Where to Buy Bitcoin in Australia? – Beginner’s Guide

Cryptocurrencies like Bitcoin have become quite popular over the last few years. You can use it to purchase any good or service in places where it is accepted. There is no need for intermediaries when it comes to using this free and decentralized digital currency.

You will also learn about some key characteristics of Bitcoin and how to buy Bitcoin online. This guide will also get you up to speed on the major platforms for buying Bitcoin instantly.

Where to Buy Bitcoin in Australia – Step by Step Guide 2023

If you are a beginner and would like to know where you can buy Bitcoin. In this guide, in the section below, you will see where you can buy and sell Bitcoins through various brokers.

Where will also be the advantages and disadvantages of each broker? What are the requirements? This is extremely important to determine which one best suits your needs.

1. eToro: Overall Best Trading Platform to Buy Bitcoin

eToro always stands out as the most reliable option when buying cryptocurrencies like Bitcoin. The main thing is that this platform is regulated, which gives users a lot of confidence to invest.

When it comes to fees, it isn’t easy to find another broker that has a better position than eToro. One advantage is that you can buy Bitcoin without paying a commission. But, when a deposit is made, the broker charges a small fee of 0.5%. This broker allows Bitcoin purchases for $25.

Around 15 cryptocurrencies are available to buy Bitcoin on this platform. In addition to cryptocurrencies, you can invest in more than 1,700 stocks and 150 exchange-traded funds.

If you are someone totally new to the world of cryptocurrencies, this platform offers you a user-friendly interface, and no previous experience is required. You have to search for Bitcoin and enter the amount you want to invest. eToro offers auto trading services that are appropriate for beginners. Requires a minimum deposit of $50.

Money can be deposited via Australian debit/credit card, e-wallet, or bank transfer. Finally, you can buy Bitcoin through the eToro website or their trading app. Well, this is how to buy Bitcoins online.

However, one drawback for Australian users is that their AUD deposits have to be converted to USD to use the platform, and there is a fee for currency conversion. Despite that, a major benefit is the ability to trade global stock markets, forex, and cryptocurrencies through a user-friendly interface with CFDs and leverage. Is the best place to buy Bitcoin.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. OKX: Best Platform With Blockchain Technology To Buy Bitcoin In Australia

As a second option, we have OKX. Bitcoin is one of the most recognized cryptos and is among the 600 cryptocurrencies offered on this platform, where anyone can buy it regardless of their level of experience.

Here it is possible to buy Bitcoin and other cryptocurrencies instantly. Users can register on the platform, go through the verification process and buy Bitcoin using a credit card. In OXK, it is possible to mine with Bitcoin, make savings, and perform Staking. Of course, it all depends on the cryptocurrency and the time you want to use to obtain returns.

Security is an important issue for this platform, and that is why 95% of assets stored on the platform are cold-locked, meaning that they are not directly connected to the internet. If you do not have the time to buy Bitcoin from a computer on OKX, you can do it through the mobile application, which constantly informs you about the prices of cryptocurrencies.

OKX fees:

Your Money Is At Risk.

3. Binance: Best Bitcoin Trading Platform For Day Traders

Among the most well-known exchange platforms worldwide is Binance. Initially, the website allows trading. In other words, you can sell and buy in a short period.

You can purchase Bitcoins using your debit or credit card on this platform. Creating an account is as simple as following the instructions to deposit money into your account. A strict security policy applies to this platform.

Only 0.1% of the purchase price is charged as commission. However, a commission of 2% will be charged on all transactions made with your card at the time of use.

Binance fees

Your capital is at risk.

5. Coinbase: The Global Largest Crypto Exchange to Buy Bitcoin

Coinbase also allows you to buy Bitcoin online. Founded in 2012, it has about 35 million users. As a beginner, you should consider this option when purchasing, as it is very easy to use. Most purchases are completed within 10 minutes.

It has one of the best security systems because its currencies are not connected to live servers, so they cannot be hacked. The commission rate on this platform is 1.49 percent. A commission of 3.99% is charged when credit and debit cards are used.

Some of the top 50 cryptocurrencies in terms of market capitalization are Bitcoin, Ethereum, Tether, Cardano, Solana, Poloniex, and many others. In the event that you want to buy Bitcoin using another method, you can do so by using your debit card, your bank account, or by using PayPal.

It's a good thing that this method allows one to transfer money from an overseas bank account to an Australian bank account, which is a free of charge service. In addition to being able to sell it or buy it with a 1.49% commission on Coinbase, it is also possible to deal with it on BTC.

Coinbase fees

Your capital is at risk.

6. Plus500: One of the Best Crypto Brokers With Lowest Fees to Buy Bitcoin 

Plus500 has average commissions compared with its main competitors when it comes to trading and non-trading commissions. However, this broker offers a $100 minimum account size and no withdrawal fees.

With Plus500, traders can trade just under 2,000 stocks, 26 stock indexes, and 95 ETFs. There are also plenty of educational tools for novice traders who want a risk-free introduction to online trading, including demo accounts and tutorial videos.

There are no fees associated with this broker's deposit options or commissions. Also available are debit and credit cards, bank transfers, and e-wallets. In addition, mobile traders benefit from Plus500's user-friendly app available for iOS and Android devices. Traders can trade while on the go with this app.

Plus500 fees

Your capital is at risk.

7. CMC Markets: CFD and Crypto Broker with Competitive Fees to Buy Bitcoin

CMC Markets is a renowned broker founded in 1989. Under the symbol CMCX, it trades on the London Stock Exchange as a regulated broker.

The site offers bitcoin, cryptocurrency, and forex trading.

This broker may not be ideal for traders who trade other asset classes, such as bonds, real stocks, and futures.

CMC Markets offers you an extensive range of stock CFDs and ETF CFDs. Commissions for CFD trades on stocks at CMC Markets are $0.002 per share. There are no account or deposit fees at CMC Markets, so non-trading commissions are similar.

CMC Markets fees

Your capital is at risk.

Where to Buy Bitcoin – Fee Comparison

What is Bitcoin?

Bitcoin is known as a digital currency. Satoshi Nakamoto created it in 2009, and the code is BTC. In terms of its main differences from other currencies, decentralized crypto uses Blockchain technology for security and infrastructure.

Another difference is that it cannot be manipulated or created, whereas Bitcoins are produced every 10 minutes. It is estimated that its market capitalization will reach 25 million Bitcoins by 2140.

When I should buy? Bitcoin is evolving more and more famous as a payment method and providing anonymity and privacy to those who use it.

Bitcoin is controlled by its users. They are the ones in charge of validating any transaction through exchanges (Point to Point P2P) without any state involvement. The state structure itself makes it impossible to manipulate its value. The entire user community must approve any change.

Why Buy Bitcoin?

It can be said that most cryptocurrencies are relatively useful, especially when it comes to transactions. However, as a user, if you are going to invest, you must do your research to discover which one is the most suitable for what you need.

Below we will describe some of why people should buy Bitcoin in the next part of our guide.

There are the same users on the network, which is completely distributed. Added to this, the fact that you can send funds from one end of the globe to the other without intermediaries, plus the fact that it is completely free (between bitcoin wallets), is one of the most powerful reasons to attract investment.

Unlike traditional currencies, Bitcoin does not have a fixed price since its price depends solely and exclusively on demand for the currency. By using your transactions to determine the coin's value, the ecosystem members determine the value of the coin.

It offers its users the possibility of remaining anonymous. Because of this, no one can see who is behind a Bitcoin account.

But the most important factor is that this cryptocurrency can be a bit volatile, so it is recommended to always start with a small amount so as not to risk losing and to find out how this cryptocurrency can work better.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How Much Does It Cost to Buy Bitcoin?

According to information from Coin Market, the price of Bitcoin was $42,184.59 on January 17, 2022.

Furthermore, it is recommended to review the graphs of the different brokers in order to find out which is the best option in terms of the price of the cryptocurrency.

Lastly, it is currently ranked the highest by CoinMarkert.

How to Buy Bitcoin with PayPal

As a preferred method of making online payments, PayPal is one of the top payment processors as it is easy to send and receive money.

This is because Paypal is a very simple, safe, and convenient method of making online purchases, and it is faster than bank transfers and debit cards. But can you buy bitcoins instantly? Unfortunately, few brokers allow you to invest with an e-wallet. Instead, most brokers accept debit cards and bank transfers.

Buying Bitcoin Safely

As we mentioned earlier in our guide, the most popular cryptocurrency on the planet is bitcoin.

if you trade with an unregulated broker instead of a regulated one, you will potentially end up being scammed.

Therefore, it is essential to guarantee that the platform you use to trade Bitcoins or any other cryptocurrency is regulated. Also, it is crucial to make sure you find a platform with the right offer that fits your individual needs.

You may include several alternatives to choose from during this process before finding the option that best suits your interests. Therefore, it is imperative to check what the broker offers in terms of security before deciding on it. Simply then, can you be certain that your operation will be a success.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Risks of Buying Bitcoin

Investing in cryptocurrencies is a risky business. Throughout this guide, we will discuss the possible risks associated with investing in this type of investment. Some of these risks are special to cryptos, while others are precise to Bitcoin.

We must pay particular attention to Bitcoin's volatility and the governments that reject its usefulness. In Australia, cryptocurrencies and other digital assets are regulated by the government.

The idea behind buying any currency is that its value will increase. When this happens, you could receive double what you originally bought at the time of selling.

As we know, Bitcoin has been generating a lot of income in recent years, and Elon Musk has made significant investments. Nevertheless, there is no guarantee that this will continue.

It is also important to keep in mind that your digital coins can be stolen if your password gets into the wrong hands. So make sure your digital wallet is always safe. Having forgotten a username or password on our platform is a very common issue, making it very difficult for users to regain access to their funds.

Your bank cannot simply refund your funds by calling them.

Selling Bitcoin

You can do this on any exchange platform; however, eToro seems the best option. It would be helpful to log into your account on the website if you have one. Those who do not currently have an eToro account are encouraged to read on.

On the other hand, if you prefer to have a broader control in the sales process, direct operations (peer-to-peer) are your best alternative. Verification of your identity must have been done previously.

In contrast to exchange platforms, where transfers are automatic, the buyer and seller negotiate directly. The website will notify users when someone seeks to buy an item at the agreed price once a sell order has been established. The buyer makes the payment, and the buyer receives cryptocurrencies.

Bitcoin Price Prediction

The price of Bitcoin has been very difficult to predict because Bitcoin and the entire ecosystem, in general, have been through different stages. Many attempts have been made regularly, but this has produced high volatility in which peaks of 60,000 dollars have been seen to later drop to 30,000 in a matter of a few weeks.

Today, a great alternative to traditional banking systems is cryptos, as a great and reliable alternative.

This guide has already mentioned that using Bitcoins as a form of payment is becoming more common in recent years. The supply and demand of users will always determine the price. The volatility makes it even harder to predict on a short-term basis. Whether Bitcoin will crash again and go the way it did in 2018 remains to be seen, but there is always a possibility.

It is improbable that prices will drop dramatically, as investors who didn't invest during the crisis would view this as an opportunity to invest, leading to a quick return of prices. Cryptocurrencies are here to stay, and that is for sure.

Best Way to Buy Bitcoin in Australia – eToro Tutorial

Would you like to buy Bitcoin right now but you are not sure where to begin? When that is the case, eToro will grant you the opportunity to buy, and you will only have to follow a simple set of steps.

Step 1: Open an Account

Creating an eToro account is the first step. It takes only a few minutes and requires some basic information. Your name, date of birth, and home address are required. Email address and phone number are also necessary. In addition to eToro's trading app, it is worth installing. Therefore, you will be able to buy and sell Bitcoins from anywhere in the world as long as you have internet access. You can download free eToro software for iOS and Android from the eToro website.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2: Upload ID

You must then submit a copy of your ID to verify your identity. To trade on eToro, you must first complete the KYC (Know Your Customer) procedure. It involves two steps. It is important to verify that you are who you claim to be. Any government-issued identification, such as a passport, driver's license, or visa, must be provided. Afterward, you must upload proof of address, such as a utility bill or bank statement. eToro responds quickly when your upload the documents and usually verifies your account in a couple of minutes.

Step 3: Deposit Funds

The third and final step is to deposit funds into your account. A minimum deposit of $200 is required on eToro. There are several options for making the deposit. eToro accounts can be financed with a bank transfer or a credit/debit card. Among the payment methods they accept are PayPal, Skrill, and others. Various currencies are also available for deposit, including the US dollar, pound sterling, and euro. There are no fees or charges for depositing money into your account, and the funds appear almost instantly.

 Step 4: Buy Bitcoin

When you use an instant payment method like a debit/credit card or an e-wallet, you can now buy Bitcoin at eToro. Buying bitcoin online has never been easier. First, go to the trading page by searching for 'Bitcoin' and clicking on the top result that appears. From the next page, select 'Trade.' A form similar to the one below will appear. Next, you have to type in the amount of Bitcoin you wish to purchase. Your account must have a minimum balance of $25. To complete your commission-free Bitcoin investment, click 'Open Trade.' After that, the only thing you can do is sell your Bitcoin investment. The value of your Bitcoin investment may be viewed at any time by visiting the 'Portfolio' part of your eToro dashboard.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

Several options are available to Australians who want to purchase Bitcoin. However, as we have mentioned throughout this guide, it is important to research its credibility. In addition, most cryptocurrency exchanges operate without brokerage licenses, which is why.

We recommend trading on a regulated platform like eToro, the best choice for investing in cryptocurrencies. In merely a few minutes, you can buy Bitcoin online employing a debit/credit card or an e-wallet. With as little as $25, you can avoid paying any trading commissions.

And what can you buy with bitcoin? There are a lot of things. You can buy clothes, travel and more.

eToro – Best Crypto Exchange to Buy Bitcoin in Australia With 0% Commission

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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