How to Buy Cryptocurrency In Australia

Image of two cryptocurrency coins
Wazza

Tutorial by Warren Wheeler

If you’re looking to buy cryptocurrency in Australia, this step-by-step guide is perfect for you.

You’ll discover everything you need to know and what you need to get started.

If this is your first time buying crypto and if you’re brand new I highly recommend following each step in order so you don’t miss anything.

Buying cryptocurrencies like Bitcoin and altcoins might sound overwhelming but after following this guide you’ll soon discover it’s actually pretty simple.

Let’s get started…

Step By Step Quick Guide On Buying Crypto

This quick guide is for people a little more advanced than beginners. If you’re new, skip this box and read the full tutorial below.

  • Sign up for an account at Swyftx
  • Enable 2-factor authentication
  • Verify your account and provide proof of ID.
  • Deposit AUD
  • Navigate to “Trade” in your Swyftx dashboard
  • Search for the Cryptocurrency you would like to purchase and click “Buy Coin
  • Enter the amount of AUD you want to spend or how much of the particular Cryptocurrency you want to buy
  • Click “Buy”.
  • If you have any trouble with the above steps, you can reach out to their live chat.

What You Need To Buy Crypto In Australia

First you will need a good reputable crypto exchange like Swyftx.

Swyftx is Australia’s most popular and safest place to buy and trade cryptocurrencies and it’s what we recommend for people who are brand new to crypto. They also have the lowest fees and are based in Brisbane, Australia.

Signing up to Swyftx is super easy, free and they also give you $20 worth of BTC as a sign up bonus. They also have a demo account so you can practice before you commit to investing real money.

Click here to register at Swyftx

Once you sign up to Swyftx you will need to verify your account and provide proof of identification such as a drivers license, passport, Medicare card or Visa grant.

All exchanges are required to gather this information by law so this is all normal and a requirement to buy cryptocurrencies here in Australia.

Once verified I highly recommend setting up 2-factor authentication straight away to keep your account safe.

If you have any problems signing up or being verified you can reach out to Swyftx support via their live chat. They have great support which is very helpful and friendly.

Buying Your First Crypto With Swyftx

Buying your first crypt with Swyftx is actually really easy.

First you will need to deposit funds into your account using any of the Swyftx deposit methods so you can make a purchase/trade.

Go to “Deposit” in the Swyftx sidebar and make a deposit.

Swyftx Deposit Page
Swyftx Deposit page

Navigate to and click the “Trade” button in the left hand sidebar of the dashboard. This will reveal the “Buy” link.

Click on the Buy link to go to the buy coin page.

Swyftx buy link screenshot
Swyftx Buy Asset Link

On the Buy page search for the cryptocurrency asset you would like to purchase and click the link that appears for that coin .

Swyftx buy page screenshot
Swyftx Buy and Search Asset page

You’re almost there!

Now enter the amount of AUD you would like to use to purchase the coin. This will also calculate the amount of tokens/coins of the selected crypto you will receive.

Simply click “Instant Buy” and then confirm the purchase. Your order will be complete within seconds.

It really is that easy to buy cryptocurrency in Australia and Swyftx makes it even easier with its easy to use platform.

If you do not have a Swyftx account I highly recommend signing up and giving them a try.

Visit Swyftx website

Read our Swyftx Review

Top Rated Crypto Exchanges In Australia

Swyftx is just one of many Australian cryptocurrency exchanges where you can buy crypto here in Australia.

Below is a list of our top recommended exchanges.

Swyftx

Best Overall Exchange

Swyftx

9.7
  • Number of crypto assets: 260+
  • Trading fees: 0.6%
  • Acceptable deposit methods: credit card. PayID, POLI, Bank transfer, Debit card, Cryptocurrency.
  • Allows AUD deposits and withdrawals: Yes
CoinSpot

Most Beginner Friendly

CoinSpot

8.7
  • Number of crypto assets: 290+
  • Trading fees: 0.1% on OTC trades and 1% for the instant buy feature
  • Acceptable deposit methods: credit card. PayID, POLI, BPAY, cash deposit, OSKO
  • Allows AUD deposits and withdrawals: Yes
Binance

Best Crypto Exchange for Advanced Traders

Binance

8.2
  • Number of crypto assets: 250+
  • Trading fees: 0.1%
  • Acceptable deposit methods: PayID, credit card, debit card, bank transfers, Cryptocurrency, OSKO
  • Allows AUD deposits and withdrawals: Yes
Coinjar

Longest Standing Exchange

Coinjar

8
  • Number of crypto assets: 20+
  • Trading fees: 0% – 1%
  • Acceptable deposit methods: PayID, debit/ credit card, cash deposits, bank transfer
  • Allows AUD deposits and withdrawals: Yes
eToro

Best For Traders

eToro

7.6
  • Number of crypto assets: 20+
  • Trading fees: Spread only
  • Acceptable deposit methods: Debit card, Paypal
  • Allows AUD deposits and withdrawals: No
Coinbase

Best For Mobile App

Coinbase

7.2
  • Number of crypto assets: 40+
  • Trading fees: 0.5% – 3.99%
  • Acceptable deposit methods: Bank transfer, Debit/credit card
  • Allows AUD deposits and withdrawals: Yes

Frequently Asked Questions About Buying Cryptocurrencies

What Is Cryptocurrency?

Cryptocurrency is a form of digital currency that utilizes encryption techniques to regulate the generation of currency units, verify transactions, and provide security. There are two categories of cryptocurrencies: Fiat-backed and Non-fiat backed. They are both created without the need for a central bank or any regulatory authority which makes them decentralized.

How Does Cryptocurrency Work?

Cryptocurrencies use cryptography to secure transactions and control the generation of new coins. A cryptocurrency is difficult to counterfeit because it is based on cryptography. Cryptography can also be used to create new coins – this process is called mining.
The market capitalization for cryptocurrencies varies significantly from coin to coin, but all have one thing in common – they’re worth billions of dollars!

Is Buying Crypto Safe In Australia?

Buying cryptocurrency in Australia is safe because there are many platforms and exchanges that offer crypto-to-fiat conversion services in case the price of cryptocurrencies fall below a certain level. However, buying bitcoin or other cryptocurrencies can be a risky investment. There are also a lot of scams out there, and people who get scammed usually don’t get their money back.

How To Keep Your Cryptocurrency Safe

The best way to keep your crypto safe is to store them on a hard wallet. A hard wallet is the most secure way to store your cryptocurrency. It is a physical device that can be used to store your coins offline and it’s nearly impossible to hack one of these devices. Click here to see the best hard wallets.

Is Crypto Legal in Australia?

Cryptocurrency is legal in Australia, but it is not regulated. This means that there are no laws or regulations in place to protect investors.
Australia has a number of agencies that are looking into the regulation of cryptocurrencies. They are considering the introduction of rules and regulations for cryptocurrency exchanges, ICOs, and cryptocurrency wallets.

Do I Pay Tax On Crypto?

Yes, you do need to pay tax on crypto. You will pay tax on any profit or income that you derive from your cryptocurrency transactions. If you do not derive any profit or income then you will not need to pay tax on your cryptocurrency transactions. You can read all about crypto tax in Australia here.

Disclaimer: This article is intended to be used and must be used for informational purposes only. It's important to understand that digital assets are risky, you should always do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.