The only drawback is the purchasing limit of around $7,500 per week for these payments. All three of them offer instantaneous online and mobile transfers that notify the exchange when you make the payment so Swyftx can immediately approve your deposit. POLi payments and PayID are also available on other reliable Australian exchanges like CoinSpot and Independent Reserve.
Buying Bitcoin (BTC)
While Bitcoin remains the largest cryptocurrency by market cap, it nevertheless remains a highly volatile asset, and can swing as much as 10% in a single day. If you want to buy the coin, many experts recommend that you invest no more than a small percentage of your net worth in the cryptocurrency. Due to the structure of spot ETFs, there must be a physical backing of BTC for every share traded in the fund. The immense inflows of capital into the fund have necessitated the purchase of a huge number of Bitcoin off the open market, pushing supply available for sale on exchanges to an all-time low. This combination of factors has pushed BTC to new all-time highs this week, where it briefly rose above $US69,500, or over $105,000 AUD for Australian investors. There are several exchange platforms available for Australian residents to buy Bitcoin, but Swyftx is by far the best based on our review.
Step 3: Fund your account with AUD
- Even though you can check the seller’s reputation and trade history, always arrange to meet somewhere in public.
- If you’re using a desktop computer, Swyftx will prompt you to use your mobile device and scan the QR code provided.
- For most people, instant orders and DCA are the easiest ways of buying crypto in Australia.
We make every effort to provide accurate and up-to-date information. However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of this website. The Australian Tax Office (ATO) regards Bitcoin as an asset or property that can be bought, traded, and sold with Australian Dollars (AUD). The ATO has released several guidelines that outline how the crypto asset is taxed under Australian regulations. Australian cryptocurrency exchanges that offer Bitcoin trading such as CoinSpot need to be registered with AUSTRAC to allow customers to deposit money before making a Bitcoin purchase.
Buying Bitcoin with cash deposits
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support. Exchanges will differ by fees, security, payment methods, and other features, so explore the “info” tab on the exchanges listed above to find which one is the right fit for you. There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Buy Bitcoin from an ATM
So we’ve compiled a quick guide on how to buy Bitcoin so that you can start trading with ease. It’s important to follow this step-by-step guide carefully because if you skip a is gross sales tax an expense or a liability step, you might end up losing your investment. Primarily targeting seasoned professional traders, hardcore players will feel right at home on the high-powered Bybit exchange.
While a lot riskier than traditional investments, Bitcoin remains one of the best-performing assets. Consider that the ASX 200 has increased by just 25% in the prior five years. There are an increasing number of reports about Australian retail banks blocking cryptocurrency transactions. This is a self-custody wallet, so only you have access to the private keys. This means you don’t need to trust your Bitcoins with a third-party exchange. An estimated one-quarter of Australians now own at least one cryptocurrency; most opt for Bitcoin.
That’s why, for the time being, a lot of traders decide to convert their BTC to cash, and use their value to buy goods. Kucoin is one of the few centralized exchanges that support PayPal purchases but only up to $10,000. EToro is another great option if you’re interested in speculating on Bitcoin’s price rather than buying the asset itself. Coinbase supports Mastercard and VISA debit card payments with a fixed fee of 3.99% per transaction. You just need to create an account, link your debit card, and verify your identity.
Many people have bought altcoins such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), or Zcash but are looking to trade it for Bitcoin, which is very easy in most popular exchanges. You’ll first need to deposit AUD on the platform so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that. Deciding how much to invest in Bitcoin is a personal decision that should be based on your financial situation, how much money you want to risk, and your overall investment goals. When you decide you’re ready to sell your Bitcoin, you can place a sell order through your exchange, much like you did when you originally purchased it. Most exchanges offer multiple order types, so you can decide to sell only when Bitcoin reaches a certain price, or you can place an order that goes through immediately.
Once you send money to the seller via one of the accepted methods, the seller can confirm payment. The purchased Bitcoin is released from the escrow service and into your nominated Bitcoin wallet. In Australia, bank transfers are the most common payment method for Bitcoin on P2P marketplaces.
You’ll find plenty of wallet options online, either on crypto exchanges or third-party providers. In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector. While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed.
Various other exchanges globally, like Coinbase, have also rolled out similar educational platforms with incentives in cryptocurrency. The underlying aim is to enhance user knowledge and reduce susceptibility to potential scams in the space. Commonwealth Bank has previously stated it blocks crypto transactions from ‘high-risk exchanges’. That said, you should be able to use your card with regulated exchanges that are approved in Australia. Bitcoin remains a risky and speculative asset, so only invest what you can afford to lose. Most exchanges allow you to buy Bitcoin from just $50 – sometimes less.
After depositing AUD via your preferred payment method, navigate to the “Trade” tab and select BTC pair to enter market orders with low 0.02% fees. Bybit’s institutional grade system ensures smooth and secure operations while advanced charting lets power users analyze on the fly. For a slightly lower-key international option, KuCoin has garnered a loyal following among traders down under since opening its digital doors in 2017. Featuring many of the same intuitive buying processes as larger platforms, KuCoin allows quick deposits from accounts or credit cards and places Bitcoin orders with a few simple clicks. Once you’ve verified your identity, you can deposit funds using credit card, debit card, PayPal, and bank transfer (PayID or EFT) to buy Bitcoin and other cryptocurrencies. In early January 2024, the SEC approved 11 spot Bitcoin ETFs for trading, including one from the world’s largest asset manager, BlackRock.
Binance has over 450 trading pairs, while Bittrex lists around 300. As of March 2024 the price of a single Bitcoin was around $US70,000. That is a lot of money to spend on one coin that, as we have outlined, can swing wildly.
Moreover, you should choose a Bitcoin platform that routinely has its security frameworks tested by third parties. Zero account fees and a recently slashed 0.5% transaction rate also give it an attractive value prop out of the gate. While Coinbase may need more niche https://cryptolisting.org/ coins or sophisticated trading options of some peers, it’s an ideal first destination to scratch that crypto itch with tons of legwork. Robust security backed by industry-leading protocols further eases reservations for beginners too timid to stray offshore just yet.