Are you looking to buy bitcoin in Australia? Here are 3 legit options for buying Bitcoin in Australia.
In Australia, there are now a number of great options for investing in crypto and these are my favourite ways:
Remember that Bitcoin is a risky investment. Stick to investing a small percentage of your net worth in Bitcoin and never invest more than you can afford to lose.
Coinspot – The best platform for beginners
Coinspot is a trusted and popular choice for buying Bitcoin in Australia. It is my go to choice for investing in crypto. Here is why I like and recommend CoinSpot:
- Easy to Use Interface – Buying Bitcoin on CoinSpot is easy. They have built an interface that anyone can use. Even if you’ve never invested in bitcoin before.
- PayID Deposit – You can deposit funds using PayID. This means you can transfer funds instantly from your Australian bank account and buy Bitcoin right away. This is great for taking advantage of fast moving markets.
- Fast Withdrawals – When you sell your Bitcoin you can withdraw your AUD to your bank account. I’ve found this process often happens on the same day with no long waiting period.
- Excellent Support – CoinSpot offers live chat support. I’ve found it to be very good. So if you ever run into any problems, you’ll have access to local support in Australia.
BTCMarkets – The best platform for traders
While CoinSpot is a great option for just buying and holding Bitcoin, if you’re looking to trade crypto, then I believe there are better options. BTCMarkets is similar to CoinSpot, but the interface is more complex. If you’re not familiar with trading platforms or exchanges, then it can be a bit overwhelming.
BTCMarkets supports PayID like CoinSpot does, so you can transfer money in quickly.
Raiz – The easiest way to invest as part of a portfolio
Raiz is one of my favourite investing apps. They recently added a new portfolio that includes a 5% allocation of Bitcoin. The great thing about investing through Raiz is the rest of your portfolio is invested in a much lower risk selection of ETFs. You also don’t need to worry about securely storing the Bitcoin. This is all handled for you by Raiz. You can set-up regular recurring investments which means you can dollar cost average into a Bitcoin position.
Personally the 5% allocation is slightly too high for me, but for many people this will be just right. I’ve written a more detailed Raiz review here.
Other options in Australia:
Here are a couple of other popular options for buying bitcoin in Australia:
Should you use Coinbase?
Coinbase has an excellent interface and a great reputation. However in Australia there is one major downside to using Coinbase. You can buy Bitcoin on Coinbase in Australia, but you can’t sell it through Coinbase. So if you’re looking to cashout your Bitcoin and convert it back into AUD, you’ll need to transfer it to another exchange.
That’s why I don’t recommend Coinbase as a good place to buy Bitcoin in Australia. They also only offer credit card deposits. These are expensive and you’ll end up paying a lot in fees.
If you are looking to withdraw your Bitcoin from Coinbase, I would recommend creating a Coinspot account and sending to Coinspot. You can then sell it for AUD and withdraw to your bank account.
Should you use Binance?
Binance is not an Australian company and its ownership and location is murky. I also think it has one of the worst interfaces. Although Binance technically does support PayID, it can be difficult to figure out. Although Binance is one of the worlds largest crypto companies, I would prefer to use an Australian company with local support.
Investing in crypto on eToro
eToro is a platform I use to trade US shares. You can also trade crypto on eToro. While there are no commissions on eToro crypto trades, there is a spread, and it is wider than other platforms. I have traded crypto through eToro and found it to work really well, you just need to be aware of the spread. One upside of using eToro is you can fund your trading account using PayPal which might be useful for some people.
Check out my in depth eToro review here.
The Best Way to Buy Bitcoin in Australia?
So summing up…