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Where to buy Bitcoin in Australia?
As one of the iconic cryptocurrencies, Bitcoin has had its ups and downs, but has so far stood the test of time. If you’re interested in adding Bitcoin to your investment portfolio, you have a few options to choose from when buying Bitcoin in Australia.
What is Bitcoin?
Bitcoin (BTC) is the first cryptocurrency, and one of the best known. This decentralised digital currency is transacted on an online peer-to-peer network, the blockchain, with no central server or similar authority calling the shots.
Much like more traditional currencies, Bitcoin can be used in transactions to pay for goods and services (mostly online transactions – not many bricks and mortar retailers accept crypto as a payment method yet), or used as an investment asset.
What is the blockchain?
At its most simplistic, the blockchain is a ledger of transactions, recording each exchange and investment in Bitcoin. Each “block” of data on the blockchain is linked to the next block in the chain. Unlike a centralised database, the blockchain isn’t stored in one place, but distributed across computers all around the world, making it much harder to hack or defraud.
How can you acquire bitcoin in Australia?
The two main ways to get your digital hands on some Bitcoin are to mine it or to buy it.
Mining bitcoin is a process where you are rewarded for devoting your computer’s processing power to solving cryptographic problems, which helps to validate transactions and add new blocks to the blockchain. However, with the rise of professional “Bitcoin miners” using specialised mining rigs to process massive amounts of data day and night, casual bitcoin mining from your home laptop is no longer as practical as it once was.
Buying bitcoin is often a much simpler proposition – simply sign up with the crypto exchange of your choice and invest as much money as you are comfortable with into Bitcoin.
You can choose whether to store the public and private “keys” used to access your Bitcoin in an online “wallet” with the exchange, or to download the keys to an offline storage drive. Keeping your Bitcoin accessible through the exchange could be a bit more convenient, though using an offline wallet could help keep your crypto more secure.
Before choosing a crypto exchange, be sure to compare the different options, and consider which fees, features and other benefits may best suit your needs and financial goals.
Disclaimer
This article is over two years old, last updated on May 17, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent cryptocurrency articles.
Compare cryptocurrency exchanges
Swyftx
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD, NZD
Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume
Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet
Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)
An Australian owned and operated digital currency exchange that allows users to sell, trade and buy Bitcoin, and over 245+ other digital assets, with low trading fees and one of the smallest spreads available.
CoinJar
Cryptocurrencies available: 57
Fiat Currencies Accepted: AUD, GBP
Trading Fee: 0%-1%
Withdrawal Fee: No fee for AUD or GBP withdrawals. Cryptocurrency withdrawal fees are based on blockchain network fees
Deposit Fees: No fees with PayID; 2% fee with credit / debit card, Apple Pay, and Google Pay
Australia's longest-running cryptocurrency exchange with over 500,000 Australian customers and a simple to use app for both iOS and Android.
Digital Surge
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD
Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.
Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.
Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.
Because simplicity makes life better. The easiest way for Australians to buy, sell & store over 245+ cryptocurrencies. Low fees, tight spreads, Aussie-based customer support & an interface that makes crypto enjoyable & easy-to-understand. Simple. Safe. Stress-free.
CoinSpot
Cryptocurrencies available: 263
Fiat Currencies Accepted: AUD
Trading Fee: 0.1% to 1% based on order type
Withdrawal Fee: None for Australian Bank Accounts
Deposit Fees: No fees for POLi, PayID, Direct Deposit and Bank Transfers. 0.9% BPAY fee, 2.5% cash fee
Australia’s most trusted exchange since 2013.
Cointree
Cryptocurrencies available: 280+
Fiat Currencies Accepted: AUD
Trading Fee: 0.05%-0.9%
Withdrawal Fee: No fee with fiat withdrawals. Cryptocurrency withdrawal fees vary.
Deposit Fees: No fee
Buy, sell, trade and pay with crypto. Simple, low fees, easy to use and trusted by 100,000+ members. Enjoy $10 BTC credit after verification with promo code: RATE10
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Product database updated 25 Nov, 2024
