How to Buy Bitcoin in Australia
We found 6 trusted online cryptocurrency exchanges operating in Australia including Independent Reserve, Binance, and OKX.
Independent Reserve is the most popular Bitcoin exchange in Australia with 150,000 users
Binance allows buying and selling Bitcoin with 4 forms of payment
OKX accepts users and payments from 16 countries
Ease of Use
Medium
Fees
Average
Verification
1-2 Days
Reputation
Trusted
Independent Reserve is one of Australia's oldest and best-known institutional grade exchange with an orderbook enabling Australian and New Zealand users to securely trade Bitcoin.
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Independent Reserve is one of Australia's oldest and best-known institutional grade exchange with an orderbook enabling Australian and New Zealand users to securely trade Bitcoin. Independent Reserve is registered with AUSTRAC, has an ABN and has been certified by the Australian Digital Currency Association.
Independent Reserve claims it keeps the majority of user funds in cold storage, where it is held in vaults in several different locations, with multiple layers of physical security.
Ease of Use
Medium
Fees
Low
Verification
1 Day
Reputation
Trusted
Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.
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Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
Binance is considered a safe cryptocurrency exchange. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options.
Ease of Use
Easy
Fees
Low
Verification
1 Day
Reputation
Trusted
OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies.
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OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies. With its user-friendly interface, low fees, and deep liquidity, OKX stands out as an ideal choice for both novice and experienced traders seeking a reliable and feature-rich platform.
OKX has created an asset risk reserve fund committed to continually allocating a percentage of our earnings to guarantee and protect assets from crypto security risks
After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
Zengo is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.
Ledger Nano S Plus is a secure hardware wallet that connects to your computer via USB-C
BlueWallet is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux
Ease of Use
Easy
Fees
Average
Verification
2-3 Days
Reputation
Trusted
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
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With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.
Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.
Investing in crypto assets is unregulated. Non deliverable. No consumer protection. You risk losing all of your investment. 68% of retail CFD accounts lose money.
Ease of Use
Easy
Fees
Average
Verification
1-2 Days
Reputation
Trusted
eToro is an innovative and versatile trading platform where you can trade stocks, ETFs, currencies, cryptocurrencies, incides, and commodities.
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eToro is an innovative and versatile trading platform where you can trade stocks, ETFs, currencies, cryptocurrencies, incides, and commodities. eToro works as a social investment platform with its 'CopyTrading' feature which allows users to view, follow and copy the network's top traders automatically.
eToro offers a state-of-the-art, fully-managed cold storage Custody as a Service (CaaS) solution. eToro is a legitimate broker and trading platform and are regulated in Europe by the Cyprus Securities and Exchange Commission and in the UK by the Financial Conduct Authority (FCA). They are also registered with the U.S. Commodity Futures Trading Commission (CFTC).
Ease of Use
Easy
Fees
High
Verification
1 Day
Reputation
Trusted
Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.
Buy Bitcoin
Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers. Since its foundation in 2013, it has grown to serve over 2 million customers across 188 countries and today has over 40 employees. Coinmama is a really simple exchange, which makes a perfect platform for safe, secure and quick transactions.
Coinmama is considered a reputable platform for bitcoin purchases.
Buying bitcoin and other cryptocurrencies in Australia is a simple process and usually takes less than 10 minutes to get fully setup.
The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.
here are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Before purchasing, there are a couple of important things you'll need to prepare:
1. Create an account with an exchange
Australia has 6 trusted exchanges available for you to sign up for, with the most popular being Independent Reserve and Binance, which account for a combined 90,150,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it's important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Australia.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Independent Reserve and Binance are: Cryptocurrency, Electronic Funds Transfer, POLi, SWIFT, PayID.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
Australia
Bitcoin and other cryptocurrencies are not regulated in Australia and are therefore legal to trade and hold.
Australia is currently working on creating a licensing framework for cryptocurrency exchanges.
🌎 View bitcoin and cryptocurrency legality around the world
There are 6 trusted exchanges operating in Australia with the most popular being Independent Reserve , Binance , and OKX.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Australia based on fees, users, and security while giving placement preference to exchanges located in Australia or specifically catering to users in Australia.
Most of the exchanges operating in Australia have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
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