How to Buy Bitcoin in Australia 2025

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Adam Woodhead
Adam Woodhead

Adam Woodhead

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Adam is a Co-Founder and content creator for The Investors Centre. His key areas of interest and expertise are cryptocurrency and blockchain technology.

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Thomas Drury

Thomas Drury

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Seasoned finance professional with 10+ years' experience. Chartered status holder. Proficient in CFDs, ISAs, and crypto investing. Passionate about helping others achieve financial goals.

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Updated 10/01/2025

Explore our curated list of trusted Bitcoin trading platforms, rigorously tested with real transactions. Each platform is tailored for Australian users and supports seamless AUD deposits.

To Buy Bitcoin in Australia, Here’s What You Need to Do:

  1. Create an account with a crypto exchange like eToro or Coinbase.
  2. Verify your identity and deposit AUD into your account.
  3. Research cryptocurrencies such as Bitcoin or Ethereum.
  4. Purchase crypto via the exchange’s app or website.
  5. Use a crypto wallet for secure storage or keep it on the exchange.

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When I first stepped into the world of cryptocurrency, I was both intrigued by its revolutionary potential and cautious about its volatility. Starting small with Bitcoin, I navigated the learning curve through trial and error, uncovering valuable insights about security, tracking, and market trends. This guide shares my experience to help you confidently start your cryptocurrency journey, tailored specifically for Australian users.

How Can First-Timers Purchase Bitcoin in Australia?

For first-timers, the thought of buying Bitcoin can feel overwhelming, but it doesn’t have to be. When I started, I opted for a beginner-friendly platform like eToro. The interface made everything clear: from funding my account with PayID to seeing my Bitcoin balance update in real-time.

Here’s what I learned:

  • Start small: My first purchase was just $100 AUD—it helped me learn without too much risk.
  • Research platforms: Coinbase is simple, but eToro offers added features like social trading to learn from others.
  • Prioritise security: Always transfer your Bitcoin to a secure wallet after purchase.

Most platforms today cater to Australian regulations, making the process safe and seamless. By taking it step by step, you’ll gain confidence as you go.

To Buy Cryptocurrency in Australia, Here’s What You Need to Do:

  1. Find a trusted exchange: Choose a platform that supports Australian users and AUD transactions.
  2. Create an account: Sign up with your email and personal details to get started.
  3. Complete identity verification: Submit your ID and proof of address to meet KYC requirements.
  4. Add funds: Deposit AUD into your account using methods like PayID, BPAY, or bank transfer.
  5. Make your first purchase: Select a cryptocurrency, enter the amount, and finalise the transaction.
  6. Protect your investment: Move your crypto to a private wallet for added security.

Step 1: Which Exchange Should You Use to Buy Bitcoin in Australia?

Choosing the right exchange is the first step, and it largely depends on your goals. Beginners should look for platforms with simplicity and strong customer support, while advanced traders might prioritise low fees and extensive tools. Personally, I started with Coinbase for its clean interface but now use eToro and Kraken for their advanced features.

How to Choose the Right Exchange

Selecting the right platform is essential for secure and smooth cryptocurrency investing. Keep these factors in mind:

Security Features

Look for exchanges that provide:

  • Two-factor authentication (2FA) for added login protection.
  • Offline cold storage to safeguard funds against hacks.
  • Strong encryption protocols to secure transactions and data.

Transaction Costs

Evaluate the platform’s fees, including:

  • Trading fees (maker/taker).
  • Deposit and withdrawal fees, as they can significantly impact long-term returns.

Ease of Use

If you’re new to cryptocurrency, choose a platform with:

  • An intuitive interface that simplifies navigation.
  • Step-by-step guides for making your first trades.
  • Reliable customer support to assist when needed.

Legal Compliance

Ensure the exchange complies with Australian regulations and is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). Compliance ensures the platform meets high standards for security and anti-money laundering (AML) practices.

Below, I’ll discuss three standout platforms for Australians, but you can find a more comprehensive comparison of these exchanges here: Best Crypto Exchanges

FeatureeToroKrakenCoinbase
Ease of UseUser-friendly, ideal for beginners with CopyTrading features.Advanced interface, best for experienced traders.Extremely user-friendly, great for first-time buyers.
FeesMedium fees; includes spread and withdrawal costs.Low fees; 0.16% maker, 0.26% taker.High fees; 1.49% transaction fee plus spread, extra for debit/credit cards.
Funding OptionsPayID, POLi, credit/debit cards, bank transfers.Bank transfer, crypto deposits, wire transfer.Bank transfer, debit/credit card, PayPal.
Crypto Selection70+ cryptocurrencies, focuses on popular assets.200+ cryptocurrencies, including niche options.250+ cryptocurrencies, with a focus on variety and education.
Security2FA, cold storage, regulated by global financial authorities.2FA, cold storage, SSL encryption.2FA, biometric logins, AES-256 encryption.
Regulatory ComplianceRegulated under ASIC and other global financial authorities.Complies with global standards, including AUSTRAC.Registered as a Money Services Business and AUSTRAC compliant.

When I began exploring exchanges, eToro’s CopyTrading caught my attention—it felt reassuring to learn from experienced traders. For serious trades, Kraken stands out for its low fees, but Coinbase remains my go-to for quick and easy transactions.

Step 2: Register and Verify Your Identity

How to Register and Verify on eToro in Australia

After selecting the platform that suits your needs best, the next step is registering your account. Using eToro as an example, here’s a simple guide to help you navigate the process.

The registration and verification steps might feel overwhelming at first, but they’re essential for safeguarding your investments and complying with Australian regulations.

Registration Process

  1. Visit eToro’s website and click on “Sign Up”.
  2. Enter your email address, create a strong password, and agree to eToro’s terms and conditions.
  3. Confirm your email to activate your account.

KYC Verification

To complete the Know Your Customer (KYC) process:

  • Provide your full name, date of birth, and residential address.
  • Depending on your country of residence, you may nee to upload a government-issued ID (e.g., passport or driver’s licence) and proof of address (utility bill or bank statement).

Verification on eToro is typically fast and can be completed in just a few minutes, though it may take longer during peak periods. Once verified, you’ll have full access to eToro’s features, including CopyTrading, a wide range of cryptocurrencies, and an intuitive trading dashboard.

This process not only safeguards your account from unauthorised access but also ensures compliance with AUSTRAC and Australian regulatory standards, giving you peace of mind as you begin trading.

eToro Sign up process

Why Is KYC Verification Necessary in Australia?

KYC, or Know Your Customer, is a mandatory process in Australia to comply with federal regulations, including those enforced by AUSTRAC (Australian Transaction Reports and Analysis Centre). It ensures that cryptocurrency exchanges verify user identities to prevent fraud, money laundering, and terrorism financing.

While the process might feel like an extra step, KYC is essential for safeguarding both users and the broader crypto market. Personally, I find it reassuring to know that Australian exchanges prioritise compliance and security, creating a safer environment for investors.

Step 3: Deposit Funds into Your Account

How to Fund Your eToro Account

Once your eToro account is verified, the next step is adding funds in Australian dollars (AUD). Choose a deposit method that’s quick, cost-effective, and reliable. In my experience, PayID is the easiest and fastest option for Australians, but other methods like BPAY and bank transfers are also available depending on your preferences.

Before making a deposit, double-check the payment details provided by eToro to avoid any errors or delays. The platform’s intuitive interface will guide you through the funding process—from selecting your preferred payment method to confirming your transaction.

Here’s a step-by-step guide to depositing AUD into your exchange wallet:

  1. Log in to your exchange account and go to the “Deposit” section.
  2. Choose your preferred payment method from the available options (e.g., PayID, BPAY).
  3. Enter your deposit amount and confirm your payment details.
  4. Follow instructions provided by the platform to complete the transaction (e.g., use a reference number for BPAY).
  5. Wait for confirmation: PayID transactions are often instant, while BPAY may take 1–2 days to process.
eToro Depositing Funds process

What Payment Options Can Australians Use to Fund Their Accounts?

Payment MethodSpeedFeesBest For
PayIDInstantFreeSmall, quick deposits
BPAY1–2 daysLowLarge transactions
POLiInstantLowBank-linked payments
Bank Transfer1–3 daysLowHigh-value transactions
Credit/Debit CardInstantHighImmediate purchases

Each payment method has its strengths. For small, quick deposits, I always rely on PayID. It’s fast, reliable, and often free. However, for transferring larger sums, I prefer BPAY. Although it takes a little longer, it’s trusted and widely accepted by exchanges.

Step 4: Placing Your First Bitcoin Order

After funding your wallet, the process of buying Bitcoin is simple. Search for Bitcoin on your chosen exchange, select the amount you want to purchase, and confirm the transaction. The first time I bought Bitcoin, I triple-checked everything before hitting “Buy”—it felt like a monumental decision!

How Do You Place a Buy Order on eToro in Australia?

  1. Search for Bitcoin: Use the platform’s search bar to locate Bitcoin (BTC).
  2. Enter the amount: Specify how much you want to invest, either in AUD or Bitcoin.
  3. Select your order type:
    • A Market Order buys Bitcoin instantly at the current market price.
    • A Limit Order allows you to set a specific price at which to buy.
  4. Review and confirm: Double-check all details before hitting “Open Trade.”

 

On eToro, my first purchase took less than 5 minutes. The platform’s user-friendly dashboard made the process smooth, even for a beginner. Once completed, your Bitcoin will appear in your eToro portfolio, ready to be managed or transferred to a private wallet.

 

What’s the Difference Between Market and Limit Orders?

  • Market Order: Buys crypto instantly at the current price. Ideal for beginners but may have higher costs due to price slippage.
  • Limit Order: Sets a specific price for your purchase. Useful for advanced traders seeking better control.

I started with market orders to keep things simple, but now I prefer limit orders for better pricing during volatile markets.

Step 5: Storing your Bitcoin Investment Safely

Should You Store Your Crypto on an Exchange or in a Wallet?

Storing your Bitcoin on an exchange offers convenience, especially for frequent traders, but it comes with risks like potential hacks or platform failures. In contrast, a private wallet provides greater security and full control of your assets, protecting them from external threats.

Personally, I keep a small portion of my crypto on exchanges for quick trades but store the bulk in a hardware wallet for maximum security.

What Are the Pros and Cons of Keeping Crypto on an Exchange?

Keeping Crypto on an Exchange

Pros:

    • Convenience: Easy access for frequent trading.
    • Ease of Use: No need to manage private keys.

Cons:

    • Security: Vulnerable to hacks and outages.
    • Control: No full control as the exchange holds your keys.

Using a Private Wallet

Pros:

    • Security: Provides full control and ownership of your assets.
    • Risk Mitigation: Enhanced security, reducing risks of hacks or exchange failures.

Cons:

    • Know-how: Requires setup and understanding of wallet usage.
    • Convenience: Less convenient for regular trading due to additional steps for deposits and withdrawals.

The choice depends on your needs. If you’re actively trading, an exchange might be more practical. For long-term storage and higher security, a private wallet is the better option.

How Do You Transfer Crypto to a Private Wallet?

  1. Set Up Your Wallet:

    • Hardware wallets (e.g., Ledger Nano X, Trezor Model T) for long-term security.
    • Software wallets (e.g., Trust Wallet, Exodus) for active trading.
      • Follow the wallet’s setup instructions: Create your account and securely store backup information, such as private keys or recovery phrases.
      • Backup your private keys: Store backups in multiple secure locations to ensure access if the wallet is lost or damaged.
  2. Initiate the Transfer from Kraken:

    • Log in to your eToro account and navigate to your Bitcoin balance.
    • Click on “Withdraw” and select Bitcoin (BTC) as the cryptocurrency to transfer.
  3. Enter Your Wallet’s Public Address:

    • Copy your wallet’s public address (ensure it matches the cryptocurrency type, e.g., BTC for Bitcoin).
    • Paste the address into the designated withdrawal field on eToro.
    • Double-check the address carefully—any mistake can result in a permanent loss of funds.
    • Specify the amount of Bitcoin you wish to transfer.
  4. Authorise and Confirm the Transaction:

    • Complete any additional security verifications required by eToro (e.g., two-factor authentication).
    • Confirm the transaction to initiate the transfer.
    • Your Bitcoin will arrive in your wallet once the blockchain processes the transaction, which may take a few minutes to an hour.

By moving your Bitcoin to a private wallet, you gain full control over your digital assets and reduce the risk of losing them to exchange breaches or online attacks. For me, the peace of mind from using a hardware wallet far outweighs the initial setup effort.

What Are the Best Wallets for Securing Bitcoin in Australia?

WalletTypeFeaturesSecurity LevelPrice (AUD)
Ledger Nano XHardwareOffline storage, Bluetooth-enabledVery High$239 AUD
Trezor Model THardwareEasy setup, touchscreen interfaceVery High$299 AUD
Trust WalletSoftwareMobile-friendly, supports multi-cryptoMediumFree
Exodus WalletSoftwareDesktop/mobile compatibility, staking optionsMediumFree

I personally use the Ledger Nano X—it feels reassuring to know my Bitcoin is stored offline. For those who prefer simplicity, Trezor is an excellent choice.

Check out our guide for an in-depth look at wallet options tailored for Australians. Explore the Best Wallets for Australians

Step 6: Tracking and Managing Your Bitcoin Investment

How to Track Your Cryptocurrency Portfolio

Tracking your Bitcoin investments is essential to stay informed about market movements. Portfolio management apps make it easy to monitor prices, performance, and trends. I use these apps daily to check my holdings and keep an eye on the market—it’s a simple habit that keeps me in control.

Portfolio Dashboards

eToro provides a user-friendly portfolio dashboard that offers real-time tracking of your Bitcoin holdings and overall portfolio performance. Features include:

    • Asset Distribution: View how your investments are spread across different cryptocurrencies.
    • Historical Data: Analyse past performance to identify growth trends and areas for improvement.
    • Customisable Views: Adjust settings to focus on specific metrics, such as daily changes or long-term growth.

For me, the ability to see my portfolio’s growth over time has been invaluable. It’s helped me make informed decisions about when to hold or adjust my investments.

Price Alerts

eToro’s price alert system allows you to set custom notifications for significant price movements. Here’s how it helps:

  • React Quickly: Be notified when Bitcoin or other cryptocurrencies hit your target prices.
  • Volatility Management: Stay ahead of sudden market changes to capitalise on opportunities or prevent losses.

Setting up price alerts on eToro is straightforward, and they’ve saved me from missing out on key market opportunities more than once.

Market News and Insights

Staying informed about the latest developments is critical for success in cryptocurrency investing. eToro offers:

  • Market Updates: Regular insights into Bitcoin trends, Australian regulatory changes, and global market movements.
  • Educational Content: Tutorials and guides to help you understand cryptocurrency dynamics.

These updates have helped me stay ahead of market trends and adjust my strategy based on the latest news.

Additional Tools for Tracking

For a broader market perspective, I use external tools to complement eToro’s dashboard:

  • CoinGecko: Tracks live prices, market caps, and token rankings across hundreds of cryptocurrencies.
  • CoinMarketCap: Offers detailed trading volumes, charts, and insights for market analysis.
  • Crypto Pro: A portfolio tracker with advanced analytics, price alerts, and news aggregation.

Combining eToro’s tools with external platforms like CoinGecko and Crypto Pro provides a comprehensive view of the market. These resources make it easier to discover new opportunities and track trends, helping you make informed investment decisions.

By leveraging eToro’s built-in tools alongside external platforms, you can confidently monitor your cryptocurrency portfolio and stay ahead in this fast-moving market.

How Can Bitcoin ATMs Be Used Alongside Exchanges in Australia?

Bitcoin ATMs are a convenient way to buy Bitcoin using cash. Scattered across Australian cities, these machines are perfect for quick, small purchases when you’re on the go. However, the fees are generally higher compared to online exchanges, so I only use them occasionally.

To make the most of Bitcoin ATMs:

  • Pair them with an online wallet for instant storage.
  • Use them as a backup option when traditional methods aren’t accessible.

While they’re not my first choice, Bitcoin ATMs are a handy alternative for cash-based transactions.

What Mistakes Should Australians Avoid When Buying Bitcoin?

Buying Bitcoin can be exciting, but there are pitfalls to avoid:

  • Falling for scams: Only use trusted platforms and never share your private keys.
  • Using unsecured platforms: Choose exchanges with strong security and regulatory compliance.
  • Panic-selling: The market fluctuates, but patience often pays off.

Always transfer your Bitcoin to a private wallet after purchase for added security. Double-check wallet addresses and transaction details to avoid costly errors. These simple steps have saved me from potential losses more than once.

What Should You Know About Bitcoin Before You Buy?

How Does Bitcoin Work?

Bitcoin is a decentralised digital currency that operates on blockchain technology. Instead of relying on banks, transactions are verified by a network of computers called nodes. Each transaction is recorded on a public ledger, ensuring transparency and security.

I was initially fascinated by how Bitcoin eliminates the need for traditional intermediaries. Learning how blockchain works gave me confidence in its potential as a future-proof asset.

What’s the Role of Blockchain in Bitcoin Transactions?

Blockchain is Bitcoin’s foundation, acting as a secure and tamper-proof ledger. Each transaction is grouped into a “block” and linked to the previous one, creating an immutable chain. Cryptographic verification ensures the data can’t be altered, preventing fraud.

This structure means every Bitcoin transaction is traceable and secure, which is one of the reasons I trust it as a long-term investment. Blockchain is the game-changer that makes Bitcoin truly unique.

Why Is Bitcoin Becoming Popular in Australia?

Australians are increasingly turning to Bitcoin because it offers decentralisation, high return potential, and serves as a hedge against inflation. With growing awareness of financial autonomy, Bitcoin aligns with the Australian ethos of self-reliance.

In 2025, Bitcoin’s popularity has been boosted by improved regulatory clarity and widespread adoption of crypto-friendly payment systems like PayID. For me, Bitcoin isn’t just an investment—it’s a way to take control of my financial future.

Is Bitcoin a Smart Investment for Australians?

What Makes Bitcoin an Appealing Asset?

Bitcoin’s limited supply (capped at 21 million coins) and global acceptance make it a sought-after digital asset. Its decentralised nature gives it resilience against inflation, and its potential for high returns attracts both retail and institutional investors.

For me, Bitcoin’s appeal lies in its accessibility—I can buy and store it anytime without relying on traditional banks. It’s empowering to own a piece of what feels like the future of finance.

What Risks Are Involved in Bitcoin Investing?

Bitcoin’s volatility is its most significant risk—prices can swing dramatically in short periods. Additionally, cybersecurity threats pose risks if you don’t secure your holdings properly.

To mitigate these risks, I invest cautiously, only using funds I can afford to lose. I also moved my Bitcoin to a hardware wallet for peace of mind, knowing it’s safe from potential hacks.

What Is Bitcoin’s Long-Term Potential as an Investment?

Bitcoin’s increasing adoption by companies, institutions, and governments suggests it holds long-term value. Its fixed supply and decentralised design make it an attractive hedge against inflation.

In my view, Bitcoin’s biggest strength is its resilience—it’s survived market crashes and continues to grow in popularity. For those willing to hold through market fluctuations, Bitcoin could remain a key digital asset for years to come.

How Does Bitcoin Compare to Other Cryptocurrencies?

Bitcoin is the pioneer of cryptocurrencies, offering unmatched security and widespread global acceptance. While other cryptocurrencies like Ethereum bring innovations such as smart contract functionality, they often come with added complexity.

For me, Bitcoin stands out because of its simplicity as digital money. It’s easier to understand as a beginner and remains a reliable choice even as I explore other projects like Ethereum or Solana.

What Are the Final Steps to Start Your Bitcoin Journey in Australia?

Starting your Bitcoin journey is simple:

  • Start small: Buy a manageable amount to learn how the market works.
  • Secure your Bitcoin: Transfer it to a trusted wallet.
  • Educate yourself: Stay informed about the market and investment strategies.

Platforms like eToro or Coinbase are great starting points for Australians. When I began, I made small, calculated moves and gradually gained confidence. Taking that first step is the hardest but most rewarding part.

FAQs

For beginners, Coinbase offers simplicity. eToro and Kraken suit advanced users.

It depends on Bitcoin’s current price. Exchanges will show the exact amount during your purchase.

Yes, capital gains tax applies to Bitcoin transactions. Check the latest guidelines from the ATO.

Yes, some platforms accept credit cards but may charge higher fees.

Yes, Bitcoin is fully legal and regulated by AUSTRAC.

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