Buy Bitcoin in Australia

Bitcoin Trading in Australia

How to Buy Bitcoin in Australia

Australia's exchange market is quite competitive. Meaning: there are a lot of companies selling crypto in the country.

The process is simple:

1. Find an exchange. User our list above to pick an exchange. We've researched exchanges and don't list scams on our website.
2. Create an account. Once you pick an exchange, sign up.
3. Verify ID. Once you signup, you'll need to complete KYC and verify your identity.
4. Connect a payment method.If buying online, you'll need to determine which payment you want to use. NPP, Osko, PayID and credit card are common in Australia.
5. Buy.Once your payment method is connected, you can buy.

For Australians, one of the easiest ways to buy Bitcoin is through the exchanges outlined above. There are several exchanges offering Bitcoin in Australia, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet.

Another way to buy Bitcoins in Australia is through automated teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren’t buying a lot of Bitcoin.

You can use our Bitcoin ATM finder to locate one near you. We carefully selected working Bitcoin ATM locations in each city.

• Bitcoin ATMs in Brisbane, Australia
• Bitcoin ATMs in Melbourne, Australia
• Bitcoin ATMs in Sydney, Australia

Exchange Hacks and Scams in Australia

As of May of 2023, we could find no exchange hacks or significant scams affecting Australia or its citizens. We will update this page if/when any news of scams or exchange hacks occur in Australia.

Latest Bitcoin Trends in Australia

Australian lawmakers turn down Andrew Bragg’s cryptocurrency bill

The Senate Committee on Economics Legislation in Australia has weighed in on Senator Andrew Bragg's cryptocurrency bill, known as The Digital Assets (Market Regulation) Bill 2023. On Sept. 4, the committee recommended against the Senate passing the bill and advocated for continued research on the topic.

• A dissenting report by Senators Bragg and Dean Smith favoured the bill, proposing its passage with slight modifications, such as excluding NFTs from the definition of regulated digital assets.
• The dissenting senators also recommended other changes, including:
  • Excluding certain asset-based tokens from the stablecoin definition.
  • Lengthening the transition period from three to nine months.
  • Urging the Board of Taxation to evaluate the taxation of digital assets and prepare legislation by early 2024.
• Bragg and Smith emphasized the need to adopt recommendations from the Council of Financial Regulators regarding the de-banking trend in Australia, a phenomenon where banks sever services for cryptocurrency firms.
• The dissenting report critiqued the government’s approach to crypto, suggesting it is detrimental to Australian consumers and investment.

Senator Bragg initially introduced the bill in March 2023 with the objective to safeguard consumers and encourage investors. However, the Senate committee's review of the bill faced multiple delays before providing the current feedback.

Swyftx introduces 'Earn and Learn' to educate Australians about crypto scams

Australian crypto exchange, Swyftx, has announced the upcoming launch of its “Earn and Learn” platform on Sept. 6. This initiative aims to reward users for completing courses that shed light on various cryptocurrency scams, a response to the increasing demand for crypto education and the rising attention on crypto scams in the country.

• Tom Matthews, Swyftx’s head of corporate affairs, emphasises that the objective is to arm the public with relevant knowledge to understand the crypto market and diminish vulnerability to scam coins.
• The platform will guide users to discern various types of scams, including spurious tokens and pump-and-dump schemes.
• Matthews highlighted the frustration regarding the misuse of the term "cryptocurrency scams" when referring to traditional scams involving digital assets.
• Course contents also comprise a checklist to evaluate tokens, considering various factors such as the background of founding teams and the tokenomics.
• Swyftx, boasting 660,000 customers, observed a significant uptick in the demand for crypto education recently.
• The first 4,000 individuals finishing the initial course will earn five Australian dollars ($3.20) in Bitcoin, with up to 100 Australian dollars ($64.30) in rewards over the following year.
• The company anticipates around 80,000 Australians to join the initiative.

Various other exchanges globally, like Coinbase, have also rolled out similar educational platforms with incentives in cryptocurrency. The underlying aim is to enhance user knowledge and reduce susceptibility to potential scams in the space.

Crypto exchange Kraken is ‘disappointed’ over regulator proceedings

The Australian Securities and Investments Commission (ASIC) has initiated civil proceedings against Bit Trade, which powers the Kraken crypto exchange in Australia. The proceedings are related to alleged non-compliance with design and distribution obligations for a trading product.

• Bit Trade is accused of not making a target market determination before offering its margin trading product to Australians.
• These obligations mandate that firms design financial products according to the specific needs of customers and have a targeted distribution plan.
• Since the introduction of these obligations in October 2021, around 1,160 Australians have used the margin trading product, accumulating a loss of roughly $8.35 million.
• Although ASIC notified Bit Trade in June 2022, Bit Trade allegedly continued offering the product without making the required determinations.
• Jonathon Miller, MD of Kraken’s Australian operations, expressed surprise over ASIC’s actions, asserting that they believed their product was compliant.
• Bit Trade’s margin trading is seen as a "credit facility" by the regulator, as it offers credit for purchasing crypto assets on the Kraken exchange.

ASIC emphasized the importance of adhering to design and distribution obligations to ensure that financial products are rightly distributed to consumers.