How To Buy Bitcoin In Australia

If you’re beginning to navigate the world of investing, particularly in cryptocurrency, there’s a few important things to consider. Bitcoin, a form of cryptocurrency, is considered a ‘high-risk’ investment, according to the Australian Government’s Moneysmart website. Generally, this means its value can be volatile, often fluctuating by huge amounts within a short period of time. Moneysmart warns investors they must be prepared to lose their entire cryptocurrency investment and to be especially wary of scammers.

As with any financial investment, doing your own research before investing funds is a crucial first step before buying — be it cryptocurrency or any other stock or share.

With these considerations in mind, below is a breakdown of what Bitcoin is, as well as a step-by-step guide on how to buy Bitcoin, and where to use it within Australia.

What is Bitcoin?

Bitcoin is a decentralized digital currency, acting as a medium of exchange, store of value and unit of account that operates without the need for a central authority or intermediary, such as a bank or government. One of the first cryptocurrencies on the market, Bitcoin was created by a group of individuals under the pseudonym Satoshi Nakamoto back in 2009, sparking significant interest and debate due to its potential to disrupt traditional financial systems, but also the challenges in which cryptocurrency as an investable entity can face such as price volatility, regulatory scrutiny, and scalability issues.

Bitcoin transactions are made via an online, decentralised peer-to-peer network that doesn’t require checks by a financial institution before clearing the transaction. This decentralised verification process creates the potential for banks to transfer funds to each other faster and at a lower cost than traditional methods. Currently, international money transfers can come with relatively higher fees and exchange rates to cover the administration costs of the financial institutions involved.

However, this decentralised verification process can increase the risk of fraud or errors due to its lack of centralised oversight and regulation. For example, if you accidentally sent cryptocurrency to the wrong digital wallet address, there would be no protections for you, unlike a mistaken bank transfer which can often be reversed so that you can recover your funds.

Blockchain, the technology behind Bitcoin and other cryptocurrencies, is a ledger of who owns bitcoins, and how many. Every transaction made with bitcoins is sent to the decentralised network and ‘mined’ into the Blockchain. If you own bitcoins, you’ll usually own the ‘digital keys’ to unlock and spend those funds, unlike traditional currencies.

Currently, there are still only a few places accepting Bitcoin as payment within Australia, however this is slowly increasing as cryptocurrency becomes more popular worldwide.

The Federal Government’s financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), requires digital currency exchanges (like the ones mentioned below) to be registered with them in order to conduct business within Australia. The Australian Securities and Investments Commission (ASIC) has been a strong advocate for regulating the cryptocurrency industry as a way to deter fraudulent activity as cryptocurrency gains investment momentum as a mainstream trading entity.

How to buy Bitcoin in Australia

1. Choose a cryptocurrency exchange to purchase Bitcoin

To be able to buy Bitcoin, you will need to sign up to an exchange or trading platform in a similar way to how you would sign up for a bank account. It’s often worth comparing the cryptocurrency exchanges available to you, as each will generally have different trading, deposit and withdrawal fees, accepted currencies and range of crypto-assets that you can purchase.

Once you have evaluated the exchanges and made a decision to use a particular platform, you will be required to fill out your personal details and verify your identity for security purposes. To be eligible to buy Bitcoin or other cryptocurrencies, you must be at least 18 years of age. Depending on the exchange, other personal details they may ask you for can include photo identification (ID) such as your driver’s license or passport, as well as information about your employer and source of income.

Australian Cryptocurrency Exchanges March 2025

The table below displays some of our referral partners’ Cryptocurrency Exchanges.

This information does not reflect any ranking, rating, recommendation or endorsement by Canstar of cryptocurrency or any specific provider. Canstar is providing factual information supplied by providers. Not all providers or products are shown. Canstar will earn a fee from the providers displayed in the table, and the fee levels determine placement in the table. Cryptocurrencies are speculative, complex and can involve significant risks. Canstar is not providing a recommendation for your individual circumstances.

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Provider		Fiat currencies	AUSTRAC	Fees per Trade	Number of Currencies	Year Established
		AUD, USD, GBP	Yes	1%	100+	2007
		AUD	Yes	0.1%	250+	2013
		AUD, GBP	Yes	0%	57	2013
		AUD	Yes	0.85%	1000+	2017
		AUD	Yes	1%	30	2013
		AUD, NZD	Yes	0.02% – 0.5%	30	2013

You will also be required to set up a payment method so you are able to pay for any cryptocurrency that you purchase. Valid methods of payment often include bank accounts, debit cards, and in some cases, PayPal. Any purchase of Bitcoin will incur a fee from the exchange and potentially from your bank account, which you can check at the time of purchase.

Cryptocurrency exchanges have entered the mainstream in recent years, with many offering a variety of ways to place an order, as well as to invest. Much like online share trading platforms, almost all crypto exchanges offer market and limit orders, with some also providing stop-loss orders, which allow you to place an order to buy or sell a specific stock or currency once it reaches a certain price.

2. Receive Bitcoins for goods and services

Businesses and individuals can choose to accept bitcoins as payment if you have a Bitcoin digital wallet to store the currency. A digital wallet app that can hold Bitcoin and other forms of cryptocurrency can be downloaded from the Apple or Google Play stores.

If you’re a business or a sole trader wanting to accept bitcoin as a form of payment, you will need to decide how you would like to accept it. Some ways of accepting payments include:

• QR codes that can be scanned using a smartphone and generated in a Bitcoin digital wallet app.

• Payment processing systems online that can automatically convert digital currency like Bitcoin into a traditional currency like Australian dollars (AUD).

• Custom Point of Sale (POS) terminals in stores that integrate with your existing sales register.

It can be important to understand the risk factors of Bitcoin and other forms of cryptocurrency, such as its volatility, potential risk of fraud or error and the potential to make your taxes more complicated, before accepting it as a form of payment for goods and services. You can learn more about the tax treatment of cryptocurrency in Australia from the Australian Taxation Office (ATO).

3. Mining Bitcoins

Bitcoin mining is the technical term for finding new, unreleased bitcoins. Crypto mining involves solving (often very complicated) ‘cryptographic puzzles’ to verify new transactions and earn block rewards. Individuals who perform this task are referred to as miners.

Miners rewarded with unreleased bitcoins will often have to pay transaction fees from the block itself, before receiving them. This reward system helps incentivise miners to maintain the network’s security and integrity.

A popular practice during the early years of Bitcoin, mining is now considered more difficult for individuals due to competition from bigger centralised miners with large budgets. This is because you need a large amount of power from a big computer network just to earn the rewards, with operational costs being much higher than they once were.

Bitcoin mining has also been the subject of scrutiny in recent years, due to the volume of carbon emissions the process generates. A recent study released by the Cambridge Centre for Alternative Finance (CCAF) revealed that Bitcoin mining was responsible for 0.4% of global electricity consumption, highlighting a need for regulation and industry reform.

Where to store your bitcoins

If you’re thinking of buying Bitcoin, you’ll need a secure way of storing your purchase. It’s typically recommended to consider other ways to secure your cryptocurrency beyond storing them on the exchange you purchased them from. A more secure option is to store it in a digital Bitcoin wallet. Not all cryptocurrency wallets are created equal and some have more features than others.

Certain wallets are only for Bitcoin, while some offer the ability to store numerous types of altcoins, like XRP, Solana and Dogecoin. You can also get wallet apps that protect small amounts with a private key stored on your phone or secure device. These also have the added benefit of scannable QR codes, which can save time on entering long Bitcoin addresses when you want to send money.

For a more extensive explanation of how these wallets work, as well as how to set one up, you may like to read our article on Bitcoin wallets in Australia. There are a few options available on the app stores for these types of digital wallets as well as other software for laptops or computers, so it can be worth comparing your options to find which one best suits your needs.

Who accepts Bitcoin in Australia?

Now that you know how to buy Bitcoin, you’ll probably want to know what you can do with it. Many investors choose to treat cryptocurrency as a trading vehicle or long term investment. However, there are some options to spend your cryptocurrency in exchange for goods and services. As cryptocurrency continues to become more popular in Australia, the range of things you can spend your Bitcoin on will most likely increase.

The online service Coinmap allows you to find shops and businesses that accept Bitcoin anywhere in the world, locating stores or ATMs near you. It is also possible to get Bitcoin at specialised ATMs and via P2P exchanges.

You can check out Coinmap directly for a more detailed view.

Compare Online Share Trading Platforms

How to Buy Bitcoin in New Zealand

For more information on how to buy Bitcoin in New Zealand, you may like to check out this article on how to buy bitcoin in New Zealand.

It can be important to do your research and compare exchanges before choosing a trading platform, as well as read any relevant investment documentation, such as terms of service and risk disclosures, before making an investment.

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