How to Buy Cryptocurrency in Australia | 2024

by Dec 26, 2023Blockchain Technology0 comments

In the past, people who used cryptocurrency in Australia had a big problem with taxes when they bought and sold Bitcoin and other cryptocurrencies. The laws said that they had to pay taxes twice on the money they made from cryptocurrency. But now things have changed, and Australia is one of the best places to buy and sell cryptocurrencies in the whole world. There are lots of different options for buying and selling cryptocurrency in Australia. But it’s important to take your time and find the right platform for what you want to do. Are you just buying Bitcoin so you can send money to someone in another country quickly? Or do you want to buy Bitcoin and keep it for a long time because you think it will go up in value? These are the kinds of questions you need to think about before you decide which cryptocurrency exchange is the best one for you in Australia. 

Top Cryptocurrency Exchanges in Australia

Australia is a pretty open country when it comes to cryptocurrency, and there are some great options available from international exchanges like: 

Coinbase Binance eToro Kraken Gemini

But there are also some local exchanges in Australia worth considering. One of them is CoinSpot, which has a good reputation for being a reliable platform to buy and sell many different cryptocurrencies. They’re known for their quick and free deposits, which is a big plus.

CoinSpot is also known for its excellent customer support that’s available around the clock. They’ve never had any major security incidents, which adds to their trustworthiness. Not only that, but CoinSpot has made it really easy for new users to buy their first cryptocurrencies. They’ve kept their trading fees relatively low too.

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There are a few other popular local cryptocurrency exchanges in Australia as well. Digital Surge is registered with ASIC and ASTRAC and has received great reviews for its user-friendly interface and impressive customer service. Independent Reserve is another trusted exchange in Australia that supports different currencies like AUD, USD, NZD, and SGD.

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Is It Easy to Buy Bitcoin in Australia?

Buy Bitcoin in Australia

Buying Bitcoin in Australia is super easy nowadays. There are lots of user-friendly cryptocurrency exchanges where anyone can buy Bitcoin without any trouble. In the early days of Bitcoin, there weren’t many options for trading, but in the mid-2010s, a bunch of new exchange platforms popped up. These platforms were designed to be easy to use, even for regular people who don’t know much about cryptocurrencies. They made it simple for anyone in Australia to buy their first Bitcoin. However, it’s important to keep in mind that convenience often comes with extra costs.

Recently, Australia introduced a digital ID system that has made it even easier for users to get verified on exchanges and start trading cryptocurrencies quickly.

How to Buy Cryptocurrency in Australia

Buying crypto in Australia is pretty much the same as in any other country. The only difference is that Australia has a digital ID system that makes it a bit easier to create your account.

Here’s a general process for signing up on an exchange:

  1. Choose the crypto exchange you want to use.
  2. Sign up for an account on that exchange.
  3. Provide your identification details like ID, home address, and date of birth for verification.
  4. Set up a method to fund your account, such as Swyft, bank transfer, debit card, or credit card.
  5. Initiate a transfer of funds to your exchange account.
  6. Use the funds in your account to buy the cryptocurrency you want.
  7. Optional: If you prefer, you can send your newly purchased crypto to a personal wallet for added security.
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That’s it! Just follow these steps, and you’ll be able to buy crypto in Australia.

Is It Legal to Use Cryptocurrency in Australia?

Use Cryptocurrency in Australia

Yes, it is legal to buy, sell, and use cryptocurrencies in Australia. The main regulations and restrictions are placed on centralized exchanges rather than the cryptocurrencies themselves. When purchasing crypto assets, customers need to share personal information with exchanges, but they are free to transfer their funds to a non-custodial wallet and send or receive cryptocurrencies.

However, it’s important to be aware of capital gains taxes. Whenever you sell or use cryptocurrency to pay for goods or services, you need to calculate and report any capital gains for tax purposes. So, while cryptocurrency is legal in Australia, it’s still important to consider the tax implications.

Here are some articles about Cryptocurrency taxation:

What is the Cheapest Way to Buy Cryptocurrency in Australia?

When it comes to buying cryptocurrency in Australia, the fees can vary from 0% to 5% or even more. If you’re looking for the lowest trading fees, it’s important to check if the exchange supports Australian dollar (AUD) trading pairs. If not, you’ll have to convert your AUD to another currency like USD, which means the fees will effectively be doubled.

For low trading fees with AUD-based trading pairs, Swyftx is currently the best option available. However, it’s also important to consider the fees for depositing and withdrawing funds on the platform to ensure you get the best rates for your cryptocurrency trades.

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Why is Selling Cryptocurrency Easier than Buying it in Australia?

Cryptocurrency in Australia

Generally, selling cryptocurrency is easier than buying it in Australia. This is because once a cryptocurrency transaction is made, it cannot be reversed. This provides a strong guarantee to the person receiving the cryptocurrency that you won’t try to fraudulently reverse the trade.

If you want to get the best price for selling your crypto, it’s recommended to use Swyftx. However, if you find Swyftx confusing, CoinSpot is a good alternative. Whichever platform you choose, make sure to keep track of your sell orders because you’ll need to pay taxes on any profits you make from cryptocurrency trading.

Is it Possible to Buy Bitcoin with a Credit Card in Australia?

Many people wonder if they can use a credit card to buy cryptocurrency in Australia, as it’s a payment method they’re familiar with for online transactions. The answer is yes, it’s possible to buy Bitcoin with a credit or debit card. However, it’s important to note that this type of transaction usually comes with higher fees. This is because exchange platforms face higher risks of fraudulent transactions when traditional payment cards are used.

Two good options for buying Bitcoin or altcoins with a credit or debit card in Australia are:

Coinbase has lower fees for this type of crypto trade, while Coinmama allows customers to purchase more cryptocurrency in a single trade using a debit or credit card.

Conclusion

We hope this comprehensive guide has helped you understand how to buy cryptocurrency in Australia. If you have any further questions or need assistance with buying or trading cryptocurrency, please don’t hesitate to leave a comment. Your feedback is valuable to us as it helps us improve our future articles. Additionally, remember to subscribe to our daily newsletter to stay informed about the latest news and updates on cryptocurrency, NFTs, the metaverse, and AirDrops.

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We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

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