Bitcoin is a virtual currency (cryptocurrency) that has recently started to gain the world’s attention. Different groups see buying Bitcoin in different ways; some see it as an investment, some as a means of sending and receiving payments globally, another set thinks of it as a way to make transactions without being tracked. Whatever your reason may be, this article will guide you on how to buy Bitcoin in Australia.
There are various ways you can buy Bitcoin in Australia including buying from those who you know have some and are willing to sell; they can be friends, family members, or business partners. Purchasing through online platforms that connect buyers and sellers. Lastly, you can buy Bitcoin on cryptocurrency exchanges or at Bitcoin ATMs.
There are no restrictions on the amount of Bitcoin you can purchase, outside of the exchanges, as long as the seller has got the value of Bitcoins you need. Some exchanges restrict the number of Bitcoins you can purchase daily, and buying beyond a particular amount could alert the authorities on your transactions as most exchanges would require that you identify yourself to make transactions above certain limits.
Whether you are buying a full bitcoin or more, or want some fractions of the virtual currency, irrespective of where you are purchasing them; from those you know, on platforms online, or cryptocurrency exchanges, you need one thing, a Bitcoin wallet.
Bitcoin wallets are devices/software applications used to make bitcoin transactions. It’s needed to store, send, or receive bitcoin from others. We have previously written a guide on best bitcoin wallets you can use.
1. Buy Bitcoin in Australia On Cryptocurrency Exchanges
There are a lot of cryptocurrency exchanges to buy from as an Australian. It’s important to note that cryptocurrency exchanges do not directly buy and sell to users. Exchange platforms are designed to automatically merge a buy and sell transaction without transaction participants knowing each other. Because of the high rate of buying and selling on these platforms, transactions are carried out instantly.
Cryptocurrency exchanges, being the middlemen of the trade, will require users to pay fees on transactions carried out on the platform.
Here are popular cryptocurrency exchanges available to Australians;
Binance is the leading cryptocurrency exchange in the world. Below are steps to purchasing BTC on Binance.
Step 1: Create a Binance Account
Sign-Up using your email address and password.
Correctly slide the puzzle piece in the appropriate hole. Then verify your account by entering a 6-digit code sent to your address.
Step 2: Verify Your Identity (Optional)
If you intend to purchase more than 2 BTC, you can verify your identity.
Go to the settings page and account verification section. Fill the blanks with your relevant details and upload supporting documents, including passport, driver’s license, and your photo.
Step 3: Purchase BTC
Enter the amount of BTC you intend to purchase. Confirm the order details displayed on the screen, and click Go To Payment.
You’ll be directed to the Simplex website, where you’ll verify your details and details of your credit card.
Once you provide the correct info, the transaction will be complete.
Coinbase makes it easy for users to purchase BTC in Australia.
Below are the steps to buy Bitcoin in Australia.
Step 1: Create A Coinbase Account
Click on the Sign-up tab and enter your details, including email address, name, country (Australia), and password.
Step 2: Verify Your Identity
This is required to prevent identity theft or fraud. Provide a photo of your ID. Also, you’ll need to verify your bank account or credit card.
Step 3: Purchase Bitcoin
Go to Buy/Sell at the top of the main Coinbase page. Specify the amount of BTC you want to purchase. You’ll be charged a 3.99% fee.
Click Confirm Buy.
Coinmama allows users to buy Bitcoin in Australia with a credit or debit cards issued by either MasterCard or VISA.
Below are the steps to purchase BTC on Coinmama:
Step 1: Create A Coinmama Account
Visit the Coinmama website and click on the Sign-Up tab.
Fill in the relevant details, including your full name, email, and country of residence.
After creating your account, login using your details.
Step 2: Verify Your Account
You’ll need to upload a photo of your ID or passport, plus other documents.
Step 3: Purchase BTC
After verifying your identity, move on to the BTC tab and click on the menu bar.
On the bar, you’ll be provided an option to purchase a set amount of BTC of any custom amount of about $5000.
Provide your BTC address, then click on Proceed to checkout.
This platform is available to residents of over 200 countries world over. It’s a person-to-person trading site. For Australian residents, the LocalBitcoin platform connects you with people you can exchange the Australian Dollar (AUD) for bitcoins. The site allows users post advertisements, stating their rates and payment methods for buying and selling bitcoins.
- Visit localBitcoins website and signup on the platform.
- Search for sellers that accept the mode of payment you intend to use since the exchange supports several fiat currencies, bank transfers, altcoins, credit cards and many more. However, since the platform doesn’t offer a global search, one has to shift through different countries.
- Choose a seller that has a reputation of over 98% and has conducted a considerable amount of trades. Also, ensure you read their terms of trade before making the purchase.
- Enter the amount of Bitcoin you intend to buy and click on send a trade request. Also, you can send the seller an additional message to notify them that you have initiated a trade.
- Ensure you follow any additional requests the seller makes.
2. Buying Bitcoins From Friends & Family Members
This method of purchasing bitcoin is straightforward. All that’s needed is you giving your bitcoin wallet address/public key to the person that wants to sell to you. He/she then sends the required amount of bitcoins, and you make a payment to him/her in cash or a bank transfer.
3. Connecting With A Seller Close To You
Some online platforms connect buyers and sellers. This way, if you don’t know anyone with bitcoin, you can connect with someone who does. Usually, you will see details to get in touch with the seller. You can call to meet him up somewhere close to make the transaction. You can also choose to make a bank transfer to his account details as provided without you meeting with him, but you need to be careful, some people will scam you this way, and it might be worthless going after them if the transaction is not that huge. Platforms like LocalBitcoin and MyCelium are best places to meet people who sell bitcoins.
4. MyCelium Local Trader
This service is right inside the MyCelium Bitcoin Wallet app. You need to install the MyCelium Wallet for your Andriod and IOS devices here. On MyCelium Local Trader you can connect with local bitcoin sellers. Once you meet with them, you meet them up in person to make the transaction. It costs nothing to use this service.
5. Bitcoin ATMs
This is a fast and easy method to purchase bitcoins. These ATMs, however, charges between 5-10% fees on transactions.
If you, however, want to buy Bitcoin this way, you can check the FindBitcoinATM‘s website, made for Australia only.
6. Independent Reserve
The IR platform is an Australian Exchange for traders and corporations. User accounts can be funded with EFT, SWIFT, or Crypto Capital.
Now you have a good idea of various ways you can buy Bitcoin in Australia and also cryptocurrency exchanges you can purchase the virtual currency fast and easy.
Need to know more about bitcoin or best way to invest them to make more money, you can click here to check out various guides we’ve written in the past.