Here is how to buy Bitcoin in Australia.
In this piece, I’ve mentioned multiple ways you can buy Bitcoin in Australia. It would take a few minutes at best for you to get started.
Not just Australia, and not just Bitcoin. This piece will help you buy almost any other crypto, from any other nation.
Absolutely no previous skills or technical know-how is required. If you’ve purchased anything else online in the past, you can buy BTC using the modes enlisted below.
For your ease, I’ve also linked to an exchange that makes things easy for you. Of course, you don’t have to use the exchange I mentioned. In that case, I’ve explained how to find a decent, trustworthy exchange on your own!
Disclaimer: Nothing in this article is financial advice. Do your own research.
Table of Contents
Ways you can buy Bitcoin in Australia
You can buy Bitcoin in Australia using a number of ways. A few of those ways are:
- Use an instant Crypto exchange: you can use an exchange to instantly exchange Crypto in Australia in return of AUD. The process is automated. You simply have to get to the exchange > fill in your details (and sometimes get verified) > deposit AUD via debit card/PayPal etc. >enter the amount of Bitcoins you’d like to buy. This is the safest, fastest and most reliable method.
- P2P: This stands for “Person to Person”. Many exchanges have an in-built P2P feature. This is like eBay but for Bitcoin (or other crypto). Sellers post the coin and amount they’re selling, and you as a buyer can buy from them. Do note that this may require you to chat with the other person and requires some level of “trust” from both parties. It too is an automated process but generally, exchanges act as mediator and escrow between the parties ensuring both parties fulfil their ends of the deal.
- Social media groups and forums: This is the least secure way to buy Bitcoin in Australia. However, it also offers more privacy and anonymity and there’s no exchange involved. You simply find groups and forums related to crypto and you may find users willing to sell. There’s no escrow (unless you mutually set one up) and hence the potential of scams is the highest.
How to pick the right exchanges when buying Bitcoin?
A major part of buying Bitcoins in Australia (or anywhere else) is picking the right exchanges. On the wrong exchange, you risk losing your funds due to both internal as well as external factors.
Well, here are a few pointers that can help you make the right choices:
- Registration and affiliations: The exchange should be registered with the government. Registration with the Australian government is best, if not available, any other government registration works. You can find registrations generally mentioned on the website. Non-government affiliations with big or established brands is a trust-booster as well.
(Image source: Independent Reserve Crypto Exchange).
- Independently audited exchanges: Exchanges claim many things. It’s best if your exchange undergoes frequent and independent audits from third-parties.
- Security features: This is a two-fold requirement. The exchange must offer ample security features both for your account, as well as itself. Meaning, there must be 2-FA features either via SMS OTP, Google Auth or other tools. Similarly, the exchange must also have enough security for its servers, storage and everything else.
- Fee: The fee plays an important role. The exchange must have the cheapest possible deposit/withdrawal and trading fee.
- Liquidity: The exchange must be able to fulfill buy/sell orders. That’s possible when it has enough active users willing to provide said liquidity.
- Supported crypto and fiat pairs: The exchange must support your native currency (AUD/USD/EUR etc.) as well as Bitcoin, ETH, LTC, or any other cryptocurrency you’re interested in.
While you could look at a few more factors, sticking to the ones mentioned above should keep you safe as well.
How to pick the right P2P partners when buying Bitcoin?
Exchanges are just one aspect, P2P is just as efficient a way to buy Bitcoin as exchanges. Of course, caution is required here as well:
- Exchange-backed P2P: I’ll advise to always prioritise P2P that’s attached to some exchange rather than being an independent platform. This lets the exchange act as an escrow for the P2P trades.
- Profile verification: The P2P feature should display the entire profile and history of the involved parties. The number of successful /failed trade, total trade partners, Identity verification etc. This helps you pick the best partners for your trade.
- Supported payment modes: P2P lets you deal directly with another human. Hence, a plethora of payment options become available. It’s best to choose the mode that’s cheapest and most convenient for you.
Conclusion
I hope you’ve got a decent idea of how to buy Bitcoin in Australia by now, haven’t you? If you find the right exchange, the process is almost self-explanatory. You wouldn’t have to fish around for options or buttons and they guide you to the next steps on automation.
If not a direct exchange, P2P sure is a good option. I’ll recommend avoiding direct (non-exchange and independent) P2P deals as it’s the riskiest of all.
Also, when buying crypto directly, you may have to pay extra attention to the legalities. But when you use an exchange, the exchange takes care of all legal requirements making the process ultra smooth for you.
