How to Buy Cryptocurrency in Australia
Buying cryptocurrency in Australia
In Australia, Bitcoin is available in more than 3 500 Post branches and it is considered a valid payment method in the majority of businesses across the country. Bitcoin has been declared legal way back in 2013, after which the use of cryptocurrencies in general grew significantly. Although it's been a while since Bitcoin officially became legal, it's still quite a new concept for the majority of people. Even though there are many ways to spend/invest Bitcoin and other cryptocurrencies in Australia, not everyone has been reaching for this alternative. The adoption of Bitcoin at the Australian Post was an attempt to promote cryptocurrencies to the population in hopes to increase their use in the country. People can now buy cryptocurrencies in over 1 500 retail outlets, which is a major success for the global crypto industry. There are many established businesses that will gladly accept Bitcoin as a valid payment option.
As of 20/03/2021
These exchanges all accept customers from Australia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options