Buy Crypto & Bitcoin in Australia

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Cryptocurrency – all the rage, but so very confusing. I will break it all down for you, so you can hop on the bandwagon and make some money.

Best Overall Exchange
CoinSpot
5.0
CoinSpot logo

CoinSpot offers Australia's largest variety of digital assets with over 360 coins listed where users can buy, sell & swap benefiting from the lowest fees.

Best Crypto Exchanges in The United States

Summary of Best Crypto Exchanges in Australia

CoinSpot
CoinSpot logo

Best Overall

Fees
0.1%
trading fees
Account Minimum
$1
Promotion
No current promotions for opening a new account                      

Lowest Fees

Fees
0.6%, 0.85%
trading fees
Account Minimum
$30
Promotion
No current promotions for opening a new account                      

Buy Bitcoin in the Australia

Cryptocurrency in Australia is legal. It is not considered money, but instead, it is viewed as property. Bitcoin is the most common form of cryptocurrency in the world.

Australia has largely been supportive of cryptocurrency and Bitcoin taking a non-invasive approach to the management of this sector. Without government interference, it has been able to grow in Australia. 

There are regulations on the exchange and activities of cryptocurrency. Australia requires exchanges to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Registering exchanges is required to validate identity and enforce annual compliance reporting. 

Best Crypto Exchanges in Australia

Australia has a booming crypto market facilitated by safe, legal exchanges.

CoinSpot - Best Overall

CoinSpot is the most popular cryptocurrency exchange with over two million users in Australia. The exchange was established in 2013 and has grown into an exchange with the widest range of coins. 

The platform can be accessed on a computer or through an app on your phone.  CoinSpot sports an aesthetically pleasant, easy-to-use interface. Their platform makes it easy for anyone to buy Bitcoin and hundreds of other cryptocurrencies.

The company provides top-notch customer service with support agents able to help within minutes.  Reviews boast about the layout and accessibility for new crypto traders.

Advanced users have great things to say about the features on the platform. CoinSpot has everything for everyone.  CoinSpot comes with all the necessary features to make it one of the top exchanges in Australia.

  • 350+ coins to buy
  • No deposit fees
  • Staking
  • Free multi-coin wallet
  • Bundles to diversify your portfolio
  • NFT marketplace
  • Market to exchange with other CoinSpot users

Swyftx - Lowest Fees

Swyftx is the new kid on the block. It has grown rapidly since launching in 2017. Swyftx has over 300,000 users despite getting into the game late. It is now considered one of the most trusted cryptocurrency exchanges in Australia. 

Swyftx users have access to all the top coins, like Bitcoin, on top of 310+ others. Their platform is user-friendly making it accessible for beginners. Beginners have the option to create a demo account to practice using the exchange.

Advanced users can customize their interface.  User review Swyftx as the best trading platform in Australia. Users love the accessibility and look of the interface.

The low fees are praised, as they should be. The support team is another aspect that users review positively.  Swyftx boasts features that will keep it one of the top trading platforms.

  • 310+ coins
  • Live support chats
  • Demo mode
  • Portfolio tracking
  • Staking
  • Bundles

Best Crypto Wallets in Australia

Crypto wallets are like bank accounts, except they don't hold your currency. They store your private key, giving you access to the blockchain corresponding with the wallet.

Ledger Nano X

The Ledger Nano X is a multi-currency, Bluetooth-enabled hardware wallet that allows you to store Bitcoin securely, Ethereum, and many other supported coins. The device also supports Lightning Network payments for instant transactions between devices or friends without miner confirmation.

The Ledger Nano X costs $149 before tax, and you can buy it directly from the official website here.  Supported Currencies: BTC, ETH, ETC, Dash DOGE, Zcash (ZEC), Ripple (XRP), and more.

Trezor Model T

The Trezor Wallet is a hardware cryptocurrency wallet designed to keep your currencies safe.  The device also supports the technology of smart contracts, which allows you to create transactions on the Ethereum blockchain that are self-executing, self-enforcing, and impossible to rescind.

You can buy the Trezor Wallet for $215 directly from here.  Supported Currencies: BTC, ETH, Litecoin (L.T.C.), E.T.C., B.C.H. (and all ERC20 tokens).

Coinbase Wallet

The Coinbase Wallet is a user-friendly online wallet that allows you to store over 4,000 assets. The app also provides access to Dapp's decentralized exchanges and offers the ability to create your token within seconds.

Coinbase has two versions of their wallet, one for mobile devices (Android & IOS) and one for computers (Browser Extension), which are all free. You can find the mobile wallet guide here and the browser extension guide here.

Supported Currencies: BTC, ETH, LTC, and all ERC20 tokens.

Crypto Laws & Rules in Australia

Cryptocurrency in Australia is completely legal.  AUSTRAC is the regulating body in charge of a cryptocurrency exchange in Australia. These regulations require entities, like CoinSpot and Swyftx, to register as exchanges, verify users, maintain financial records, and operate under other regulations. 

Consumers can rest assured that they are buying legitimate crypto thanks to additional regulations. All crypto exchanges must hold an Australian Financial Services license.

These licenses are the same ones held by all other Australian financial services.  Under the Electronic Transaction Act, platforms can legally operate as electronic commerce the same way paper-based transactions.

This act in conjunction with the blockchain allows you to trade cryptocurrency with traditional money.  The benefit of using registered exchanges is that you are assured protection.

Exchanges have to operate within the government regulations. This protects you and all your sensitive information. 

Crypto Tax Laws in Australia

Cryptocurrency in Australia is not classified as money, but instead as a form of property. The tax implications depend on the purpose of owning the cryptocurrency.

Platforms like CoinSpot have their cryptocurrency held as a trading stock where gains are accessible while losses are deductible.  For most of us, a cryptocurrency is a form of investment.

The sale of cryptocurrency is treated as a capital gain which means it is subject to Capital Gains Tax. Australian regulations do not require cryptocurrency to get taxed under goods and services tax anymore. 

Tax regulations are dynamic as the industry is still new and in flux. The Australian Tax Office has created a special task force to crack down on cryptocurrency tax evasion.

In the coming years, it is expected that enforcement will get tighter.

Should You Invest in Bitcoin or Crypto in Australia?

Australia has always been at the forefront of the innovative world of cryptocurrency. The Australian government has allowed the industry to grow naturally.

As cryptocurrency exploded, regulations have been put in place to protect users.  The exchanges available to you are safe and easy to use. They make it simple to deposit money and buy hundreds of coins.

The fees are low and more money goes into your pocket.  Cryptocurrency is as popular as ever with the possibility of serious profit. The best time to sign up was a year ago - the second-best time is today.

Australia Crypto FAQ's

There still may be a few questions you have regarding crypto in Australia.

Is it easy to buy crypto in Australia?

Yes. It has never been easier to get into cryptocurrency in Australia. Several services allow you to buy crypto from your phones such as CoinSpot and Swyftx.

Can you buy crypto using a debit or credit card?

It depends on the platform. Swyftx allows you to deposit Australian currency into their platform. CoinSpot does not, but lets you use other free deposit methods like a bank transfer.

Are there any territories in Australia where cryptocurrency is banned?

Yes, Coinbase is one of the largest cryptocurrency exchanges in the world today and has secured its platform to ensure that users do not lose funds due to hacking threats.

Are there any States Cryptocurrency is banned?

No. Cryptocurrency is legal throughout the country.

Can you buy Bitcoin anonymously in Australia?

It is possible to buy Bitcoin anonymously. Some platforms do not require personal identification. Bitcoin can also be acquired through person-to-person purchases, Bitcoin ATMs, and online marketplaces.

Can I sell my Bitcoin when I want in Australia?

Yes. You can cash out on your Bitcoin through online platforms or person-to-person exchanges.

Best Crypto Exchanges in Australia Recap
Best Crypto Wallets in Australia Recap