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Highlights
- Bitcoin is the world’s largest and most popular cryptocurrency with a market capitalisation of over US$ 800 billion.
- In comparison with most other countries, Australia is more enthusiastic about cryptocurrencies.
- The most convenient way to purchase Bitcoin in Australia is through a Bitcoin exchange.
Bitcoin is the world’s largest and most popular cryptocurrency with a market capitalisation of over US$ 800 billion. This digital token can be purchased as a long-term investment or for making payments for certain goods and services.
In this article, we will tell you about how to purchase Bitcoin in Australia and the three top crypto exchanges for trading Bitcoin.
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What are the various ways of purchasing Bitcoin in Australia?
Here are several ways to purchase Bitcoin in Australia.
©2022 Kalkine Media®
Bitcoin ATM
In Australia, Bitcoin could be purchased using a Bitcoin ATM. If you would like to purchase Bitcoin using cash, this may be a suitable option. However, Bitcoin ATMs are a costly source to obtain the digital coin as they charge between 5% and 20% as fees, which is over 10 times higher than the fee charged by online crypto exchanges.
Also, you need to have a Bitcoin wallet to transfer Bitcoin from the ATM.
Bitcoin Exchange
The most convenient way to purchase Bitcoin in Australia is through a Bitcoin exchange. In only a few minutes, you can open an account online and purchase Bitcoin. These exchanges store Bitcoin and other cryptocurrencies on behalf of their clients.
In Australia, Bitcoin exchanges also have some of the lowest fees for purchasing Bitcoin. You could spend as little as 0.75% in exchange fees on a platform like eToro.
Newsagents
One can also purchase Bitcoin over the counter from newsagents in Australia. Here, you can make payments either in cash or using cards (both credit and debit cards). There are over 1,200 participating newsagents in Australia who deal in Bitcoin. However, the fee charged by newsagents is very high; they normally charge around 5%, much higher than the fee charged by online crypto exchanges.
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eToro
According to eToro, it is the world’s most popular social trading platform for Bitcoin. On eToro, you can open a free account. There are no management or ticketing fees and no additional broker fees. For trading in Bitcoin, eToro charges a spread of 0.75%. Once you buy Bitcoin on eToro, it will be transferred to your digital wallet.
Due to its ease of use, minimal fee structure and rapid account set-up processes, eToro is a preferred medium to trade in Bitcoin.
eToro is specifically useful for novice traders because of its CopyTrader functionality that allows users to imitate strategies of expert traders, increasing chances of making profits while reducing risks.
Coinbase
Founded in 2012 by Brian Armstrong, Coinbase is an online exchange to deal in cryptocurrencies. It also specialises in providing storage facilities for cryptocurrencies. Its E-Money Services are regulated by the FCA.
Through Coinbase, you can access over 100 cryptocurrencies and can trade in over 80 crypto-to-crypto pairs. Making transactions on Coinbase is affordable as well; you require a minimum deposit of US$2 (AU$2.7) and the commission charged by the exchange varies between 0.5% and 4.5% per trade depending on the cryptocurrency you want to trade.
Binance
Binance is another crypto exchange that can be considered for trading in Bitcoin as it is the world's biggest crypto exchange in terms of trade volume and speed.
A wide range of cryptocurrencies and low trading fees are two of its biggest advantages. If you trade in crypto-to-crypto pairs, you have to pay a flat trading fee of 0.1%. You can reduce trading fees further by opting to use its native cryptocurrency, Binance Coin (BNB) for paying trading fees.
There are different trading fee tiers, with lower fees for users who hold enough BNB coins and maintain certain monthly trading volumes.
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