10 Best Choices To Buy Bitcoin in Australia [Just Updated]

Buy Bitcoin in Australia [10 Best Choices]

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02/17/20 9:50 AM 2020-02-17 09:51:28
In this guide we will talk about all the ways you can buy Bitcoin in Australia (AUD) right through your preferred form of payment. Let’s find out! Bitcoin has come a long way from being worth a mer

In this guide we will talk about all the ways you can buy Bitcoin in Australia (AUD) right through your preferred form of payment. Let’s find out!

Bitcoin has come a long way from being worth a mere few cents to crossing $10,000 USD as of now. Trading has become more established and in case of most jurisdictions, it has become more than easy to cash out your Bitcoins. To get into the game, you need to know how to buy bitcoin in Australia easily.

Is Buying Bitcoin legal in Australia?

Cryptocurrencies and exchanges are legal in Australia, and the country has been progressive in its implementation of cryptocurrency regulations. In 2017, Australia’s government declared that cryptocurrencies were legal and specifically stated that Bitcoin (and cryptocurrencies that shared its characteristics) should be treated as property, and subject to Capital Gains Tax (CGT).

How do I buy Bitcoin in Australia?

10 Best Choices To Buy Bitcoin in Australia [Just Updated]

# 1 Kraken

Although a US-based cryptocurrency exchange, Kraken recently acquired one of the leading cryptocurrency firms in Australia called BitTrade, allowing Kraken to now offer its services to Australia with a great native team, seamless AUD liquidity and best trading rates in the region. As of 2019, it has a customer base of over 4 million users and offers its services in more than 190 countries along with a whopping trade size of over 50 billion USD, which is over 7 billion AUD.

You can fund your account through deposits that you can simply make with your bank account. Once the deposit is made, you can purchase your bitcoins and there you have it, you own bitcoins now! The process is extremely simple and available rates are competitive.

Pros:

  • Great native support
  • Well financed exchange and highly liquidated.
  • Lower fees structure.
  • Audited exchange.

Cons:

  • Requires ID verification.

# 2 Binance

Binance is a similar centralized exchange for cryptocurrency trading. It hosts over 100 cryptocurrencies and some fiat pairs with a significantly large trading volume. It was established in 2017 and is headquartered in Malta, founded by Chinese Canadian business exec Changpeng Zhao.

In 2019, Binance launched Binance Lite for Australia to bring mainstream adoption of Bitcoin in Australia. It introduces the option to buy bitcoin using cash or through internet banking. There are multitude of physical news agents throughout the region and interested individuals can either choose to make in-person payments for their bitcoin in these designated locations or simply make an online bank transfer. The minimum purchase limit is $50, and the maximum limit is capped at $2000. It is a good starting point for beginners however, not well suited for seasoned traders and institutional investors looking to make larger volume purchases.

Pros:

  • AUD support.
  • In-person cash payment support.
  • Barrier to entry is low ($50).

Cons:

  • Not suitable ramp for larger traders

 

# 3 Cointree

Cointree is a regulated exchange based off in Melbourne. Founded in 2013, it has to date served over 1 million dollars’ worth of transactions. It specifically caters to an Australian audience and awards a $10 sign-up bonus.

You can purchase bitcoins through CoinTree by signing up and going through their KYC process. Once you are cleared and verified, you can go ahead and purchase Bitcoins. The available purchase options include mobile or internet banking. The daily limit for verified customers starts from $8000 daily and around AUD 20,000 weekly. However, the limits may vary based upon the usage and customer profile. CoinTree follows a tier system for users offering a variety of options of trade volume limits, buy/sell fees and referral commission based on frequency of usage.

Pros:

  • Easy to use.
  • Caters specially to Australian audience.
  • Decent beginners’ limits.

Cons:

  • Thorough KYC process hence not essentially anonymous.
  • Centralized.

# 4 Swyftx

Swyftx is an Australian cryptocurrency trading exchange. It offers close-to-none deposit and withdrawal fees with various tools for trading. It offers native support for AUD only and supports over 80 cryptocurrencies. As of 2019, it had a total trade volume of over 35 billion dollars.

It supports bank transfer, BPAY, PoLi, Osko and PayID for payment and purchases of bitcoins. You can make virtually cost-free purchases of bitcoin through Swyftx for orders over $200 with a daily limit capped at $100,000. However, purchases below $200 are charged with a flat $2 fee. It offers competitive pricing, reasonable fees and fast withdrawal and deposits. It requires a simple KYC process which is instant to setup and get through.

Pros:

  • Designed for Australian users and support for AUD.
  • Instant verification
  • Bigger limits for trading
  • Virtually cost-free

Cons:

  • Only accepts AUD. Exchange rates applicable for foreign currency.

 

# 5 Independent Reserve

Independent Reserve is an Australian bitcoin exchange designed for traders and institutional users of cryptocurrencies. If you are looking for competitive rates and higher liquidity with support catered for larger traders, Independent Reserve is the choice for you. It is audited and managed by a board of directors with over 20 years of experience in global markets.

It supports AUD along with support for NZD and USD. You are required to create an account and verify your identity through their KYC process. Once you are through with the process, you can deposit funds in AUD either through electronic fund transfer (EFT), SWIFT or PoLi. All purchases are virtually cost-free above the $10,000 mark. Smaller purchases incur charges between $0.99 and $3.33 depending upon the mode of deposit used.

Pros:

  • Great for bigger traders and institutions.
  • Higher trade limits.
  • Support for AUD.
  • Lower costs.

Cons:

  • Not suitable for individual or beginner traders.
  • Not private since requires thorough KYC.
  • Interface may be confusing for first timers.

 

# 6 Bitcoin Australia

Bitcoin Australia is a cryptocurrency exchange that is based Victoria, Australia. It provides multitude of options to purchase bitcoins through using local payment methods. You can choose to pay for your Bitcoins through PoLi, PayID, BPAY, credit card or debit card, or through cash via news agents. In credit card and debit card, VISA and Mastercard transactions are supported.

Currently the exchange only supports BTC and ETH. The fee structure is relatively costly and varies from method of deposit. It can range from 5% to 7% of the purchasing cost. Additional charges may also be levied from the banking agent. The funds are readily available in up to a 2-hour window if the order is placed during business hours, otherwise may take overnight. It requires a KYC process as well before purchases are made given it’s a regulated bitcoin exchange.

Pros:

  • Supports cash payment through physical location.
  •  Simple to use.
  • Supports various deposit and payment methods.

 

Cons:

  • Fees are quite high.
  • For traders looking for diversifying cryptocurrency investments, options are limited to BTC and ETH.

 

# 7 CoinJar

CoinJar was founded in 2013 and are registered in UK. However, they have global sites in Europe, UK and Australia. For Australian buyers, it offers currency pairs in AUD and competitive rates to purchase at. It has a multitude of cryptocurrencies available for trading such as BTC, ETH, LTC, XRP and many more. They also host an in-house support team in Australia to make the process for Australian users easier via constant native support. It has over 1.5 billion dollars’ worth of assets traded with $100 million under its custody. It offers extensive trading tools for seasoned investors and traders.

For buyers, it has virtually no deposit fees. Users can create an account and after the verification process, are able to easily purchase bitcoins through their platform by funding their account through various deposit methods that include Blueshyft, BPAY, PayID and NPP.

Pros:

  • Supports various cryptocurrency
  • Allows purchase through AUD
  • Instant deposits.
  • Virtually no deposit fees.

Cons:

  • Not open source (wallet).

# 8 CoinSpot

A local cryptocurrency exchange based off in Australia, CoinSpot offers purchasing bitcoin options directly through AUD. It supports more than 130 cryptocurrencies along with Bitcoin. The deposit fees are none for online bank transfers and PayID with a minimum deposit at $1 and maximum capped at  $20,000 and $2,000 respectively. Deposit fees between 0.9% and 2.5% are applicable for other methods of deposits like BPAY and Cash through Blueshyft.

Once you create your account and verify your identity, you can fund it through your preferred method of fund deposit and then make instant buy order for your required amount of BTC. The instant buy has charges of 1%. The fund availability in your account depends on the method of deposit you used and can range from a couple of minutes to at max 2 business days.

Pros:

  • Direct purchase support in AUD.
  • Low fees for deposits.
  • Easy interface.
  • Support for wide range of cryptocurrency

Cons:

  • Not suitable for advanced traders due to lack of appropriate features.
  • Rates are variable for purchases.
  • Not private due to KYC process involved.

# 9 LocalBitcoins

LocalBitcoins is a peer-to-peer exchange headquartered in Finland. It allows users to buy bitcoin and sell bitcoin, specifically bitcoins, through local vendors in their native currency. It is not regulated and hence increases the chances of default from the counterparty.

The exchange does not require extensive KYC verification for lower volume trades. However, for higher volume traders, extensive process is involved. It is relatively cheaper than most exchanges. There are no limits to number of bitcoins purchased or sold. It supports almost all forms of native transfer methods. The platform serves as an escrow. When a user engages in a buy order from another user, the seller’s BTC are held in escrow until the buyer makes the payment. Once the payment is verified by the seller, the seller releases the BTC to the buyer’s wallet. In case of dispute, either party can raise a dispute that are then looked into and resolved by the platform.

Pros:

  • Quick way of buying and selling.
  • Easy to use.
  • No limits.
  • Usually good rates are available to choose from various sellers.
  • Supports most local forms of transfer.

Cons:

  • Not regulated hence certain methods may involve high risk.
  • Buyers or sellers on the platform may set their own limits.
  • Limited sellers may exist in some countries hence limited options to choose from.

# 10 BTC Markets

BTC Markets is based off in Melbourne and is a cryptocurrency trading exchange. It caters to Australian audience and accepts AUD as a payment method. All prices are listed in AUD pairs. It supports over 10 cryptocurrencies.

The deposit methods include BPAY, ETF, Osko and PayID. The deposits made are virtually cost-free. It is great for beginners to start out through and offers a simple interface. Once you sign up and go through the ID verification process, you can fund your account using the available funding options and go ahead and make your first purchase. It offers trading platforms along with a public API to conduct programmable automated trades.

Pros:

  • Simple and easy to use.
  • Public API for automated trading.
  • Popular cryptocurrency pairs are available.

Cons:

  • For lower trading volumes, higher fees may be applicable.

Conclusion: Buy Bitcoin in Australia

There are various methods available to buy bitcoin in Australia. Our tried and tested recommendation as an overall preference would be Kraken. It is suitable for all kinds of buyers and traders and offers the best rates and liquidity. For larger traders and corporations, Independent Reserve is the suitable option with its large volume and purchase limits. For cheapest option Swyftx is recommended given its lowest deposit options and fee structure.

Ameer Rosic
Ameer Rosic
#SerialEntrepreneur, Investor, #Digitalmarketing Adviser and Cofounder of @Blockgks a #blockchain innovation hub

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