How to buy Crypto Australia

Crypto buying guide

Quick-Take: The best way to invest in Cryptocurrency in Australia is through an AUSTRAC regulated exchange. We recommend CoinSpot because they are the largest, and most trusted platform.

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In order to safely buy cryptocurrency in Australia, you will need to sign up to an AUSTRAC regulated exchange. There are currently over 350 licensed digital currency exchange platforms, which highlights the popularity of the asset class across Aussie investors.

It is important to only deposit funds into local exchanges that are regulated by ASIC and AUSTRAC to ensure your bank funds don't get frozen. Australian banks have a history of freezing customer accounts caught depositing to unregulated platforms.

Table of Contents

Best Place to buy Crypto in Australia

The first thing you need to do when investing in cryptocurrencies is find the best cryptocurrency exchange in Australia for your needs. These platforms allow you to buy, sell and store hundreds of different digital assets for Australian Dollars.

The list below is our pick of the best places to buy cryptocurrency in Australia.

  1. CoinSpot - Overall best for fees, ease of use and coins
  2. SwyftX - Great for cryptocurrency staking
  3. Independent Reserve - Best for high-net worth investors
  4. FTX - Best for advanced traders seeking leverage

How to buy Cryptocurrency in Australia

If you are low on time and are quickly looking for the safest way to buy crypto in Australia, you can follow our simple guide below to get started.

  • Step 1 - Open a CoinSpot account: Sign up to the CoinSpot Australia trading platform. They are the best cryptocurrency exchange in Australia to buy and sell over 350 digital assets with AUD.
  • Step 2 - Deposit Australian Dollars (AUD): Deposit Australian Dollars (AUD) from any Australian bank account (CommBank, ANZ, Westpac etc). You can deposit funds via Bank Transfer, POLi, PayID, Cash and more.
  • Step 3 - Find your Cryptocurrency: CoinSpot offers over 300 cryptocurrencies for you to buy, sell or swap. Simply find the crypto you want to invest in and select 'Buy'.
  • Step 4 - Buy the Cryptocurrency: Once you have found the coin you want to buy, simply enter the Australian Dollar (AUD) amount and execute the trade.

Complete Crypto Investing Guide

The guide below is the extended break down of how to buy digital assets in Australia using the CoinSpot platform. We walk you through step-by-step from account creating and verification, all the way through trade execution.

Step 1: Sign up with a Crypto Exchange

Once you have selected your preferred cryptocurrency exchange, you will need to verify your account by submitting your personal or company identification. This will depend on whether you want to deposit money from a bank account associated with your personal name, or company name.

For the purposes of this guide, we will be using CoinSpot who we believe are Australia's best and easiest way to buy Crypto.

Buy Crypto on CoinSpot
CoinSpot Home Page

Step 2: Connect your Bank Account and Deposit AUD

When you submit your 100 points of identity, you will then be able to connect your Australian bank account to deposit Australian dollars. As demonstrated in the image below, you can select from a variety of deposit options to get started.

We recommend that you use PayID because it is an instant and free Australian dollar deposit method. Please note however that the first deposit of over $1,000AU is generally held by the bank and then released. All subsequent deposits will be instant.

Deposit Funds to buy
Deposit Australian Dollars

Step 3: Select the Crypto you want to Buy

When the Australian Dollars hit your CoinSpot account, you can now select the 'BUY/SELL' button in the navigation menu.

From there, you will be shown a list of cryptocurrencies that you can buy or sell. You can then review and select the crypto asset that you would like to buy.

CoinSpot Cryptocurrency List
Find the Cryptocurrency you want to buy

Step 4: Buy Crypto with your AUD

Once you find the cryptocurrency you are looking to invest in, simply input the Australian Dollar (AUD) amount you would like to invest and select 'Buy'.

Buy Crypto on CoinSpot
The Buy Page

Step 5: Check your Exchange Wallet to Confirm Order

After you complete your order, you will need to visit the 'WALLETS' page that you can find in the navigation menu on the website. From there, you should see the amount of cryptocurrency you bought at the top of the list with the relevant crypto wallet.

From there, you can either withdraw it into cold storage, or leave it on CoinSpot's secure managed web-wallet.

Crypto Wallet CoinSpot
Cryptocurrency Wallet

Frequently Asked Questions

Cheapest Exchange to buy Crypto in Australia?

The cheapest cryptocurrency exchange in Australia at the moment is CoinSpot who offer 0.1% on trading fees through their market orders. It is important to note that they only offer market orders for 20 cryptocurrencies, and not the full 320 listed on their trading platform.

The cheapest instant buy cryptocurrency exchange in Australia is SwyftX who offer 0.6% fees per transaction, compared to CoinSpot who charge 1% per instant trade.

What is the best Deposit Method to buy Crypto?

For Australian investors the cheapest and fastest deposit method to buy cryptocurrencies is generally PayID/Osko.

They are typically instant deposits on major Australian exchanges like CoinSpot, SwyftX, Independent Reserve and others.It is important to note that the first deposit via PayID or Osko is sometimes held by your bank for 24 hours.

All subsequent deposits and withdrawals will be instant from your bank account.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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