how to buy bitcoins

Where and how to buy bitcoin in Australia

You keep hearing about it, but what exactly is bitcoin and how do you buy it? Read on for finder.com.au’s definitive guide.

There are two main ways to buy bitcoin in Australia.

  • Use a bitcoin broker. This is probably the easiest way to buy bitcoin. If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go. The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services.
  • Buy from an exchange. Cryptocurrencies like bitcoin are traded on exchanges. If you want to buy bitcoin as cost-effectively as possible, or plan on doing more trading in future, then choosing a reliable exchange might be what you want to do.

How to begin and what to do first

Before getting started you need a place to put your bitcoin. That means either getting a wallet, or looking for a broker/exchange that offers you a wallet as part of its service.

Cryptocurrency wallets in Australia: How to choose

If you’re a cryptocurrency beginner, there are probably three basic types of wallets you might consider.

  1. Desktop - Simple, secure, easy to use and popular, this wallet is in the form of a program you download to your computer. It’s quick and easy, but you want to be sure that your computer is free of viruses or malware.
  2. Smartphone - The same as above, but it’s an app for your phone instead.
  3. Hardware - An option for holding your currency securely offline in a more physical form. These wallets are like USBs or hard drives that hold your cryptocurrency.

You can compare hardware wallets here. They are usually a good combination of security and familiarity for anyone who’s not entirely confident with new technology, and they can also be a good physical backup to have on hand.

Where and how to buy bitcoin

Decide whether you’re happy to pay premium prices for a reliable bitcoin seller, or if you’re happy to go on the exchanges and hunt for a bargain instead.

To pick one you should look at:

  • Whether they are exchanges or buying/selling services. At an exchange you’ll be trading with other users, while a buying/selling service, or broker, can simply sell you bitcoin.
  • Accepted payment methods. POLi lets you make quick and free bank transfers, and is one of the most widely accepted payment methods when buying bitcoin in Australia. If that suits you, then most providers can offer it. If you’re looking for alternatives such as paying with cash, BPAY, credit card or PayPal, you might have to search more widely.
  • Whether you need your own wallet. If you have your own wallet then you don’t need to worry about it. If you don’t, then you might want to start with a provider that offers its own in-built wallet.
  • Whether they require verification. Most reputable services will require you to verify your identity, but some will still let you conduct smaller transfers without verifying your identity. Verification can take a day or two, so if you’re in a hurry or want to transact anonymously, you might want to look for the no-verification providers. Otherwise, simply be ready to provide some identification after signup.

We’ve assembled here a list of some legitimate services for your consideration. All you have to do is pick one that suits your needs, follow the steps provided and transfer some Australian dollars, other supported fiat currency, or cryptocurrency for bitcoin.

Details Features
CoinSpot Cryptocurrency Marketplace
CoinSpot Cryptocurrency Marketplace
CoinSpot is an Australian marketplace that allows you to easily buy, sell or exchange multiple cryptocurrencies using AUD.
  • Buy/sell Bitcoin Cash & Bitcoin Gold
  • Fees: 1-3%
  • Supported countries: Australia & New Zealand
  • Payment methods: BPAY, POLi, cash
Go to site More info
Bitfinex Multi-coin Exchange
Bitfinex Multi-coin Exchange
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform. View a demo before you get started.
  • Trade Bitcoin Cash & Bitcoin Gold
  • Fees: Range from 0%-0.2%
  • Supported countries: Worldwide
  • Payment methods: Cryptocurrencies
Go to site
CEX.IO Cryptocurrency Exchange
CEX.IO Cryptocurrency Exchange
Use your dollars, euros or rubles to buy and sell bitcoin at competitive exchange rates and with high maximums for verified accounts.
  • Buy/sell Bitcoin Cash
  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Wire, Credit/Debit, AstroPay
Go to site
HitBTC Multi-currency Exchange
HitBTC Multi-currency Exchange
Buy crypto with fiat (USD/EUR) and trade over 150 other digital assets on this Europe-based exchange platform.
  • Buy/sell Bitcoin Cash & Bitcoin Gold
  • Fees: Varies by transaction type
  • Supported countries: Global, with exceptions
  • Deposit methods: USD/EUR/Crypto
Go to site
Binance Cryptocurrency Exchange
Binance Cryptocurrency Exchange
Trade 60+ cryptocurrency pairs on this up-and-coming exchange based in China. Multi-language support.
  • Trade Bitcoin Cash & Bitcoin Gold
  • Fees: 0.1% trading fee
  • Supported countries: Worldwide
  • Deposit methods: BTC, ETH, LTC, NEO & BNB
Go to site
Changelly Crypto-to-Crypto Exchange
Changelly Crypto-to-Crypto Exchange
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
  • Buy/sell Bitcoin Cash
  • Fees: 0.5% + networking fees
  • Supported countries: Worldwide
  • Payment methods: USD, EUR, 35+ cryptos
Go to site
Coinbase Digital Currency Exchange
Coinbase Digital Currency Exchange
Buy and sell bitcoin, Ethereum and Litecoin on one of the world's most renowned cryptocurrency exchanges.
  • Fees: Varies by transaction
  • Supported countries: 190 countries
  • Payment methods: Bank transfer, Credit/debit card, Wire
Go to site
LocalBitcoins P2P Exchange
LocalBitcoins P2P Exchange
Trade fiat currency for bitcoin in person or online with this peer-to-peer exchange offering competitive fees and wide delivery options.
  • Fees: 1% commission for each completed operation
  • Supported countries: Exchangers in 248 countries
  • Payment methods: PayPal, Credit/Debit and more
Go to site
Indacoin Cryptocurrency Exchange
Indacoin Cryptocurrency Exchange
Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
  • Fees: Varies by transaction
  • Supported countries: More than 100 countries
  • Payment methods: Payza, Credit/Debit cards (USD) and more
Go to site
Paxful Bitcoin Marketplace
Paxful Bitcoin Marketplace
Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.
  • Fees: Varies by transaction, and PayPal no fees
  • Supported countries: Worldwide
  • Payment methods: Western Union, PayPal and many more
Go to site
BitMEX Bitcoin Trading Exchange
BitMEX Bitcoin Trading Exchange
Trade cryptocurrency derivatives with high liquidity for bitcoin spot and futures, and up to 100% leverage on margin trading.
  • Fees: Varies by trading type
  • Supported countries: Worldwide with exceptions
  • Deposit methods: BTC only
Go to site
Bitbond P2P Bitcoin Lending
Bitbond P2P Bitcoin Lending
This global P2P bitcoin lending platform offers competitive interest rates for lenders and flexible financing for bitcoin borrowers.
  • Fees: Varies for lender/borrower
  • Supported countries: 50+ countries
  • Payment methods: Bitcoin, US dollars, euros, Kenyan shillings
Go to site
VirWox Virtual Currency Exchange
VirWox Virtual Currency Exchange
Buy bitcoin through PayPal on one of the oldest virtual currency exchanges in the business.
  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: PayPal, Skrill, paysafecard, uKash
Go to site
eToro Social Crypto Trading
eToro Social Crypto Trading
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
  • Fees: Spreads
  • Supported countries: Worldwide (some exceptions)
  • Payment methods: Credit card, PayPal, bank transfer
Go to site
Coinmama Bitcoin Marketplace
Coinmama Bitcoin Marketplace
Use USD/EUR to buy bitcoin and Ether with credit card or cash on the Coinmama cryptocurrency exchange.
  • Fees: 5.5% + 5% for credit card
  • Supported countries: 226 countries worldwide
  • Payment methods: Credit/debit card, cash
Go to site
xCoins P2P Bitcoin Lending
xCoins P2P Bitcoin Lending
Buy bitcoin instantly with credit card, PayPal or bank account on this peer-to-peer lending platform.
  • Fees: Varies by transaction
  • Supported countries: 40+ countries
  • Payment methods: Credit card, PayPal, bank transfer
Go to site
Cryptex24 Exchange
Cryptex24 Exchange
Buy and sell crypto and other digital currencies on this global fixed-rate exchange.
  • Fees: Varies by transaction
  • Supported countries: Worldwide
  • Payment methods: Western Union, MoneyGram, Perfect Money & more
Go to site
24/7 Cryptocurrency Exchange
24/7 Cryptocurrency Exchange
Easy, safe and instant way to buy, sell or exchange bitcoin and other popular altcoins like Litecoin and Namecoin.
  • Fees: Varies by transaction
  • Supported countries:Local payment options in 110+ countries
  • Payment methods:Credit/debit card, money transfer and more
Go to site

How to get bitcoin without buying it

There are other ways to get bitcoin as well.

The main ones are:

  • Charge bitcoin for goods and services. You can request payment in bitcoin instead of AUD.
  • Mine bitcoin. It’s now extremely hard for any individual to make money from mining bitcoin. However, if you’re still interested, learn more about bitcoin mining here.

How to invest in bitcoin and cryptocurrencies

If you’re interested in playing the market and getting more involved in cryptocurrencies, then the exchanges, rather than the brokers, might be where you want to be.

You’ll find brokers willing to buy bitcoin from you, but typically you’ll probably be able to find better prices by selling to other users on an exchange instead.

A full-feature exchange that lets you set limit orders, and do more all round than simply trade at current market value can be exceptionally useful with an asset as volatile as bitcoin.

What’s the cheapest way to buy bitcoin?

The cheapest way is probably to charge bitcoin for goods or services, or receive bitcoin donations. But the most cost-effective way to buy bitcoin might be to purchase from an exchange during a slump in the market.

What’s the quickest way to buy bitcoin?

The fastest way is probably to use a service like buyabitcoin.com.au that doesn’t require verification.

On platforms like this, people can buy the equivalent of up to AU$9,000 in bitcoin as easily as entering their email address, their wallet info and transferring funds.

And getting a wallet can be as quick as going online and downloading one.

What’s the easiest way to buy bitcoin?

The easiest way to buy bitcoin in Australia is probably to use a reliable and simple bitcoin broker service. Some will even let you pay cash over the counter in a bank, or at a Smart ATM.

Learn more about the history of bitcoin, the technology behind it, and where it might go in the future.

How does bitcoin work?

For users, bitcoin works the same as any other currency. Just like using your credit card or making a transfer for an international transaction, using a bitcoin exchange allows you to send a certain currency digitally to someone else. Bitcoin.com gives each user a digital wallet to store, send and receive bitcoin.

The bitcoin network works by using a public ledger called the blockchain. This ledger contains all processed transactions and is used to check a transaction’s validity by using digital signatures.

The value of bitcoin is established much the same as any other currency, with the exact value depending on the number of people using bitcoin and the number of bitcoin in circulation. The value of bitcoin can also be affected by relatively small events, trades or business activities.

Historical rate chart of BTC and AUD

1 = 0 Updated: 22 Nov 2017 17:47:49 UTC

Who uses bitcoin?

Although it’s a digital currency, a wide range of businesses who exist both online and offline use and accept bitcoin. Bitcoin can be used to make payments online and in physical stores and any user can make these payments as long as they have the recipient's address. There is also no need for a merchant account to be set up in order to receive payments.

Popular Australian-based bitcoin exchanges

The table below outlines some other global platforms which facilitate the purchase, exchange and sale of bitcoin.

CoinbaseCoinMamaLocalBitcoins.comLuno
Buy bitcoin and other high market cap altcoins with PayPal, credit card and more.Buy bitcoin and Litecoin with your credit card, Western Union, Moneygram and more.An in-person trading service that trades bitcoin for cash.An exchange servicing parts of Asia and Europe (formerly BitX).
CEX.IO24changeXMLGoldVirwoX
Buy and sell bitcoin at competitive rates using credit card and more.An automated buy/sell bitcoin serviceAn exchange service that works with bitcoin and other digital currencies.Purchase bitcoin with PayPal and credit cards.
SpendBitcoins.comJustCoin.comPaxfulIndacoin
Uses over the counter transfers for bitcoin purchases.Bitcoin exchange based in Norway that supports euros, Litecoin and Ripple.Connect with bitcoin buyers and sellers through this peer-to-peer network.Use a credit/debit card to buy bitcoin and other cryptocurrencies without having to verify your identity.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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32 Responses

  1. Default Gravatar
    JoeNovember 19, 2017

    I have been offered to make 13,000 dollars in 24 hours by the inventors of bitcoin. Are they for real?

    • Staff
      RenchNovember 19, 2017Staff

      Hi Joe,

      Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Bitcoin, like other crypto coins, is extremely volatile and the value of the currency remains unpredictable. News and seemingly unrelated events affect its price greatly, sometimes positively, sometimes negatively. However, if you’d like to take the plunge and invest in bitcoin, here are two ways to do that:

      - Get paid in bitcoin
      - Invest in bitcoin

      You may get more information on this page.

      May I ask for the name of the bitcoin that’s offering you, so I can check and see if we have a review of them.

      Best regards,
      Rench

  2. Default Gravatar
    NelsonOctober 14, 2017

    Hi Guys, I am interested in investing bitcoin (all types of bitcoin like 40x bitcoin) is there any legit sites out there, I mean real site.

    Thanks for your help :)

    regards,

    Nelson

    • Staff
      ArnoldOctober 15, 2017Staff

      Hi Nelson,

      Thanks for your inquiry

      Please click here to see a table that outlines some sites and companies which facilitate the purchase, exchange and sale of bitcoin.

      Hope this information helps

      Cheers,
      Arnold

  3. Default Gravatar
    cameronSeptember 19, 2017

    is $1000 enough to invest in bitcoin and make a decent amount of money? if not how much money should i invest in bitcoin

    • Default Gravatar
      JonathanSeptember 19, 2017

      Hello Cameron,

      Thank you for your inquiry.

      There is really no straightforward answer to this question except that you should only “invest as much as you’re willing to lose”.

      Bitcoin is a highly-volatile form of investment and fluctuations can be more rapid than trading stocks. Even with low buying capital, if trading goes robustly upward, you can have significant gains. There can also be instances when you had huge capital but dismal returns due to a flat movement.

      If you need professional advice on how to proceed, you can speak to a bitcoin broker or a financial adviser.

      Hope this helps.

      Cheers,
      Jonathan

  4. Default Gravatar
    sigaSeptember 15, 2017

    I am inquiring about the cost of purchasing one 40 X bitcoin. , in Australia dollars.?
    regards Siga

    • Staff
      HaroldSeptember 15, 2017Staff

      Hi Siga,

      Thank you for your inquiry.

      As per checking you are already in the correct page. You can click the go to site link available above for further details.

      I hope this information has helped.

      Cheers,
      Harold

  5. Default Gravatar
    frederickSeptember 6, 2017

    What is the min amount to open a wallet an how do i go about it

    • Staff
      DanielleSeptember 7, 2017Staff

      Hi Frederick,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      That would depend on where you will be setting up an account or a wallet. You may review and compare the options or websites available on the table above and see which one would suit your needs. You can proceed by contacting them directly for additional information.

      I hope this helps.

      Cheers,
      Danielle

  6. Default Gravatar
    frankSeptember 6, 2017

    I wish to buy Bitcoin40X but cannot find a way. Is there a market?

    • Staff
      HaroldSeptember 6, 2017Staff

      Hi Frank,

      Thank you for your inquiry.

      As per checking you are already in the correct page. Please click “go to site” link for further details.

      I hope this information has helped.

      Cheers,
      Harold

  7. Default Gravatar
    SteveAugust 17, 2017

    How do I buy the new Bitcoin 40x

    • Default Gravatar
      JonathanAugust 18, 2017

      Hello Steve,

      Thank you for your inquiry.

      You may click “Go to Site” green button of our featured bitcoin merchant on the panel to be redirected to their page. You may consult them directly to determine if such product is available.

      Hope this helps.

      Cheers,
      Jonathan

  8. Default Gravatar
    BarbaraJuly 12, 2017

    I live in Australia should I buy locally or invest offshore?
    On average how long should I invest in bitcoin if I was to buy $10.000 bitcoin ?
    When could I experience my first return?
    Do I look after my investment or will I be appointed a financial advisor that will grow my investment?

    • Default Gravatar
      JonathanJuly 26, 2017

      Hello Barbara,

      Thank you for your inquiry today.

      Investing locally or offshore is a decision depending on your risk tolerance. Generally, if you are a starting investor, it may better for you to start locally as offshore trading can be exposed to a lot of global mishaps. Once you got a clearer feel of how the trading would work, that’s the time you may want to expand outside.

      As for the term of investing and returns, bitcoin is one of the most volatile type of investments and can work in a binary set-up with other currencies. It fluctuates almost every few minutes and can be very drastic. If you wish to have more stability in your returns, you may consider staying few weeks to months, even years, but then again there is no guarantee if you take a gain or more losses.

      If you have some investment and trading background, a bit of research and self-taught resources online can somehow help you straighten out. You may start on a smaller amount and then gradually increase it once you feel more comfortable. Hiring a financial advisor is fine as long as you hire a good one, but then again no one knows how the market behaves and it boils down to how much money you’re willing to lose or pay for someone else.

      Hope this helps.

      Cheers,
      Jonathan

  9. Default Gravatar
    NooberJuly 5, 2017

    Hi.. I have invested in Bitcoin and Litecoin with Coinbase. But due to high transaction fees and a weekly limit of only $300, I feel its time to use another service provider that better meets my needs. Which provider would you suggest for an Australian? One who would like to invest about $1000 per fortnight, and who is in it for the long term. And how do I get my keys and move them to a new provider? I would like to keep investing in both Bitcoin and Litecoin, as well as Ethereum. Thanks

    • Staff
      DanielleJuly 6, 2017Staff

      Hi Noober,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You may refer to the table under “Where can I get bitcoins in Australia?” for sites and companies which facilitate the purchase, exchange and sale of bitcoins, litecoins, etc.

      I hope this helps.

      Cheers,
      Danielle

  10. Default Gravatar
    RezaMay 26, 2017

    Hi where can I sell my BTC and get money transferred to paypal ?

    • Staff
      LiezlMay 27, 2017Staff

      Hi Reza,

      Thanks for your question.

      You can check the table above listing some sites and companies which facilitate the purchase, exchange and sale of bitcoins. You can also opt to sell bitcoins locally through LocalBitcoins.com. Upon registering with an exchange, you can select the payment method you want among their list of supported payment methods. Kindly note that it’s important to research a payment method and check its risk level before you start trading with it.

      I hope this has helped.

      Cheers,
      Liezl

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