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.
As the first cryptocurrency ever created, Bitcoin (BTC) introduced blockchain technology to the world back in 2009 and BTC has since reached a remarkable all-time-high price of $103,567.50 in November 2021.
While this has helped make BTC the #1 crypto by market cap, Bitcoin is still a highly volatile asset capable of major price swings in a single day.
Today BTC is trading for $44,278.50, which is slightly up from yesterday's trading price of $43,975.30. Bitcoin has seen a price increase of 28% over the past year.
So before you buy Bitcoin, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Bitcoin in Australia.
How to buy Bitcoin in 5 steps
If it's your first time buying BTC all you'll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.
Compare crypto exchanges
The easiest way to buy Bitcoin is from a cryptocurrency exchange. Comparing in the table helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – bpay, cash, credit card and bank transfer payments are widely accepted.
Buy Bitcoin
You can now exchange your funds for Bitcoin. On beginner-friendly exchanges, this is as simple as entering the AUD or BTC amount you want to purchase and clicking "buy".
Secure your Bitcoin
Consider transferring your BTC to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
"Top picks" are those we've evaluated to be best for certain product features or categories – you can learn more in our full methodology. If we show a "Promoted Pick" it's been chosen from among our commercial partners based on factors that include special features or offers, and the commission we receive.
Keep in mind that these picks are suggestions and that the best crypto exchange for you will depend on your individual needs. There are other products on the market not included in our picks.
Where to buy Bitcoin in Australia
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Australian dollars, like Cointree or Coinmama.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
You can buy and sell BTC fee-free with the Finder app, stay up to date with the latest market movements and easily track and manage your crypto assets. Pop in your phone number below to get your download link.
What is Bitcoin?
Bitcoin is the world's oldest and biggest digital currency by market cap. Created in 2009 by an unknown person (or persons) using the alias Satoshi Nakamoto, Bitcoin is a form of decentralised electronic cash designed to provide an alternative to traditional fiat currencies like Australian dollars.
Rather than having to deal with a centralised authority such as a bank to process transactions, Bitcoin holders can transfer their coins directly to one another on a peer-to-peer network. All Bitcoin transactions are tracked on a public ledger known as the blockchain, and people working as miners verify transactions and update the blockchain.
The maximum coin supply of Bitcoin is limited to 21 million, but it's possible to buy a small fraction of a coin – each individual coin can be divided down to 0.00000001 BTC.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not AUD.
If you want to buy Bitcoin with Australian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Australia and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
What are the best ways to buy Bitcoin?
Once you've set up your account, you'll need to deposit funds to buy Bitcoin with. We've listed out some popular ways to buy BTC and what you should know about each payment method.
Many exchanges support free and instant bank transfers in Australia.
Some offer other options like POLi, BPAY and wire transfers, but make sure you check if you'll be charged a deposit fee first.
How you transact with a debit card will depend on the platform.
Some exchanges let you transfer funds from your debit card to spend as you like.
Others will only let you use a debit card to make instant purchases, which often involves higher fees.
Lots of exchanges accept credit cards as an instant purchase method. But you should think carefully before buying Bitcoin with a credit card, because:
Credit card fees are higher than using bank transfers.
Some card issuers may block cryptocurrency transactions.
Your purchasing options will be limited and more expensive.
You may end up losing your initial investment and being charged fees and interest by your credit card provider.
Buying Bitcoin with cash isn't common in Australia, but it can still be done with a platform like Cointree.
There are a few other ways to buy BTC with cash:
Bitcoin ATMs. You can purchase BTC with cash using a specialised Bitcoin ATM. These can be found in many major cities in Australia. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
blueshyft. A handful of Australia exchanges like CoinSpot and CoinJar let you deposit cash via blueshyft. You'll be issued a QR code to take to a participating newsagent to complete your cash payment.
Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you BTC directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
You can swap any cryptocurrency you already own for BTC using the "swap" or "convert" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
Alternative ways to buy Bitcoin
Bitcoin trading is generally associated with buying and selling btc on a crypto exchange. However, there are some alternatives available if you want to invest in btc.
A contract for difference (CFD) is a popular way of speculating on the price of an asset such as gold, wheat, stocks and crypto. You can purchase btc CFDs from a wide range of traditional brokers and trading platforms.
By purchasing a Bitcoin ETF, you'll get exposure to the price of the underlying asset through a conventional online share trading account. This means you won't need to worry about wallet storage or using a crypto exchange.
Bitcoin futures contracts let you wager on the future price of btc. Crypto futures are only appropriate for experienced traders because of the increased risk of losing all of your investment.
What is the cheapest way to buy Bitcoin?
First things first – you don't have to buy a whole Bitcoin.
Most exchanges let you buy as little as $5 worth of BTC, if not less. Just type in how much you want to spend in AUD and let the exchange work out the rest.
Some platforms only offer 1 way to buy Bitcoin, while others provide several choices. The 2 most common ways to buy BTC are on the spot market or with an "instant buy" feature.
Instant buy
If it's your first time buying Bitcoin this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of Bitcoin you want to buy, or Australian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on BTC's market rate in exchange for the convenience.
Spot market
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for BTC on the open market. It's usually the cheapest way to buy Bitcoin because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
Market order. This will buy you the amount of Bitcoin you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
Limit order. This is the most common order type and lets you purchase Bitcoin at the price you specify. Traders use this to time the market and capitalise on price dips or increases.
How to find the best place to buy Bitcoin in Australia
There are dozens of different trading platforms to choose from when buying Bitcoin in Australia, so to help you find your best option, keep these factors in mind:
Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Australian dollars and local payment methods like BPAY, which helps avoid foreign exchange fees. Choosing from Australia-based exchanges also means it's likely to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which means it has to comply with local laws in Australia.
Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
Transaction limits. Are there any minimum or maximum limits on the amount of Bitcoin you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue
crypto debit cards
to help you spend your coins.
Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Australia? Check what contact methods are available and find out how quick the team is at responding to enquiries.
Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
Read reviews. Finder's
crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.
Using AUSTRAC-registered exchanges
There are plenty of places to buy Bitcoin, and people in Australia can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered BTC exchange typically offers more convenience, but may have some downsides depending on your goals.
Pros
Australia-based exchanges must comply with AUSTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy Bitcoin with AUD.
Exchanges in Australia typically support local payment methods, such as PayID, POLi and BPAY.
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
AUD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Australian dollars.
Some features are simply not available on AUSTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.
Recent Bitcoin developments
4 July, 2023: Bitcoin reached a 12 month high of USD $31,375 following excitement about the possibility of a Bitcoin spot ETF being approved in the US. 1 June, 2023: A new type of token called BRC-20s have been introduced to the Bitcoin blockchain, spurring increased transaction activity and fees. 1 May, 2023: Bitcoin dominance has returned to 47%. This marks its highest point since June 2022, just weeks before the collapse of Celsius. April 05, 2023: The price of Bitcoin has grown by approximately 25% over the past month, likely due to a combination of factors including continued support for ordinals as well as the US banking crisis. The latter of which has brought BTC back in to the spotlight as an alternative to government issued currencies.
Bitcoin in Finder news
January 16, 2023: Bitcoin price rallies. What's next for the crypto market? Read more
Is Bitcoin safe to invest in?
You shouldn't invest in any asset, including BTC without doing plenty of research first. Before you buy Bitcoin, make sure you understand and weigh up these risks:
Price volatility. Bitcoin's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for BTC to lose more than 10% of its value in a single day.
Perceived value. BTC is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
Exchange vulnerabilities. Leaving your Bitcoin on a crypto platform exposes you to several counterparty risks, including:
Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
Regulatory uncertainty. The regulatory environment for Bitcoin and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact Bitcoin's future – for better or worse.
Novel technology. Bitcoin was created in 2009 which makes it relatively new as a form of technology and as a currency. BTC doesn't yet have the same track record or performance history as some other asset classes.
Technical learning curve. Evaluating the tech behind BTC before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
Wallet vulnerabilities. The Bitcoin network itself is near-impossible to hack, but the software used to manage your funds – known as wallets – is still vulnerable. Thoroughly research a number of BTC wallets before deciding which to use.
Transactions can't be reversed. Once you've submitted a transaction to the Bitcoin network, it can't be cancelled or reversed. Double-check the receiving address before sending a Bitcoin payment or moving Bitcoin off an exchange. There is no way to refund BTC sent to the wrong address.
Energy consumption. Bitcoin is reliant on proof-of-work mining which consumes huge amounts of energy. This could place it in the cross-hairs of governments as the world moves to a greener economy.
Where could Bitcoin's price be heading?
BTC is expected to close out 2023 at US$35,458, according to the average prediction provided by Finder's panel of fintech specialists.
These specialists also predict BTC will hit US$99,781 by 2025 and US$297,848 by 2030.
Compare today's price of Bitcoin ($29,519.00 USD) against its all time high price of $69,045.00 USD on November 10, 2021. The closer the bar is to 100%, the closer BTC is to reaching its ATH again.
Current price: $29,519.00
All time high: $69,045.00
43%
57%
How is Bitcoin taxed?
Bitcoin is treated as an asset by the Australian Tax Office (ATO), which means that if you've bought, sold or earned BTC during the financial year, you will need to report it at tax time. Investors will need to declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future gains.
If you make frequent BTC trades in a professional capacity you may be classified as a trader, which is a bit more complex. Learn more in our guide to crypto tax in Australia or use our round-up of the best crypto tax software to make tax reporting easier.
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.
Keeping your Bitcoin on an exchange
Pros
Convenience. Keeping your Bitcoin on an exchange is convenient because you can buy and sell at any time.
Security. Holding Bitcoin on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don't have to worry about the pitfalls of self-custody.
Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
Earn yield. Many exchanges now let you earn yield on your Bitcoin. This is achieved by lending your BTC so carries its own set of risks. Do your research before deciding if it's the right option for you.
Cons
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
Moving your Bitcoin to a non-custodial wallet
Pros
Self-custody. A mantra repeated by crypto investors is "Not your keys, not your coins." This comes from the idea that the only way to guarantee ownership of your Bitcoin is to own the private key — which isn't the case when you hold on an exchange.
Security. Bitcoin and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
Utility. If you plan to use your Bitcoin for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
Cons
Learning curve. It's no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Bitcoin wallets work before transferring any of your funds.
Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet's Shamir backup feature.
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 advisor 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
Can I buy Bitcoin for $10?
Yes, you can buy Bitcoin for $10 – and even less – depending on the platform you use.
Bitcoin can be divided into very small fractions, called Satoshi, and many investors choose to buy it in small recurring amounts like $5 a day.
How do beginners buy Bitcoin?
Beginners will probably find it easiest to buy Bitcoin from a crypto exchange that offers instant purchases with AUD. Once you're feeling comfortable, buying Bitcoin on the spot market is usually a less expensive option, and many platforms have now made their trading interfaces beginner-friendly.
How much Bitcoin should a beginner buy?
Bitcoin is widely considered as a high-risk asset, so you should "only invest what you can afford to lose."
To help cushion the highs and lows of market volatility, consider dollar-cost averaging (DCA). This involves buying small amounts of Bitcoin at regular intervals, such as every week or month. DCA removes some of the emotion from investing and can help support a long-term strategy.
What is the safest way to buy Bitcoin?
The safest way to buy Bitcoin is through a reputable cryptocurrency exchange or broker that complies with Australia laws and regulations. Look for one that promotes stringent security measures such as registration with AUSTRAC, KYC for all users, 2-factor authentication, and an insurance fund.
Once you've purchased some BTC, consider moving it into a self-custodial wallet for added security.
What is the best way to buy Bitcoin?
The best way to buy Bitcoin is to identify your investment goals first. Do you plan to trade frequently, or make a few purchases and hold long-term?
For regular trading, fees are lowest on a spot market, while casual investors might feel the convenience of a higher-fee instant purchase is worthwhile.
Compare exchanges and trading platforms in our table to decide which is the best place to buy Bitcoin for you.
Can I buy Bitcoin without ID?
There are still a small number of ways to buy Bitcoin (BTC) without an ID. However, it tends to be safer to purchase BTC through a platform that's registered with AUSTRAC. You won't be able to create an account on a AUSTRAC-registered platform without providing identification as part of the
Know Your Customer (KYC)
verification process.
Disclaimer: Cryptocurrencies, including Bitcoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BTC 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 legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Bitcoin or any other cryptocurrency discussed.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions.
He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
There were no Bitcoin Exchanges back in 2009.The first exchange was founded on 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating. Hope this helps!
Hi, I have been trading the FX market for a few years and I am now looking to try Crypto Currency trading.
Do Coinspot, BTC or Independent Reserve offer a trading platform, by this I mean a charting package so I can get in and out of long or short trades based on price movement displayed on a chart.
I have made a mistake in the past of trading Crypto CFD’s and found the expiration of the contract a real problem, difficult if you wish to hold onto a trade.
So, yes, I want to be able to buy/sell for either short or long term at my discretion and I would prefer some sort of charting package included in opening an account.
Thanking you in advance.
Thank you for sharing this information with us. You may want to look at the forex exchanges that offer cryptocurrency. They may offer charting packages and maybe a familiar option for an FX trader. Our page has a comparison table you can use to see which platform suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to their website where you can sign up or get in touch with their representatives for further inquiries you may have.
If you’re looking for alternatives such as paying with cash, BPAY, credit card or PayPal, you might have to search more widely. You can select the payment method you want among their list of supported payment methods. Kindly note that it’s important to research a payment method and check its risk level before you start trading with it.
Bitcoin, like other crypto coins, is extremely volatile and the value of the currency remains unpredictable. News and seemingly unrelated events affect its price greatly, sometimes positively, sometimes negatively. However, if you’d like to take the plunge and invest in bitcoin, here are two ways to do that:
– Get paid in bitcoin
– Invest in bitcoin
Hence, we cannot give information if this is legit or not. In the meantime, what you should do to check the legitimacy of this platform is to go through reviews, forums, or other pages online to research about them. You can also go through our checklist on how to detect a crypto scam. Please be reminded that this checklist is far from foolproof. It is still possible for a website to pass the tests and still be a scam. The important thing to remember is to do your due diligence before providing any personal or financial information to any website or app.
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Thank you very much for sharing it’s a very useful article and hope to read more about your experience.
Hi, What exchanges were around in 2009 for Australians to buy Bitcoin?
Hi Julian,
Thank you for leaving a question.
There were no Bitcoin Exchanges back in 2009.The first exchange was founded on 17 Mar 2010, the now-defunct BitcoinMarket.com exchange is the first one that starts operating. Hope this helps!
Cheers,
Reggie
Hi, I have been trading the FX market for a few years and I am now looking to try Crypto Currency trading.
Do Coinspot, BTC or Independent Reserve offer a trading platform, by this I mean a charting package so I can get in and out of long or short trades based on price movement displayed on a chart.
I have made a mistake in the past of trading Crypto CFD’s and found the expiration of the contract a real problem, difficult if you wish to hold onto a trade.
So, yes, I want to be able to buy/sell for either short or long term at my discretion and I would prefer some sort of charting package included in opening an account.
Thanking you in advance.
Hi Martin,
Thank you for your inquiry.
Thank you for sharing this information with us. You may want to look at the forex exchanges that offer cryptocurrency. They may offer charting packages and maybe a familiar option for an FX trader. Our page has a comparison table you can use to see which platform suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to their website where you can sign up or get in touch with their representatives for further inquiries you may have.
I hope this information has helped.
Cheers,
Harold
Can I transfer from PayPal to my bitcoin wallet
Hi,
Thanks for your inquiry.
If you’re looking for alternatives such as paying with cash, BPAY, credit card or PayPal, you might have to search more widely. You can select the payment method you want among their list of supported payment methods. Kindly note that it’s important to research a payment method and check its risk level before you start trading with it.
Best regards,
Rench
I have been offered to make 13,000 dollars in 24 hours by the inventors of bitcoin. Are they for real?
Hi Joe,
Thanks for reaching out to Finder.
Bitcoin, like other crypto coins, is extremely volatile and the value of the currency remains unpredictable. News and seemingly unrelated events affect its price greatly, sometimes positively, sometimes negatively. However, if you’d like to take the plunge and invest in bitcoin, here are two ways to do that:
– Get paid in bitcoin
– Invest in bitcoin
Hence, we cannot give information if this is legit or not. In the meantime, what you should do to check the legitimacy of this platform is to go through reviews, forums, or other pages online to research about them. You can also go through our checklist on how to detect a crypto scam. Please be reminded that this checklist is far from foolproof. It is still possible for a website to pass the tests and still be a scam. The important thing to remember is to do your due diligence before providing any personal or financial information to any website or app.
Best regards,
Rench