Buying bitcoin in Australia has become increasingly accessible, with the growing number of platforms and exchanges catering to Bitcoin investors. However, finding a suitable method to buy the digital currency can be challenging for beginners.
Read on to discover five ways you can buy BTC with AUD.
5 Ways to Buy Bitcoin in Australia
In Australia, there are several ways to add bitcoin in your investment portfolio. Here are five popular methods you can consider.
Buy Bitcoin with a Bank Transfer
Arguably, the easiest way to buy bitcoin in Australia is using a Bitcoin exchange that allows you to purchase bitcoin using a simple bank transfer.
paybtc, for example, is a web-based Bitcoin app that enables you to buy and sell bitcoin using bank transfers around the clock. As a self-custody platform, paybtc ensures that you always maintain ownership and control over your bitcoin. When purchasing bitcoin, your coins are sent directly to your Bitcoin wallet upon the arrival of AUD funds. When selling bitcoin, your dollars clear to bank accounts after one block confirmation.
To acquire bitcoin, simply input your email, address, and the desired amount for purchase on the paybtc platform. Click on “Pay” and then enter your email login code. On the payment page, copy the PayID email or BSB/ACC numbers into your banking app or portal. Transfer the specified amount. Once payment is made, the bitcoin will be promptly sent to your wallet address.
Buy Bitcoin with PayPal on a P2P Marketplace
Another option is to use peer-to-peer (P2P) marketplaces where you can directly buy and sell bitcoin to and from peers.
Platforms like KuCoin P2P and Bybit P2P are commonly used in Australia. These platforms offer flexibility in payment methods, including options like PayPal for purchasing Bitcoin.
With support for fiat currencies, P2P marketplaces make it convenient for Australians to carry out bitcoin transactions. However, regularly buying bitcoin through P2P exchanges might pose challenges due to the difficulty of finding sellers willing to meet your purchase requirements.
Buy Bitcoin with cash at a Bitcoin ATM
Bitcoin ATMs offer a way to buy bitcoin using cash. These machines can be found in locations across Australia, allowing you to purchase bitcoin quickly and easily.
Purchasing bitcoin at a Bitcoin ATM involves using cash to buy BTC, which is then sent to your Bitcoin wallet.
However, on the flipside, the fees linked with Bitcoin ATMs are generally higher compared to buying through an exchange and these ATMs are only accessible in limited locations.
Buy Bitcoin Using an Online Broker
Online trading platforms, like eToro, also enable you to buy bitcoin in Australia.
These platforms provide easy access to buying, selling, and trading stocks, commodities, and cryptocurrencies like bitcoin from anywhere in Australia, either through a mobile app or web interface. They also typically offer a variety of payment methods, making it convenient for users to make deposits.
While some platforms are tailored for novice users, advanced trading features in these platforms could be daunting for new users.
Buy a Bitcoin ETF
Investing in bitcoin through an ETF is becoming increasingly popular in Australia.
Bitcoin ETFs (exchange-traded funds) provide a simplified way to invest in bitcoin without dealing with the complexities of buying, storing, and managing bitcoin yourself. ETFs can be managed as part of your traditional stock or ETF portfolio, making it easier to manage your investments.
The Australian Securities Exchange (ASX) recently approved Bitcoin ETFs, with the VanEck Bitcoin ETF (VBTC) beginning trading on June 20. This fund provides you indirect access to bitcoin by investing in the US-listed VanEck Bitcoin Trust (HODL), which in turn invests directly in Bitcoin. The VBTC is subject to the AUD/USD exchange rate fluctuations and bitcoin’s price movements.
Following the VBTC, the DigitalX Bitcoin ETF, listed under ticker BTXX, started trading on July 12. Global X 21Shares Bitcoin ETF (EBTC) is 100% physically backed by bitcoin and provides holders with an interest in bitcoin held by Coinbase.
The Takeaway
There are several available options to buy bitcoin in Australia. It’s up to you to choose which ones suit your needs as an investor the most.
