It’s now easier than ever to buy crypto in Australia. If you’re looking to start investing in Bitcoin, Ethereum or other alt coins then here is my 2021 beginners guide to getting started with your first crypto buy.
The Best Place to Buy Crypto in Australia – CoinSpot
There are now many exchanges in Australia. But I only trust a few. And if you’re not careful you could end up paying ridiculous fees and get ripped off. CoinSpot is my number 1 pick when it comes to buying crypto.
Here’s why I like CoinSpot over other crypto exchanges:
- Australian Based Exchange – Coinspot is located in Australia. Some exchanges like Binance, are based out of questionable jurisdictions. CoinSpot is an Australian company with local support people.
- Easy Deposits – CoinSpot supports PayID deposits. This means you can deposit funds instantly from an Australian bank account. They also support Poli, BPay and Cash Deposits. If you use a platform like Coinbase and deposit using a credit card you’ll end up losing a lot of money to extra credit card fees.
- Huge Range of Cryptos to Trade – CoinSpot consistently adds new alt coins to trade. This makes it easy to jump into trending coins without needing to use a dodgy exchange. All the major coins like Bitcoin, Ethereum, Solana, Cardano and DodgeCoin are obviously listed as well.
- Excellent Fees – If you buy (or sell) crypto using the markets feature on Coinspot the fee is just 0.10%. This is much lower than pretty much every other exchange in Australia.
How to Buy Crypto on CoinSpot
Here is a step by step walk through of buying crypto on CoinSpot. You don’t need any technical skills.
1 – Create a CoinSpot Account
If you don’t already have one, create a CoinSpot account here. It’s free to signup. Once you’ve registered you’ll need to complete verification. This process is pretty much automated and is the same standard practice across all (legit) crypto exchanges.
2 – Deposit AUD
Before Buying bitcoin or other crypto, you’ll need to deposit Australian dollars. As CoinSpot is an Australian exchange, you can deposit using a number of locally supported options. CoinSpot supports PayID, Osko, POLi and BPay. You can also deposit cash in person. PayID is usually the easiest and lets you transfer funds instantly from your Australian bank account.
Note – Many banks in Australia will hold first time PayID payments for 24 hours so they won’t be instant. Subsequent deposits should be instant.
3 – Buy Crypto
CoinSpot has two different types of buy methods. One is called instant and is the easiest, but it also has a higher fee. I would recommend using the “Markets” feature. Here is how to buy crypto using the Markets page:
Buying Crypto on CoinSpot Markets
- Click on Markets
- Choose the Crypto you’re looking to buy, such as BTC. And hit the “View BTC Market” button.
- Enter the amount of crypto you’d like to Buy and the price/rate you want to pay. You can leave the rate set at what is in the box by default. This is the current asking price.
This will post an order. If there is a matching sell order it will get filled. If your order doesn’t get filled you might need to adjust the price. You can cancel your order (there is no penalty or fee for doing so).
Other Ways to Buy Crypto in Australia
- Buying Bitcoin through Raiz
- Investing in Bitcoin on eToro
- Buying Bitcoin with Margin