Buying Bitcoins in Australia: Best Exchanges

When it comes to the best bitcoin exchange in Australia, you have plenty of options. However, it’s good to note that these exchanges differ when it comes to the general user experience, process of buying, and selling bitcoins, bitcoin exchange rate, and the fees offered. Compare them, looking their good and bad sides to find one that suits you best. Here are several exchanges that will prove helpful:

Coinbase

Coinbase happens to be one of the most popular places to buy bitcoin in Australia, and for a good reason. For starts, when you make your purchase you get your bitcoins in your wallet instantly. No need to wait for minutes or hours – the exchange is done right there in the platform. It also deals with a good number of cryptocurrencies, including Litecoin and Ethereum among other digital assets.

Here’s how to purchase bitcoins on Coinbase:

Step 1: Create a Coinbase account to access the exchange, and then connect your bank. You will be asked to complete a number of verification steps before you can begin your purchase.
Step 2: Done with the verification? Good. Now go to the “Buy” page and select bitcoin as your preferred digital currency, and enter the amount you want to purchase denominated in the Australian currency.
Step 3: Select a wallet you intend to send the funds into, choose the payment method, and then click “Buy”. Make sure that you go through the order to confirm every single detail.

Pros
High buying limits and liquidity
Easy interface for newcomers to purchase their first bitcoin
Users can buy bitcoins with debit and credit cards
Trusted reputation
Platform also works as a secure bitcoin wallet
Coinbase has an Android/iOS App
Support resolves disputes quickly
Cons
If you buy bitcoins with bank transfer, you might wait for up to 5 days for the transaction to complete
The fees of around 3.99% are considered a little bit high compared to their exchanges
Low privacy

CoinJar

CoinJar is also a popular platform for bitcoin trading Australia. Users are allowed to purchase their bitcoins using BPAY for just 1% as fees. The idea of the site is to offer the simplest interface possible to allow first-time buyers to transact easily.

Here’s how to purchase bitcoins on CoinJar:

Step 1: The first step is opening an account with CoinJar and becoming verified. The verification involves email confirmation and ID verification.
Step 2: From there, you can now transfer funds from the bank account right into your CoinJar account. The platform currently utilizes Blue
Step 3: With funds available in your account, you should then transfer them into your ‘Everyday Bitcoin Account,’ and obtain a quote for your preferred purchase.
Step 4: Proceed to confirm the purchase and the funds will be converted instantly.

Pros
Charges low fees
Supports fiat currencies
Clean and simple-to-use interface
Speedy transaction speed
High limits

Cons
Low privacy
Lacks multi-signature capability

LocalBitcoins

LocalBitcoins Australia is usually the first stop for newbies who want purchase bitcoins. Unlike Coinbase where you need to enter your details and hit the buy option, this platform works in a rather different way. There are lots of sellers, all of whom advertise their bitcoins at their preferred prices, and all you need to do is browse through those available and choose one that matches your preferences. Be aware, however, that the sellers dictate the payment methods, but the most common ones in Australia are cash deposits and Paypal.

Here’s how to purchase bitcoins on LocalBitcoins:

Step 1: Register an account with LocalBitcoins Australia. Check your mail and verify your account by clicking on the confirmation.
Step 2: You will see a number of advertisements on the home page, with payment methods, bitcoin price and limits included. Browse through the offers and choose one that fits you in terms of payment method and the amount you wish to buy. Ensure that you click the seller’s profile and view their bio, checking their reputation and amount of bitcoin transacted in order to determine if they are trustworthy or not.
Step 3: Now click the buy option and you will be directed to a page where you can input the amount you want to buy (in AUD) and terms of trade by the seller. Read those terms carefully before you proceed.
Step 4: Agreed on the terms and indicated your amount? Well, you can now hit ‘send trade request’. A box on the right will be displayed, in which you can chat with the seller.
Step 5: Confirm the payment details and proceed to make the agreed payments. When you are done, click ‘I have paid’ tab and wait for the seller to confirm the payments. Once they do, the amount of bitcoins will show up in your wallet. You can see the balance right at the top tab toward the right side.

Pros
Many payment methods
Escrow services to facilitate smooth transactions
In-person trades, you don’t need to add your personal information
You can choose private purchases, which are made fast and easy
Speedy transactions
Low fees of just 1%
Trusted reputation

Cons
Many scams on the platform looking to take advantage of unsuspecting customers. Follow the rules and use the escrow services to ensure you are safe
Harder to purchase large amounts
Platform is a little difficult to use

Independent Reserve

This is an Australian Bitcoin exchange targeting corporations and traders. It allows you to fund your account with Crypto Capital, POLI, Swift, and EFT. The best thing about this exchange is the fact that it offers the lowest fees, which start from 0.1% to 0.5%.

Here’s how to purchase bitcoins on Independent Reserve:

Step 1: Go to the home page of the site and create an account. Submit the required details and documents for verification.
Step 2: Once you have been verified, make your deposit via the available payment methods.
Step 3: With funds in your account, head to the trade page and check out the option that suits you. You can pause to have a more careful read through various options.
Step 4: Spotted an order with a good price? Well, click and confirm and the bitcoins will appear instantly in your account.

Pros
Great liquidity, which contributes to the attractive prices
Wide range of payment methods
Supports USD, NZD and AUD
Low fees
High limits

Cons
User interface can be a little confusing
Only average transaction speed
Low privacy

Coinmama

Coinmama is also a popular exchange that allows the purchase of bitcoins without necessarily having to verify your identity (for less than $150 worth of btc). You can use your credit card to make the purchase and have the bitcoins credited into your count almost instantly.

Here’s how to purchase bitcoins on LocalBitcoins:

Step 1: Register an account with Coinmama and then log in into the account
Step 2: Click the tab written ‘Buy Bitcoins” and fill in your personal information. Once you save, a new page will display, allowing you to enter the amount of bitcoins you intend to buy and the corresponding amount. If you are purchasing using credit card, the amount can range from 0.001 btc to any number.
Step 3: You have entered your preferred amount of bitcoins right? Now hit the ‘buy bitcoins’ tab and select the payment method.
Step 4: Once you have verified your credit/debit card, you will see a page requiring you to enter your wallet address. Enter the QR code in the empty field and lick ‘complete payment’.
Step 5: The next page that displays requires you to fill in your billing information as well as your address. The next step involves entering your credit card details.
Step 6: Before you complete the purchase, Coinmama will also ask you to verify your phone number as well as email. If you are buying a large number of bitcoins, you might be asked for further verification, including your selfies.
Step 7: You will receive a confirmation in your email, detailing that the platform has received your funds, and the matching number of bitcoins will be deposited in your account/wallet in around 20 minutes.

Pros
Works in many countries around the globe
Reliable and trusted
High limits for those purchasing with credit cards
Platform is easy to use

Cons
Charges high fees, which can be up to 6%
Low privacy
Takes some time to receive bitcoins in your wallet/account

Moving Bitcoins to your Wallet

Yes, you have now completed purchasing your bitcoins, but your job isn’t done yet! Being decentralized digital currencies, there aren’t any banks to keep your bitcoins, so you have to be responsible for keeping them safe. Keeping them in your wallet is quite risky, especially considering that most of these exchanges are centralized. They could be hacked or have your bitcoins held due to some kind of regulation.

Now, there are a number of ways you can store your bitcoins. The best bitcoin wallet in Australia can be a paper wallet, a web wallet, a mobile wallet, a desktop wallet, an online wallet, or a hardware wallet. If you are going to use an online wallet such as Blockchain, for instance, go to the ‘receive’ tab and copy the QR code, and then click send in your exchange, inputting the QR code before you hit ‘confirm.’ This process might differ from one exchange to another but the whole idea is the same.

Investing in bitcoin Australia doesn’t have to be that difficult, whether you know a few things about cryptocurrencies or are a newbie in the industry. These are the best places you can get the digital currency and join the bandwagon, hoping that prices will spike and gain some profits. Welcome to the bitcoin world, folks!

In Conclusion

Are you searching for the best guide on how to buy bitcoin in Australia? Well, you are not alone in this bitcoin craze. Bitcoin and other cryptocurrencies seem to be the hottest thing now, and everyone is looking to get in early enough and get their much-deserved share of the market. But hey, owning your first bitcoin or a fraction of it is not that simple, especially if it’s your first time. You must know where to buy bitcoins in Australia and how to secure them or else you might lose your hard-earned money to fraudsters.

Don’t be worried though, because we are going to take you through on the easiest way to buy bitcoin in Australia, giving you a number of reputable options, why they are good, and, of course, some of their drawbacks as well. Let’s start with looking at this cryptocurrency in a nutshell to get you on the track.

Bitcoin in a Nutshell

With the dramatic spike in the value of bitcoin in 2017, you’ve probably have heard a lot about it – well, everybody has. Launched back in 2009, Bitcoin is basically a digital currency created by a person/a group of people known as Satoshi Nakamoto. The idea of creating it was basically to make every transaction as transparent as possible, canceling interest fees, and eliminating middlemen. What they came up with was a decentralized system, where each bitcoin owner controls their funds and know exactly what’s going on.

By then, this was just a budding idea. Just a few people believed in it and purchased Bitcoin to test its efficiency. Over the years, though, the digital currency has grown tremendously, setting ground for other cryptocurrencies to operate in the same technology. Today, a Myriad of companies are now accepting it as a payment method, with the mainstream industry giving it more attention than ever.

Analysts believe that the party for bitcoin is not over yet. The digital currency is destined for greatness, with prices expected to hit record highs in 2018. So, yes, your idea to invest in bitcoin Australia could be the best thing ever – you just need to know where to buy and watch as the prices increase.

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