How to Buy Bitcoin in Australia – Beginner’s Guide

If you’re based in Australia and wish to buy Bitcoin in under 10 minutes, taking advantage of its current low price point, you can now complete the process at a variety of online brokers.

The best AU Bitcoin investment platform we’ll review is regulated by ASIC and supports debit/credit card payments, alongside charging low fees. This beginner’s guide will also explain how to buy Bitcoin in Australia step by step in screenshots.

Your newly purchased Bitcoin tokens will now appear in your eToro portfolio – where they will remain until you decide to cash out.

Scroll down to find a comprehensive guide on how to buy Bitcoin in Australia – should you require a more detailed walkthrough on investing in cryptocurrency.

Where to Buy Bitcoin in Australia

You won’t be short of options when it comes to deciding where to buy Bitcoin in Australia. Plenty of crypto exchanges – both domestic and international, serve Australian investors with a variety of trading profiles.

As such, irrespective of whether you are a seasoned pro or a complete novice – it’s important to consider where to buy Bitcoin in Australia depending on your investment goals, and based on crypto tax rules in Australia.

In the sections below, we discuss the best place to buy Bitcoin in Australia across eight pre-vetted platform reviews.

1. eToro – Overall Best Place to Buy Bitcoin Australia 

If you are learning how to buy Bitcoin in Australia for the very first time – meaning that you are a beginner in this investment field, eToro is arguably the best crypto app for the job. Not only is the platform super-easy to use and ideal for newbies, but it is behind a strong regulatory framework. Regarding the latter, eToro is authorized and regulated by the Australian Securities and Investments Commission (ASIC).

The platform is also regulated by bodies in the US, Cyprus, and the UK. In addition to offering a safe and secure way to buy cryptocurrency like Bitcoin in Australia, eToro is also cost-effective.  In fact, when you trade digital currencies here, only a 1% fee is charged (plus the spread). The minimum Bitcoin investment you can make at eToro is just $10 USD.

This means that you will be buying a small fraction of one BTC token. Alternatively, digital assets available to buy at eToro include 78 leading projects. Think along the lines of Ethereum, Dogecoin, Cardano, BNB, EOS, Litecoin, and more. Its most recent additions were Band Protocol, Orchid and SKALE Network.

Furthermore, you can also buy 3000+ stocks and ETFs at 0% commission, and even access low-cost trading markets across forex, commodities, and indices. Another key feature of the eToro website is that it offers social trading tools.

In addition to being able to post and like comments, that means you can even copy your favorite eToro traders. This means that you can trade Bitcoin and other markets without needing to place any orders. If you’re looking to buy BTC in Australia right now via eToro, you set up an account and deposit funds in under 10 minutes. Simply choose from a debit/credit card, e-wallet, or local bank transfer and ensure that you meet the minimum deposit threshold of $10 USD.

Furthermore, did you know that eToro is one of the best crypto staking platforms in Australia? You can read our in-depth guide for more details.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Capital.com – Trade Bitcoin in Australia With Leverage and 0% Commission   

Capital.com offers a great alternative to traditional cryptocurrency exchanges, insofar that you can trade Bitcoin via contracts-for-differences – or CFDs. In a nutshell, CFDs track the real-world market value of Bitcoin, meaning that you can speculate on the digital currency’s future price without owning or storing any tokens. Furthermore, all Capital.com markets – including that of BTC/AUD, can be traded commission-free.

We also found that Capital.com offers very competitive spreads. Another benefit of trading Bitcoin CFDs at Capital.com is that Australian residents have access to leverage facilities. If you’re a retail investor, then you can apply leverage of 1:2 on Bitcoin, which will subsequently double your stake. Professional clients will have access to higher limits. Moreover, when you set up a position, Capital.com allows you to choose from a buy or sell order.

In other words, if you think that Bitcoin will increase in value, you can place a buy order. Or, if you think the opposite, you can place a sell order. Either way, Capital.com offers a range of charts and handy research materials to assist in your decision-making process. In addition to BTC/USD, Capital.com allows you to trade Bitcoin against dozens of other fiat currencies – such as GBP, EUR, and USD. You can even trade Bitcoin against other digital currencies, such as Ethereum, EOS, and Litecoin.

Outside of the platform’s crypto department, Capital.com offers thousands of other CFD markets. This includes thousands of Australian and international-based stocks and ETFs, alongside hard metals, energies, forex, and more. To get started with an account at Capital.com, a minimum deposit of just $20 USD is required when using a credit/debit card or e-wallet. The minimum deposit on bank transfers, however, stands at $250.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.

3. Binance – Buy Bitcoin in Australia via PayID

The next option that you have when thinking about where to buy Bitcoin in Australia is Binance. This large cryptocurrency exchange serves over 100 million clients and processes several billions of dollars worth of trades each and every day. As such, you will never struggle to find sufficient levels of liquidity when buying Bitcoin here.

You have a number of options in terms of payment methods, albeit, PayID is potentially the best deposit method to choose from. The reason for this is that PayID allows you to deposit funds via your Australian bank account on a fee-free basis. Although the first PayID transfer can take up to 24 hours to process caused by enhanced due diligence, subsequent transactions should appear in your account near-instantly.

The next option you have at Binance is to use a debit or credit card. Although this will allow you to buy Bitcoin in Australia instantly, it is important that you assess fees before confirming the transaction. This is because, for AUD debit/credit card payments, Binance does not specify a variable fee. As such, you will likely find this out when you set up the order. Another option – if you already own an alternative cryptocurrency like USDT or Ethereum, is to swap the tokens for Bitcoin.

This option is by far the cheapest way to buy Bitcoin, as you will only pay a commission of 0.10% per slide. Moreover, when doing a crypto-to-crypto swap, Binance only requires you to provide an email address when you open an account. Otherwise, if using PayID or a debit/credit card, a full KYC process is required – as per anti-money laundering laws. And finally, we should note that, unlike eToro and Capital.com, Binance is not regulated by ASIC – or any licensing body for that matter.

Cryptoassets are a highly volatile unregulated investment product. 

4. Coinbase – Top Broker to Buy Bitcoin in Australia With No Prior Experience 

Coinbase is perhaps the best place to buy Bitcoin in Australia if you have no prior experience of investing in cryptocurrencies. The broker is hugely popular with beginners, not least because Coinbase offers a simple and budget-friendly way to buy and sell Bitcoin. You can even use your local debit or credit card to buy Bitcoin here, and the transaction will be executed instantly.

This fast-track way of buying Bitcoin does come at a price – as debit and credit card payments at Coinbase attract a 3.99% transaction fee. Local bank transfers are accepted at Coinbase too, but once you factor in the standard trading commission of 1.49%, this is still considered expensive. With that said, if you are looking to buy Bitcoin in Australia and hold on to your digital tokens for several years, then this fee is likely to be inconsequential in the long run.

Either way, in order to buy Bitcoin at Coinbase with Australian dollars, you will first need to register an account. This requires you to upload a copy of your government-issued ID, alongside a selfie of you holding the document. Once your account is set up, you might also consider exploring what other cryptocurrencies are available on Coinbase. Across more than 50+ digital tokens, this includes the likes of Ethereum, EOS, Litecoin, Dogecoin, Shiba Inu, and more.

Another huge benefit of choosing Coinbase as your go-to broker is that the platform is both safe and secure. Although the broker is not licensed by ASIC, it is heavily regulated in the US. Furthermore, 98% of your Bitcoin tokens will be kept offline in cold storage wallets, and two-factor authentication will be required to access your account. You can even install a 48-hour lock on withdrawals as an extra safety net. Ultimately, Coinbase is a reputable Bitcoin broker, but do consider that it charges high fees.

Cryptoassets are a highly volatile unregulated investment product.

5. CoinJar – Australia-Based Exchange to Buy Bitcoin With AUD 

If you are looking to buy Bitcoin in Australia with a domestic exchange, you might want to consider CoinJar for this purpose. Launched in 2013, not only is CoinJar the largest cryptocurrency exchange in Australia, but also one of the most established. The platform allows you to deposit funds with ease in AUD, with a variety of payment methods supported.

For instance, you can choose from Visa, MasterCard, PayID, BPAY, or Blueshyft. If opting for BPAY or PayID, no deposit fees will apply. Furthermore, you can even withdraw AUD cash balances to your local bank account on a fee-free basis. In terms of trading fees, this is perhaps where CoinJar falls short. This is because you will be required to pay a flat 1% on all buy and sell orders. This means that a $2,000 Bitcoin purchase will cost you over $20 in fees.

There is also the spread to consider, which, unlike at eToro and Capital.com, is not clearly advertised on the CoinJar website. Nevertheless, in addition to Bitcoin, CoinJar does support a wide range of other digital assets. Not only does this include large-cap projects like Ethereum, Stellar Lumens, Ripple, USD Coin, and Litecoin – but dozens of up-and-coming DeFi tokens. The latter includes everything from 0x Token, Maker Dai, and Compound to AAVE, Kyber Network, and Synthetix.

Another thing that we like about this popular domestic exchange is that you can access CoinJar Bundles. In a nutshell, this allows you to diversify your cryptocurrency investments across a wide range of tokens – all through a single trade. There are several options to choose from, such as those that focus on DeFi tokens or stablecoins. Finally, we should also note that CoinJar offers a user-friendly crypto wallet that can be downloaded through an iOS/Android mobile app.

6. Digital Surge – Invest in Bitcoin Affordably

Digital Surge is an affordable and easy to use Bitcoin exchange for traders and investors alike. The platform has several standout features for long-term Bitcoin investing, including recurring orders so that you can dollar-cost average your position over time. Another benefit is that Digital Surge doesn’t charge anything for fiat deposits and withdrawals.

You’ll pay 0.5% per trade to buy and sell Bitcoin at Digital Surge. If you trade more than $1 million AUD per month, the rate drops to just 0.1%. In addition to Bitcoin, you can buy and sell more than 300 popular cryptocurrencies with this exchange. Digital Surge even offers its own Bitcoin wallet to help you get started.

Digital Surge is regulated by ASIC and AUSTRAC, and Australian investors can open an account in under 2 minutes. If you need help, live chat support is available 7 days a week.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

7. Swfytx – Best Platform for Bitcoin Trading in Australia

Swyftx is one of the top Bitcoin exchanges we recommend for traders who want to buy and sell Bitcoin for a profit. At this exchange, you’ll find a wealth of advanced trading tools such as integrated TradingView charts, an API for automated trading, advanced limit and stop loss orders, and much more. The Swyftx trading platform is highly customizable and comes packed with technical indicators.

Swyftx also stands out for its low pricing for spot trades. You’ll pay a flat trading fee of 0.6% per order, which is on par with many other Australian Bitcoin exchanges. However, Swyftx charges spreads as low as 0.41% for Bitcoin – and you’ll have a hard time finding spreads that low at any other major exchange in Australia.

Swyftx offers trading on more than 310 coins in addition to Bitcoin. The platform is regulated by AUSTRAC and offers 24/7 customer support. You can get started wiith as little as $30.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

8. CoinSpot – Lowest Fees for OTC Bitcoin Trading

CoinSpot is a beginner-friendly Bitcoin exchange that packs a surprising number of features for how easy it is to use. If your goal is simply to hop on and buy Bitcoin, you can create a new account and start investing in just a few minutes. CoinSpot offers an instant buy module that could hardly be simpler.

The standout feature of CoinSpot, however, is its OTC (over-the-counter) trading marketplace. Here, you can trade Bitcoin and more than 350 other popular cryptocurrencies with other CoinSpot users. Fees drop from 1% for instant purchases to just 0.1% when you use the OTC market. Just watch out for high spreads, as CoinSpot’s market only captures a small amount of trading volume.

CoinSpot has several other attractive features for buying Bitcoin. The platform offers a free Bitcoin wallet with portfolio tracking tools, as well as 24/7 live chat customer support. It’s free to deposit and withdraw AUD using POLi, PayID, and direct deposit. In addition, CoinSpot is regulated by AUSTRAC.

We also wrote a guide that compared Swyftx to CoinSpot.

Cryptoassets are a highly volatile unregulated investment product. 

For those looking to buy Bitcoin CFDs our Plus500 review is a must read.

Should I Buy Bitcoin?

It can be tempting to buy Bitcoin in Australia without doing any prior research, especially considering just how quickly this digital asset is growing value. The key issue here is that investing in Bitcoin doesn’t come without its risks – like all financial instruments.

However, unlike traditional asset classes – such as blue-chip stocks or real estate, Bitcoin and other cryptocurrencies operate in a speculative marketplace. Moreover, the price of Bitcoin – although not as volatile as it once was, is prone to extreme pricing shifts.

• For instance, the digital token has lost more than 50% in a matter of weeks in recent years.
• On the flip side, gains of over 100% have also been achieved in the same time period.

With this in mind, if you are contemplating a Bitcoin purchase, perhaps the most risk-averse way to approach this marketplace is to hold long-term.

And by this, we mean keeping hold of your Bitcoin for at least 1-2 years – as this will give you the best chance possible of riding out market volatility. This is, of course, on the proviso that you believe Bitcoin and blockchain technology is a concept that is likely to grow in mass adoption in coming years.

Also, did you know that some crypto enthusiasts are buying Bitcoin to spend in the best crypto gambling sites in Australia?

Benefits of Buying Bitcoin

Leading on from the above section, the best way to evaluate whether Bitcoin is a suitable investment for your portfolio is to do plenty of independent research. And as such, this section will discuss some of the main benefits of buying Bitcoin in Australia today.

Benefit 1: Bitcoin vs S&P/ASX 200

Many investors in Australia will elect to keep things simple by injecting money into the stock market. And, one of the most common ways of achieving this is to invest in the S&P/ASX 200. In a nutshell, the S&P/ASX 200 is a stock market index that tracks the performance of the 200 largest Australian-listed companies.

Now, the reason we mention this is that in comparison to the S&P/ASX 200, Bitcoin has generated significant gains in recent years.

For example, between 2017 and 2022, the S&P/ASX 200 grew by a mere 24%. Sure, this might be suitable for those seeking slow and steady gains. But, over the same period, the value of Bitcoin increased by over 3,600%.

And therefore, had you invested $2,000 AUD into Bitcoin, your portfolio would have been worth over $72,000 AUD. Although there is no guarantee that returns of this nature will be mirrored over the following five years, this does at the very least show just how quickly Bitcoin has grown in comparison to a conventional stock market index.

Update – Bitcoin dropped to $17,600 in June 2022 ($25,000 AUD) alongside recession fears and a correction in the stock market. Terra (LUNA) and UST crashing also rocked investor confidence, and crypto lending platforms Celsius, Voyager, Babel Finance and others went into bankruptcy.

Following this, Bitcoin’s price fell due to the contagion effects around FTX’s collapse. At the time of writing, BTC is trading around the $20,000 level.

Benefit 2: Bitcoin is Easy to Buy and Cash Out

Another crucial thing to note about Bitcoin is that this digital asset has previously crossed a market capitalization of over $1 trillion USD. And, trading volumes on Bitcoin pairs are now highly significant.

For example:

• In the prior 24 hours alone, more than $23 billion USD worth of Bitcoin has changed hands across over 100+ cryptocurrency exchanges.
• Most importantly, what this means for you is that when you buy Bitcoin in Australia, the process of entering and exiting the market could not be easier.
• For instance, you can buy Bitcoin at a number of online brokers – such as the five reviewed earlier. Then, when you eventually decide that you want to cash out your Bitcoin tokens, you can do this at any given time.

These factors are a great benefit, as other speculative asset classes – such as penny stocks, are super difficult to sell.

But, because Bitcoin is now a global asset class that attracts billions of dollars in daily trading volume, you will never need to worry about converting your digital tokens to cold-hard AUD.

Benefit 3: Cheap and Fast Borderless Payments 

The underlying technology that supports the Bitcoin network – which is known as the blockchain, allows users from all over the world to transact in a secure, fast, and cost-effective way.

• For example, Bitcoin transactions take just 10 minutes to confirm – regardless of where the sender and receiver and based, and the size of the transaction.
• Furthermore, although fees can be somewhat costly when the network is overloaded, most Bitcoin transactions cost just a couple of dollars.

Once again, the fee does not depend on how much is being sent, which will appeal to those sending larger amounts. As a prime example, when popular cryptocurrency exchange Bitfinex transferred just over $1 billion worth of Bitcoin, the fee tied to this transaction amounted to less than $0.70 USD.

This makes Bitcoin a lot more efficient as a cross-border payments system in comparison to legacy providers such as Western Union or SWIFT.

Benefit 4: Bitcoin is Digital Gold 

Leading on from the above section, although Bitcoin is often viewed as a medium of exchange, there is growing sentiment that the digital asset is more of a store of value. This is because, in many ways, Bitcoin can be categorized as a digital version of gold.

For instance, Bitcoin is capped to a total supply of 21 million tokens. This maximum supply is expected to be reached in the year 2140. Until then, additional Bitcoin is minted every 10 minutes.

• In comparison, although exact quantities are unknown, what we do know is that gold is finite.
• This means that once the very last ounce of gold is mined, no additional reserves will enter circulation.
• And as such, as both Bitcoin and gold are finite asset classes, this means they are stores of values.
• In theory, stores of value – whether that’s real estate, fine art, gemstones, gold, or Bitcoin – will continue to appreciate over the course of time.

Moreover, investors will often turn to stores of value like Bitcoin when the broader stock markets and economy enter a bearish cycle. This means that Bitcoin can help alleviate losses on traditional assets held in your portfolio while the markets are down.

Benefit 5: Decentralized Asset Class 

Perhaps the most important benefit of Bitcoin is its status as a decentralized asset class. In its most basic form, this means that no single person, authority, or government body can control the Bitcoin network.

And crucially, this also means that central banks cannot manipulate the supply of Bitcoin – nor can the digital asset suffer from inflation.

These are highly notable characteristics that many market commentators believe will be the ultimate catalyst of global adoption of Bitcoin as both a medium of exchange and store of value.

Ways of Buying Bitcoin

In this section of our guide, we will explain the best way to buy Bitcoin in Australia from the comfort of home. This includes a quick overview of the best payment methods to use to fund your Bitcoin investment.

Buy Bitcoin With Credit Card or Debit Card

You can buy Bitcoin with a debit/credit card in less than 10 minutes at the ASIC-regulated broker eToro. As such, this payment method is by far the most convenient option, as it’s just a case of entering your card credentials.

In terms of fees, eToro charges just 1% to buy Bitcoin with a credit or debit card. Coinjar, however, charges 2%, while Coinbase is even more costly at almost 4%.

Buying Bitcoin With Paypal

Some platforms – such as eToro and Coinbase, also allow you to buy Bitcoin in Australia with an e-wallet like Paypal. At the former, Skrill, WebMoney, and Neteller are also accepted.

Fees to buy Bitcoin with Paypal will once again vary depending on your chosen exchange. For instance, the fees at eToro and Coinbase respectively amount to 1% and 3.99%.

What is the Best Way to Buy Bitcoin?

In addition to preferred payment methods, when thinking about the best way to buy Bitcoin in Australia you also need to consider the type of investment platform that you use.

For instance, many Australian investors will use an exchange to buy Bitcoin, while others prefer a traditional online broker. You also need to think about whether you want to use a centralized or decentralized platform.

Here’s what you need to know about the different ways to buy Bitcoin in Australia:

Bitcoin Exchange

In using a Bitcoin exchange – of which there are over 100+ platforms in this space, you will be trading with other investors. That is to say, your chosen Bitcoin exchange sits in between buyers and sellers.

This means that there needs to be sufficient levels of liquidity available on the platform. Otherwise, you might find it difficult to find a suitable entry or exit point at a favorable price.

Bitcoin price prior to the mid 2022 correction

There are several considerations that you need to make before you buy Bitcoin in Australia via an exchange. First, many Bitcoin exchanges are unregulated, so you will have no protection should things go wrong.

Second, platforms that operate without a regulatory license will often be unable to support AUD deposits and withdrawals. Therefore, you would need to deposit another crypto and then swap the tokens for Bitcoin.

Centralized vs Decentralized Exchanges

If you plan to use an exchange to buy Bitcoin, then you also need to consider whether it operates as a centralized or decentralized entity.

• Centralized exchanges are operated by third parties that sit between you and other traders. Moreover,  the centralized operator will be responsible for processing deposits and withdrawals, as well as account registrations.
• Decentralized exchanges operate without any middleman. This means that you will be directly trading with other market participants.

If you’re a newbie in the world of Bitcoin, you will be better off using a centralized platform, as they are more geared to facilitate investments for beginners.

Bitcoin Broker

Make no mistake about it – if you are looking for the overall best way to buy Bitcoin in Australia, then consider using a traditional broker. In doing so, you will reap the rewards in terms of safety, convenience, and user-friendliness.

For example:

• eToro is a traditional online broker that in addition to stocks, ETFs, and other assets – allows you to buy Bitcoin in a regulated environment.
• This is because eToro is licensed by ASIC, as well as the FCA, SEC, and CySEC.
• As a regulated entity, eToro allows you to deposit funds with a variety of AUD payment methods, such as debit/credit card, bank transfer, or an e-wallet like Paypal.

And, in terms of user-friendliness, regulated brokers like eToro allow you to buy Bitcoin in Australia in a matter of minutes – not least because the platform was designed with beginners in mind.

CFD Broker

Another option you have is to use a CFD broker like Capital.com. As noted earlier, in trading Bitcoin CFDs, you won’t own any tokens. Instead, you are merely speculating on whether Bitcoin will rise or fall in value.

In using Capital.com to trade Bitcoin CFDs, you will benefit from the following perks:

• Apply leverage of up to 1:2 when trading Bitcoin
• Trade Bitcoin at 0% commission and tight spreads
• Ability to go long or short on the future price of Bitcoin
• Regulated by multiple licensing bodies
• Deposits start from just $20 USD

Do note, however, that leveraged CFDs are only suitable for short-term trading positions. As such, if you are looking to buy Bitcoin in Australia via a long-term strategy, eToro will be a more suitable option.

Bitcoin Price

When learning how to buy Bitcoin in Australia, you will notice how online guides such as ours will discuss cryptocurrency prices in USD, as opposed to AUD. The reason for this is that USD is the primary currency of choice in the cryptocurrency space – both in terms of quotations and market analysis.

Coinbase however offers the option to display the Bitcoin price chart in AUD:

Bitcoin price chart as of August 2022

It concern you though even if the Bitcoin price is displayed in AUD, as your potential profit or loss will be determined by whether Bitcoin increases or decreases in value – in percentage terms.

• For example, if you invest $2,000 AUD into Bitcoin and the digital currency increases in value by 50%, you will make a profit of $1,000 AUD should you decide to cash out.
• This is irrespective of how much Bitcoin is trading for in USD.

Furthermore, when you deposit AUD into a Bitcoin broker like eToro, your funds will be converted into USD at the time of the transaction. This means that you can then buy and sell Bitcoin and other cryptocurrencies without needing to worry about constantly changing exchange rates.

Bitcoin Price Prediction

Forget about Bitcoin price predictions. Instead, do your own research if you’re looking to assess what the future holds for Bitcoin in both the short and long term.

After all, each and every day new Bitcoin price predictions will surface – both in text and video form. With so many contrasting opinions, rarely will Bitcoin price predictions tell you what you need to know.

How to Buy Bitcoin Safely

Throughout this guide, we have briefly explained the fundamentals of how to buy Bitcoin safely.

However, to recap, this section will discuss the key factors to look out for to ensure that you invest in Bitcoin in a secure manner.

ASIC Regulation

On the one hand, Bitcoin exchanges in Australia are not required to hold a license with ASIC to operate. However, choosing a platform that has obtained ASIC regulation will offer you enhanced safety on your funds.

An added bonus is if the platform is regulated by multiple tier-one bodies. As a prime example, not only is eToro regulated by ASIC, but also with licensing bodies in the UK, US, and Cyprus.

Avoid Peer-to-Peer Transactions

Another thing to note about buying Bitcoin safely in Australia is to avoid peer-to-peer transactions. This refers to Bitcoin trades that are conducted directly with another user via a bank transfer or in-person cash meeting.

Crucially, peer-to-peer Bitcoin purchases are super risky, as if you end up getting scammed you will have nowhere to turn.

Don’t Invest Large Sums 

You should avoid investing all of your available capital into Bitcoin. Instead, consider diversifying into other assets, such as stocks, index funds, and even gold. In doing so, you won’t be overexposed.

Furthermore, instead of investing money into Bitcoin in one lump sum, consider spreading out your purchases. This will allow you to ride out market volatility. For instance, you might decide to invest $200 AUD at the end of each month.

How to Buy Bitcoin Australia – Tutorial

This guide has covered everything there is to know about investment in Bitcoin – including the pros and cons of this asset class alongside what risks and potential rewards to consider.

In this section, we are going to show you how to buy Bitcoin in Australia via the ASIC-regulated broker eToro.

Step 1: Open an eToro Crypto Account 

In order to use the eToro website to invest in Bitcoin, you will first need to register a free account. This takes just minutes and will require some basic information about who you are and where you live.

You also need to provide your email address and mobile number, alongside your chosen username.

Step 2: Upload ID

The KYC process at eToro requires two documents from you:

• Government-issued ID
• Recently issued proof of address

There are many documents types supported by eToro – so check the website to see which form of ID is best for you.

Step 3: Deposit Funds

The next step is to deposit some money. As noted earlier, eToro allows you to deposit funds in AUD, which will then be converted into USD at the point of the transaction.

Choose your preferred payment method and type in your deposit size (from $10 USD) to proceed.

Step 4: Search for Bitcoin

Enter ‘Bitcoin’ in the search bar at the top of the page to reveal a list of relevant markets.

Click on the ‘Trade’ button next to Bitcoin – which should be at the top of the list (like in the image above).

Step 5: Buy Bitcoin

Now you will see an order form. In the ‘Amount’ box, enter your stake from $10 USD.

To complete your Bitcoin investment – click ‘Open Trade’.

How to Sell Bitcoin

In simple terms, if you bought Bitcoin from a regulated broker that allows you to deposit funds in AUD, then the process of cashing out is easy.

For example, at eToro:

• You would first need to log into your account
• View your portfolio and look for Bitcoin
• Elect to sell all of your BTC tokens at the current market rate
• After confirming, your account will then be credited with the funds

At this point, you can withdraw the cash back to your bank account.

Latest Bitcoin News

Before rounding off this guide, let’s take a look at some of the most talked-about Bitcoin news items for the week beginning January 16th 2023:

• Finally some excellent news for Bitcoin holders, as the coin’s value rose by over 21% last week. This means Bitcoin is now hovering around the $20,000 level, which is a significant psychological barrier that must be broken.
• The Bitcoin Fear & Greed index has finally moved into neutral territory – marking a significant milestone for investors. The index is now at its highest level since April 2022.
• Finally, the model who represented El Salvador at the recent prelims for Miss Universe made waves after appearing in a Bitcoin-themed costume. This costume featured a staff crowned with a model of a Bitcoin.

Conclusion

This guide has covered the basics of how to buy Bitcoin in Australia in a low-cost and safe way. We’ve covered suitable exchanges and brokers, reasons to buy Bitcoin, and what risks to consider.

If you want to invest in Bitcoin right now, consider doing so through the ASIC-regulated broker eToro. Just $10 USD (about $14 AUD) is needed to buy Bitcoin here, and you will only need to cover the spread.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

FAQs on Buying Bitcoin in Australia