How To Buy Crypto With Cash In Australia

Last Updated on December 24, 2023 by

Cash deposits are a cheap way of buying cryptocurrencies in Australia. They offer a fast, simple, and convenient way to add assets to your portfolio whilst avoiding lengthy transaction approval times by banks.

In the tutorial below, we show you the different ways to buy crypto with cash in Australia. We will also demonstrate how to buy crypto with a cash deposit using a top Australian crypto exchange such as CoinSpot.

7 Ways To Buy Crypto With Cash In Australia

Here are the best methods to buy crypto in Australia using cash or a cash deposit.

  1. Crypto exchanges and brokerage platforms: Crypto exchanges such as CoinSpot are the most popular places to buy crypto such as Bitcoin with cash. They provide secure and stable environments, support a variety of cash payment options, and have features to store and grow your assets.
  2. Peer-to-peer: A method of using cash to directly buy crypto from another trader without having a middle-man to facilitate the transaction. Since a crypto exchange is not necessarily involved, there are no fees.
  3. Prepaid cards: Prepaid cards from retailers can be purchased with cash and used to buy crypto from an exchange. The main limitation is that not all crypto exchanges support prepaid cards as a payment option.
  4. Bank transfer: Exchange cash over the counter at a supporting bank to obtain cryptocurrencies.
  5. Crypto ATM: Deposit cash into a crypto ATM and connect your external hardware wallet to near-instantly receive your crypto.
  6. Cash deposits at a news agency: Directly buy crypto at a news agency that supports the Blueshyft payment terminal.
  7. Money transfer services: Payment service providers such as Western Union and CurrencyShop will transfer your cash to the crypto seller.

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How To Use Cash To Buy Crypto In Australia

1. Crypto exchanges and brokerage platforms

The easiest way to buy cryptocurrencies with Australian dollars is through a crypto exchange or brokerage platform. They provide all the tools you need including multiple ways to deposit cash such as PayID and credit cards, a wallet for storing your digital assets, and features that you can use afterward to manage, grow, or use your portfolio.

Whilst exchanges and brokerages work differently, they still provide a secure medium to obtain Bitcoin and altcoins with cash. Examples of crypto exchanges that support cash deposits include Binance Australia and Bybit Australia, whilst some brokerage platforms include CoinSpot.

2. Peer-to-peer marketplaces

Peer-to-peer trading involves the direct transfer of an asset from one person to another without the need for an intermediary party such as a crypto exchange. Because there is no third party involved, the seller transfers the purchased assets to your wallet address for safekeeping. This means that P2P platforms are non-custodial as they don’t store any digital currencies. Examples of popular P2P trading platforms include:

  • Elbaite (Australian P2P crypto platform)
  • Bisq
  • Hodlhodl (Bitcoin only)
  • LocalCoinSwap
  • LocalCryptos
  • Paxful
  • BuyABitcoin

P2P marketplaces are also available on international crypto exchanges such as KuCoin and Huobi Global. Just like a traditional P2P marketplace, they allow users to trade cryptos with each other. The trading fees of the exchange that hosts a P2P marketplace are typically waived, however, some minimum or maximum limits may apply. Buying altcoins with cash using a variety of payment methods that are commonly used in Australia including bank transfers (OSKO) and BPAY.

huobi trade crypto on P2P marketplace
The Huobi Global P2P marketplace interface.

The advantage of using an exchange-hosted P2P marketplace is that sellers will typically need to undergo a process to become accredited vendors. This means that you can have more confidence knowing that you will receive your assets in the absence of an intermediary third-party.

3. Using a prepaid card

You can purchase a prepaid card from your local supermarket or retailer. Prepaid cards are loaded with money funds and can be used at certain cryptocurrency exchanges to buy digital currencies. One of the significant limitations, however, is finding a crypto exchange that supports the use of prepaid to buy crypto. Another consideration is that you will need to fulfill the Know-Your-Customer (KYC) process which means you won’t remain anonymous.

4. Cash transfers at banks

Certain banks and financial institutions will allow you to deposit your cash in exchange for cryptocurrencies. Not being a popular method of obtaining crypto, the constantly evolving regulatory landscape is a major hurdle. To find out which banks in Australia accept crypto, read this article.

5. Crypto ATMs

Crypto ATMs are internet-connected kiosks that work in a similar fashion to a traditional ATM. Firstly, you will need to select the crypto desired, enter the amount to buy, and deposit your cold-hard cash. A QR code will be produced which allows you to access a private key. The desired cryptocurrencies will be transferred to your external hardware wallet using the QR code. Since crypto ATMs involve the exchange of fiat money, you will need to demonstrate your identity using your driver’s licence or passport.

use cash to buy crypto at atm
There are 105 crypto ATM locations in Australia.

In exchange for the convenience of quickly buying crypto at an ATM, the fees are typically higher than those of crypto exchanges. In Australia, crypto ATM fees typically range from 6% to 18% of the transaction amount. Despite the excessive costs involved, crypto ATMs are a highly convenient way of rapidly buying cryptocurrencies. For example, you can purchase Ethereum, Bitcoin Cash, Litecoin and even buy Dogecoin. You can also sell back crypto to cash at a crypto ATM. To learn how to use a crypto ATM in Australia, read our full tutorial.

6. Cash deposits using Blueshyft

Blueshyft is a payment terminal that is supported at over 1,500 retailers across Australia. Each retailer that supports Blueshyft will have a mobile device that can be used to scan the QR code.

To initiate a cash deposit, you will need to log into your cryptocurrency exchange account, select cash deposit as the payment method, and take the QR code produced to a supporting Blueshyft merchant. You then provide the merchant with the cash required to buy the crypto as well as the fees incurred.

A number of reputable crypto exchanges and brokerages support Blueshyft cash deposits as a means of obtaining cryptocurrencies, including CoinSpot and CoinJar. Click here to read our full review on Coinspot and CoinJar review.

Blueshyft payment terminals in Sydney, Australia.
Blueshyft payment terminals in Sydney, Australia.

7. Money transfer services

Money transfer services such as Western Union and CurrencyShop can be used to transfer your cash to the crypto vendor. This is not a commonly used method of obtaining crypto as you need to physically find and enter a branch. Additionally, the fees are typically high since there is a middle-man involved.

How To Buy Crypto With Cash Deposit In Australia

The easiest and most popular way of using cash to buy cryptocurrencies is through a crypto exchange or brokerage platform. Almost all crypto exchanges in Australia will support the exchange of cash for digital assets. If you want to know how then you can follow our complete guide below.

Step 1 – Choose a crypto exchange

Choosing the right cryptocurrency exchange or brokerage for you is the most important aspect of buying crypto with cash. The trading platform that you end up with will determine the value for money you get getting, and what you can do with your crypto after it’s purchased. There will be features to store your assets, track their performance, and grow them passively using crypto interest-earning accounts.

Apart from the crypto products and services on offer, its ease of use and trading fees will be large factors to consider. The type and level of security features including whether the company has experienced any hacks should be considered to provide you sufficient peace of mind. Other factors that you should consider include the responsiveness of customer support, a number of digital currencies supported, and if you can withdraw cash into a bank account.

For the purposes of this guide, we will be demonstrating the steps to buy crypto with cash using CoinSpot. CoinSpot is a reliable and AUSTRAC-registered crypto brokerage platform that has been providing Australians with innovative services since 2013. For a detailed insight into the best features of CoinSpot, you can read our comprehensive CoinSpot review.

Step 2 – Create an account and verify your identity

Creating an account with CoinSpot and verifying your identity need to be undertaken before you can start buying crypto. In almost all cases, all you need to get started are:

  • A valid email address
  • Strong password
  • Mobile phone number
  • A form of government-issued identification (driver’s licence or Australian passport)
coinspot create an account

All Australian crypto exchanges that take cash in exchange for cryptocurrencies, will require you to satisfy its Know-Your-Customer (KYC) protocols. This is a mandatory process that exchanges and platforms need to complete in order to adhere to the strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. The Australian government body that oversees and enforces this is AUSTRAC.

The entire CoinSpot sign up and ID verification process can be completed online or using your mobile device in under 5 minutes. In our experience, using a mobile device to use the CoinSpot app was the better option. This is because you can conveniently use the camera to upload photos of your ID documents.

Step 3 – Find your nearest Blueshyft outlet

Blueshyft outlets that process cash deposits are present at over 1,600 retail shops around Australia. You can find your nearest one by either entering in your postcode or using the interactive map provided on the CoinSpot interface. Alternatively, you can even visit the Blueshyft website to find out which retailers support cash deposit payments.

coinspot cash deposit to buy crypto

Step 4 – Deposit cash on CoinSpot

Before you head off to the Blueshyft supporting retailer, you will need to enter the amount of Australian Dollars (AUD) to deposit, noting that there is a $50 minimum. Entering the amount will produce a QR code that you will need to bring to the retailer.

Step 5 – Deposit cash at the Blueshyft retailer

With the QR code, physical cash and a photo ID in hand, visit the retailer that supports Blueshyft payments. Blueshyft terminals are usually in the form of a mobile device on the counter, e.g. an iPAD. Use the QR code on the terminal and pass the physical cash to the staff to fund your account.

Step 6 – Buy cryptocurrencies

With your cash funded account, you can log into your CoinSpot account to start buying cryptocurrencies. At the top of the page, click on the “Buy/Sell” to open up the list of supported assets. You can either use the search function or scroll through CoinSpot’s list of 370+ supported cryptocurrencies.

Using Bitcoin as an example, click on “Buy Bitcoin”. Enter in the amount that was funded using cash and click on “Buy”. After doing so, you can review the transaction quotation including the fees incurred and confirm the purchase.

Once bought, the assets will be near-instantly transferred to your multi-token wallet where it can be tracked and managed.

coinspot buy bitcoin with cash deposit

Where To Buy Crypto With Cash In Australia – Reviews

Cash is by far the most popular way of obtaining cryptocurrencies in Australia. The earliest crypto exchanges and platforms were founded in Australia in 2013. Since then, the number of places where you can build a crypto portfolio with cash has skyrocketed. Based on our reviews where we have taken into account numerous factors, we have come up with the best Australian places to obtain digital currencies with cash.

1. Swyftx

Swyftx is an AUSTRAC registered crypto exchange that is trusted by over 600,000 Australian crypto investors, traders, and enthusiasts. Founded in 2019, it is one of the younger trading platforms around and its youth brings a suite of innovative products and services that are specifically tailored to the Australian market.

swyftx website

Swyftx supports over 320 cryptocurrencies that can be bought with cash, including Bitcoin and popular altcoins and meme coins. You also have several options on how to deposit your cash into your account such as transfers from an Australian bank or financial institution, POLi, and PayID. This is made possible on its sleek and tasteful interface that is highly suitable if you’re a beginner.

Swyftx has carefully considered its minimum and maximum limits on cash deposits to make sure they are palatable for its target audience, beginners. You can fund your account with as little as $30 per day.

For a locally operated and based crypto exchange, Swyftx offers great value for money. There are zero fees to deposit cash into your account no matter which payment method you choose. On top of that, its flat trading fee of 0.6% is hugely competitive in the Australian market where fees typically range between 0.5% and 1%.

For a detailed understanding of Swyftx and its features, you can read our review on Swyftx.

2. CoinSpot

If you already know about cryptocurrencies, then chances are you’ve heard of CoinSpot. Established in 2013, the hugely popular crypto platform has a customer base of over 1 million Australians. The highly secure environment it brings supports the use of cash to purchase and store over 370 cryptocurrencies.

CoinSpot supports the same account financing methods as Swyftx, except you can also use cash deposits and BPAY. Almost all cash funding methods are free to use, with the exception of BPAY (0.9%) and cash deposits (2.5%). Withdrawing cash from your wallet and into an Australian bank account is free.

For the flexibility and choice that CoinSpot gives with its range of cash deposit options, it falls over in the amount of cash that can be transferred. Compared to Swyftx, CoinSpot only allows you to fund your account with a maximum of $2,000 cash per day.

On CoinSpot, you can buy crypto with cash in two different ways. Firstly, the Instant Buy/Sell/Swap feature will be most favourable to beginners and crypto new starters due to its ease of use. However, be aware that buying crypto using this feature carries an expensive fee of 1%.

The second way of buying crypto with cash, and more difficult to use, is by placing market orders on CoinSpot Exchange. The fees of 0.1% are vastly cheaper, however, beginners may be overwhelmed by the interface.

For a detailed understanding of CoinSpot and its features, you can read our review on CoinSpot.

3. Digital Surge

Digital Surge is a prime destination if you want to buy crypto with cash for the purpose of building a long-term store of value. Founded in 2019, Digital Surge was established to break common barriers of entry for Australians looking to buy their first cryptocurrencies. These included outdated and difficult-to-use interfaces, high fees, and poor customer service. The end result is a safe and reliable platform that is immensely easy to use.

digital surge website

You can use your cash to buy over 310+ digital currencies on Digital Surge. The range of cryptocurrencies also makes it a viable trading platform choice for altcoin investors, where its interest-earning wallets allow you to passively grow your holdings further.

In terms of cash deposit options, you can choose from bank transfers, POLi and PayID. They are free to use with exception of POLi where a minor fee of $2 .00 – $3.30 applies. Similar to Swyftx, the maximum amount of cash you can deposit range between $8,000 and $20,000.

For a detailed understanding of Digital Surge and how it works, you can read our review on Digital Surge.

4. Binance Australia

Binance Australia is the independently operated Australian company of the global Binance brand. The AUSTRAC registered trading platform provides Australians with a fully-fledged exchange that is rich in advanced features such as margin and derivatives markets (up to 10x leverage), crypto staking and interest-earning wallets, an advanced trading interface and analytical tools, a fully stocked NFT marketplace and a crypto debit card. If there is a trading feature that you need, then Binance Australia is more than likely to offer it.

One of these is the offering of over 600+ cryptocurrencies that can be bought with Australian cash. In terms of funding your account with cash, you can choose from PayID and bank transfers (OSKO), both of which come with zero fees. For both methods, there is a $10 minimum limit that applies so its suitable for beginners who prefer to invest in smaller amounts.

binance australia deposit cash
Depositing cash on Binance Australia.

For a detailed understanding of Binance Australia and what features it brings to the table, you can read our review on Binance Australia.

What Are The Fees To Buy Crypto With Cash In Australia?

The fees to buy digital currencies using cash differ depending on the crypto exchange you use. For the most part, depositing cash into your account is typically free for many platforms. Trading fees to buy crypto with cash in Australia typically range from 0.1% to 1%.

Pros & Cons Of Using Cash To Buy Crypto

Using Australian cash to buy crypto from an exchange is a popular way of obtaining cryptocurrencies. However, there are some advantages and disadvantages of using cash as a crypto payment method.


  • There are multiple ways to deposit cash into a crypto exchange.
  • It’s a highly convenient and quick way of obtaining cryptocurrencies.
  • The majority of Australian banks and financial institution allow you to transfer cash to a crypto exchange.


  • Cannot buy crypto anonymously since KYC protocols need to be completed.
  • Some cash funding methods such as bank transfer and PayID (for the initial purchase) can take up to 3 days to process.

Frequently Asked Questions

Can I Buy Crypto With Cash?

Yes, almost all Australian crypto exchanges and brokerage platforms such as Swyftx, CoinSpot, and CoinJar support the buying of cryptocurrencies with Australian money. However, the ways in which you can deposit cash into your account may differ from exchange to exchange. The most popular cash funding methods include bank transfers, BPAY, PayID, and POLi. Some global crypto exchanges, however, will only accept cryptocurrency deposits.

Do Crypto ATMs accept cash?

Yes, cryptocurrency ATMs in Australia will accept physical cash as payment for digital currencies. The ATM will request for cash to be slipped in after you enter the amount of Australian Dollars to spend on crypto. Following this, a QR code will be produced to enable you to transfer the crypto into your external hardware wallet.

Can you buy crypto with AUD on Binance?

Binance Australia supports a range of fiat currencies including Australian Dollars (AUD). PayID and bank transfers (SOKO) are the currently supported payment methods for financing your account with cash. Alternatively, you may also transfer crypto from an external wallet.

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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.