How To Buy Bitcoin In Australia - Step by Step Guide
Want to jump straight to the answer? You can buy Bitcoin BTC in Australia on eToro.
If you’re based in Australia and wish to buy Bitcoin – the process is very simple. All you need to do is find a regulated online broker that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
Bitcoin continues to be the leading cryptocurrency. It is often referred to as "The King of cryptocurrencies", "Digital money" or "New kind of money". Bitcoin is known for its volatile nature.
The nature of cryptocurrencies in itself is complicated because by age cryptocurrencies are mostly new. That's why some people still struggle to understand them. Even today, if you ask people what Bitcoin is or what cryptocurrencies are, many will not know. But the popularity of Bitcoin has grown without any doubt, especially lately with big financial companies joining the crypto sphere.
How to Buy Bitcoin In Australia
Looking to buy Bitcoin in Australia right now but have no idea where to start? If so, follow the simple step-by-step walkthrough outlined below.
Buy Bitcoin in 4 Simple Steps:
1. Open an account with a regulated Bitcoin exchange in AU
2. Deposit funds with a debit/credit card or e-wallet
3. Head over to the cryptocurrency trading area and select Bitcoin
4. Buy Bitcoin
Bitcoin In Australia
Bitcoin remains the most reputable and most preferred cryptocurrency to invest in Australia.
Cryptocurrencies in Australia have found support from the government of the country which is aiming to remove any barrier possible that would be an obstacle for their development.
Cryptocurrencies are on the rise as many prestigious financial companies are joining the crypto world. Australia is also keeping up with trends as recently the Reserve Bank of Australia has partnered with the Commonwealth Bank, National Australian Bank, and Perpetual and ConsenSys Software to see the possibilities to create a digital form of currency issued by the government.
Thus, Bitcoin's way is getting paved to rock and roll. If you are someone living in Australia and are willing to start Bitcoin investments, below, we will show you the easiest ways to do so.
Would You Consider Investing In Bitcoin BTC?
Ways to Buy Bitcoin In Australia?
Looking for a specific way to buy Bitcoin in Australia that we haven’t quite covered in this article? If so, check out the options listed below that you also have at your disposal.
1. Buying Bitcoin through a cryptocurrency exchange in Australia
This is actually the most popular method you could use whether you are new or an experienced investor. A cryptocurrency exchange is a website platform where you can buy cryptocurrencies with fiat currency such as AUD.
Crypto exchanges are available worldwide, but some countries have their own exchanges to make the process easier for their users.
Some of the popular cryptocurrency exchanges in Australia are:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) stated in 2018 that cryptocurrency exchanges must meet new regulations. (AUSTRAC) has been rigorous due to many scams and hacks that appeared throughout the years acting like real exchanges. All the cryptocurrencies mentioned above have to register with AUSTRAC, identify and authenticate users, keep records, and comply with government reporting necessities.
You can choose any of the exchanges mentioned above. The buying process is simple. Just open an account and proceed with the purchase of Bitcoin or any other cryptocurrency you prefer using your credit or debit card. After the purchase, you will need a wallet where you will keep your coins.
2. Buying Bitcoin through an ATM in Australia
Automated teller machines (ATM) are another efficient and easy way to buy Bitcoin in Australia. Unlike traditional ATMs that are connected to banks, crypto ATMs are connected to the internet and allow users to buy Bitcoin with cash. Cities that have Bitcoin ATMs the most in Australia are Sydney, Melbourne, Adelaide, and Brisbane.
The Australian market has various Bitcoin ATM models such as the SkyHook Bitcoin ATM, Genesis Coin ATM and Lamassu. All of the models are commonly used. Buying Bitcoin through one of these ATMs is really easy and efficient, but the downside is that fees are generally 5% higher than the overall market rates when using an ATM.
Furthermore, the Financial Crimes Enforcement Network (FinCEN) has set some rules that Bitcoin ATMs must comply with, in Australia. They have made it clear that anyone who wants to purchase Bitcoin through an ATM must be identified. Therefore there is no way to buy Bitcoin with an ATM in Australia anonymously.
3. Mine Bitcoin in Australia
Mining Bitcoin basically means creating new bitcoins. Mining Bitcoin is legal in Australia.
Mining is a process of solving complicated math issues for which miners get rewarded with Bitcoin. Although mining is highly rewarding, it is a costly process as you will need specialised equipment and software that spends so much energy. If you can afford the equipment, you can set up a crypto mining rig inside your house or apartment. This was very popular in the early days of Bitcoin. Moreover, you can also do cloud mining in various sites online, which is way easier as it doesn't require equipment maintenance.
Bitcoin mining is expanding around the world. Cryptocurrency mining farms are based in many countries worldwide. Precisely because it is expensive, bitcoin mining now is done through centralised miners as they have larger budgets.
4. Trade Bitcoin for goods and services in Australia
Now that cryptocurrencies are on the rise, many people buy various products using cryptocurrencies as a paying tool. This is also possible in Australia. If you have a business or if you are someone who wants to sell something and wants your buyer to pay with Bitcoin, you can do that also. Therefore, you will be a Bitcoin owner.
Where to Store Your Bitcoin?
Just like the regular money you keep in your wallet or bank, you need a place to keep your cryptocurrencies.
Cryptos are held in so-called wallets.
There are two types of crypto wallets, hot ones and cold ones. Hot ones are software platforms where you store your cryptocurrencies after you buy them. Usually, most of the exchanges you use have their own crypto wallets, and the moment you buy your coin, it will automatically be stored in the wallet.
But the other option is to use hardware wallets. Hardware wallets are USB shaped, and you can store your coins there. They stand out for more security because they are not connected to the internet, which makes them unhackable.
Ready to Invest In Bitcoin BTC?
Buy Cryptocurrencies on eToro in Australia
eToro is undoubtedly the best social trading platform in the world for Cryptocurrencies, FX, Commodities, Stocks, ETFs or Indices.
Why buy Bitcoin on eToro?
- Cheaper than other exchanges. Zero commissions
- You can try before you buy.
eToro provides a virtual portfolio function, where you can play around in the market with a $100k demo account.
- Learn from other traders.
- It’s a great platform for beginners.
There are various platforms you could pick, but here are 3 reasons why you should use eToro Australia:
- It has the "Copy Trading" feature which will enable you to copy your preferred trader.
- It has the best social features where you will be able to discuss the latest developments in trading and all the things that concern you with other fellow traders.
- The eToro platform is very easy to use. It is designed for beginners and experienced traders. This is also one of the reasons why eToro is such a platform used in Australia and worldwide.
As mentioned earlier, crypto exchanges in Australia must adhere to the rules set out by AUSTRAC. eToro holds the Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investments Commission.
It is worth mentioning also that eToro stands out for the security it provides to its users so if you want to invest in Bitcoin with eToro Australia, you are entirely in safe hands.
eToro – Best Platform to Buy Bitcoin In Australia
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
- Bitcoin was released in 2009 by Satoshi Nakamoto.
- In 2017 Bitcoin's price reached its all-time high at $20,000.
- Due to COVID-19 in the early days of 2020 Bitcoin's price hit rock bottom almost touching $3000.
- Bitcoin remains the preferable cryptocurrency to invest in Australia
- You can buy Bitcoin through a cryptocurrency exchange in Australia.
- There are Bitcoin ATMs in Australia where you can buy Bitcoin.
- You can mine Bitcoin in Australia or accept it for goods and services.
- Once you have bought your Bitcoin, you have to store it in a hot or cold wallet.
We really hope this article has helped you and at least given you an idea of where you can buy Bitcoin in Australia. Now that you know the ways to buy Bitcoin in AU, you have no choice but to start with your first investment. Whether it is Bitcoin or any other cryptocurrency we wish you happy investing!