You’ve heard the hype, now here are the facts about how you can buy Bitcoin in Australia. Thanks to the cryptocurrency’s meteoric rise in 2017, everyone wants to know how they can get in on the action. If you want to invest, we’ve got the answers. Using our expertise, we’ve compiled a complete guide to the best Bitcoin exchanges in Australia. As well as reviewing the top sites such as eToro, we’ll direct you to the sign-up pages in a secure way. So, if you’re ready to learn more about cryptocurrency exchanges in Australia, come with us as we take you through the best Bitcoin platforms down under.
Popular Bitcoin Exchanges in Australia
For a slicker and quicker way to buy, exchange and trade bitcoin, eToro is one of the leading platforms in Australia. The reason
this site stands out among the leading exchanges in Australia is that it lets you invest in a slightly different way. When the Bitcoin boom of 2017 saw consumers flock to classic crypto exchanges, there was a fair amount of chaos. Because the sites were tricky to navigate and servers were struggling to keep pace with demand, mistakes and crashes became commonplace.
To counter this, eToro entered the mix with a more user-friendly and, importantly, stable platform. Why? Well, as you can see from our eToro review, this is a well-established CFD trading site. Thanks to its experience in commodities, stocks and forex, eToro has seamlessly added Bitcoin into the mix. In practice, this means you can speculate on the price movements of Bitcoin, rather than buying the assets itself. This dynamic allows you go get in and out of the market a lot easier and a lot faster.
Moreover, when you use our link to eToro, you’ll be able to follow traders in the same way you’d follow someone on a social media site. In other words, when the person you’re following makes a trade, you can too. Because of this, it doesn’t matter
if you’re not an expert. As long as you find the best traders, you can potentially turn a profit when you invest in Bitcoin with eToro.
Advantages of eToro
– Trade even if you’re not an expert- Great range of payment options, including PayPal- User-friendly interface- Fully regulated broker- Interactive platform that allows you to learn from others
Disadvantages of eToro
– Have to deposit at least $50- High withdrawal fee of $25
Coming in second in our rundown of the best exchanges in Australia is Coinbase. Based in the US and now used by more than 65 million monthly users, Coinbase is typically ranked as the number one Bitcoin exchange in the world. However, it’s somewhat limited. As we’ve noted in our Coinbase review, you can only buy four cryptocurrencies. What’s more, you can only then store them in the site’s cryptocurrency wallet, move them somewhere else or use GDAX (the sister site of Coinbase) to trade your coins.
If you’re a novice, the Coinbase process might seem a little daunting. This is where eToro’s social trading dynamic comes in and just puts it ahead of Coinbase. Of course, if you’ve read our Bitcoin guide and have a little experience in the market, Coinbase can be quite impressive. First off, you can make deposits from as little as $1.80 (£1). Secondly, you can use a range of deposit methods, including credit/debit card and PayPal.
Finally, the biggest reason Coinbase has become one of the top exchanges in Australia is its reliability. Purchases are
completed instantly, transfers are swift the site will insure your transactions. Overall, the Coinbase site is robust and reliable,
although a little difficult to learn.
Advantages of Coinbase
– Lots of deposit options- Reliable and efficient transactions- Highly secure
Disadvantages of Coinbase
– Doesn’t have AUD as an available currency- Transaction fees can be high (up to 4.5%)
If you like the personal touch, LocalBitcoins could be just right for you. Why? Well, because this is an exchange that’s powered by people. By making a deposit of $2+ using your credit/debit card or bank transfer, you can transact with individuals. Founded in 2012, this is a peer-to-peer system in its purest form. Indeed, as we’ve noted in our LocalBitcoins review, this site simply matches buyers and sellers.
Once you’ve found a person in your local area, you can then communicate with them directly and complete the trade in a way that suits you. This could be a local meet-up and a cash exchange, a bank transfer or an e-wallet payment. Basically, when you use LocalBitcoins, you can find someone in Australia selling BTC at a rate you like, talk to them directly and execute the trade. Simple!
Advantages of LocalBitcoins.com
– Trading with a personal touch- Pay in a way that suits you- You only have to trade with people your trust
Disadvantages of LocalBitcoins.com
– Exchange rates can vary- Only useful if you want to exchange Bitcoin
The most user-friendly Bitcoin exchanges in Australia are typically those that keep you away from the hard numbers. What we mean by this is traditional exchanges such as Poloniex and Kraken will thrust you into an environment filled with currency rates, decimal points and graphs. In essence, traditional Bitcoin exchanges in Australia look very much like the stock market. For newbies, this can be off-putting.
In contrast, when you visit Changelly, you won’t see any of this. Instead, what you’ll get are a few simple boxes where you can enter the amount you want to exchange, select the currency you need and complete the trade. In fact, the way we’ve described this site in our Changelly review is that it creates a bridge between casual users and the exchange world because it offers a simple one-touch way to convert your cash without having to worry about the hard numbers. This makes it perfect for novice investors and those making their first moves in the cryptocurrency world.
Advantages of Changelly
– Easy to use- Automatically finds competitive exchange rates- Anonymous
Disadvantages of Changelly
– First transaction is limited to $50- No PayPal option
Our final pick in this overview of the leading Bitcoin exchanges in Australia is Binance. Based in China but serving Aussie since 2017, this platform is great for experienced traders and those that want to move large amounts of money around. Indeed, as we’ve highlighted in our review of Binance, verified users can withdraw up to 100 BTC per day.
That’s a large sum of money and it address one of the main issues traders at other exchanges have suffered in recent years. Beyond, its favourable withdrawal rates, Binance also looks great. When you join Binance, you’ll notice that everything has been designed to feel engaging and accessible.
Advantages of Binance
– High withdrawal limits- Great looking interface- Lots of altcoin options
Disadvantages of Binance
– Can’t deposit using AUD- Still a fairly new site
Bitcoin Exchange Regulations in Australia
Australia is leading the way when it comes to Bitcoin and crypto regulation. Although the new laws may not sit well with the hardcore cryptocurrency enthusiasts that value anonymity, they have brought the industry as a whole into the mainstream. Indeed, for general consumers, exchanges in Australia are now safer and more commercially viable thanks to AUSTRAC.
Coming into force in April 2018, the new laws require digital currency companies to collect various pieces of information in order to stop criminal activity. The regulations essentially force businesses to meet the standards set out by Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
In practice, this means cryptocurrency exchanges in Australia have to collect the following pieces of information when you join:
– Your name, age and address (you typically have to verify these details with two pieces of official ID).- Transaction data,
including information regarding the amount users deposit and withdraw.- Potentially, explanation of any suspicious activity
involving large amounts of cash over $10,000.
While purists may see this type of data collection somewhat invasive, it’s the best way the Aussie government has come
up with to stop crime and, moreover, protect consumers.
If you’re interested in finding out how other countries regulate Bitcoin Exchanges, click to read our other features:
Bitcoin Payment Methods in Australia
Thanks to the regulations governing cryptocurrency exchanges in Australia, banks and payment processors are now willing to work with digital currency providers. The eToro social trading site is a great example of this as you can use everything from credit cards to PayPal. In fact, when you look across the industry as a whole, you can now buy Bitcoin in Australia using virtually all of the methods you’d use elsewhere online, including:
– Credit/debit card: Visa and MasterCard- eWallets: PayPal, Skrill, Neteller, WebMoney, Poli, Bpay- Cash via local exchange sites- Cryptocurrency/altcoins
What’s also great about the best exchanges in Australia is that you can buy in for small amounts. For example, if you check out our list above and follow our sign-up links, you’ll see that you can buy Bitcoin from as little a $1. That’s a small sum of money regardless of your financial situation and one of the main reasons Australian Bitcoin exchanges have become so popular in recent years.
Which Australian Exchange Should You Choose?
When comes to choosing exchanges in Australia, the power really is in your hands. With so many high-quality options out there, you can literally choose to invest, trade and convert in a way that suits you. In our opinion, the eToro social trading platform stands out from the crowd simply because it’s great for beginners. By allowing you to follow experienced traders and learn from their moves, this site has made is possible for anyone to get into the action.