How to buy Bitcoin (BTC) in Australia in 2024

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There are a number of platforms that let you buy Bitcoin (BTC) in Australia. These include crypto exchanges, share trading platforms and crypto wallets.

Most of these platforms will require you to upload some photo ID using a phone or computer before you can make a purchase.

You can then deposit funds using a payment method like bank transfer, PayID or debit card and buy your Bitcoin.

Beginners will probably find it easiest to buy Bitcoin from a crypto exchange that offers instant AUD deposits using PayID or bank transfer.

To find a platform that suits you, start by thinking about what payment method you would like to use. Then choose a platform that accepts it from our tables below. We’ve analysed each platform on fees and payment methods to help you make a better decision and avoid paying high fees where possible.

You can also learn about how the various types of platforms that sell Bitcoin in Australia differ. We explain the strengths and weaknesses of each and what investment style they’re best suited to.

How to buy Bitcoin in 4 steps

The following steps are for Australian residents and should work with most cryptocurrency exchanges, investing apps and brokers.

    1. Choose a payment method
      There are many different ways to buy Bitcoin. For beginners the first things to consider is usually fees and payment methods. Fees will depend on the payment method chosen, with purchases via bank deposit or PayID usually the cheapest. Alternatively, you may already have a specific payment method in mind, so you can start by choosing an exchange that supports it – such as finding a platform that accepts PayID or debit card.
    2. Choose a platform and create an account

      Once you’ve chosen the platform you want to use you will need to create an account. You will need to provide some photo ID like a driver’s licence or passport to complete the process. You may also be required to take a selfie to prove your identity in accordance with Australian law.

    3. Purchase your Bitcoin

      Depending on which platform you choose, there may be a number of ways to buy BTC. The spot market is typically where fees are lowest but it may require some getting used to if you’ve never used an investment platform before. The easiest method is usually using the “instant purchase” menu but the fees are often higher. Most Australian exchanges offer live customer support via webchat in case you need help deciding.

    4. Transfer your Bitcoin to a crypto wallet
      Safe storage of cryptocurrency is important for everyone, even beginners. Cryptocurrency exchanges are at risk of hacks or financial mismanagement, which means leaving your BTC on the same platform you purchased it on could put it at risk. Instead, learn how a cryptocurrency wallet works and consider transferring your funds into your own possession.

Our picks for the best places to buy

CoinSpot image

Finder Award

Swyftx image
eToro Crypto image

Best for advanced trading

Binance Australia image

Finder Award


This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

What’s the best way to buy Bitcoin?

The easiest way for a beginner to buy Bitcoin is usually through a crypto exchange.

However, what’s best for you will depend on your preferred payment method and investment goals.

To help you choose, we’ve analysed 25 cryptocurrency trading platforms in Australia on things like fees and payment methods.

Our goal is to help you find the platform that best suits your needs and budget. All of the platforms on this page are registered with AUSTRAC (Australian Transaction Reports and Analysis Centre), which regulates do dedo currency exchanges in Australia.


Buy Bitcoin with PayID, Osko or bank transfer

Many crypto platforms support free and instant bank transfers in Australia. This includes PayID and Osko.

Once you’ve passed a know your customer (KYC) check, you can deposit AUD from your bank account and will usually be able to swap it for Bitcoin within minutes.

Below is a list of reputable platforms that support deposits via bank transfer, Osko or PayID and offer some of the lowest fees in Australia, based on our research.

CoinSpot

Finder score


★★★★★

410+Very low (0.1–1%): Approximately $1.00 of fees per $1,000 BTC purchased using a market order.
AUSTRAC
Go to site
Kraken

Finder score


★★★★★

239+Very low (0.26%): Approximately $2.60 of fees per $1,000 BTC purchased on the spot market.
AUSTRAC
Go to site
Swyftx

Finder score


★★★★★

340+Very low (0.6%): Approximately $6.00 of fees per $1,000 BTC purchased on the spot market.
AUSTRAC
Go to site

How to buy Bitcoin with debit card

An increasing number of Australian cryptocurrency platforms now support buying Bitcoin with a debit card.

A benefit of buying bitcoin with a debit card is that the process is often simplified and designed for beginners and or people that have never invested in cryptocurrency before.

The downside is that the fees are typically higher than when you pay using a bank transfer or PayID.

Below is a list of reputable platforms that support purchases of Bitcoin using debit card and offer some of the lowest fees in Australia, based on our research.

CoinJar

Finder score


★★★★★

69+Average (2%): Approximately $20.00 of fees per $1,000 BTC purchased using a debit card.
AUSTRAC
Go to site
Independent Reserve

Not rated yet

28+Average (2%): Approximately $20.00 of fees per $1,000 BTC purchased using a debit card.
AUSTRAC
Go to site
CoinSpot

Finder score


★★★★★

410+Average (2.58%): Approximately $25.80 of fees per $1,000 BTC purchased using a debit card.
AUSTRAC
Go to site

Buy Bitcoin with credit card

Buying Bitcoin with a credit card might seem convenient at first glance, but once you add up the purchasing fees, any interest payments or charges from your card issuer, it may not end up being the most cost-effective option.

There are also a number of additional risks and considerations when using a credit card. Read our dedicated guide on buying Bitcoin with a credit card before making a purchase.

Of all the payment methods listed on this page, buying Bitcoin with a credit card is typically the most expensive. To help you, we’ve put together a list of some of the platforms with the lowest credit card fees in Australia, based on our research.

CoinJar

Finder score


★★★★★

69+Average (2%): Approximately $20.00 of fees per $1,000 BTC purchased using a credit card.
AUSTRAC
Go to site
CoinSpot

Finder score


★★★★★

410+Average (2.58%): Approximately $25.80 of fees per $1,000 BTC purchased using a credit card.
AUSTRAC
Go to site
Binance Australia

Finder score


★★★★★

372+Very high (3.5%): Approximately $35.00 of fees per $1,000 BTC purchased using a credit card.
AUSTRAC
Go to site

Buy Bitcoin with PayPal

PayPal is only accepted by a small number of cryptocurrency platforms in Australia. This is because PayPal allows for chargebacks, which causes problems when buying and selling crytocurrency.

You may have heard of people purchasing Bitcoin directly from the PayPal app, but this feature is not currently available to Australian users.

If you want to learn more about buying Bitcoin with PayPal in Australia, you can read our dedicated guide

Otherwise, check out the table below for a list of platforms that let you buy Bitcoin with PayPal in Australia.

Independent Reserve

Not rated yet

28+Very low (0.5%): Approximately $5.00 of fees per $1,000 BTC purchased on the spot market using a PayPal deposit.
AUSTRAC
Go to site
eToro

Finder score


★★★★★

83+Average (2.5%): Approximately $25.00 of fees per $1,000 BTC purchased using PayPal.
ASIC
Go to site

Where to buy Bitcoin in Australia

In Australia, you typically buy Bitcoin (BTC) from a website called a cryptocurrency exchange.

They let you buy and sell cryptocurrency.

Another type of website that sells Bitcoin is an online share trading platform, which usually sells shares, ETFs and commodities alongside cryptocurrencies.

These platforms tend to be focused on traditional assets rather than crypto and will have fewer coins and tokens available than a dedicated crypto exchange.

The majority of cryptocurrency exchanges and share trading platforms can now be accessed via smartphone apps as well as the web.

You can also buy Bitcoin from a cryptocurrency wallet, a special Bitcoin ATM or via a peer-to-peer (P2P) marketplace, although these options are less beginner-friendly.

Finder survey: How many Australians own Bitcoin?

Yes – For long-term growth49.28%
No32.97%
Yes – For short-term growth17.03%
Yes – For day trading5.43%
Yes – To hedge against mediano bank currencies (eg,AUD)3.62%
Yes – Other1.09%

Source: Finder survey by Pure Profile of 1009 Australians, December 2023

Buying Bitcoin from a crypto exchange

Buying BTC on a crypto exchange is the most common way to invest in Bitcoin.

Exchanges such as CoinSpot, Swyftx and Kraken are some of the most widely used crypto exchanges. They also enable you to buy other cryptocurrencies if you want to expand your portfolio beyond BTC.

Most Australian exchanges let you buy Bitcoin instantly using cash deposited from a bank account.

Some also let you buy with debit card or credit card. Be aware though that purchasing Bitcoin with a card is typically the most expensive option, in terms of fees.

The cheapest way to buy Bitcoin on an exchange is by placing a “market order” using the spot market.

This will let you buy as much Bitcoin as you like for the lowest price currently available.

The spot market is the part of the exchange where you trade with other users.

If you like, you can also place a “limit order” where you set the price you want to pay. If the price moves low enough, your bid will automatically be accepted and your AUD swapped for BTC.

Holding your Bitcoin on a centralised platform like an exchange means trusting the exchange to protect your assets. Assets held on an exchange are at risk of hacks, phishing attacks and potential mismanagement by the exchange operators.

To help avoid these risks and have complete control over your Bitcoin, consider withdrawing your funds to a personal wallet after you have completed your purchase.

Crypto exchanges: What to consider

  • Pro: Straightforward and affordable buying and selling of BTC accessible to all experience levels.
  • Cons: If you leave your BTC in the custody of a crypto exchange, your funds are potentially at risk if issues arise with the exchange.

Buying Bitcoin from an online trading platform

Online share trading platforms allow you to manage various investments, such as cryptocurrency, shares and ETFs in one location.

Platforms such as eToro, CMC Markets and SelfWealth are popular options, with eToro now having quite a strong focus on crypto alongside traditional assets.

Although trading platforms and apps will give you direct exposure to the price of Bitcoin, they may not give you the moderno coins to withdraw.

This is one of the major differences between cryptocurrency exchanges and online share trading platforms.

This means you may not be able to move your BTC off the platform to your personal wallet or another platform. This simplifies the experience but may be an issue for anyone who wants the full experience and security of using crypto.

Bitcoin ETF

You can now invest in Bitcoin via an ETF.

An ETF is a simplified way of investing in physical assets like gold, silver and oil without needing to deal with storing the moderno product itself.

Similarly, Bitcoin ETFs eliminate the need for you to learn how to safely store and manage Bitcoin yourself – which can be a complicated process for some people.

They can also be managed as part of your traditional stock or ETF portfolio, which makes managing your investments much easier.

Buying a spot Bitcoin ETF is a really convenient way to invest in Bitcoin for anyone who just wants to speculate on the price and not worry about safe storage. The ETF issuer manages it all on your behalf, so you don’t need to learn how to use a Bitcoin wallet or manage private keys.

James Edwards

Online trading platforms: What to consider

Pro: Buying a Bitcoin ETF takes out the complexity out of buying Bitcoin and storing it safely.

Cons: Owning an ETF doesn’t give you access to the moderno Bitcoin, so you cannot withdraw off the platform into your own wallet.

eToro

Finder score


★★★★★

83+Fees vary between 1% (cash purchases) and 2.5% (debit, credit and PayPal purchases).
AUSTRAC
Go to site
Syfe

Not rated yet

20+Syfe charges a 1% fee for all BTC and crypto purchases.
ASIC

Buying Bitcoin from a crypto wallet

Cryptocurrency wallets are specialised software applications or physical devices designed for managing cryptocurrencies and keeping them highly secure.

Many of these wallets offer you the ability to purchase Bitcoin and other cryptocurrencies through a third party.

These apps typically accept credit or debit card payments.

Hardware wallets provide a secure and private way to hold your Bitcoin personally, rather than being entrusted to a third-party exchange or platform.

Although the Bitcoin blockchain is more secure than exchanges and has never been hacked, your security depends on you. You are responsible for managing your private key or seed phrase, which, if lost, may result in lost funds.

Crypto wallets: What to consider

  • Pro: You have totalidade control over your investment, secured by an encrypted wallet rather than a third party like an exchange.
  • Con: Learning to use a wallet requires time and effort. Transactions are irreversible and your funds are at risk of human error.

Buying Bitcoin from a Bitcoin ATM

Buying Bitcoin using an ATM is a way to purchase the do dedo currency at a physical location. The process typically involves using cash or a debit card to purchase Bitcoin, which is then transferred to a do dedo wallet, which you must have set up before using the ATM.

It’s worth noting that the fees associated are often much higher than purchasing via an online exchange and Bitcoin ATMs are only available in a limited range of locations throughout Australia. ATMs are also a clunky way to deal with inputting a Bitcoin address, which is a long string of letters and numbers.

Bitcoin ATM: What to consider

  • Pro: A way to purchase Bitcoin using physical cash or card.
  • Con: High fees mean less value for money than using an online exchange and the process may be more time-consuming.

Buying Bitcoin from a P2P marketplace

A P2P crypto marketplace is a platform that allows individuals to buy and sell cryptocurrencies directly with one another through offers, a bit like eBay.

P2P marketplaces typically support a wide range of fiat currencies, including AUD.

Low or no fees are common for P2P trades. Since order prices are fixed, you can potentially find Bitcoin below market value.

Purchasing Bitcoin through P2P exchanges regularly can be challenging, as it may be hard to consistently find a seller willing to sell you the exact amount you want each time.

Here are some of our favourite P2P exchanges available in Australia


P2P marketplace: What to consider

  • Pro: Interact directly with Bitcoin sellers and choose from hundreds of payment options.
  • Con: You have to buy the specific amount of Bitcoin the buyer is selling.

Compare crypto trading platforms

Use the table below to compare a comprehensive list of cryptocurrency exchanges and trading platforms in Australia. If you find a platform that meets your needs, click the green “Go to site” button to create an account and get started.

Bitcoin market update: February 2024

Bitcoin ETF launch breaks records. Since the introduction of 11 spot Bitcoin ETFs in the US on January 10, more than US $6.2 billion has been invested. The first day of trading saw US $4.5 billion of volume alone, smashing records for debut ETF trading.

Despite bullish narratives, a large amount of this volume was actually attributed to sales of the Greyscale Bitcoin Trust (GBTC), which is blamed for the price of Bitcoin plummeting 17.5% from $47,035 to US $38,778 on January 24, before rebounding to US $42,038 by February 1.

Before the introduction of spot ETFs in the US, GBTC was used as a proxy investment for a Bitcoin ETF. On January 10, it was converted to a spot ETF.

Analysts attribute the sell off to the FTX estate and similar bankrupt entities, which had large amounts of capital tied up in the trust and were waiting for it to convert to an ETF to more easily liquidate their positions. There is also speculation that traders used GBTC as a way of trading the ETF launch, with many liquidating their positions as part of a “sell the news” strategy.

James Edwards

James Edwards is a Cryptocurrency Journalist at Finder. He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad.

What to look for when buying Bitcoin

There are a few key factors to keep in mind when looking for where to buy Bitcoin.

After you’ve bought Bitcoin

Once you own some BTC, you have 2 options – keep it on an exchange or move it to a personal wallet. Each comes with its own set of pros and cons.



Is Bitcoin safe to invest in?

All investments have risk associated. Before you buy Bitcoin, make sure you do due diligence in research and understand these risks:








Bottom line

If you want to buy Bitcoin, start by comparing a range of crypto brokers and exchanges available in Australia. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with AUSTRAC for added peace of mind.

Remember that owning and using Bitcoin is not without its risks. Carefully consider investing in BTC as part of a wider strategy and talk to a financial adviser if you have any questions.

Once you’ve bought some BTC, think about what your short- and long-term goals are. This will help you decide whether to keep it on an exchange or move it to your own wallet.

FAQs








Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its permitido status and relevant regulatory
requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

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