How to Buy Bitcoin (BTC) in Australia?
Looking to buy Bitcoin (BTC) in Australia? Follow our guide below and we'll show you how to get started!
Bitcoin is arguably the most popular cryptocurrency in the world. You can say that it is the “gateway” to the crypto space for the majority of people. Its relatively low volatity (as compared with other cryptocurrencies) makes it friendly to beginner crypto investors.
Contrary to popular belief, it is actually incredibly easy to buy Bitcoin in Australia, as well as in most countries on Earth. In this guide, we’ll show you how to buy Bitcoin in Australia in less than five minutes.
Where to buy Bitcoin in Australia
Buying Bitcoin (BTC) or any cryptocurrency in Australia is actually quite a simple process, probably even easier than making a new bank account!
Cryptocurrencies such as Bitcoin and Ethereum can be purchased from a crypto exchange, of which there are two types:
- Custodial exchanges: these are centralised exchanges where you can buy cryptocurrencies, and will hold your assets in their custody (ie. store them in their wallets for you). Think of how a bank stores your Australian Dollars (AUD).
- Non-custodial exchanges: non-custodial exchanges function like crypto retailers, where you can buy cryptocurrencies and have them sent directly to your crypto wallets. Non-custodial services do not store your assets, allowing you true ownership of your crypto.
Easy Crypto Australia offers non-custodial services for Aussies wanting to buy Bitcoin (BTC), or any other cryptocurrency in Australia.
We have over 160+ crypto assets that range from Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and many other cryptocurrencies.
We send your buy & sell orders directly to your crypto wallets, where you hold the true ownership of your crypto.
How to buy Bitcoin in Australia?
Buying Bitcoin (BTC), any other crypto in Australia is quick and simple. Before you started, you’ll need the following set up:
- Have a verified account at Easy Crypto Australia.
- A cryptocurrency wallet to store your crypto assets.
Don’t have a crypto wallet yet?
No worries, follow our simple guides to set up a crypto wallet Trust Wallet, Exodus Crypto Wallet, and Edge Crypto Wallet.
Once you’ve got those set up, follow our guide below to get started!
Step-by-step guide on how to buy Bitcoin (BTC) in Australia:
- Sign up
Start off by signing up using your email, Google account, or any of the other options we have available.
- Verify your account
To do this you’ll need to submit a picture of your Australian ID, passport, or driver’s license. You’ll be able to start purchasing any cryptocurrency once the documents you submitted have been verified.
For further information, you can visit Easy Crypto’s account verification guidance.
- Create a purchase order for Bitcoin (BTC)
Once your account has been verified, you can proceed to choose Bitcoin (BTC) from the Easy Crypto AU homepage. Then, enter the desired amount and click Buy Now.
Alternatively, you can also browse our complete list of crypto assets and also view the price history, along with the latest conversion rates for each coin.
- Choose your payment method
You can currently choose between 2 different payment methods when buying cryptocurrency on Easy Crypto. These include SiD EFT and manual bank deposits.
(Based on internal testing, we found that SiD EFT’s tend to process quicker than manual bank deposits).
And that’s it – congrats on purchasing your bitcoins!
Be sure to keep an eye on your order confirmation as we process your crypto order. Feel free to get in touch with our helpdesk if you have any questions or need further assistance.
Need a visual guide? Be sure to check our video guide on YouTube!
Things to consider before buying Bitcoin in Australia
Choosing the right platform
Similar to how you would choose a bank to store your Australian Dollars (AUD), you’d also want to find a reputable platform to buy your cryptocurrencies.
Be sure to look into whether or not the exchange is legally compliant in Australia, look into any hidden fees, and most importantly a customer support team that will assist you with any inquiries.
Do your own research
Conducting your own research is important in any type of investment, not just cryptocurrencies. Look into the different crypto assets you want to invest in, check their historical price movements, institutional backing, and more.
This also involves understanding your own purpose of investing in the first place. Are you looking to invest in crypto for the long-haul as a diversification method? or are you leaning more towards making profit as an active trader?
Understanding this will help you make more informed decisions in the crypto market.
Start here: Learn how to do your own crypto research.
Storing your Bitcoin
There is a plethora of wallet options for Bitcoin users in Australia to store your Bitcoin (BTC). It can be found in desktop, mobile, hardware and paper wallet formats. For now, we will cover desktop and mobile wallets.
Being the most popular cryptocurrency in Australia, Bitcoin teams up perfectly with the popular Exodus Wallet. Exodus has a slick user interface, is easy to use and is popular both in Australia and across the world. Recently Exodus has launched a mobile version, for both Android and iOS.
The Exodus wallet is perfect as a first wallet, as well as catering for those who require more advanced features. The wallet allows you to send and receive Bitcoin, create a Bitcoin wallet address and also backup your wallet for safekeeping.
Advanced users will enjoy its integration with the Trezor Model T, creating a seamless user experience combined with safety. Cryptocurrency enthusiasts can also add digital assets other than Bitcoin to the Exodus wallet. It supports the majority of mainstream crypto including Ethereum, XRP, Litecoin, and more.
More on Exodus: Read our review on the Exodus Wallet.
Bitcoin Core Wallet (Official)
The Bitcoin Core wallet is Bitcoin’s official wallet from the development team. As expected, this wallet is the safest option for securing your Bitcoin. However, ease of use suffers when using the official wallet, due to having to download the entire Bitcoin blockchain to synchronize to the most recent transaction prior to use. This can take a considerable amount of time to download and must be kept in sync.
Once set up, the wallet is reliable and has a medium learning curve for new users. It is probably worth your time if you want to delve a little deeper into the Bitcoin ecosystem.
The Electrum wallet is a ‘Bitcoin only’ wallet downloadable on Windows, Macintosh, Linux and if you are looking for a mobile version, Android. The Electrum wallet is popular worldwide, and this is no exception in Australia. The wallet focuses on security, with two-factor authentication, secure private key generation (only stored locally), ability to export private key to other wallets, decentralized servers and multisig ability.
As mentioned above Electrum only supports Bitcoin. This is a positive for Bitcoin only holders, as the developers are focused on the best possible experience for Bitcoin only. On the downside, if you are looking to purchase and hold altcoins, you will require more than one wallet. It all depends on your priorities. The wallet has a low to medium learning curve for users, its user interface is serviceable but not elegant. Once it is set up, you will find your Electrum wallet as a solid, reliable choice.
The Jaxx Liberty wallet (previously only known only as Jaxx) is a popular Bitcoin and altcoin wallet, available on a range of devices. Jaxx is popular in Australia due to its positive track record with security features and ease of use.
Speaking of features, Jaxx includes local private key storage, backup function, passphrase protection and a built-in block explorer. The wallet is pleasing on the eye with an intuitive user interface, great for beginners and veterans alike.
Jaxx Liberty is a 3rd party wallet and does not have an open-source codebase; in the eyes of some this may be a concern. Overall Jaxx delivers a smooth, easy to use experience for not only storing Bitcoin but a range of 80+ different cryptocurrencies. You can find it on Mac OSX, Windows, Linux 32/64, Android, iOS, and on the Google Chrome web store.
Coinomi was first founded back in 2014, and currently holds the reputation of being the oldest multi-chain wallet on the market. It’s not hard to see why it has millions of active users worldwide. Coinomi provides native support and true ownership for more than 125 blockchains and thousands of digital coins and assets.
Setup your Coinomi: Click here for the official setup guide.
Wallet of Satoshi
Wallet of Satoshi is a Bitcoin (lightning) mobile wallet available for both Android and iOS operating systems. Lightning is a new way to spend Bitcoin, created to increase the speed and ease of Bitcoin transactions. The Wallet of Satoshi (brought to you by the creator of Living Room of Satoshi) is a zero-configuration Australian based Bitcoin wallet that focuses on user experience and simplicity. You can easily top up your wallet using Australian Dollar (AUD) and spend in multiple retailers around Australia.
Related: A Guide to Crypto Hot Wallet vs. Cold Wallets.
Taxes and regulations in Australia
Before you buy Bitcoin in Australia, please do your research around the unpredictable nature of Bitcoin and the cryptocurrency marketplace in general. It’s also important for you to understand how does cryptocurrency tax work in Australia.
You can read about the tax implications directly from the Australian Tax Office and if possible, speak to an accountant who is well versed in digital currency investment. In summary, a tax event will occur if you convert AUD to BTC, BTC to AUD, or BTC to another cryptocurrency (e.g BTC to ETH).
Using a block explorer
A block explorer is used to track transactions on the Bitcoin’s blockchain. Due to all BTC transactions being traceable, the blockchain explorer can advise you the following details about your transaction:
- Wallet address sent to
- Wallet address sent from
One of the more popular Bitcoin explorers is located here. After your first transaction, it is a good idea to put your wallet address in the block explorer to see how it works and become familiar with it going forward.
With that said, a little knowledge goes a long way on your crypto journey!
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated February 24, 2023