Invest in Bitcoin in Australia – Beginner’s Guide
Jhonattan Jimenez
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Bitcoin is currently the world’s most popular cryptocurrency. The coin’s value has grown from a few cents in 2010 to over $60,000. People invest in Bitcoin for a variety of reasons. Also known as ‘digital gold,’ it serves as both a store of value and a medium of exchange.

If you are new to Bitcoin, you should learn how it works and invest in Bitcoin in Australia. Different platforms offer different features, fees, and deposit options.

How to Invest in Bitcoin in Australia?

Would you be interested in an in-depth guide to purchasing Bitcoin? In the following section, you’ll discover how to obtain Bitcoin safely and most cost-effectively.

Step 1: Open an Account with eToro

At eToro, you can typically open an account, deposit funds, and invest in bitcoin within 10 minutes. That is due to the automated technology of the platform, which verifies your personal information.

Thus, you can join eToro by visiting the website and clicking on the ‘Join Now’ button. You will then need to enter your first and last name, email address, phone number, username, and password.

how to invest in bitcoin

Then, you will be asked for additional personal information, such as your home address, birth date, and national tax identification number. After that, you will receive an SMS on your mobile device. You will receive a registration code from eToro after you register. Enter this code when prompted.

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

eToro is regulated by several reputable bodies, as we mentioned previously. As a result, you must verify your identity. Even though you can complete this step at a later date, it must be done before you can:

  • Deposit any amount over $2250
  • Request a withdrawal

Due to this, uploading the documents as soon as possible will prevent any future delays

The following documents must be included:

  • Passports, driver’s licenses, or national identification cards are required
  • Utility bills or bank statements from the last three months

eToro usually authenticates your documents instantly, removing any restrictions placed on your account as a result.

Step 3: Deposit Funds

Bitcoin cannot be purchased through eToro. You need to deposit funds first. All deposit methods except bank transfers will be credited immediately.

invest in bitcoin

No fees are associated with eToro’s deposits, regardless of payment method. With Coinbase, for example, a debit card can be used to invest in Bitcoin in the UK  for 3.99%. That is significantly cheaper than some of its competitors.

Step 4: Invest in Bitcoin

Now that you have completed our guide, your eToro account should be funded. You can start investing in bitcoins at this point. The easiest way to do this is by typing ‘BTC’ into the search box at the top of the page.

Click on ‘Trade’ to open a trade order box. Additionally, you can now enter your stake amount into the ‘Amount’ box (minimum $25).

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.

Why invest in Bitcoin?

You should consider investing in cryptocurrencies as soon as possible if you are curious about digital currencies but unsure about them.

Cryptocurrencies are decentralized, which means you have control over your funds

You need a decentralized platform for crypto trading, which means you don’t need a third party. You can store your assets in these cryptocurrencies without any outside interference, as they are fully under your control. Prices on exchanges and brokers do not influence their values either.

Cryptocurrencies tend to be deflationary.

Due to their limited supply, cryptocurrencies are often deflationary. Consequently, the cryptocurrency’s buying power tends to increase with time. However, an algorithm limits the total supply of most cryptocurrencies.

Cryptocurrencies are transparent and secure assets.

The security and transparency of cryptocurrency have made it popular. Bitcoin transactions are secure and transparent thanks to blockchain technology. Moreover, cryptocurrencies are open-source and publicly verified, making them popular with traders.

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.

Where can you buy Bitcoin in Australia? – List

  1. eToro – Overall Best Crypto Trading Platform To Invest In Bitcoin Australia
  2. Binance – Best Crypto Exchange To Invest In Bitcoin Australia
  3. Coinbase – One Of The Most Popular Exchanges To Invest In Bitcoin Australia
  4. Kraken – One of The Largest Cryptocurrency Exchanges to Invest In Bitcoin Australia
  5. – Popular Crypto Exchange To Invest In Bitcoin Australia

Where can you buy Bitcoin in Australia?

The Bitcoin market has grown rapidly. Several places are now offering Bitcoin for sale. A few years ago, this was not possible.

Finding the best Bitcoin merchant can be challenging due to this variety. In our guide, we provide a breakdown of the features of each platform, as well as an overview of their differences.

The following are the best places to invest in Bitcoin in Australia, so you don’t have to waste time researching dozens of different platforms.

1. eToro – Overall Best Crypto Trading Platform To Invest In Bitcoin Australia

how to invest in bitcoin australia

eToro, one of the most popular cryptocurrency investment platforms, is the best place to invest in bitcoins. This online broker offers many assets and markets, including many leading digital currencies. In addition, you can purchase cryptocurrency heavyweights like Bitcoin, Ethereum, Ripple, and Defi crypto assets like Aave, Kyber Network, and Augur.

Due to various factors, eToro has gained over 20 million investors. The eToro platform is easy to use, so you should have no trouble using it even if this is your first time investing in Bitcoin online. In addition, eToro’s commissions are extremely low, so you can invest in Bitcoin without paying high fees.


should i invest in bitcoin

eToro charges some of the lowest fees among Bitcoin brokers. Commissions are not charged. Online purchases of Bitcoin are completely commission-free. Instead, brokers charge 0.5% F.X. for each deposit.

eToro accepts PayPal, Neteller, debit and credit cards, and PayPal for withdrawals and deposits.

eToro is subject to a lot of regulation. Our brokerage holds licenses from the regulatory agencies: ASIC, Cyprus Securities and Exchange Commission, and Financial Conduct Authority (FCA). In addition, it is regulated by FINRA and the Securities and Exchange Commission (SEC) in the U.S. If you want to know how to invest in Bitcoin Australia, eToro is the right place.

eToro fees

Fee Amount
Crypto trading fee Bitcoin spread, 0.75%
Inactivity fee After one year, $10 a month
Withdrawal fee $5


  • Bank transfers and debit/credit cards are accepted
  • Buying bitcoins is commission-free
  • There is a $25 deposit required
  • Over 2,400 global shares and 250 ETFs are available
  • CFDs can also be traded
  • Copy-trading social network
  • FCA, ASIC, and CySEC licensed
  • Approval by the SEC and FINRA


  • Withdrawal fees of $5

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. Binance – Best Crypto Exchange To Invest In Bitcoin Australia

invest in bitcoin australia

Binance is the world's largest crypto exchange, with a daily trading volume of $3.3 billion. Every day, it trades over $50 billion in cryptocurrency. As a result, Binance offers a lot to users. In addition, the high trading volume of Bitcoin and Ethereum and their availability provide great liquidity.

The trading commissions on Binance start at about 0.1 percent, and KYC is a straightforward process. Furthermore, Binance also allows users to buy cryptos larger than the balance of their wallets through crypto futures and leveraged trading.


best way to invest in bitcoin

Fiat currency can also be used to invest in Bitcoins on Binance. If you live in the United States, the cheapest option is to use a bank transfer, though it may take two days before you receive the funds. If you want to know how to invest in Bitcoin Australia, Binance is the right place.

Binance fees

Fee Amount
Crypto trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee 0.80 EUR (SEPA bank transfer)


  • Trading fees on this exchange are low compared to those on other exchanges
  • Currently, there are more than 100 cryptos available on the market
  • Transfers between banks and debit/credit cards are supported
  • The cryptocurrency scene is currently buzzing with activity


  • Beginners should not invest
  • Credit and debit cards currently have high fees

Your money is at risk.

how do i invest in bitcoin

Coinbase is the most popular cryptocurrency exchange. Users appreciate its clear interface and wide range of trading pairs.

Located in Wilmington, Delaware, Coinbase is a popular option for crypto beginners in the United States. Beginners can also trade on Coinbase's user-friendly interface. However, if you're an experienced trader, you may want to consider Coinbase Pro.

Additionally, it is the world's largest cryptocurrency firm. In addition to its exchange service, Coinbase Pro is a trading platform. Additionally, it offers a payment platform for businesses, custody services, and its cryptocurrency, COIN. If you want to know how to invest in Bitcoin Australia, Coinbase is the right place.


should you invest in bitcoin

Coinbase fees

Fee Amount
Cryptocurrency trading fees Commissions starting at 0.50%
Fee for inactivity It's free
Fees for withdrawals 1.49 % to an account


  • Beginners and experts alike can easily understand the simple interface.
  • Among the most liquid exchanges in the world, Coinbase's transactions run quickly
  • Coinbase supports a wide range of altcoins
  • Low balance requirements


  • Complex fee schedule
  • Other platforms charge higher fees

Your money is at risk.

4. Kraken – One of The Largest Cryptocurrency Exchanges to Invest In Bitcoin Australia

how do you invest in bitcoin

Kraken has been one of the largest and oldest crypto exchanges since it was founded in 2011. Over four million people in several countries have used its Bitcoin trading platform since 2013. On the platform, you can trade and stake 66 different cryptocurrencies. As a Money Services Business (MBS), FinCEN regulates Kraken in the United States and by FINTRAC in Canada. Furthermore, some of its affiliated businesses are regulated by the U.K.'s Financial Conduct Authority, Australia's AUSTRAC, and Japan's FSA.

why invest in bitcoin

Kraken provides the best security and safety features and allows traders to trade futures with cryptocurrencies, significantly different from many other platforms. In addition, it allows users to trade at high margins depending on the currency they wish to trade, and it is quite easy to use. To illustrate, Kraken offers 10x leverage on Bitcoin. If you want to know how to invest in Bitcoin Australia, Kraken is the right place.

Kraken fees

Fee Amount
Crypto trading fee For sellers, commissions begin at 1%. Free for buyers
Inactivity fee Free
Withdrawal fee According to the currency withdrawn. 0.0005 for BTC


  • Advanced charting platform with multiple technical indicators
  • There is support for trading 66 pairs and futures
  • It is easy for beginners to understand
  • Trading margins is possible
  • Staking a cryptocurrency to earn it
  • Prices that are lower than the competition


  • Withdrawal and deposit limits
  • You may have to wait a while for a response from the service

Your money is at risk.

where to invest in bitcoin

A popular cryptocurrency exchange globally, is currently one of the fastest-growing exchanges. Due to a strong marketing team and a large team of developers. The company's staking program boasts a return of 14% a year on a portfolio of over 40 cryptocurrencies and stablecoins.

CRO coin from is the 12th-largest digital coin with a market cap of $16.6 billion. is a platform with enormous ambitions. As well as margin trading and derivatives, the company is entering the NFT market. There is a $1 minimum investment. If you want to know how to invest in Bitcoin Australia, is the right place.

how to invest in bitcoin in australia fees

Fee Amount
Crypto trading fee 0.4% per trade
Inactivity fee Free
Withdrawal fee Free


  • Various cryptocurrencies are supported
  • Fees that are transparent, competitive, and offer discounts
  • Support the cryptocurrency ecosystem


  • Fees are higher unless you use CRO
  • Customer service is poor
  • Trading fee discounts are difficult to navigate

Your money is at risk.

Invest in Bitcoin Australia - Fee Comparison

Platform Crypto trading fee Inactivity fee Withdrawal fee
eToro Spread, 0.75% for Bitcoin $10 a month after one year $5
Binance Commission, starting from 0.1% Free 0.80 EUR (SEPA bank transfer)
Coinbase Commissions starting at 0.50% Free 1.49% to a US bank account
Kraken For sellers, commission starts at 1% per trade. Free for buyers Free According to the currency withdrawn. 0.0005 for BTC 0.4% per trade Free Free

What is Blockchain?

Due to blockchain technology, it is difficult or impossible for the system to be changed, hacked, or cheated.

The blockchain acts as a distributed ledger of transactions, replicating and distributing them across multiple computers. Every time a new block is added to the chain, a new transaction is added to the ledger of every participant. Distributed Ledger Technology (DLT) is a decentralized database that multiple participants can access and manipulate.

Blockchain transactions are recorded using immutable cryptographic signatures known as hashes.

What to know before you buy Bitcoin

1. Bitcoin is Volatile

It probably got a lot of attention for this one. Cryptocurrencies like Bitcoin are extremely volatile. Their prices can change dramatically in less than a day. In December of last year, Bitcoin was only a few points away from $20,000, which is a perfect example. The asset had lost 83 percent of its value by the following month and traded at around $3,000.

The price of Bitcoin fell to $30,001 from $64,000 in May 2021. Prices fluctuate frequently. Bitcoin's price is determined by supply and demand. If the price is higher, more people are purchasing it. News and events in the market also affect Bitcoin's price. The government or regulators will release bad news at some point, which will impact Bitcoin's price.

2. Public Transactions

Bitcoin offers the highest level of transparency of any payment method on the planet. Thanks to the blockchain, every Bitcoin transaction is public and illustrative. Therefore, when Bitcoin is bought or sold, the transaction is immediately recorded in the blockchain.

3. Addresses are Anonymous

Transaction details are available to everyone, but it is difficult to determine who owns what. The wallet address and a string of letters and numbers are used in Bitcoin transactions. Someone will need your wallet address to check your account balance and transaction history.

Bitcoin Price Forecast 2023

A few Fibonacci retracement levels for Bitcoin can be identified in the future.

Due to increased institutional interest, more investors will use Bitcoin to rebalance their portfolios. Approximately 28% of large enterprises surveyed by Natixis Investments have increased their exposure to cryptocurrency. Furthermore, some of the top retail chains now accept Bitcoin payments, and Visa said all banks should have crypto policies by 2023.

As bitcoin makes its way into corporate and household balance sheets, it becomes treasury management. Tesla, for example, includes Bitcoin on its balance sheet as an investment, laying the groundwork for governments to integrate cryptocurrencies into taxation.

The newly elected officials in the United States have already called for developing regulatory guidelines for these emerging assets. For example, Eric Adams, the incoming mayor of New York, wants to make the city a crypto-capital by having his first paycheck be in 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.

Is Bitcoin a Good Investment?

Traditional and institutional investors alike have been attracted to bitcoin because of its excellent performance as a currency and investment. So what is bitcoin's investment potential? Traditional assets have some advantages.

Liquidity. Bitcoin has become one of the most liquid investment assets because it is traded worldwide on many exchanges and brokerage firms. You can instantly convert bitcoin into cash or assets like gold thanks to low fees. As long-term investments, digital currencies are also in high demand.

Lower inflation risk. In contrast to currencies controlled by governments, bitcoins are not inflationary. Furthermore, the blockchain system won't let your cryptos lose value since it's limitless.

Minimalistic trading. To trade stocks, you must be licensed or certified. Brokers are also required to trade shares of a company. However, bitcoin trading is different: placing bitcoins in a wallet is all it takes to buy or sell them. Additionally, unlike stock trading orders that may take days or weeks to settle, cryptocurrency transactions are instant.

How to Store your Bitcoin in a Secure Wallet?

eToro Money Wallet

There are many tools and features at eToro's Bitcoin wallet that will be easy to use for traders who are new to Bitcoin. The wallet supports 120 digital currencies in addition to bitcoin, for example. In addition, you can easily store all of your crypto assets in one wallet if you hold different crypto assets.

The eToro wallet is free to download on iOS and Android devices. Creating a wallet within the app allows you to start trading cryptocurrencies directly. Additionally, eToro offers over 500 cryptocurrencies and the ability to exchange cryptocurrencies.

The Guernsey Financial Services Commission (GFSC) regulates and authorizes Bitcoin wallets by eToro. If you lose your private keys, you can also recover your wallet using a password recovery service.

Reddit is worth checking out for Bitcoin news and sharing. More than 2.9 million people are active in the Bitcoin community.

There are interesting posts and viewpoints on the Bitcoin Reddit group every minute. As a non-member, you can view posts on Reddit, but you should register as soon as possible to post and reply to comments.

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.

Coinbase Wallet

Coinbase is an excellent cryptocurrency wallet. As a result, crypto-transaction efficiencies and next-level security are possible in the near future. In addition to supporting a limited number of digital currencies, the wallet is also compatible with other wallets and fiat currencies. As a result, Coinbase wallets are among the easiest to use and have the highest level of security.

This wallet is a welcome addition to Coinbase exchange platform users. It is easy to use by beginners and experts alike. Furthermore, because of its comprehensive security measures, zero hacking histories, ease of use, and overall solid reputation, Coinbase wallet attracts cryptocurrency enthusiasts worldwide.

Binance Exchange Wallet

Binance.US deposits in U.S. dollars are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). Funds are deposited in escrow accounts. Securities Investor Protection Corporation, which protects investors up to $500k from brokerage failures, unauthorized trading, or theft, does not cover cryptocurrency exchanges such as Binance US.

Is Bitcoin Mining a Better Investment?

Some people buy or trade bitcoin to make money. Mining bitcoin is another option. Mining bitcoins is verifying transactions on the Bitcoin blockchain by means of complex mathematical operations. Validating and confirming transactions allows you to contribute to the Bitcoin ecosystem by adding them to the blockchain.

On the Bitcoin blockchain, blocks are groups of verified transactions. Once a block is verified, its transactions are added to the blockchain, and the miners are rewarded with Bitcoins. The problem with mining is that it is not as simple as it seems. Because of the excessive congestion on the Bitcoin blockchain, miners now need specialized tools to operate on it. In the early days, Bitcoins could be mined on a personal computer.

Increasing competition in the blockchain has rendered P.C. mining essentially obsolete as the industry has evolved. You can profit from mining by using Application-Specific Integrated Circuits (ASIC). These are rather expensive, unfortunately. Some ASICs can cost up to $5,000. Considering the cost of electricity is important if the government offers subsidies for electricity unless you live in an area where abundant renewable energy, mining is an energy-intensive hobby.

Even if you implement all of these methods, mining might not be profitable. The mining process is based on a first-come-first-serve basis, so it will likely take you some time to earn any coins. In order to justify the costs of mining, mining is a labor-intensive process that takes time to earn enough money to justify the costs. The best way to earn bitcoins is to invest in them. You can start with whatever amount of money you have with these since they are less expensive.

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.

Is Bitcoin Staking a Better Investment?

It is possible to earn interest or rewards from storing cryptocurrencies overtime on an exchange. That is how proof-of-stake works. You'll earn a percentage yield based on the number of coins in your pool if you have a staking pool full of cryptocurrencies.

To increase your earnings, you must stake more coins. Since staking allows traders to earn interest or rewards through passive income, it has recently gained popularity among crypto enthusiasts. With the launch of Ethereum 2.0 staking, this industry is poised for a revolution.

Taxes and Regulations Regarding Bitcoin in Australia

Cryptocurrencies are also called virtual currencies or digital currencies. Cryptocurrencies are digital tokens that are used to store value electronically.

Cryptocurrencies come in many different types, such as Bitcoin, Tether, Ether, etc. A blockchain is a series of encrypted data blocks created from code.

Report disposal of cryptocurrency

For capital gains tax purposes, you must report the disposal of cryptocurrency. The cryptocurrency can then either be sold or given away.

  • A cryptocurrency is exchanged for another
  • Cryptocurrency can be traded, sold, or gifted

Convert cryptocurrency to a fiat currency (a currency established by government regulation or law), such as Australian dollars (A$).

As long as you maintain ownership of your cryptocurrency, transferring it from one digital wallet to another is not considered disposal.

If your cryptocurrency holding decreases during this transfer to cover the network fee, the transaction fee is a disposal and has capital gain implications.

Work out any CGT

You may be required to include a capital gain or loss in your tax return if you exchange cryptocurrency for goods, cash, or other cryptocurrencies.

In order to calculate your capital gain or loss, you need to calculate the value of your cryptocurrency purchases and sales in Australian dollars. You can find out how much you gain or lose by:

A cost base (the purchase price plus certain other expenses associated with the acquisition, holding, and disposal of an asset) is the total cost of ownership.

Capital proceeds (what you receive or the market value of what you receive) when you sell your cryptocurrency.

If you:

Suppose you purchase cryptocurrency with Australian dollars and exchange it for another cryptocurrency. In that case, your cost base corresponds to the market value of the cryptocurrency in Australian dollars at the time of the transaction.

You can use a net capital loss to reduce a capital gain in the following year. However, it is impossible to deduct a net capital loss from other income.

Keep records

Maintain a record of all cryptocurrency transactions, including acquiring, holding, and disposing of. After disposing of a cryptocurrency, keep the records for five years.


Over time, Bitcoin has proven to be a long-term investment option in the global investment world. Since the value of Bitcoin has increased over 1,000% in the past 12 months, logically, people want to invest in Bitcoins. and hold them for future gains. As a result, ten billionaires bought Bitcoin here, including Elon Musk, Mark Cuban, and George Soros.

Right now, anyone who wishes to invest in Bitcoin should use eToro, our recommended broker. The transaction takes less than three minutes.

 eToro – Buy Bitcoin With 0% Commission in Australia

how much to invest in 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.


How much to invest in Bitcoin?

How many people are investing in Bitcoin?

How to learn to invest in Bitcoin?

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What is the best cryptocurrency to invest in?

Jhonattan Jimenez

Jhonattan Jimenez

Jhonattan has been writing crypto and stock trading articles on Trading Platforms for 2 years. Before starting his career as a freelance writer, Jhonattan studied at the Universidad La Gran Columbia from which he graduated in 2019. Jhonattan describes himself as a crypto enthusiast and regularly writes price prediction articles for new projects. During his time as a writer, Jhonattan has gained great knowledge about the crypto space and has mastered technical analysis skills that he uses when writing token price predictions. As well as writing for Trading Platforms, Jhonattan has written for and