) via Bank Transfer, Cash, POLi, PayID, SWIFT or BPAY. You can select any of these options on the CoinSpot Deposit dashboard.
  • Step 3: Once the AUD arrives in your account, select the 'Buy/Sell' button in the Menu. Find the cryptocurrency you want to buy, for example, Bitcoin, and select 'Buy'.
  • Step 4: Input the AUD amount of BTC you want to buy and execute the trade.
Buying Bitcoin on CoinSpot

Best Bitcoin Exchanges in Australia

The cards below are reviews of the best Bitcoin investing and trading platforms in Australia. You can quickly compare the top 5 Australian Bitcoin exchanges to get started.

#1 CoinSpot

Established in 2013, CoinSpot is one of the longer running Bitcoin and cryptocurrency exchanges in Australia. CoinSpot offer Bitcoin, Ethereum, Dogecoin and over 250 different cryptocurrencies with a simple and easy to use interface for beginners to buy Bitcoin and different digital assets.

Their exchange has quickly grown to be a favoured choice among retail investors due to the large range of cryptocurrencies and their easy to use CoinSpot App.

Pros

  • Over 300 Cryptocurrencies
  • Low fees starting at 0.1% for Market Buys
  • Clean and easy to use iOS/Android App
  • Crypto Staking available

Cons

  • Instant Buy fees are 1%
Visit CoinSpot

#2 Bybit Australia

Bybit Australia is a great cryptocurrency exchange for those looking to trade with AUD. The platform provides users with a secure and efficient trading experience, complete with advanced features such as margin trading, limit orders, and more. The user interface is straightforward and easy to navigate, making it ideal for novice traders.

Additionally, the fees are relatively low compared to other exchanges, ensuring that traders can maximize their profits. Furthermore, Bybit provides excellent customer support and has a helpful FAQ section available for users who need help navigating the platform. All in all, Bybit Australia is a reliable choice for those looking to trade digital currencies with AUD.

Pros

  • Great for advanced Bitcoin traders
  • Add up to 20x leverage on trades
  • Best depth for perpetual futures

Cons

  • Difficult for beginners
Visit Bybit Australia

#3 eToro Australia

eToro is the largest multi-asset brokerage platform in the world. They allow traders to leverage trade Bitcoin, cryptocurrencies, stocks, commodities and much more. Their platform is widely regarded for their low fees, fast fiat currency deposit and diverse selection of assets.

With eToro you can get access to real Bitcoin and Bitcoin related stocks like Microstrategy, Coinbase and Grayscale all in one platform.

Pros

  • Widest variety of assets
  • Sleek and easy to use app
  • Cheap AUD deposits

Cons

  • Spreads can get wide
Visit eToro

AFSL 491139.Capital at risk. See PDS and TMD.

#4 SwyftX

Swyftx are an exchange based in Brisbane, Queensland that boasts an easy to use trading platform with a wide range of cryptocurrencies, tiny spreads, low fees and strong liquidity.

Their platform has advanced order types such as stop losses, take profits that work well across mobile and desktop. They are well in tuned with the local community in Australia and regularly add new coins as requested by their userbase.

Pros

  • Over 250 cryptocurrencies
  • Low instant buy fees at 0.6%
  • Crypto staking for 30+ assets
  • Cheap AUD deposits for Credit Card and PayPal

Cons

  • User interface is cluttered
Visit SwyftX

#5 Independent Reserve

Independent Reserve are Australia's largest and most trusted OTC Desk for high-net worth investors and SMSF accounts. They provide the deepest liquidity for Australian to Bitcoin or Ethereum trades compared to any other platform.

They are the best Bitcoin OTC option for institutional investors and family offices.

Pros

  • Renown and trustworthy exchange
  • Best for Bitcoin OTC and large transactions
  • Very low fees and wide range of deposit options

Cons

  • Confusing and outdated user interface
Visit Independent Reserve

Is Buying Bitcoin Legal in Australia?

Yes, buying Bitcoin is legal in Australia. The Australian government has been supportive of cryptocurrency and blockchain technology, and has even invested in several blockchain startups.

It is also worth noting that the Australian Tax Office (ATO) has said that it will treat Bitcoin as an asset, and not as currency, for tax purposes. This means that you may be liable for capital gains tax when you sell or trade Bitcoin.

Best Bitcoin OTC Desk in Australia

If you are a high-net-worth person looking to buy Bitcoin shares (over $100,000 AUD) - we recommend you check out a Bitcoin OTC desk in Australia. Bitcoin OTC desks offer a personalised and secure service that enables you to buy over $100,000 AUD worth of Bitcoin without worrying about disrupting the order book or getting a bad price.

The best crypto trading platform  for institutional investors looking for the best OTC service is Independent Reserve. They offer white glove service, insurance on crypto assets, quick settlement and the most competitive pricing in Australia. You can purchase large amounts of BTC or crypto with a Bank Transfer from a Commonwealth Bank Account, ANZ Bank Account, NAB Bank Account or Westpac Bank Account.

Independent Reserve Bitcoin
Invest in BTC with a leading Australian OTC Desk.

How to buy Bitcoin with PayPal

The cheapest and fastest way to buy Crypto in Australia with PayPal is with eToro. They offer fast AUD deposits via your PayPal account and low fees to trade Bitcoin, Bitcoin stocks, traditional stocks, commodities, cryptocurrencies, ETFs and more.

You can sign up to eToro Australia, verify in minutes and start trading with an account funded via PayPal all in the same day.

eToro PayPal Deposit Option
eToro PayPal Deposit Option

SMSF Investing in Bitcoin

Tens of thousands of forward thinking Australian's are making the most of the tax advantages underpinning SMSF accounts to buy Bitcoin everyday. This thanks to the ATO's recent ruling that allows you to buy Bitcoin with your SMSF in Australia (max 90% allocation).

If you are looking to buy Bitcoin with your SMSF account, we would recommend CoinSpot in this instance thanks to their great onboarding process and friendly account managers.

Buying Bitcoin with a Credit Card or Debit Card

The best way to buy Bitcoin with a Debit Card or Credit Card is with SwyftX. They offer low fee Debit Card and Credit Card deposits and 0.6% trading fees to buy and sell over 300 digital assets including Bitcoin.

SwyftX are the only major Bitcoin exchange in Australia that supports Credit Cards or Debit Cards. As at time of writing, CoinSpot or Independent Reserve does not offer such a feature.

Final Thoughts

When it comes to buying Bitcoin in Australia, there are a wide range of options available. Whether you want to use a Bank Transfer, Credit Card or Debit Card, PayPal or even invest with your SMSF account, there is something for everyone.

We recommend using a trusted exchange such as eToro, SwyftX or CoinSpot to ensure your funds are secure and that you get the best possible price when buying Bitcoin. We also recommend using Independent Reserve if you want to buy large amounts of BTC or crypto with their OTC Desk as they provide the deepest liquidity and white-glove service.

Visit CoinSpot 

Sara White

I fell into crypto during the 2017 mania and have been around ever-since. I know write, research and publish my own reports on the digital asset ecosystem.

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