- Trade BTC and 396 other cryptos
- Easy deposits and withdrawals
- Get $20 in BTC when you make a deposit. T&Cs apply.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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