How to Buy Bitcoin in Australia

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Bitcoin is fast becoming a crucial part of the investment basket of many people. Even though they are volatile and sometimes go down hard, they have shown their resilience over time and have made it clear that they are here to stay. So, you can't beat them; you can only join.

Therefore, people from around the world are looking for ways to invest in crypto assets. If you are an Australian looking for ways to buy Bitcoin in Australia, you have come to the right place. Through this article, we will expose you to the top reputable Bitcoin exchanges you can use in Australia. We will also discuss the legal status of digital assets in Australia and how you can safely store the Bitcoins you buy.

Is Bitcoin Legal In Australia?

Bitcoin and other cryptocurrencies are considered property under Australian law and entirely legal. That means you can buy, sell, or trade Bitcoin freely without prosecution. That also means Australians are obligated to pay capital gains tax if they sell their Bitcoins at a profit.

Cryptocurrency exchanges are also legal in Australia, but they must register under the Australian Transaction Reports And Analysis Centre (AUSTRAC). An Australian exchange not registered under AUSTRAC may be fined or sanctioned in other ways. Registered Australian exchanges must also comply with Australian AML regulations as contained in this document.

Where To Buy Bitcoin Assets In Australia

Nexo

Nexo allows the purchase of crypto assets through the in-built exchange on its platform. You can buy Bitcoin with your credit or debit card. You can also deposit fiat on the platform through bank transfers and convert it to Bitcoin.

One major advantage of buying digital assets on Nexo is that you start earning rewards immediately. First, you get up to 0.5% crypto cashback when you buy on the platform. Then, after your purchased asset has been deposited in your Nexo account, it starts accruing interest immediately, with interest rates going as high as 7% per annum.

What You Need

  • At least $10 worth of fiat currency.
  • A credit or debit card; or a bank account registered in your name.
  • A KYC-verified Nexo account.

How To Buy Bitcoin On NEXO

With Your Bank Cards
  • Create an account with Nexo and verify your identity.
  • Click on 'Fund Your Account' on the home page of your account.
  • Select 'Credit/Debit card.'
  • Select Bitcoin as the crypto asset you want to buy.
  • Enter the amount of fiat you want to buy in USD, EUR, or GBP (Even though your card is denominated in Australian Dollars (AUD), Nexo will automatically convert it at the point of purchase).
  • Click on 'Continue.'
  • The platform will display the Bitcoin price and how much Bitcoin you will get for your fiat.
  • Enter your card details and click 'Confirm.'
  • If your transaction is successful, your Bitcoins will instantly appear in your Nexo account.
Through Bank Transfer
  • Follow the first two steps outlined above.
  • Select 'Bank Transfer’.
  • Choose the fiat asset you want to deposit
  • Send the funds to the provided bank accounts through SEPA or SWIFT transfers.
  • After receiving the funds in your Nexo account (which may take up to 3 days in some cases), head over to the exchange function and swap your deposited fiat with Bitcoin.
  • You have successfully bought Bitcoin with a bank transfer.

CoinLoan

CoinLoan is a cryptocurrency platform known for offering well-discounted crypto loans. However, that is not all you can do with your CoinLoan account. The platform also allows users to buy and sell cryptocurrency via SEPA and SWIFT transfers.

Like Nexo, your Bitcoin starts accruing daily interest from the moment you make your deposit. You can also use it as collateral to take out a crypto loan with as high as 70% LTV on the platform. Lastly, CoinLoan offers an OTC (Over the counter) desk for Australians who may want to make large Bitcoin transactions.

What You Need

  • At least $10 worth of fiat currency.
  • A bank account registered in your name.
  • Your fully registered CoinLoan account.

How To Buy Bitcoin On CoinLoan

  • Open your registered CoinLoan account.
  • Go to 'Wallet', and then click on 'Deposit.'
  • Select the fiat currency you want to deposit,
  • Depending on the fiat you choose, you will have to choose between SEPA or SWIFT as the payment method,
  • Make your deposit to the provided bank accounts.
  • After the CoinLoan platform credits your deposit to your account, swap it to Bitcoin.

YouHodler

YouHodler offers Australian crypto investors the opportunity of buying Bitcoin safely with their bank accounts or credit/debit cards. It also offers a variety of interesting crypto products that you can partake in with your purchased Bitcoins.

For example, it offers crypto loans with up to a 90% LTV ratio and the opportunity to earn up to 3% per annum by lending your Bitcoin holdings. Other products include Multi HODL (an advanced crypto loan), Turbocharge (a chain of loans), and dual asset savings (which can earn you up to 365% profit but may also involve significant risks).

What You Need

  • A fully verified YouHodler account.
  • At least $100 worth of fiat currency.
  • A credit/debit card in your name or a bank account registered in your name.
  • An AdvCash account (in some cases).
  • A Changelly account (in some cases).

How To Buy Bitcoin On YouHodler

Buy Bitcoin With Changelly
  • Find 'Buy Crypto' on your YouHodler account page.
  • Select Bitcoin as the digital currency you want to buy from the options provided.
  • Enter the amount you plan to buy and choose your country.
  • Enter your Bitcoin address (you can get the address by going to your page's 'Wallet' section).
  • You will be redirected to the Changelly crypto exchange to complete the rest of the process.
  • Your YouHodler will be credited with your Bitcoin when the process is complete.
Buy Bitcoin With AdvCash
  • Go to 'Wallets' on your YouHodler account and click on 'Fiat wallet.'
  • Click on 'Deposit'
  • Click on 'AdvCash'
  • Enter your fiat purchase amount and click 'Continue.'
  • Choose your AdvCash wallet as your deposit method if you have some funds there.
  • If not, choose a credit/debit card as your deposit method.
  • AdvCash will credit your account with your selected fiat currency.
  • Head over to the YouHodler exchange to convert your deposited fiat to Bitcoin.
Buy Bitcoin With Bank Transfer
  • Go to 'Wallets' - 'Fiat Wallet' - and 'Deposit' on your YouHodler account.
  • Click on 'Bank Wire.'
  • Send your fiat to the provided bank account.
  • Wait for 1-3 business days for the deposit to be credited to your YouHodler account.
  • Once credited, convert it to Bitcoin via the platform's exchange (You may have to pay trading fees).

Bit.com

Bit.com is the advanced trading platform of Matrixport, a financial platform featuring various innovative crypto products. Since the two are sister companies, they integrate in such a way that you can buy crypto on Matrixport and instantly send it to Bit.com.

On Bit.com, you can use your Bitcoin holdings to trade futures, options, and other advanced financial instruments for up to 49 digital assets. You can also join a waitlist for the platform's NFT feature, which promises to include a fractionalized NFT marketplace.

What You Need

  • A verified Bit.com account.
  • A verified Matrixport account.
  • A local bank account.
  • A USD-denominated bank account (in some cases).
  • Your credit/debit card.
  • At least $50 worth of fiat currency.

How To Buy Bitcoin On Bit.com

Buy With Credit/Debit Card
  • Click 'Buy Crypto' on your Matrixport account.
  • Select AUD as the fiat currency and enter the amount.
  • Select Bitcoin as the crypto asset.
  • Click 'Go To Payment' and enter the card details.
  • Verify that you are the card owner (for first-timers only).
  • When your transaction is processed, send your deposited asset to your Bit.com account through the 'wallet' option.
  • You can now utilize your deposited asset however you wish.
Buy With Bank Transfer
  • Select 'Wire Transfer' as your preferred payment method on the home page of your Matrixport account.
  • Select your country and fill in your bank account details.
  • Verify that you are the account owner with a recent bank statement.
  • Send your funds to the provided bank accounts. Be sure to include a unique identifier code you will be given. If you do not include it, the platform may reject your deposit.
  • Matrixport will credit your account with USDC at a 1:1 ratio with the USD you deposited
  • Send the USDC over to your Bit.com account and convert it to BTC.

Finblox

Finblox describes itself as a next-generation crypto ecosystem. It is a platform where you earn impressive rewards on your crypto assets by depositing them in a savings vault. It also allows users to purchase Bitcoin directly in over 42 fiat currencies, one of which is the Australian Dollar.

After buying Bitcoin on Finblox, you can add it to the crypto vault. There, you will get about 4% interest on it per annum. The platform also has a 'Pool party' feature where you can deposit at least $10 worth of crypto to a pool and stand a chance to win substantial weekly prizes. You'll get all your crypto assets back if you do not win.

What You Need

  • A verified Finblox account.
  • Your credit/debit card.
  • A verified MoonPay account.
  • At least $10 worth of fiat.

How To Buy Crypto On Finblox

  • Open your crypto vault on your Finblox account.
  • Click on 'Buy/Deposit' and then 'Buy with Card.'
  • Click on 'Next,' and the platform will redirect you to MoonPay.
  • Create and verify a MoonPay account (skip this step if you already have one)
  • Select BTC as the crypto to buy and AUD as the purchase currency.
  • Enter your card details and the amount of AUD you're willing to spend.
  • Tap 'Buy now' and receive your Bitcoins in your Finblox wallet.

Where Can You Store Your Bitcoins In Australia?

After buying your Bitcoins, your next concern is where to store them. This is another essential thing to consider because your Bitcoins are precious and can easily fall into the hands of scammers and fraudsters if not well protected. Therefore, consider the following options when looking for a home for your Bitcoin holdings.

Hardware Crypto Wallet

This is the optimal type of Bitcoin wallet in terms of security. It is a hardware crypto wallet because it is offline and usually comes in the form of things you can hold, like a flash drive, a bank token generator, etc. Since the private key is offline, these Bitcoin wallets are usually air-gapped, shielded from the penetrating tactics of online hackers.

Even though a hardware wallet is good for security purposes, it is not exactly stellar in terms of flexibility. Therefore, you might consider a software wallet if you are a day trader or a crypto investor who needs frequent access to your Bitcoins. However, you don't have to keep all of your crypto holdings in a software wallet. You can keep most of them in a hardware wallet and only withdraw the portion you need for trading.

Learn

We discuss some of the best hardware wallet options in this article.

Software Crypto Wallet

This is the opposite of a hardware wallet. It is a software wallet because it is online and comes as a software program that can be downloaded on mobile phones and computers. You can also use it off the online web directly. What these wallets lack in security, they make up for in flexibility, allowing users access to various crypto products and initiatives.

There are three types of software crypto wallets:

Mobile Wallet

These are wallets that run as applications on mobile devices. Most are non-custodial, meaning you are in sole control of your asset security. They offer the mobility and versatility that only mobile devices provide. Examples are Trust Wallet, MetaMask wallet, etc.

Learn

Check out the best mobile wallets for crypto in this article.

Desktop Wallet

They function similarly to mobile wallets. The only major difference is that they operate as desktop applications instead. However, most desktop wallets also have a mobile version. An example of a desktop-only wallet is the Bitcoin core wallet, a wallet that downloads the entire Bitcoin network.

Web Wallet

Web wallets are software wallets that live on your website. They are the least secure wallet options because the private keys are stored on a third-party server, away from the owner's control. However, because they are always online, they can easily integrate with third-party websites.

Learn

In this article, we explore the best Bitcoin wallets in the crypto world.

Conclusion

Bitcoin is no longer a mystery. It is now one of the hottest assets in the financial world, and it keeps gaining adoption in various parts of the world, including Australia. That is why we have used this article to show you how to buy Bitcoin in Australia. We hope this article will help you do your own research and make wise investment decisions.

Frequently Asked Questions

Is Bitcoin Taxed In Australia?

Yes, Bitcoin is taxed in Australia. As is common in many other regions, you would have to pay a capital gains tax if you profit from Bitcoin. Australia also charges income tax if you receive Bitcoin and other cryptocurrencies as income from Bitcoin mining and other activities.

Is It Legal To Own Bitcoin In Australia?

Yes, it is. Bitcoin is viewed as a property in the eyes of Australian law. So, you can own it and use it however you like, except for criminal purposes.

How to Sell Bitcoin In Australia?

You can sell Bitcoin by using the exchange function of any of the crypto exchanges highlighted in this article. You may exchange the traded funds into your Australian bank account, credit/debit card, or other cryptocurrencies.

Written by
Paul Kinyua

Bitcoin is fast becoming a crucial part of the investment basket of many people. Even though they are volatile and sometimes go down hard, they have shown their resilience over time and have made it clear that they are here to stay. So, you can't beat them; you can only join.

Therefore, people from around the world are looking for ways to invest in crypto assets. If you are an Australian looking for ways to buy Bitcoin in Australia, you have come to the right place. Through this article, we will expose you to the top reputable Bitcoin exchanges you can use in Australia. We will also discuss the legal status of digital assets in Australia and how you can safely store the Bitcoins you buy.

Is Bitcoin Legal In Australia?

Bitcoin and other cryptocurrencies are considered property under Australian law and entirely legal. That means you can buy, sell, or trade Bitcoin freely without prosecution. That also means Australians are obligated to pay capital gains tax if they sell their Bitcoins at a profit.

Cryptocurrency exchanges are also legal in Australia, but they must register under the Australian Transaction Reports And Analysis Centre (AUSTRAC). An Australian exchange not registered under AUSTRAC may be fined or sanctioned in other ways. Registered Australian exchanges must also comply with Australian AML regulations as contained in this document.

Where To Buy Bitcoin Assets In Australia

Nexo

Nexo allows the purchase of crypto assets through the in-built exchange on its platform. You can buy Bitcoin with your credit or debit card. You can also deposit fiat on the platform through bank transfers and convert it to Bitcoin.

One major advantage of buying digital assets on Nexo is that you start earning rewards immediately. First, you get up to 0.5% crypto cashback when you buy on the platform. Then, after your purchased asset has been deposited in your Nexo account, it starts accruing interest immediately, with interest rates going as high as 7% per annum.

What You Need

  • At least $10 worth of fiat currency.
  • A credit or debit card; or a bank account registered in your name.
  • A KYC-verified Nexo account.

How To Buy Bitcoin On NEXO

With Your Bank Cards
  • Create an account with Nexo and verify your identity.
  • Click on 'Fund Your Account' on the home page of your account.
  • Select 'Credit/Debit card.'
  • Select Bitcoin as the crypto asset you want to buy.
  • Enter the amount of fiat you want to buy in USD, EUR, or GBP (Even though your card is denominated in Australian Dollars (AUD), Nexo will automatically convert it at the point of purchase).
  • Click on 'Continue.'
  • The platform will display the Bitcoin price and how much Bitcoin you will get for your fiat.
  • Enter your card details and click 'Confirm.'
  • If your transaction is successful, your Bitcoins will instantly appear in your Nexo account.
Through Bank Transfer
  • Follow the first two steps outlined above.
  • Select 'Bank Transfer’.
  • Choose the fiat asset you want to deposit
  • Send the funds to the provided bank accounts through SEPA or SWIFT transfers.
  • After receiving the funds in your Nexo account (which may take up to 3 days in some cases), head over to the exchange function and swap your deposited fiat with Bitcoin.
  • You have successfully bought Bitcoin with a bank transfer.

CoinLoan

CoinLoan is a cryptocurrency platform known for offering well-discounted crypto loans. However, that is not all you can do with your CoinLoan account. The platform also allows users to buy and sell cryptocurrency via SEPA and SWIFT transfers.

Like Nexo, your Bitcoin starts accruing daily interest from the moment you make your deposit. You can also use it as collateral to take out a crypto loan with as high as 70% LTV on the platform. Lastly, CoinLoan offers an OTC (Over the counter) desk for Australians who may want to make large Bitcoin transactions.

What You Need

  • At least $10 worth of fiat currency.
  • A bank account registered in your name.
  • Your fully registered CoinLoan account.

How To Buy Bitcoin On CoinLoan

  • Open your registered CoinLoan account.
  • Go to 'Wallet', and then click on 'Deposit.'
  • Select the fiat currency you want to deposit,
  • Depending on the fiat you choose, you will have to choose between SEPA or SWIFT as the payment method,
  • Make your deposit to the provided bank accounts.
  • After the CoinLoan platform credits your deposit to your account, swap it to Bitcoin.

YouHodler

YouHodler offers Australian crypto investors the opportunity of buying Bitcoin safely with their bank accounts or credit/debit cards. It also offers a variety of interesting crypto products that you can partake in with your purchased Bitcoins.

For example, it offers crypto loans with up to a 90% LTV ratio and the opportunity to earn up to 3% per annum by lending your Bitcoin holdings. Other products include Multi HODL (an advanced crypto loan), Turbocharge (a chain of loans), and dual asset savings (which can earn you up to 365% profit but may also involve significant risks).

What You Need

  • A fully verified YouHodler account.
  • At least $100 worth of fiat currency.
  • A credit/debit card in your name or a bank account registered in your name.
  • An AdvCash account (in some cases).
  • A Changelly account (in some cases).

How To Buy Bitcoin On YouHodler

Buy Bitcoin With Changelly
  • Find 'Buy Crypto' on your YouHodler account page.
  • Select Bitcoin as the digital currency you want to buy from the options provided.
  • Enter the amount you plan to buy and choose your country.
  • Enter your Bitcoin address (you can get the address by going to your page's 'Wallet' section).
  • You will be redirected to the Changelly crypto exchange to complete the rest of the process.
  • Your YouHodler will be credited with your Bitcoin when the process is complete.
Buy Bitcoin With AdvCash
  • Go to 'Wallets' on your YouHodler account and click on 'Fiat wallet.'
  • Click on 'Deposit'
  • Click on 'AdvCash'
  • Enter your fiat purchase amount and click 'Continue.'
  • Choose your AdvCash wallet as your deposit method if you have some funds there.
  • If not, choose a credit/debit card as your deposit method.
  • AdvCash will credit your account with your selected fiat currency.
  • Head over to the YouHodler exchange to convert your deposited fiat to Bitcoin.
Buy Bitcoin With Bank Transfer
  • Go to 'Wallets' - 'Fiat Wallet' - and 'Deposit' on your YouHodler account.
  • Click on 'Bank Wire.'
  • Send your fiat to the provided bank account.
  • Wait for 1-3 business days for the deposit to be credited to your YouHodler account.
  • Once credited, convert it to Bitcoin via the platform's exchange (You may have to pay trading fees).

Bit.com

Bit.com is the advanced trading platform of Matrixport, a financial platform featuring various innovative crypto products. Since the two are sister companies, they integrate in such a way that you can buy crypto on Matrixport and instantly send it to Bit.com.

On Bit.com, you can use your Bitcoin holdings to trade futures, options, and other advanced financial instruments for up to 49 digital assets. You can also join a waitlist for the platform's NFT feature, which promises to include a fractionalized NFT marketplace.

What You Need

  • A verified Bit.com account.
  • A verified Matrixport account.
  • A local bank account.
  • A USD-denominated bank account (in some cases).
  • Your credit/debit card.
  • At least $50 worth of fiat currency.

How To Buy Bitcoin On Bit.com

Buy With Credit/Debit Card
  • Click 'Buy Crypto' on your Matrixport account.
  • Select AUD as the fiat currency and enter the amount.
  • Select Bitcoin as the crypto asset.
  • Click 'Go To Payment' and enter the card details.
  • Verify that you are the card owner (for first-timers only).
  • When your transaction is processed, send your deposited asset to your Bit.com account through the 'wallet' option.
  • You can now utilize your deposited asset however you wish.
Buy With Bank Transfer
  • Select 'Wire Transfer' as your preferred payment method on the home page of your Matrixport account.
  • Select your country and fill in your bank account details.
  • Verify that you are the account owner with a recent bank statement.
  • Send your funds to the provided bank accounts. Be sure to include a unique identifier code you will be given. If you do not include it, the platform may reject your deposit.
  • Matrixport will credit your account with USDC at a 1:1 ratio with the USD you deposited
  • Send the USDC over to your Bit.com account and convert it to BTC.

Finblox

Finblox describes itself as a next-generation crypto ecosystem. It is a platform where you earn impressive rewards on your crypto assets by depositing them in a savings vault. It also allows users to purchase Bitcoin directly in over 42 fiat currencies, one of which is the Australian Dollar.

After buying Bitcoin on Finblox, you can add it to the crypto vault. There, you will get about 4% interest on it per annum. The platform also has a 'Pool party' feature where you can deposit at least $10 worth of crypto to a pool and stand a chance to win substantial weekly prizes. You'll get all your crypto assets back if you do not win.

What You Need

  • A verified Finblox account.
  • Your credit/debit card.
  • A verified MoonPay account.
  • At least $10 worth of fiat.

How To Buy Crypto On Finblox

  • Open your crypto vault on your Finblox account.
  • Click on 'Buy/Deposit' and then 'Buy with Card.'
  • Click on 'Next,' and the platform will redirect you to MoonPay.
  • Create and verify a MoonPay account (skip this step if you already have one)
  • Select BTC as the crypto to buy and AUD as the purchase currency.
  • Enter your card details and the amount of AUD you're willing to spend.
  • Tap 'Buy now' and receive your Bitcoins in your Finblox wallet.

Where Can You Store Your Bitcoins In Australia?

After buying your Bitcoins, your next concern is where to store them. This is another essential thing to consider because your Bitcoins are precious and can easily fall into the hands of scammers and fraudsters if not well protected. Therefore, consider the following options when looking for a home for your Bitcoin holdings.

Hardware Crypto Wallet

This is the optimal type of Bitcoin wallet in terms of security. It is a hardware crypto wallet because it is offline and usually comes in the form of things you can hold, like a flash drive, a bank token generator, etc. Since the private key is offline, these Bitcoin wallets are usually air-gapped, shielded from the penetrating tactics of online hackers.

Even though a hardware wallet is good for security purposes, it is not exactly stellar in terms of flexibility. Therefore, you might consider a software wallet if you are a day trader or a crypto investor who needs frequent access to your Bitcoins. However, you don't have to keep all of your crypto holdings in a software wallet. You can keep most of them in a hardware wallet and only withdraw the portion you need for trading.

Learn

We discuss some of the best hardware wallet options in this article.

Software Crypto Wallet

This is the opposite of a hardware wallet. It is a software wallet because it is online and comes as a software program that can be downloaded on mobile phones and computers. You can also use it off the online web directly. What these wallets lack in security, they make up for in flexibility, allowing users access to various crypto products and initiatives.

There are three types of software crypto wallets:

Mobile Wallet

These are wallets that run as applications on mobile devices. Most are non-custodial, meaning you are in sole control of your asset security. They offer the mobility and versatility that only mobile devices provide. Examples are Trust Wallet, MetaMask wallet, etc.

Learn

Check out the best mobile wallets for crypto in this article.

Desktop Wallet

They function similarly to mobile wallets. The only major difference is that they operate as desktop applications instead. However, most desktop wallets also have a mobile version. An example of a desktop-only wallet is the Bitcoin core wallet, a wallet that downloads the entire Bitcoin network.

Web Wallet

Web wallets are software wallets that live on your website. They are the least secure wallet options because the private keys are stored on a third-party server, away from the owner's control. However, because they are always online, they can easily integrate with third-party websites.

Learn

In this article, we explore the best Bitcoin wallets in the crypto world.

Conclusion

Bitcoin is no longer a mystery. It is now one of the hottest assets in the financial world, and it keeps gaining adoption in various parts of the world, including Australia. That is why we have used this article to show you how to buy Bitcoin in Australia. We hope this article will help you do your own research and make wise investment decisions.

Frequently Asked Questions

Is Bitcoin Taxed In Australia?

Yes, Bitcoin is taxed in Australia. As is common in many other regions, you would have to pay a capital gains tax if you profit from Bitcoin. Australia also charges income tax if you receive Bitcoin and other cryptocurrencies as income from Bitcoin mining and other activities.

Is It Legal To Own Bitcoin In Australia?

Yes, it is. Bitcoin is viewed as a property in the eyes of Australian law. So, you can own it and use it however you like, except for criminal purposes.

How to Sell Bitcoin In Australia?

You can sell Bitcoin by using the exchange function of any of the crypto exchanges highlighted in this article. You may exchange the traded funds into your Australian bank account, credit/debit card, or other cryptocurrencies.

Written by
Paul Kinyua