Buying Bitcoin and Crypto in Australia can be confusing because traditional investment onramps like CommSec and NAB Trade do not offer a way for investors to purchase digital assets.

There are over 250 different cryptocurrency exchanges in Australia that are regulated and safe to use for Bitcoin investing. To simplify things, the guide below provides a high-level overview of how to get started with Australia's best cryptocurrency exchange.

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How to buy Bitcoin in Australia

The safest and best way to start buying Bitcoin and Crypto is through Australia's largest and most popular digital asset trading platform 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 5 step guide below:

Step 1: Sign up to the CoinSpot Australia trading platform.

Buying Bitcoin on CoinSpot

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.

Deposit AUD to buy Bitcoin

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'.

Select the Crypto you want to Buy

Step 4: Input the AUD amount of BTC you want to buy and execute the trade.

Select 'Buy' and preview to execute your trade on CoinSpot.

Is Bitcoin Legal to buy in Australia?

Yes. In 2017, the Australian government issued a notice that Bitcoin was legal and subject to Capital Gains Tax (CGT). The Australian Taxation Office (ATO) then issued clear guidelines around cryptocurrency taxation shortly after, making it legal to buy Bitcoin in Australia and pay CGT on capital gains events.

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Best Exchanges to buy Bitcoin

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.

Buy Bitcoin and Stake BTC in Australia

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%
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
5 Star Buy Bitcoin Rating for Ease of Use
Visit CoinSpot

Trade Bitcoin with Leverage in Australia

FTX is one of the largest crypto trading platforms in the world that offers a very diverse product suite for advanced traders. Their platform allows users to not only buy and sell Bitcoin, but also take on a leveraged position, and even lend out your Bitcoin to earn interest.

Although the FTX Exchange is based in Hong Kong, they take direct AUD deposits with near instant settlement with certain deposit methods.

Pros

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

Cons

  • Difficult for beginners
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
4 Star Buy Bitcoin Rating for Privacy
Visit FTX Australia

Buy Bitcoin Stocks like Microstrategy with eToro

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
  • Zero fees on crypto and stock trading
  • Sleek and easy to use app
  • Cheap AUD deposits

Cons

  • Spreads can get wide
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
4 Star Buy Bitcoin Rating for Privacy
Visit eToro

Buy Bitcoin with a Credit Card or PayPal

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
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
4 Star Buy Bitcoin Rating for Privacy
Visit SwyftX

Buy Bitcoin with OTC with 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
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
4 Star Buy Bitcoin Rating for Privacy
Visit Independent Reserve

Buying Bitcoin OTC in Australia

‚ÄćIf 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.

Buy Bitcoin Finder’s recommended exchange 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.

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How to buy Bitcoin with PayPal

The cheapest and fastest way to buy Bitcoin with PayPal is with eToro. They offer fast AUD deposits via your PayPal account and zero 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.

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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.

Visit CoinSpot 

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