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How to Buy Crypto in Australia
Our guide to buying crypto in Australia will cover which exchanges are compatible, buying steps to follow, and legal considerations to know.
In the past, cryptocurrency users in Australia faced serious tax issues related to the buying and selling of Bitcoin and altcoins. However, the regulatory environment has since changed, and Australia is now one of the best places to buy and sell cryptocurrencies in the entire world.
Best Cryptocurrency Exchanges in Australia
Australia is a relatively open country when it comes to crypto, meaning all the great international exchanges, such as such as Coinbase, Binance, eToro and Kraken, are fantastic options for Australians.
The country is also home to some local crypto exchanges such as CoinSpot, which has a strong reputation as a trusted platform for buying and selling most cryptocurrencies, with their free and instant deposits as a key selling point.
In addition to never having a serious security incident, CoinSpot also offers tremendous customer support that is available 24 hours a day, 7 days a week.
When buying crypto in Australia, new users can sometimes get overwhelmed, especially when there are a large number of different crypto assets from which to choose. That said, CoinSpot makes buying initial crypto holdings as simple as possible, all while keeping trading fees relatively low.
Some of the other popular local cryptocurrency exchanges in Australia include Digital Surge, Independent Reserve, CoinJar and Plus500. Digital Surge is registered with ASIC and ASTRAC and has received stellar reviews thanks to its streamlined interface and impressive customer service. Independent Reserve is one of the most trusted exchanges in Australia and offers support for AUD, USD, NZD and SGD currencies.
Social trading platform where you can trade crypto alongside stocks and assets.
One of the world’s most trusted and secure crypto exchanges with low fees and advanced trading tools.
One of the longest-running crypto exchanges with a strong focus on regulation and trust.
A regulated U.S. exchange tailored for simplicity, security, and fiat integration.
Is It Easy to Buy Bitcoin in Australia?
It is extremely easy for anyone in Australia to buy Bitcoin from a variety of user-friendly crypto exchanges. While trading options were limited in the early days of Bitcoin, there was an explosion of new exchange platforms in the mid 2010s. Many of these focused on creating easy-to-use interfaces that the average person could understand.
While these platforms will make it simple for anyone in Australia to purchase their first Bitcoin, there is usually extra costs associated with convenience.
Recently, however, the launch of a digital ID system in Australia has made it much easier for users to get verified on exchanges and start trading cryptocurrencies quickly.
Buying crypto in Australia: Step-by-Step Guide
Buying crypto in Australia is pretty much the same as any other country. The one exception is that Australia’s digital ID system actually makes it slightly easier to get your account set up.
While every exchange has a slightly different sign-up process the general steps are:
- Sign up for your crypto exchange of choice
- Provide identity verification (ID, home address, date of birth etc.)
- Set up a way to fund your account (Swyft, bank transfer, debit, credit card)
- Initialize a transfer to the exchange
- Use your funds to purchase cryptocurrency
- Optional: Send your new crypto to a private personal wallet
Is It Legal to Use Cryptocurrency in Australia?
Cryptocurrencies are legal to buy, sell, and use in Australia. For now, the main restrictions and regulations revolve around the centralized exchanges rather than the crypto networks themselves. This means that, while customers will be required to share personal information with exchanges to purchase their crypto assets, users are free to move their funds off of the exchange, and send or receive crypto to their non-custodial wallet.
That said, users still need to be wary of capital gains taxes, which need to be calculated every time a cryptocurrency is sold (including when it is used to pay for goods or services).
Which Cryptocurrencies Can I Buy in Australia?
If a cryptocurrency exists, you should technically be able to buy or sell it, as there is nothing stopping people from trading these assets in a peer-to-peer manner. However, this process can be cumbersome to newcomers, which is why getting listed on known, centralized exchanges is easier.
CoinSpot lists more crypto assets for trade than any other platform in Australia. You’ll be able to purchase popular assets like Bitcoin and Ethereum, or more niche offerings like VTC, GBYTE, or CELR. There are currently more than 100 different assets available for trade.
What is the Cheapest Way to Buy Cryptocurrency in Australia?
In Australia, the fees associated with buying any cryptocurrency can range from 0% to 5% or more. An important consideration when looking for the lowest trading fees is whether or not the exchange has AUD trading pairs. If Australian dollars cannot be used on the platform then fees will effectively be doubled because you’ll need to convert AUD into USD, or another currency, before making trades.
In terms of low trading fees for AUD-based trading pairs, Swyftx is currently the best option on the market. That said, you should also consider the fees associated with their various deposit and withdrawal methods to make sure that you’re able to get the best rates possible for your cryptocurrency trades.
Where Can I Sell Cryptocurrency in Australia?
In general, selling your cryptocurrency will be easier than buying it in Australia. This is because cryptocurrency transactions are irreversible.
If you’re looking to get the best possible price for your crypto holdings, then you’ll want to stick with Swyftx. If that platform is too confusing, then CoinSpot will be your best bet. Either way, remember to track your crypto sell orders, as you’ll need to pay taxes on any gains made during trading.
Can I Buy Bitcoin with a Credit Card in Australia?
While it is definitely possible to buy Bitcoin with a credit or debit card, this usually comes with much higher fees due to the fact that exchange platforms face much higher risks of fraudulent transactions occurring when traditional payment cards are used.
Coinbase and Coinmama are two of the best options when purchasing Bitcoin or altcoins with a credit or debit card in Australia. While Coinbase has lower fees for this type of crypto trade, Coinmama allows its customers to purchase more cryptocurrency via a single trade made via a debit or credit card.
