How to Buy Crypto In Australia 2022
If you just want the quick answer on how to buy cryptocurrency in Australia, you’ll find a step-by-step below using Swyftx. We like Swyftx because it’s easy to sign up, you can use AUD, and they have over 200 cryptocurrencies available for you to purchase and trade with. In Australia, we have quite a few options when it comes to cryptocurrency exchanges, you can read more about the options below!
How To Buy Cryptocurrency in Australia
- Register for an account with Swyftx.
- Enable 2FA (2-factor authentication).
- Verify your account.
- Deposit AUD into your account
- Click the “Trade” link
- Search for your favourite crypto and click on “Buy coin”.
- Enter the amount AUD you want to trade for the cryptocurrency,
or how much of the coin you want to buy.
- Review the details.
- Click “Buy”
Buying and trading cryptocurrency used to be quite complicated, and can still be depending on which exchange you go with. Luckily for us Aussies, we have a few options available that make the process pretty easy.
Our personal favourite Australian crypto exchange for people just starting out is definitely Swyftx, it’s easy to sign up, deposit AUD, and choose from over 70 coins (and they keep adding more on a monthly basis)!
Where To Buy Crypto in Australia
You can buy, sell, or trade crypto assets on cryptocurrency exchanges. To get started, you need to fill out a registration application and wait for your account to get verified. What’s challenging for a lot of crypto investors, however, is how to choose the right exchange?
Your investment needs should always be your starting point. Do you want to buy Bitcoin only or are you interested in altcoins as well? Are you going to trade crypto for crypto or do you need a fiat-to-crypto exchange where you can deposit AUD via debit or credit card?
Most platforms require users to provide an ID for verification, so if you don’t feel comfortable disclosing your identity, you might want to look for a decentralized exchange instead.
Should You Invest in Cryptocurrency?
A vast number of people believe that the days of traditional currencies and financial institutions are numbered and that decentralized digital currencies and blockchain technology are the future of finances. Because of that, they decide to invest in crypto early on before they enter mainstream usage.
Others simply like the thrill of betting their net-worth against fiat currencies like the Australian Dollar (AUD), US Dollar (USD), New Zealand Dollar (NZD), the Euro (EUR), etc. Sometimes they hold on to Bitcoin and other assets long-term, waiting for a bullish period during which their price skyrockets. That’s when they sell their coins with higher returns.
However, cryptocurrency trading requires a carefully developed plan and strategy because of the characteristic volatility of this high-risk investment. The price of Bitcoin and other cryptos suffer major ups and downs and it’s up to you to turn such price fluctuations to your advantage.
One investment idea that’s quickly gaining traction in Australia is investing your superannuation into cryptocurrency. This is usually done by creating an account on a reliable crypto exchange like Swyftx and setting up a Self Managed Super Fund (SMSF) to which you allocate your coins.
What Are the Major Cryptocurrencies People Invest In?
Bitcoin (BTC) is the world’s first cryptocurrency designed by Satoshi Nakamoto and launched in 2009. It remains the most popular crypto-investment to this day.
Whether you want to invest short-term or long-term, Bitcoin has the potential for high rewards. Now that a lot of merchants around the globe have started accepting Bitcoin as a payment method, this asset can also be used as a store of value for buying goods and services.
However, there are a lot of altcoins you can buy (alternate coins), for example Ether (ETH) is the second most popular asset in the cryptocurrency market. It has become a leading player in the DeFi industry as a token that drives the Ethereum smart contract and dApp platform, which is why a lot of investors have their eyes on this crypto at the moment.
If you’re an institutional investor or someone who frequently makes cross-border payments, you could invest in Ripple (XRP) to save money and time otherwise spent on costly and outdated payment services like SWIFT. Ripple uses a different consensus mechanism than Bitcoin which results in better transaction throughput.
These three are major players in the crypto world, but they’re not the only ones. You also can buy coins like Bitcoin Cash (BCH) and Litecoin (LTC), or new cryptocurrencies like EOS, Monero (XMR), Stellar (XLM), Dash, Zcash, Dogecoin, etc.
The Most Popular Ways to Buy Cryptocurrency in Australia
Buy Crypto Using Bank Transfer
Purchasing cryptocurrency using a bank transfer is a popular option available on most Australian and international crypto exchanges. On Swyftx, for example, you can choose to send a bank transfer via the OSKO network or make a regular bank transfer. The advantage of OSKO payments is that Swyftx receives the deposit instantaneously.
Buy Crypto With PayID
To buy crypto with PayID, you should link your PayID account with your bank account and wait to get verified. Next, find an exchange that supports this payment method such as Swyftx or another trustworthy Australian exchange, Independent Reserve. Payments like PayID or POLi allow you to make instant deposits unless your bank delays the process for fraud checking.
Buy Crypto With BPAY
If you want to start trading crypto with BPAY depositing, you’ll need to wait for one or two business days before the amount is reflected in your crypto exchange account balance. This option is available on CoinSpot, a popular Australian-based trading platform praised for its generous altcoin support.
Buy Crypto With Cash Deposit
Aussie crypto traders who want to buy crypto using cash can do that on peer to peer or decentralized exchanges like Paxful and LocalBitcoins. However, these platforms don’t support any cryptocurrency besides Bitcoin but their huge database makes it easier to find sellers who accept cash deposits or would agree to meet with you in person.
Buy Crypto With Debit / Credit Card
Australian crypto exchanges are not so keen on accepting card payments which is why Australian traders typically use international crypto brokers like Coinbase and Coinmama to buy crypto with a credit or debit card. Coinbase has a fixed 3.99% fee on debit card purchases, while Coinmama charges 5.00% per transaction but has higher purchasing limits.
Buy Cryptocurrency with Bitcoin ATM
In Australia, there are around 40 Bitcoin ATMs according to FindBitcoinATM. A couple of years back, they were located in Sydney and Melbourne only but these days their popularity is growing so you can find them in 7 more cities across Australia. These machines allow you to quickly purchase Bitcoin using your credit/debit card and only some of them accept cash. The only drawback is they incur hefty fees.
Buy Crypto Anonymously / No ID
If you don’t want to disclose your personal information when trading cryptocurrency, you should look for decentralized peer to peer exchanges that don’t require users to perform a KYC verification test. This is possible on LocalBitcoins but only to a certain limit. Some centralized exchanges allow anonymous crypto-to-crypto exchanges but require an ID for fiat deposits ones.
Buy Crypto with Paypal
Those who own a PayPal account might want to use their account balance on buying crypto. The easiest way to find a PayPal selling offer is to use an exchange like Paxful and adjust the search engine. Otherwise, Kucoin is a global crypto exchange that supports PayPal purchases up to $10,000.
Best Apps to Buy Cryptocurrency
Trading on the comes really handy with the busy lifestyles we’re leading. You can find many online trading apps that you can download to your iPhone or Android device and track crypto market updates and place orders wherever you are. Blockfolio, Bitcoin Ticket Widget, and Bitcoin Price IQ are among the most popular mobile apps.
Frequently Asked Questions
Is Cryptocurrency Legal in Australia?
Yes, you can legally buy, sell, or trade cryptocurrency in Australia. The Australian government is one of the few countries in the world that has made a serious effort towards creating a regulatory framework for the use of digital assets. In December 2013, the governor of the Reserve Bank of Australia (RBA) declared Bitcoin as legal.
Although crypto transactions don’t fall under the jurisdiction of the Australian financial system, all Australian cryptocurrency exchanges must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and meet the government’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) policies. These regulations are the only consumer protection.
Do You Pay Tax on Cryptocurrency Australia?
In the past, cryptocurrencies used to be subjected to double taxation in Australia. Finally, in 2017, the Australian government recognized Bitcoin as property which means that now it’s only subjected to Capital Gains Tax (CGT). If you make any capital gain from buying Bitcoin or even selling or exchanging BTC, your profits will be fully or partially taxed.
What Is the Best Australian Cryptocurrency Exchange?
Australia has a couple of trusted exchanges with high trading volumes such as CoinSpot, Independent Reserve & CoinJar. However, the best Australian crypto exchange is definitely Swyftx. What makes this platform stand out is the great choice of cryptocurrency, payment methods, inexpensive trading fees and exchange rates, user-friendly interface, and spotless customer support team.
How to Buy Bitcoin in Australia?
There are a couple of ways in which you can buy BTC in Australia. We have a more in-depth article explain how to buy Bitcoin in Australia. Typically, you would use an Australian or international digital currency exchange. If you want to deposit funds through a payment method that’s not supported on any of these platforms, you can check the offers and payment options on peer to peer exchanges like LocalBitcoins. When traveling, Bitcoin ATMs are another decent option as long as you don’t mind the high transaction fees.
What Is the Best Bitcoin Exchange in Australia?
The crypto industry is liable to scams and hacking attacks which is why it’s very important to find a secure and reliable exchange. The best place to buy Bitcoin in Australia is Swyftx because it supports buying Bitcoin with AUD deposits via bank transfer, PayID, and POLi at very low fees. The platform is beginner-friendly and assigns an account manager to new users to help them get around. It also has a secure online wallet where you can store Bitcoin temporarily or long-term.
How to Sell Cryptocurrency in Australia?
You sell cryptocurrency in much the same way as you buy them, using cryptocurrency exchanges. You can choose between selling Bitcoin for fiat (e.g. AUD, USD, EUR) or exchange it for another cryptocurrency. Simply open an account on some crypto exchange and deposit your BTC.
Can You Sell Bitcoin (BTC) on Coinspot and CoinJar?
Yes. CoinSpot allows you to sell Bitcoin in exchange for AUD while CoinJar supports BTC exchanges with USD and GBP as well.
What Is the Best Bitcoin Wallet in Australia?
There are different types of digital wallets that you can choose from, you can check out our list of the best crypto wallets. If you want to store your coins long-term, the most secure option is to invest in a hardware wallet. This USB-like device stores the private key that gives you access to your Bitcoin balance. The wallet address itself is known as a public key. However, if these devices are too expensive for you at the moment and you plan on storing your BTC only temporarily, you can choose an online crypto wallet like the one that Swyftx provides.
Can You Link Your Bank Account on Coinbase?
Coinbase is an international crypto brokerage headquartered in the United States. It’s recommended to first-time traders because it’s really easy to use. Once you register for an account, you can link your bank account to purchase cryptos via bank transfers or debit card payments.
Can You Use Binance in Australia?
Yes. The Hong-Kong based cryptocurrency exchange, Binance, is available to crypto traders in Australia as well. This trading platform is perfect for adventurous traders looking to invest in obscure new assets because Binance supports over 200.
Does Independent Reserve Have an OTC Desk?
Over-the-counter or OTC trading desks are great for institutional investors who want to make large crypto purchases. Independent Reserve is one of the few exchanges that has its own OTC desk with deep liquidity where you can trade cryptocurrencies for up to $10,000,000!
Can You Use Robinhood for Bitcoin ETFs?
Exchange-Traded Funds (ETFs) are a type of security that you can invest on the stock market and diversify your portfolio. Although the stockbroker Robinhood supports the purchase of Bitcoin and some other cryptocurrencies, at the moment it doesn’t offer support for Bitcoin ETFs.
What Are ICOs?
ICO is short for Initial Coin Offering, a type of crowdfunding that helps companies and especially small businesses to attract major investors and raise a lot of money for their crypto projects. Cryptocurrencies like Ethereum, Litecoin, and Ripple all started as ICOs. The fact that they’re major crypto players today shows that ICOs are a great investment strategy.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.