How To Buy Bitcoin In Australia

Thinking of buying Bitcoin (BTC) in Australia but not sure where to start? We’re here to help. With our guide, you’ll learn some crypto basics, as well as where you can go to purchase Bitcoin in Australia.

Most in the cryptocurrency community purchase their digital currency through an exchange or a CFD broker. You’ll need to create an account and provide some personal information to use these platforms, but then you’ll have the ability to deposit AUD and start trading Bitcoin.

If you want to sell or buy crypto in Australia, there are several options available, especially if you want to trade a major cryptocurrency like Bitcoin. However, there are a couple of platforms that we prefer for buying Bitcoin in Australia. Plus500 and CoinSpot are great crypto platforms which provide excellent options when you’re ready to start crypto trading.

Below is our guide on how to start with selling or buying Bitcoin in Australia through Plus500 and CoinSpot.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, LTC, DODGE, ETH, NEO, GAS, POWR, XRP, TRX, EOS
  • 💰 Deposit Methods: Bank or Newsagent Cash Deposit
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form
  • ❌ Mobile App For iOS & Android

 

Note: 80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. 

Where To Buy Bitcoin in Australia

Physical gold Bitcoins

Contract for Difference

A Contract for Difference (CFD) is a method through which users can get exposure to Cryptocurrencies, Stock, Option, or Commodity without actually having to hold it. With CFD, users simply enter the price they want to enter into a Bitcoin position. When the cryptocurrency hits the price the buyer wants, they can then close the contract and sell their BTC. They then receive the difference between the price when Bitcoin was purchased and the price when the contract closed.

Plus500 is one of our favorite way for Australians who want to ride the Bitcoin rollercoaster. With Plus500, users have an easy way to see Bitcoin’s monitor the current price before they jump into BTC trading.

Another benefit of using a CFD platform is that they are well-regulated. Plus, users don’t have to mess with deposit or storage methods that standard exchanges typically need. If you decide to use Plus500 to get on Bitcoin, you’ll have a reliable and pleasant experience. Plus500 makes it simple to get exposure to Bitcoin, also if you like trading on the go then you can take advantage of Plus500’s iOS and Android apps as well.

Standard Crypto Exchange

If you prefer to go the more traditional route, you can use a standard cryptocurrency exchange. You can buy, sell, or trade Bitcoin through a standard exchange. If you decide you want to buy more than just Bitcoin, you can do so on a standard platform. Of course, it has to support the coin you want in order to buy it.

If you want to use a standard crypto exchange to buy Bitcoin in Australia, we recommend CoinSpot. The exchange is straightforward and easy to navigate. Plus, it gives its users their own wallet in which they can store any Bitcoin they buy. If you want an easy way to buy Bitcoin in Australia, CoinSpot is the way to go.


How to Sell or Buy Bitcoin with Plus500

Plus500 Bitcoin Australia

Plus500 is a great way to sell or buy Bitcoin in Australia. With this type of platform, you can trade Bitcoin without having to actually hold and store it. If you decide that CFD is how you want to purchase your BTC, then visit Plus500.

You’ll start by creating an account with the platform, but for now, click “Start Trading Now” on the main page (80.6% of retail CFD accounts lose money).

How to create Australian Plus500 account

Next, you’ll get a screen that lets you choose between Real Money and Demo Mode. If you prefer to play around with the site before you buy any Bitcoin, go ahead in Demo Mode. For the purposes of this guide, we’re going to choose Real Money to move forward.

At the bottom of this page are links to download the mobile app. You can get the Plus500 app on either your Apple or Android devices.

How to create real money account on Plus500

After you choose Real Money, the site will take you to a form you need to fill out. You need to input your email address and choose a password for Plus500 to complete registration. If you don’t want to provide that information, you can choose to login using your Facebook or Google account.

When you’ve made your entries, click on “Create Account” to move forward.

How to create account on Plus500

On the next screen, you’ll need to provide Plus500 with additional information. This is in the form of documentation that helps the exchange to confirm your identity. Don’t worry, this is very common with exchanges and is part of regulatory compliance. They want to know exactly who is using their site. When Plus500 has the data they want, your account will be activated.

How to verify on pPlus500

Funding and Purchasing Bitcoin

When you receive confirmation from Plus500 that your account is active, you can start depositing AUD into it. You can use Skill, Paypal, credit cards, debit cards, and wire transfer with Plus500 to deposit funds.

How to deposit on Plus500

When your AUD arrives in your Plus500 account you can start purchasing Bitcoin. On the left-hand side menu choose “Trade,” then click “Cryptocurrencies.” You’ll see the cryptocurrencies that Plus500 offers listed.

At the top of the list is Bitcoin, and buying it on Plus500 is a simple process. Plus500 makes is almost too easy to purchase crypto Contracts for Difference. If you’re ready to purchase some Bitcoin, then click on the “Buy” button. When you do, a window will pop up on the right that allows you to enter your CFD preferences.

Input the amount of Bitcoin you want to purchase. There are advanced options here if you want to have more granular control over your CFD. Once you’re satisfied with your entries, click on “Buy” to initiate your Bitcoin order.

How to buy Bitcoin on Plus500

Plus500 will fill your order, and once it does, you’ll receive an alert. At that point, you’ll be able to see how much AUD you have to trade, your margin, and your current profit or loss. When Bitcoin reaches the price you want, click the “Close” button to complete the contract.

How to sell Bitcoin on Plus500 in Australia


How to Buy Bitcoin with CoinSpot

Coinspot logo

When it comes to buying Bitcoin in Australia, you can’t go wrong with CoinSpot. This traditional cryptocurrency platform is one that we like a lot. It’s easy to navigate and new users will have no trouble accessing the exchange from various devices. Users can buy, sell, and trade Bitcoin using the CoinSpot exchange.

To get started buying Bitcoin on CoinSpot, navigate to the website and start by clicking on the “Register” button in the top right corner of the home page. This kicks off the process of creating an account with CoinSpot.

Register account on Coinspot

Next, you’ll see a form that you’ll have to fill out to register with CoinSpot. Fill in your email address and enter a password. If someone has given you a referral code, you can put it in here. Check the “I’m not a robot” option, then select “Create Account” to move to the next step.

How to create an account on Coinspot Exchange

CoinSpot will send you an email notification once you finish filling out the form. Open your email and click on the link to verify your address. The link will direct you to CoinSpot where you’ll validate your identity. This is called Know Your Customer and is a method a lot of crypto exchanges use to protect themselves.

Locate the “Account” button on the website and click on that. Then, choose the box that says “Verification.” The site will request additional documentation from you to confirm you are who you say you are. This is typical behavior for most cryptocurrency platforms, so there’s nothing to worry about.

How to verify account on Coinspot

At this point, we’d also suggest that you enable two-factor authentication. Turning on 2FA gives your account and your AUD an extra level of protection and security. This can be enabled either through Google Authenticator – which you can download through the app store – or through SMS.

Depositing AUD and Buying Bitcoin

After CoinSpot verifies your identity, you can then deposit AUD into your CoinSpot account. On the Dashboard choose “Deposit AUD.” Now you can select how you want to deposit your AUD. Keep in mind that it may take a couple of days before you see your funds. This will depend entirely on the method you choose for depositing funds.

When you do see your AUD in your CoinSpot account, you can start buying Bitcoin. Find the “Buy/Sell” icon at the top of the page. Then locate Bitcoin from the cryptocurrency options. Once you find it, select “Buy BTC.”

How to buy Bitcoin on Coinspot exchange?

After you choose to buy BTC, you’ll see a box asking how much AUD you want to use to buy Bitcoin. You can see the amount in both AUD and BTC, so you don’t have to worry about converting it yourself. Input how much you want then click the blue “Buy” link.

Buying Bitcoin BTC on Coinspot

After you click the Buy link, you’ll get a popup that asks you to confirm the amount of Bitcoin you want to buy. Verify your entries, then click “Confirm Buy.” Once the transaction completes, your Bitcoin will show up in your CoinSpot wallet. Choose the “Wallets” icon located at the top of the CoinSpot site to view your balance.


More About Bitcoin

Let’s talk a little more about Bitcoin. If you’re not aware, Bitcoin is considered to be the Godfather of cryptocurrencies. In 2009, Satoshi Nakamoto developed the coin. However, at this time, no one has yet to identify whether or not he actually exists.

What is Its Purpose?

The purpose behind Bitcoin was to develop an anonymous and decentralized store of value. Those who hold Bitcoin can use it to make purchases for goods and services no matter where in the world they are. Bitcoin isn’t tied to a government, financial institution, or country. Additionally, it’s great for businesses as it doesn’t include expensive fees that often come with credit card transactions.

Who is It For?

Bitcoin is the perfect currency for anyone who wants to learn more about decentralized, global currencies. It is anonymous, private, and secure. It is also a great cryptocurrency for large corporations and investors. Manufacturers, health care companies, and many other industries are beginning to see the value in Bitcoin for business use cases.

If you don’t want the bank to have control of your money, Bitcoin is another way to store it. It behaves like a digital currency, which you keep in a digital wallet that resides on your phone or computer. Your wallet works like a virtual bank. However, there are no regulations, it’s completely anonymous, and the fees are much, much lower.

Unfortunately, wallets are not insured, so if you lose your funds, you’re out of luck. That’s why it’s so important to keep a close eye on your wallets and the crypto they hold.

While Bitcoin transactions are tracked on a public ledger, the names themselves are kept anonymous. The only thing of note in the transaction is your wallet ID. This helps to keep everything private, which gives buyers the capability of making purchases without anyone knowing.

Pros and Cons

Bitcoin logo

Bitcoin is the very first successful digital store of value. It has been around for a decade now, continues to show signs of growth and is the most popular cryptocurrency in the world. Anyone can purchase a fraction of a coin anytime they want from cryptocurrency exchanges.

However, Bitcoin is still a cryptocurrency, and as a result, is volatile in nature. The value of Bitcoin can drastically change from one day to the next. You may wake up one day and realize your Bitcoin has doubled in value – or halved.

No one can tell you the true future of Bitcoin. It continues to show its value and the longer it sticks around, the more likely it will be a permanent part of the financial industry. While not all cryptocurrencies have lasting power, Bitcoin does. The coin is synonymous with cryptocurrency and therefore should be taken seriously in the world of finance.

Is Bitcoin a Good Investment?

It’s impossible to know how well Bitcoin will perform in the future. However, as you try to decide whether or not to purchase Bitcoin, here are some things to take into consideration:

  • Bitcoin is the original cryptocurrency and is still the measuring stick for all other coins
  • It’s less risky than other coins since its the number one cryptocurrency in coin market capitalization
  • Nearly all crypto platforms list Bitcoin
  • Most popular cryptocurrency makes it easy to buy, sell, and trade
  • Reliable and scalable
  • Offers great potential as a store of value
  • Leads the way toward mass adoption of cryptocurrency

As a whole, the cryptocurrency industry is highly volatile. That means that as an asset class, it comes with inherent risks. Keep in mind that these investments can experience highs and lows in a matter of minutes. To gain further insights and analytics into Bitcoin, check out Trading View and CoinMarketCap.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, LTC, DODGE, ETH, NEO, GAS, POWR, XRP, TRX, EOS
  • 💰 Deposit Methods: Bank or Newsagent Cash Deposit
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.

Further Reading At TotalCrypto.io
1) Want To Learn More About Bitcoin? Read Our BTC Guide!

2) In Cryptocurrency The News Comes In Fast. Why Not Use A Cryptocurrency News App To Monitor The Markets Easily?

3) Did You Know That You Can Also Trade Ripple XRP On Plus500? Read All About XRP & Decide If It’s Worth Trading.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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