How to get Bitcoin in Australia?
Bitcoin is most commonly bought via cryptocurrency supporting applications/exchanges. Purchasing Bitcoin on these platforms is no different from holding money in a bank account and exchanging your Australian Dollars for another currency.
When signing up to an online Bitcoin supporting exchange, you will commonly need three things before you can purchase Bitcoin:
- An email address
- An Australian mobile phone number
- Some form of Proof of ID (i.e. Drivers licence, passport, etc.)
The above verification steps are in place to prevent a variety of fraudulent behaviour, such as identity fraud. Most platforms require the user to take a photo of themselves while also holding a piece of paper with today’s date and their photo ID (picture side up).
Once registered, you can then deposit money into the phone application in order to buy cryptocurrency like Bitcoin within minutes. It is also advised for the maximum amount of security to set up two-stage verification when logging in. Most Bitcoin exchanges use multiple forms of two-stage authentication. For example, a simple SMS code sent to your number each time you log in or a third-party app like Google authenticator (i.e. a 6 – 8 digit code that changes every 60 seconds).
Top Bitcoin Exchanges for Australians
Below is a list of the most reputable Cryptocurrency exchanges available in Australia:
- Coinbase - (Click Here)
- Arguably the most user-friendly platform. Although the purchase fees are high, the focus of this platform is high security. Coinbase’s phone app allows people to keep their Bitcoin on an easy to use phone application, while also reassuring the user that their digital assets are secure. Coinbase is so confident that their security system is safe that their insurance policy is set to cover any customer funds lost in the case of a breach.
- Binance - (Click Here)
- As one of the largest Bitcoin exchanges in south-east Asia, Binance also supports the most considerable amount of additional cryptocurrencies, allowing you to swap your Bitcoin with almost any other reputable coin on the market. As an Australian, this exchange also supports Australian dollars with its BTC/AUD pairings and the ability to buy Bitcoin with a VISA or Mastercard.
- CoinSpot - (Click Here)
- As an Australian exchange (2013), CoinSpot has gained a reputation similar to Coinbase as an easy to use and secure option when buying Bitcoin and other cryptocurrencies. Unlike Coinbase, however, CoinSpot supports deposits and withdrawals without incurring fees. In order to achieve minimal fees, you are required to deposit your Australian dollar via free and instant deposit options including PayID and POLi.
- CoinJar - [(Click Here)][https://www.coinjar.com.au/]
- Coinjar is a Melbourne startup that allows Australians to buy and sell digital currency such as Bitcoin on desktop and mobile devices, all with a flat 1% fee. Established in 2013, CoinJar is Australia’s longest-running Bitcoin exchange. Novel to CoinJar is their innovations of a popular digital currency debit card known as CoinJar Swipe. Unlike the other exchanges, Coinjar Swipe allows you to spend Bitcoin anywhere that accepts EFTPOS in Australia as well as make cash withdrawals just like a debit card (at ATMs and cash-out-facilities).
For more information on What is Bitcoin or What is a Cryptocurrency?, please read our blog posts below.
The information on this website is for general information purposes only.
It should not be taken as constituting professional advice from the website owner
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