The best way to grow your money is through Investing. There are various sources where you can invest your money, like the stock market, direct equity, managed funds, exchange-traded funds, fixed deposits, cryptocurrencies and much more.
All these investment options have been there in Australia for ages, but if you are looking for some new trading options, Cryptocurrency investment can be the one.
Yes Cryptocurrencies like Bitcoin, now legal in Australia, can be your next bet. Start Investing Today!
We know that before trading in bitcoins, you may have numerous questions in your mind, like how to buy bitcoin in Australia, what the steps are to purchase them, and many more.
Now, all you have to do is read this article, as we will answer all your queries so that you can easily trade in Bitcoin.
So let’s start with some knowledge of basics first –
A Detailed Guide to Buy Bitcoins in Australia –
What is Cryptocurrency?
A cryptocurrency is a type of digital currency that can be used to exchange goods and services. They work in a decentralized way meaning that nobody controls or owns them.
They make use of an online ledger using cryptography to safeguard online transactions. There are various kind of cryptocurrencies like ethereum, tether, bitcoin, and much more having different market capitalizations.
Ways to Buy Bitcoins in Australia
You can buy cryptocurrencies that will fall under the current financial service regulatory regime in Australia through the following ways as mentioned below –
1) Brokers Trading in Bitcoin
Brokers are persons who sell bitcoins and other types of cryptocurrencies. They provide you with an easy-to-use platform where you can buy bitcoins.
For purchasing bitcoins through these brokerage sites, all you have to do is mention the amount of bitcoin you want to buy. Then, make a payment through various options like fiat currencies, plastic cards, or bank transfers. And, after receiving the price, they transfer the bitcoin to you.
2) Cryptocurrency Exchanges
Cryptocurrency exchanges, also known as digital currency exchanges, give you a facility to trade in bitcoins and other currencies. They connect traders who want to transact in bitcoin in an open market.
These portals accept several payment methods like wire transfers, fiat money, credit or debit cards, and bank transfers that depend on the exchange you select.
Which one should you opt for?
While you can select any options between the two of them to trade in Bitcoin in Australia but we will recommend you to go for exchanges.
Exchanges will give you an option to buy at the current market rate or set a limit according to your choice, allowing you to purchase at the best prices. Also, they charge low processing fees compared to brokers.
Steps to follow for Buying through Crypto Exchanges –
We know that you may be looking to invest in bitcoin, but before that, let us understand the procedure of buying through crypto exchanges to have a safe and secure experience.
1) Compare various crypto exchanges
As there are multiple exchanges by which you can buy, so before choosing one, it is better to see their benefits like an easy user interface and payment options. You should also check whether they operate globally or locally, depending on where you wish to operate from.
2) Register for an Account
After you have chosen the exchange, the first step is that you have to open an account. You will have to fill in specific KYC details for registering, depending on the trading platform you choose.
3) Link the Account with a Payment Option
Post-registration, you have to choose a payment option available on that exchange and connect it with your account.
4) Make A Order
The last and final step is to place an order, which is very easy. All you have to do is enter the number of bitcoins you want to procure and then hit the buy button.
Also, if you wish, you can transfer the bitcoin to your wallet.
7 Best Crypto Exchanges To buy Bitcoins in Australia
We have listed some of the best bitcoin exchanges in Australia after thorough research so that you dont have to invest time searching for them. They are as follows –
#1 Coin Spot
Coin Spot is an Australian crypto exchange company that lets you trade in bitcoin using the Australian Dollar. It is one of the best exchanges for people who wish to invest in bitcoin locally in Australia.
For buying bitcoin through them after registering, you have to make a deposit. They provide various deposit methods like bank transfer, BPAY, Poli, PayId, and many more.
This platform offers a stop-loss and limit orders facility to traders so that you can buy or sell bitcoin, making use of market trends.
Incepted in 2007, Etoro provides its users with a variety of unique features to trade in bitcoin. Firstly, they let you connect with people worldwide, permitting you to interact and share insights with different traders.
They offer you a copy trading option by which you can imitate other successful investors’ financing practices. Also, this portal keeps you updated with the latest crypto research & news.
You can purchase bitcoin by using either pond or dollar through your credit cards, Pay Pal, and several other options on this exchange.
Bitmart provides one of the most comfortable solutions to its users, allowing them to buy bitcoin instantly anytime, anywhere using desktop and even mobile.
They proffer you with an alternative to transact using various trading pairs, letting you take advantage of the asset price difference between different markets.
With them, you can trade in 180+ countries around the globe, such as Hongkong, Seoul, New York, Iran, and many more. Moreover, this portal uses multiple security levels to let you have a seamless and safe purchase.
Kraken, founded in the USA, has recently started its cryptocurrency venture in Australia. It offers you an opportunity to invest in different digital currencies like Etherum, Litecoin, Tether, and Ripple.
They bring forth flexibility to finance your account in different fiat currencies like Us Dollar, Euro, Canadian Dollar, Australian Dollars, and many more.
Additionally, they proffer you with an opportunity to indulge in margin trading with their advance order choices. This exchange provides their clients with 24*7 live chat support to contact them at any hour of the day.
Kucoin, which started in 1992 in Boston, is rated among the best cryptocurrency exchanges to buy bitcoin in Australia.
They give you the advantage to trade via distinct ways like spot trading, instant exchange, and margin trading.
The best thing is this portal comes up with distinct earning options like crypto lending, by which you can lend your bitcoins and gain interest.
Besides this, you can receive daily rewards by soft staking on their portal, which allows you to earn dividends for holding coins without freezing them.
#6 Independent Reserve
Independent Reserve is one of the famous crypto trading platforms in Newzealand and Australia.
They render instant deposit services to their users through Oska PayId and Swift. You can use Us dollars, Australian Dollars, and Newzealand Dollars to transact via them.
One key benefit of trading through them is that they promise Over Counter services (OTC). You may be wondering what OTC is?
It means the direct exchange of digital currencies between two parties. It is generally used when the size of the order is comparatively large.
7) Coin base
Coin base is a global crypto exchange company letting you procure bitcoin in over 100 countries. The process of buying or selling bitcoin is through them is very user-friendly and secure.
You can purchase a bitcoin through their portal using bank transfer or plastic cards. With them, you can trade in Litecoin, Ethereum, Bitcoin as well as bitcoin cash.
Bitcoin professionals can avail their coin-based pro trading platform where you have to pay lower fees if you trade in high volume. Also, they get full insurance for their currencies.
How to buy bitcoins in Australia Anonymously
When you transact using online mediums, your personal information becomes vulnerable to hacking. Also, you may want to trade in bitcoins discreetly, which you can do with exchanges listed below –
Bitquick works as a third party by which you can buy bitcoin anonymously in Australia.
They let you buy bitcoins in cash by already holding sellers bitcoin in an escrow. And, then the buyer transfers the agreed price to the seller’s account.
As soon as the seller tells of receiving the payment to Bitquick, they dispatch the bitcoin to the buyer.
#2 Wall of Coins
The Wall of coins provides you with a swift and hassle-free trading experience. It doesn’t require any verification procedures so that you can trade in bitcoin without revealing your personal information.
Also, they store your coins offline in cold storage, so you dont have to worry about your currency’s protection.
#3 Local Bitcoin
Local Bitcoin is one of the largest peer-peer exchange company which lets you transact in bitcoin almost everywhere.
It connects you with the person who is willing to sell his bitcoin so that you can meet him personally and purchase one.
Letting you interact with the seller in person makes the process lean, fast, and secret for you.
#4 Bitcoin ATMs
You cannot get a better way than Bitcoin ATMs to invest in Bitcoins in an unidentified manner. These ATMs work like your regular ATMs, by which you can use cash or plastic cards to procure cryptocurrencies.
They require no verification, and if you want to make it more confidential, then when the Atm asks for your wallet, you have to click I dont have one.
Doing this machine will give you a paper wallet containing a private key, using which you can transfer bitcoins at your desired location.
You can easily find a Bitcoin ATM using bitcoin Maps.
Finally, we suggest that you should have proper knowledge about the country’s cryptocurrency regulations, be it Australia or any other where you wish to buy bitcoin from.
Also, always store your bitcoin in private wallets to avoid any risk of getting your cryptos hacked.