CoinSpot, established in , is a popular Bitcoin & cryptocurrency exchange based in Australia. CoinSpot provides a simple and easy to use interface with a wide selection of features. Users can deposit via POLi, PayID, BPAY, cash deposit or direct deposit. The exchange supports Bitcoin, Ethereum, Litecoin & + other coins. you can trust. As one of Australia’s first Bitcoin exchanges, we’ve helped Australians buy Bitcoin since Our Melbourne-based team are passionate about crypto, and we’ve expanded to bitmoneylab.de, bitmoneylab.de and more. Support from real people. May 28, · You can buy Bitcoin in Australia in three simple steps: Step 1. Choose a cryptocurrency exchange The first step, if you've decided that buying Bitcoin is right for you, is to decide how and where you'll make the purchase.
Trading bitcoins in australia9 Exchanges to Buy Bitcoin & Crypto in Australia ()
All of these Bitcoin Trading platforms all have state-of-the-art interfaces which you can monitor your trades in real-time on your desktop or mobile device via their intuitive apps. Both buying Bitcoin and Bitcoin trading have advantages and disadvantages just like any other form of financial speculation.
Bitcoin trading Australia is performed via a CFD. CFD means Contract For Difference, which is the product you use to trade Bitcoin on one of the preferred platforms above. Crypto prices are fairly volatile vs normal stocks and currencies, making the price swing, even in a single trading day.
You will then profit from any increase from the price you executed the trade at. If the price goes down, you will profit from any decrease from the price you executed the trade at. Another key point is that, because Bitcoin has become so expensive, when you buy the Cryptocurrency using a digital wallet, it can tie up a great deal of your capital. Deciding whether or not to trade Bitcoin online depends on what your financial goals are. Some of the reasons that Australian investors trade Bitcoin include:.
All trading involves fees and are mostly made up of transaction fees and overnight financing. These trading fees cover the use of the platform and are known as the spread. These vary from market to market and trading platform provider. Overnight financing is a fee to keep the trade open when the markets are closed.
These fees are similar to an exchange, where they charge you each time you transact in your digital wallet. Below are the most common ways to trade. I would make sure you pick the strategy that resonates with you and how involved you want to be. The easiest will make you least profit vs the hardest, which is logical. The fees are 3. We may receive compensation when you use Coinbase. Please visit Coinbase for its exact pricing terms. Coinmama allows customers in almost every country to buy bitcoin.
They charge a 4. Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama. We may receive compensation when you use Coinmama. Please visit Coinmama for its exact pricing terms. It supports Bitcoin, Ethereum, Litecoin, Zcash and many other coins. It also offers unique features like copy trading. Investments are subject to market risk, including the loss of principal. We may receive compensation when you use eToro. Please visit eToro for its exact pricing terms.
Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate. We may receive compensation when you use Coinbase Pro. Please visit Coinbase Pro for its exact pricing terms. Founded mid, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all countries.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. Users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States , Europe besides Germany , UK , Singapore, Canada , Australia and many more. We may receive compensation when you use LocalBitcoins.
Please visit LocalBitcoins for its exact pricing terms. BuyaBitcoin is Australian Bitcoin broker. You can use the service to buy bitcoin via cash deposit for 4.
Your coins are usually delivered within an hour. Coin Loft is an Australian Bitcoin broker. You can buy bitcoin with cash deposit, credit card, Flexepin, and POLi. If you purchase with cash, your coins are delivered within an hour. If you don't, it may take up to 24 hours to get verified. If you aren't interested in using Digital iD, you may want to simply look for an easier or cheaper exchange instead.
Also, note that while you can buy cryptocurrency fast with Coinjar, after your first deposit there's a seven-day waiting period before you can withdraw the Bitcoin to an external wallet. Cryptocurrency exchanges can sometimes be overwhelming, especially when it's a peer-to-peer exchange where buying means navigating the order books.
Meanwhile, some cryptocurrency brokers will require users to have their own wallets, or burden users with too much detail or crowded interfaces. CoinSpot does none of these things. It's a straightforward brokerage, with an optional peer-to-peer market on the side, and it provides its users with wallets for all supported cryptocurrencies.
That it offers an exceptionally wide range of cryptocurrencies, all in one place, is an added bonus. The registration steps are clear and the verification steps are clearly explained as part of the sign-up process.
Transaction histories are clearly displayed, fees are fixed and clearly shown, and you can denominate buy and sell prices in AUD or cryptocurrency as preferred. CoinSpot has local customer service and it keeps extraneous features and information to a minimum, focusing on only the essentials. Plus, its palette is easy on the eyes. The first step, if you've decided that buying Bitcoin is right for you, is to decide how and where you'll make the purchase. There are hundreds of platforms to choose from, but they can be separated into three main categories:.
Bitcoin brokers are retailers that sell Bitcoin and other digital currencies. They offer user-friendly platforms and are the quickest and easiest way to buy Bitcoin. Brokers let you pay with fiat currencies like AUD or USD using familiar payment methods like a credit card or a bank transfer. Their main downside is that they often charge higher fees than other options. CoinJar and CoinSpot are two well-known cryptocurrency brokers. These platforms, such as Binance and Independent Reserve , let you buy Bitcoin from other traders on the open market.
Some exchanges let you buy with fiat currency, while others are for trading cryptocurrencies only and don't accept fiat deposits. They tend to offer lower fees and better rates than brokers, provide access to a more diverse range of coins and can also be used to actively trade cryptocurrencies.
However, they're more complicated to use and require some basic familiarity with trading concepts, like the difference between limit and market orders.
Peer-to-peer exchanges are like noticeboards where people can post notices saying whether they're buying or selling Bitcoin, and what their price is. Buyers and sellers on peer-to-peer exchanges directly contact each other and make their own arrangements. This makes it possible to access a wider range of payment methods, such as cash, and trade with increased privacy. The downsides are that prices on peer-to-peer exchanges are often higher than the market exchange rate, and users need to be wary of scammers on these platforms.
Examples of peer-to-peer exchanges include LocalBitcoins and Paxful. In most cases, the first step after choosing an exchange is to create an account by providing your email address. Depending on the exchange you use and the regulatory requirements it is subject to, you may also be required to provide your full name, contact information and proof of ID before being allowed to trade. Once your account has been verified, you can make your purchase and pay for it. This looks different depending on whether you're using a broker, a trading platform or a peer-to-peer exchange.
Simply enter the amount of Bitcoin you want to buy, and the broker's website tells you how much it costs and what the available payment options are. Once you make your payment, the broker sends the Bitcoin to your account. From there, you can withdraw the Bitcoin to your personal wallet or send it anywhere else you want. First, you need to deposit funds into your account. Once you've made the deposit, go to the market for the currency pair you want to trade.
To buy Bitcoin in that market, place a buy order. There are different order types, but if you simply want to buy at current market prices, you can place a market order. Browse sell offers to find one with an acceptable price and a suitable payment method.
Ideally, the seller will also have a good reputation score, and their notice won't raise any red flags. Contact the seller, tell them you want to buy Bitcoin and make a deal. Peer-to-peer exchanges usually use escrow services to protect buyers and sellers, but you should still be wary of scammers when using them. Start comparing exchanges.
After buying Bitcoin, it usually gets sent to your account on the exchange. While some people keep their Bitcoin in exchange accounts indefinitely, it's not the safest option. If the exchange goes out of business, gets hacked or if you somehow lose access to your exchange account, you could lose your Bitcoin. To do this, you first need to create a personal Bitcoin wallet address.
Then you can send Bitcoin from your exchange account to that personal wallet address. Read the cryptocurrency wallets guide to learn how to create a personal Bitcoin wallet address, and what the types of wallet are. Not all exchanges accept all payment methods, so if you have a specific payment method in mind, it can be helpful to specifically look for an exchange that accepts it. These transfers are often free and near-instant, so they can be an excellent choice where available.
BPAY transfers are also accepted by some exchanges, but these are usually much slower and may incur fees. When using an overseas cryptocurrency exchange, you may see bank transfer payment options referred to as wire transfer or SWIFT payment. These payments will usually be much slower they can take up to a week and will attract significantly higher fees than domestic bank transfers, including currency exchange fees.
If you want to use a specific overseas exchange, it may be preferable to buy cryptocurrency domestically with local currency and then deposit cryptocurrency onto the exchange instead. Compare Australian cryptocurrency exchanges to find one that supports local bank transfers. Many Bitcoin brokers let you buy Bitcoin using your credit card, including platforms like Coinbase and Coinmama , and using your credit card allows you to make quick and convenient purchases.
Trading platforms such as Binance have also started letting customers directly buy cryptocurrency with a credit card via third-party payment integrations. However, in all cases, credit card transactions attract relatively high fees, typically in the 1.
On top of that, they can also incur cash advance fees. Banks often don't look too favourably on these transactions either, and some have blocked customers from buying crypto with plastic. Debit cards aren't as widely accepted as credit cards but can still be used to buy cryptocurrency on some platforms. Credit cards aren't typically accepted on peer-to-peer exchanges due to the risk of chargeback fraud.
The most direct way is to use a peer-to-peer exchange, and arrange an in-person cash purchase with someone in your local area. The third way is to pay with cash at a newsagent. Exchanges will generally refer to this payment option as "cash deposit" or "blueshyft". To use this, select the cash payment or blueshyft option on the exchange's website and enter the amount of Bitcoin you want to buy.
The exchange will then create a QR code, which will typically be sent to your email address. Take this QR code to a participating blueshyft newsagent there are over 1, participating newsagents in Australia , and let them know you're using the blueshyft service and which exchange it's for. You can then pay the newsagent with cash, the newsagent can scan the QR code and the Bitcoin will be credited to your exchange account. Australian exchanges that accept blueshyft payments include CoinSpot and CoinJar.
Buying Bitcoin with cash can be as quick and convenient as other payment methods, but it also tends to be among the most expensive payment methods. Get a complete list of exchanges that let you buy crypto with cash.
PayPal is rarely accepted by cryptocurrency exchanges or other sellers, given the risk of chargeback fraud.
This is when someone buys Bitcoin, but then requests PayPal reverse their transaction after they get the Bitcoin, so they get their money back and get to keep the Bitcoin. It's unlikely, but not impossible, to find sellers accepting PayPal on peer-to-peer exchanges like Paxful. And if you're more interested in Bitcoin's price action than the underlying asset, you can also fund an eToro account with PayPal. A potentially riskier third option is a relatively obscure peer to peer platform called xCoins , which was specifically designed to facilitate PayPal for Bitcoin transactions.
It's a little vague on how it works though and doesn't have the best security track record. If you just want to draw down on your PayPal balance, you can also link your PayPal account to a credit card and then buy Bitcoin with that credit card. Using PayPal can incur additional fees, and it can be difficult to find exchanges that allow it.
But if you really want to use it, there are still a number of options. Head to our full list of exchanges that support PayPal to learn more. It's easy to swap other cryptocurrencies for Bitcoin, since BTC is listed on almost all crypto exchanges with a huge range of trading pairs.
Simply create an account, and deposit the cryptocurrency such as ETH into your exchange wallet. Enter the amount you want to buy or sell and create a new order. If you want to aim for a specific exchange rate, you can create a limit order which may be executed when the market shifts enough that it's a good offer. If you just want to swap at current market prices, you can create a market order.
Compare crypto-to-crypto exchanges to find one that's right for you. As a rule of thumb, cryptocurrency exchanges will always verify your identity if you are exchanging between fiat currency and cryptocurrency.
As such, one of the most reliable ways of buying Bitcoin anonymously is by paying with another cryptocurrency on an exchange that doesn't require user verification. But this isn't much help if you're trying to convert fiat currency to cryptocurrency. In that case, the most reliably anonymous way of buying Bitcoin is to pay with cash or another untraceable payment method, such as prepaid gift cards, on a peer-to-peer exchange.
Other methods, even if they don't involve identity verification, are only partially anonymous. Bitcoin ATMs have different compliance requirements in different countries, but they will often photograph their users or require them to present ID to a camera in the machine. And while you can use exchanges such as Changelly to buy cryptocurrency with a credit card, without going through a formal identity verification process on the exchange, these purchases aren't anonymous.
They typically require a 3D Secure card, which means buyers are still being identified. To learn more, check out our guide on how to buy Bitcoin without ID. You can sign up for a CoinSpot account by providing your email address and creating a password.
Alternatively, you can opt to deposit cash at a participating newsagency via blueshyft. With hundreds of platforms to choose from, finding the best Bitcoin exchange for your needs is a challenging task.
To make your choice easier, consider these key factors when comparing exchanges:. Learn more about how to choose an exchange in our cryptocurrency exchange guide. Choose a Bitcoin exchange. So, should you buy Bitcoin from an Australian exchange or from a foreign platform?
To help you decide, consider the pros and cons of buying on an Aussie exchange. Regardless of whether you choose an Australian or overseas-based crypto exchange, make sure you compare a range of options before deciding which platform to use.
While it may be the biggest and best-known, there are more than 1, other cryptocurrencies available as of July and growing. While the value of some of these coins is questionable, there are plenty of other digital currencies worth considering as alternatives to Bitcoin. Bitcoin is the world's oldest and biggest digital currency by market cap.
Created in by an unknown person or persons using the alias Satoshi Nakamoto, Bitcoin is a form of decentralised electronic cash designed to provide a viable alternative to traditional fiat currency. 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.
Find out more about how Bitcoin works in our comprehensive beginner's guide. Want to get your hands on some Bitcoin without actually buying it? There are a few options available:. Over-the-counter OTC brokers can offer better prices, increased transaction limits and faster processing times to large-volume traders.
Check out our OTC cryptocurrency trading guide to find out how buying OTC works as well as the benefits and risks you should be aware of. If you want to buy Bitcoin, start comparing a range of cryptocurrency brokers and exchanges. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you.
You can then sign up for an account and get ready to start trading. However, make sure you research your purchase thoroughly and are fully aware of the risks involved before you buy. Compare Bitcoin exchanges. The best place to buy Bitcoin depends on what you're looking for. We've compared some of the best cryptocurrency exchanges to help make the decision easier. It's possible that Bitcoin prices could skyrocket in the near future, but it's also possible that they could be about to plunge.
No one is entirely certain what Bitcoin prices will do, so it's impossible to say whether it's a good time to buy. Each individual Bitcoin is divisible to 0. As a result, the safest option is to transfer your coins to a secure, private wallet.
Compare some of the most popular cryptocurrency wallets available. For example, sites like Bitcoin Australia allow you to buy BTC by depositing cash at your local bank branch, with no need to go through a lengthy verification process. The easiest way to buy Bitcoin in Australia is to use a trusted Bitcoin broker.