If you're looking to buy Bitcoin in Australia but need a little guidance – this article is for you.
Within it, not only do we explain how to buy Bitcoin in Australia in a low-cost and secure way – but which brokers to consider for the job.
We also explore whether or not Bitcoin is a good investment in 2022 and what risks to bear in mind before proceeding.
If you're short on time and simply want a quick overview of how to buy Bitcoin in Australia – follow the simple 4-step tutorial below.
Step 1: Open an eToro account – eToro is the best place to buy Bitcoin in Australia – not least because the broker is regulated by ASIC. As such, visit the eToro website and begin the account opening process.
Step 2: Deposit Money – Next, deposit some money into your eToro account. You can choose from a variety of local payment methods – such as a bank transfer or debit/credit card.
Step 3: Search for Bitcoin – Use the search box to find Bitcoin by entering 'BTC'. Click the 'Trade' button to proceed to the final step.
Step 4: Buy Bitcoin Australia – Let eToro know how much you want to invest in Bitcoin (minimum $10). Click 'Open Trade' to complete your Bitcoin purchase.
In just four simple steps, you have learned how to buy Bitcoin in Australia via eToro. Scroll down for a more comprehensive walkthrough of the process.
There are dozens of online brokers and exchanges that allow you to Buy Crypto Australia. For an overview of the very best – consider one of the platforms reviewed below.
Look no further than eToro in your search to buy Bitcoin in Australia. First and foremost, this online brokerage site is fully regulated by ASIC. This means that you can purchase Bitcoin online in safety. You can open an eToro account easily by entering some personal information and quickly uploading some ID.
eToro is actually one of the best crypto exchange in Australia, and has a very good reputation.
In doing so, you will then be able to buy Bitcoin in Australia on a spread-only basis. At eToro, this starts at just 0.75% per trade. You only need to buy $10 worth of Bitcoin when using eToro – as this top-rated broker supports fractional investments. Furthermore, the minimum first-time deposit stands at just $50.
On top of Bitcoin, eToro is home to lots of other cryptocurrencies. This covers large-cap projects like Ethereum and Dogecoin and even newly launched DeFi tokens. Furthermore, eToro offers a CryptoPortfolio which allows you to invest in dozens of digital assets via a single trade. This portfolio is managed and rebalanced by the eToro team.
>>Buy Bitcoin on eToro Now<<<
Another option to consider when trading Bitcoin when using a platform like Binance – you will be trading the future value of Bitcoin without taking ownership of any tokens. And as such, you do not need to worry about a bitcoin wallet or storage.
Coinbase is a popular place to buy Bitcoin in Australia – not least because the online exchange has a great reputation. Launched back in 2012, Coinbase is now used by millions of traders from all over the world and in particular – the platform appeals to beginners. You can buy Bitcoin here with an Australian debit or credit card at a commission of 3.99%.
This is, of course, much higher than the 0.5% charged by eToro. On the other hand, you can also transfer money from your Australian bank account fee-free and then pay a trading commission of 1.49% to buy Bitcoin. Coinbase gives you access to lots of alternative digital assets should you wish to diversify your portfolio.
>>Buy Bitcoin with Coinbase<<<
Although we offered a mini-walkthrough of how to buy Bitcoin in Australia earlier in this article – you might be in need of a more detailed guide.
If this is the case, the section below will explain how to invest in this digital currency with ASIC-regulated broker eToro on a step-by-step basis.
Before you can use the eToro website to buy Bitcoin in Australia – you will need to register an account. The good news is that this takes less than two minutes and simply requires some personal details.
eToro will also need to collect your email address, cell phone number, and Australian tax number. Finally, verify your mobile number before moving on to the next step.
A core requirement that ASIC places on eToro are that all new customers must have their identity and residency status verified.
To complete this process, upload a copy of your government-issued ID. Using a passport is the fastest option here, albeit, driver's license is also accepted.
For proof of address, you can use a bank statement or electricity bill. Other documents are accepted, too.
You can now make a deposit with a debit/credit card, e-wallet (including Paypal), or local bank transfer.
The minimum deposit requirement at eToro is $50. Deposits made in AUD are charged an FX fee of 0.5%.
Next, search for Bitcoin to go straight to the correct market – rather than browsing through the many thousands of assets that eToro supports.
Once you see Bitcoin appear from the search box (like in the image above) – click 'Trade'.
You will now see an order box appear on your screen. Enter the amount you wish to allocate to Bitcoin. At eToro, this can be any amount from $10 upwards.
Finally, click on the 'Open Trade' button and eToro will add your newly purchased Bitcoin to your portfolio.
>>Buy Bitcoin Now<<<
In the sections below, we explain the many ways to buy Bitcoin in Australia from the comfort of home.
You should buy Bitcoin where you can use the payment method you want to use. Whether it's PayPal or bank wire, if you're looking where to buy Bitcoin in Australia, then this review should contain all the information you need.
If you already have a Paypal account and wish to use this popular e-wallet to buy Bitcoin in Australia, eToro is the best option. If you buy Bitcoin with Paypal here – you can complete the funding process instantly and the minimum deposit requirement is just $50. This method is also very sekt after for people who want to buy bitcoin in the UK.
To buy bitcoin with paypal Australia, which is not directly on the paypal platform, you would need to create an account with eToro and select paypal as your funding method.
>>Buy Bitcoin with Paypal<<<
You can also buy Bitcoin with a debit or credit card in Australia – which is actually the most convenient payment method to use. This is because it's just a case of entering your card details into the eToro website and specifying how much you wish to deposit.
The transaction will be processed by the broker instantly and the funds added to your account balance. You can then buy Bitcoin in real-time on a spread-only basis. Fees to buy Bitcoin with a debit or credit card via eToro and Coinbase is 0.5% and 3.99% respectively.
If you prefer the likes of Neteller or Skrill to buy Bitcoin online – these two e-wallets are supported by eToro. The process works in exactly the same way as using eToro – insofar as you simply need to enter your e-wallet login details alongside a deposit amount.
If you're looking to buy bitcoin in New Zealand, then the best place is one of the brokers we've mentioned before. In etoro NZ, you can buy a whole Bitcoin, Bitcoin shares/fractions, or even Bitcoin stocks. Crikey!
Buy Bitcoin New Zealand is very similar to the methods you can use to buy Bitcoin in Australia.
>>Buy Bitcoin Now<<<
The cheapest way to buy bitcoin in Australia has to be with an ASIC-regulated broker. I mean, sure there are cheapest methods when you try to buy P2P, directly from another person. Or if you try to buy from a dodgy exchange.
What's good about a broker like eToro is that they are regulated by ASIC, which means you should have no issues in buying Bitcoin with any of the payment methods offered in their platform.
It may not be the cheapest way to buy Bitcoin in Australia, but it's surely the safest.
Just because the price of Bitcoin has exploded since its launch in 2009 – this doesn't mean that the digital currency is right for your financial profile. As such, it's wise to do some research before proceeding.
Below, we outline some of the main reasons why Australians continue to buy Bitcoin.
The most obvious reason that people choose to add Bitcoin to their portfolio is because of how quickly this digital asset is growing in value. Over the prior 12 months of writing this article, Bitcoin has increased in value by over 5,200%.
This means that had you invested just $1,000 five years ago, your capital would now be worth over $52,000. Over the same period, the S&P/ASX 200 – which is the primary stock market index in Australia, has grown by a mere 29%.
Another reason why so many Australian investors are keen to buy Bitcoin is that the process can now be completed safely. This is because there are now Bitcoin brokers like eToro that are both authorized and regulated by ASIC.
As such, no longer do you need to buy Bitcoin in Australia through a shady cryptocurrency exchange that operates without a license.
It is also important to remember that when you buy Bitcoin in Australia, you are investing in a finite asset. This is because the total supply of Bitcoin will be capped to 21 million tokens by the year 2140.
In theory, this means that for as long as demand continues to rise, as will the intrinsic value of Bitcoin in the open marketplace.
The Bitcoin price is dictated by market forces – much like stocks, forex, commodities, and any other tradable asset class. In other words, the Bitcoin price will increase as more buyers enter the market – and vice versa when selling pressure rises.
We should also note that as a globally traded asset – the Bitcoin price is typically quoted and analyzed in US dollars. This shouldn't present you with any issues when it comes to buying Bitcoin in Australia, as your AUD purchased will simply be converted at the time of the investment.
If you're searching for Bitcoin price predictions – we would strongly suggest that you tread with caution. Crucially, this is because it is much wiser to generate your own investment insights as opposed to relying on third-party viewpoints.
We find that in the vast majority of cases, Bitcoin price predictions found in the online space are non-descript. Largely, this is because the so-called expert behind the Bitcoin price prediction has not based their analysis on another tangible.
In reading this article from start to finish, you have learned how to buy Bitcoin in Australia. In addition to walking you through the investment process step-by-step, we have also reviewed the best brokers offering Bitcoin services to Australian residents.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.