The best place to buy Bitcoin in Australia: 2020 Guide

In 2019 Bitcoin gained nearly 100% making it once again one of the best performing assets.  So how do you get in on the action and buy Bitcoin for yourself?  The good news is that it’s now incredibly easy to buy Bitcoin with a number of trusted options available in Australia.

Here is my guide on how to buy bitcoin in Australia:

The best place to Buy Bitcoin: CoinSpot

I recommend for most people to use CoinSpot to buy Bitcoin.  CoinSpot is a trusted Australian crypto marketplace that has been around for a number of years.  And most importantly they make the process super easy.  You don’t need any technical skills to buy through Coinspot.

How to Buy Bitcoin:

  1. Sign up to CoinSpot here.  Creating an account is free
  2. Verify your account – like all crypto exchanges, CoinSpot has a verification process to prevent fraud.  This process is usually pretty quick.
  3. Fund your account – you can transfer fiat money into coinspot using a number of popular Australian payment methods including Okso/PayID (instant bank transfer) or BPay.
  4. Buy Bitcoin!

How to store your Bitcoin

The Bitcoin you buy on CoinSpot will be stored in a cloud wallet.  While CoinSpot is quire secure, I never recommend storing large amounts of crypto on a cloud wallet.  Instead I would recommend transferring it to a wallet you control.  There are a number of different options out there.  You can download a wallet to your Mobile (like the Coinbase Wallet) or to your desktop or you could purchase a hardware wallet (which is most secure).

Buying Other CryptoCurrencies on CoinSpot

One of the reasons why I love CoinSpot is you can purchase a large range of cryptocurrencies through the site.  You can purchase popular cryptos like Ethereum, Litecoin, Ripple as well as more obscure but upcoming coins like Matic, Nano and Fetch.  CoinSpot is constantly adding new coins.

Why I like CoinSpot over other Exchanges

  • Good Interface – if you’re new to crypto, trying to buy it through a traditional exchange is super confusing.  CoinSpot has a super easy to use interface that even your granddad could figure out.
  • I’ve never had any problems – I’ve been using CoinSpot for a number of years now.  I’ve never had any problems using the site.
  • Huge range of Cryptos Available – All the popular cryptos plus lots of upcoming coins.  Means there are always investing opportunities to be had.
  • PayID – PayID lets you transfer funds into CoinSpot instantly.   This means you can take advantage of the current trading conditions and you’ll be less likely to miss a move.
  • Good Cloud Wallet – You transfer cryptos both in and out of CoinSpot.  This makes it a great place to both buy and sell bitcoin and other coins.  You can also use your wallet to make crypto payments.

You can find out more about CoinSpot Here

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