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If you’re Australian, wondering how to buy your first cryptocurrency, if they’re even legal and if so, what the best exchange to use is, you’ve come to the right place.
Australia has legalized cryptocurrencies, digital currencies, and cryptocurrency exchanges as long as they are registered with the Australian Transaction Reports and Analysis Center (AUSTRAC), which regulates these platforms and ensures that they abide by the 2006 Anti-Money Laundering and Counter-Terrorism Financing Act. In Australia, cryptocurrencies are viewed as property and as such are subject to capital gains tax (CGT).
You shouldn’t encounter any difficulties investing in Australia as long as you adhere to the correct legal procedures related to managing and profiting from the cryptocurrency market. Nearly all major exchanges are accessible in the nation, and you have access to a wide variety of options for crypto exchanges, cryptocurrencies, and crypto services.
With that in mind, you are ready to buy your first cryptocurrency. Here’s a short guide on how to buy cryptocurrencies like Bitcoin (BTC) in the country of Australia.
Best Crypto Exchanges for Australian Customers
How Easy Is It to Buy Bitcoin in Australia?
With no heavy restrictions from the Australian government on the operation of crypto businesses in the country, you can imagine how easy it is to start investing here as an Australia-based investor. Currently, there are Bitcoin ATMs and crypto exchanges that allow you to purchase Bitcoin in Australia.
Similar to a standard ATM, a Bitcoin ATM allows you to withdraw cash in exchange for your bitcoins or use cash to purchase bitcoin. It is simple to get accustomed to the procedure because it functions similarly to an ordinary ATM. As long as you have a registered cryptocurrency exchange or crypto wallet, you can use Bitcoin ATMs in different locations throughout Australia.
Another excellent and popular option is to use cryptocurrency exchanges. Crypto exchanges are online platforms that offer cryptocurrency-related services such as buying, selling, and trading cryptocurrencies, as well as managing your crypto assets.
In Australia, there are several excellent and well-known cryptocurrency exchanges, which include: Digital Surge, Swytfx, and Coinspot When selecting a crypto exchange, choose a platform that has great security, low fees, and crypto services that meet your needs.
Can I Legally Use Cryptocurrency in Australia?
It is perfectly legal to use cryptocurrency and engage in any crypto-related business in Australia, as long as you follow the country’s regulations and guidelines regarding any monetary dealings.
This includes paying and filing your taxes correctly, as well as not being involved in any crimes involving cryptocurrency platforms, such as money laundering.
Which Cryptocurrencies Are Available To Buy in Australia?
The cryptocurrencies available for purchase in Australia are highly dependent on the exchange. Some exchanges only offer around 100 cryptocurrencies to their users, while others offer over 500. However, if you’re looking to invest in popular crypto tokens like Bitcoin (BTC), rest assured that this is available on every crypto exchange out there.
Step-by-Step Guide for Buying Crypto in Australia
Bitcoin ATMs are automated teller machines that allow the purchase and withdrawal of cryptocurrencies such as Bitcoin (BTC) and some other popular cryptos, through machines that function similarly to a regular ATM.
To buy crypto through a Bitcoin ATM, prepare your crypto wallet and go to one of the several locations of specialized ATMs scattered throughout the country of Australia, and follow the following instructions:
Type in your phone number and verify your identity.
Scan your crypto wallet’s QR code on the machine. This can include a Bitcoin public address from your paper wallet, an application, or an address from any crypto exchange that you own.
Insert your fiat currency (AUD) into the machine.
Confirm the amount and transaction.
Expect the amount of Bitcoin (BTC), or the cryptocurrency you specified, to appear in your crypto wallet.
Another way to buy cryptocurrency is through crypto exchanges. Crypto exchanges are much more accessible and are more diverse and secure than Bitcoin ATMs. To get started, choose a crypto exchange that fits your standards.
There are several crypto exchanges that operate in Australia that you can choose from, but popular choices among current crypto investors are: Digital Surge, Swytfx, and Coinspot.
Once you choose your exchange, you can follow the steps below:
Go to the crypto exchange homepage online and have your account registered and verified. You might have to provide some personal information and a valid identification card. Once done, you should have access to the crypto services the exchange provides.
Deposit fiat currency to your crypto exchange account, or connect your bank account, e-wallet or debit card. This will serve as a way to pay for any crypto purchases you’ll make in your account.
Go to the market and find the cryptocurrency you want to purchase, for example, Bitcoin (BTC). Select it and click Buy.
Provide the necessary information, like the amount to purchase and payment method. Review and confirm the transaction. Then you’re done.