How to buy Bitcoin and Crypto in Melbourne
The best way to buy cryptocurrencies in Melbourne is by going through CoinSpot. On CoinSpot, Melbourne residents can deposit Australian dollars via a variety of methods including PayID, POLi, Osko, BPAY, Bank Transfer, Credit/Debit Card or Cash through BlueShyft. Follow the below guide to safely buy Bitcoin.
- Create a free account on CoinSpot and complete the signup process.
- Tap 'Deposit Funds', select a method, and deposit AUD to your account.
- Go to the 'Markets' tab and open the 'BTC/AUD' market.
- Input the amount of AUD you want to invest in Bitcoin and tap 'Buy BTC'.
Is it legal to buy Cryptocurrency in Australia?
Yes, it is perfectly legal to buy Crypto in Australia. In 2017, the Australian Transaction Reports and Analysis Centre (AUSTRAC) declared that digital currency exchange providers would need to register with AUSTRAC as a designated service provider and comply with Anti-Money Laundering and Counter-Terrorist Financing laws.
As such, any cryptocurrency exchange provider in Australia must obtain an AUSTRAC license before they can legally operate. CoinSpot is fully compliant with Australian law and has a valid AUSTRAC license which can be found on its website.
Buying Crypto Fees
Buying cryptocurrencies is relatively cheap if you use the CoinSpot platform as most of its deposit methods are free and some of its trading features only charge 0.1% in fees. Plus, all withdrawals are free on the exchange. Refer to the below list for a quick overview of the fees charged on CoinSpot.
- Deposit Fee (PayID, POLi, Osko, Bank Transfer): Free & Instant.
- Deposit Fee (Credit/Debit Card): 2.58% & Instant.
- Deposit Fee (BPAY): 0.9% & 1 - 2 business days to reflect.
- Deposit Fee (Cash): 2.5% & Instant.
- Trading Fee (Market Buy): 0.1%.
- Trading Fee (Instant Buy): 1%.
The market buy fee is charged when you buy crypto via the 'Markets' tab and the Instant Buy fee is charged when you buy crypto through the 'Buy/Sell' tab.
Can I buy Crypto with cash in Melbourne?
Yes, CoinSpot supports cash deposits in every major city in Australia with 1000+ nationwide. There are over 250 deposit locations in Melbourne city alone. Follow the below steps to buy cryptocurrencies with cash in Melbourne.
- Log into your CoinSpot account, tap 'Deposit Funds' and select 'Cash'.
- Input the amount you want to invest and click 'Continue'.
- Screenshot your QR code and reference number that appears on your screen.
- Input your post code and find the nearest deposit location to you.
- Take your QR code, cash, ID to the location and pass it to the attendant to deposit AUD to CoinSpot.
Should I invest in digital assets?
Cryptocurrency investing carries risks and is not suitable for everyone. Before investing, you should always do your own research and understand the potential rewards and risks associated with digital assets. It is important to remember that cryptocurrencies are highly volatile in nature which means prices can move significantly up or down in a short period of time.
Ultimately, only invest what you can afford to lose as there are no guarantees of success when it comes to crypto investments.
We recommend giving CoinSpot a try if you’re looking for an easy way to buy Crypto in Melbourne. They offer competitive fees, multiple payment methods including cash deposits, and have 24/7 customer service. Plus they are fully compliant with Australian law and are regulated by AUSTRAC. To learn more about this exchange, visit our detailed CoinSpot Review.