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
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
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
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
- Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow expert traders
- Fees (spreads) are high
- Only USD as base currency
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Swyftx is an AUSTRAC registered trading platform exclusively designed for Australians. Based in Queensland, the platform works like a broker to find the best Bitcoin price both in USD and AUD
- Hybrid exchange
- Instant user verification
- AUSTRAC registered
- Real-time price feed
- For Aus and NZ residents only
- No option for margin trading
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending
- No verification required
- Low fees
- Margin trading and lending options
- Not regulated
- No Fiat deposits
- No US users
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app
Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.
- Strong security features
- Faster transaction & withdrawals
- Compliant with US laws
- Inexpensive bank card deposits
- No leveraged margin trading
- Intrusive verification process
- Unexplained closure of account