Buying Bitcoin in Australia
By: John West | Last updated: 2/21/24
In this guide, I’ll review the status of Bitcoin in Australia, assess its current popularity, and cover some of the exchanges that you can use to get bitcoins in Australia.
Buy Bitcoin in Australia Summary
Bitcoin is a completely legal currency in Australia, and it’s being treated just like money. Businesses and financial institutions are free to deal with cryptocurrency. To quickly and easily buy Bitcoin in Australia, just follow these steps:
- Get a Bitcoin wallet
- Go to Coinmama
- Choose the amount of Bitcoin you wish to buy
- Enter your payment information and Bitcoin address
In addition to Coinmama, here are more options for buying Bitcoin in Australia:
That’s how to buy Bitcoin in Australia in a nutshell. For a more detailed review, keep on reading. Here’s what I’ll cover:
- Bitcoin’s legal status in Australia
- Bitcoin’s popularity in Australia
- Bitcoin communities in Australia
- Buy Bitcoin on Australian exchanges
- Buy Bitcoin on international exchanges
- Bitcoin ATMs in Australia
- Conclusion
1. Is Bitcoin Legal in Australia?
Bitcoin is not currently recognized as legal tender in Australia but has been incorporated within the tax law of the country. According to the Australian Taxation Office, citizens are able to use whatever currency they prefer to purchase goods and services, including Bitcoin, since it has the same qualities as money.
You can buy Bitcoin with no tax commitments as long as you are using the cryptocurrency for purchasing goods and services.
However, if you use Bitcoin as an investment vehicle for speculative trading or accept it as a business, there are clearly defined tax requirements to which you must adhere.
The most common use of cryptocurrency is as an investment, in which case the asset is considered a capital gains tax (CGT) asset. Visit the Australian Taxation Office’s CGT page for further information.
2. How Popular is Bitcoin in Australia?
The Google Trends graph below displays interest in Bitcoin in Australia. The linked graph is live data, updated directly from Google. Using the search term ‘bitcoin,’ the graph represents the search interest of users through Google. A mark of 100 indicates peak popularity, while a score of 50 means half as popular.
3. Major Australian Bitcoin Communities
Australia is somewhat vocal in the Bitcoin community. There are more than 50 Meetup groups across Australia, with over 30,000 members in total.
Regular activity can be seen on the Australian Bitcoin subreddit as well. To get yourself involved with the community and to keep in touch with the latest news about Bitcoin, these are some of the best places and groups:
- Bitcoin Australia Reddit
- Blockchain Centre Meetup (Melbourne)
- Blockchain Melbourne (Melbourne)
- Bitcoin Sydney (Sydney)
- Adelaide Bitcoin (Adelaide)
4. Australian Bitcoin Exchanges
With the relatively rapid acceptance of Bitcoin and digital assets in Australia, there have been multiple cryptocurrency exchanges that have helped people buy their first Bitcoin. These four exchanges are the most popular in Australia:
CoinJar
CoinJar was founded in 2013 and offers an easy and convenient way to buy, sell, store, and spend cryptocurrency. On the CoinJar exchange, Bitcoin and more than 50 other coins are available to trade for a 1% conversion fee against the Aussie Dollar. Instant purchases can be done using a Visa or Mastercard, as well as Apple Pay and Google Pay, for a 2% fee. The iOS and Android apps enable a convenient way to store and spend coins on the go.
Independent Reserve
Independent Reserve, established in Sydney in 2013, has had flawless performance since its inception. The exchange has a good reputation in the online community, and the official website boasts a rigorous security standard.
Independent Reserve has both an iOS and Android app to help users invest in over two dozen coins. Purchases can be made with debit cards, credit cards, and PayPal, and with the AUD, these deposit fees are free. Bank transfers are free on deposits greater than AUD 100.
Cointree
Cointree started in Melbourne in 2013 and currently has over 100,000 members. The exchange offers access to over 240 digital currencies and has a free wallet and mobile app. They have partnered with various organizations in the country, and through these connections, they’ve also enabled Australians to pay everyday bills with cryptocurrency.
CoinSpot
CoinSpot, also founded in 2013, has established itself as the exchange that offers the widest range of cryptocurrencies on the Australian market, with over 400 digital currencies available. They also strive to provide superior customer service. CoinSpot also has an app available on iOS and Android where users can buy and sell crypto on the go.
5. International Exchanges Available in Australia
Buying Bitcoin does not have to be kept strictly local. There are many international cryptocurrency exchanges that will happily accept your AUD. We’ve selected a few of the more popular options below:
Coinmama
Coinmama offers its services to around 200 different countries. You can use their platform to easily buy Bitcoin (and several altcoins) with a debit or credit card, providing you with near-instant access to cryptocurrency.
On the downside, the exchange has high fees, ranging from 4.5% to 6.5% per transaction for using debit or credit cards, which might be unappealing. You can read my full review of Coinmama here.
CEX.IO
CEX.IO was founded in 2013 and enables you to both buy and sell Bitcoin and other cryptocurrencies. You can use a credit card, debit card, or bank transfer to deposit funds into your exchange account. They also accept Google Pay, Apple Pay, and PayPal. You can view their full fee schedule here. CEX.IO offers other services as well. Read my full CEX.IO review to learn more about those.
Changelly
Changelly is an instant crypto-only exchange, which, depending on how much you intend to buy and your payment method, may require you to submit identity verification. Users can buy, sell, or exchange directly through Changelly, and the company also offers an app for iOS and Android. There are over 500 coins available on Changelly. You can read my full Changelly review here.
6. How Many Bitcoin ATMs are in Australia?
Looking at CoinATMRadar, as of 2024, there are 706 Bitcoin ATMs in Australia. Only Canada (2901) and the United States (27,417) have more Bitcoin ATMs than Australia. Sydney has 186 ATMs, and Melbourne has 145 ATMs. There are other big clusters in Perth, Adelaide, and Brisbane.
7. Conclusion
The Australian Bitcoin market is long-established and rests on a strong economic and legal foundation. Australia is also pushing new ground on cryptocurrency legislation. For example, Australia has already adopted the use of digital tokens for the tokenization of real estate.
Finally, there are multiple options to buy Bitcoin in Australia, such as local exchanges, international exchanges, and Bitcoin ATMs.
Have you had any experience with Bitcoin in Australia? I’d love to hear about it in the comment section below.
Hi. I’ve just read at the Tweet below that Kraken is advising that they could be compelled by the government to freeze people’s assets. They advise people not keep their assets in a centralised/regulated custodian, but to only trade P2P.
Could Coinmama be compelled by a government to freeze my account that contains my Bitcoin? Can you recommend any P2P services for me to use? I live in Australia. Thanks.
https://twitter.com/degderat/status/1494461063080910850?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1494462097161220104%7Ctwgr%5E%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fx22report.com%2Fthe-puzzle-is-coming-together-the-stage-is-set-prepare-for-the-storm-ep-2706%2F