In recent years, the cryptocurrency market has experienced a significant surge in popularity worldwide, and Australia is no exception. As the demand for digital assets continues to grow, more and more people are researching how to buy crypto in Australia on popular exchanges like Binance, Kraken, or KuCoin.
That may seem like a confusing and challenging task, as the world of cryptocurrencies intimidates many. But guess what? I'm here to tell you that it doesn't have to be all that complicated!
By the way, to give you a spoiler, things have been a bit hectic for Aussie crypto enthusiasts, but fear not, as it’s still very much possible to purchase crypto in Australia.
Key Takeaways
- Some of the best crypto exchanges that you should consider when searching how and where to buy Bitcoin in Australia are Binance, Kraken, and KuCoin;
- In addition to utilizing a crypto exchange, there are other ways to buy Bitcoin in Australia – Peer-to-Peer (P2P) or via Bitcoin ATMs;
- Cryptocurrency trading is legal in Australia, which also means there are some regulations imposed on crypto exchanges and taxes related to cryptocurrencies.
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Table of Contents
Regulatory Landscape of Crypto in Australia
Before I give you step-by-step tutorials on how to buy crypto in Australia using such crypto exchange platforms as Binance, Kraken, and KuCoin, let's get a clear picture of the crypto scene in the country.
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So, is trading cryptocurrencies legal in Australia? Well, absolutely! Aussies can hold, send, receive, and use cryptocurrencies as payment. In fact, Australia gives the green light to trading a wide range of crypto assets.
However, it’s true that the regulatory crypto landscape in this country went through some changes not so long ago that can be a bit alarming if you don’t fully understand them. For example, let's take the fact that the National Australia Bank is making efforts against cryptocurrency platforms.
Though, such events have all been related to the demand for better security for Australian users. Due to a significant number of Australians suffering from scams in the past few years, Australia’s government decided to take action to change a few things.
Of course, cybersecurity issues in the crypto world are not exclusive to Australia. In fact, the Financial Action Task Force (FATF), an international body against Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF), acknowledged cryptocurrency risks way back in 2014. Then, by 2018, they set global rules to tackle them[1], now leading worldwide implementation.
Hence, it’s not a coincidence that in 2018 Australia's crypto rules started to get more strict, as they added AML and CTF measures. This brought digital currencies under the 2006 Financing Act.
Since then, exchanges have boosted their safety measures, making sure their customers are who they say they are, watching out for any strange transactions, and quickly reporting anything suspicious to AUSTRAC, especially transactions over $10,000.
Nowadays, in Australia, all native crypto exchanges must register with AUSTRAC, and there's a Digital Currency Exchange Register to oversee them. Plus, these exchanges have to follow rules from the Australian Securities and Investments Commission (ASIC).
However, many exchanges that Australians can legally use aren't registered with AUSTRAC, which brings me to the next point in my “How to buy crypto in Australia?” tutorial – how does that work? Well, only the exchanges that are native to Australia must register with AUSTRAC. For global exchanges, it's enough to comply with the necessary KYC and AML regulations.
Now, if you are searching for where to buy Bitcoin in Australia, you also need to be aware that the Australian Taxation Office (ATO) sees all cryptocurrencies as investments, which means they're under the Capital Gains Tax (CGT) umbrella. This tax covers lots of crypto activities, like buying things with crypto, trading, selling, converting to Aussie dollars, and even staking, mining, or gifting crypto.
In a nutshell, these are the key facts about crypto rules in this country. Now that we've got that out of the way, let's move to the "how to buy crypto in Australia" part.
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How to Buy Crypto in Australia via Crypto Exchanges?
A crypto exchange is definitely the most popular way you'll come across when searching where and how to buy crypto in Australia.
Binance, for example, is one of the best options, as it’s not just a cryptocurrency exchange; it's a global crypto powerhouse. With a presence in multiple countries, Binance has firmly established itself as a go-to platform for both beginners and experienced traders alike.
Binance's Australia-focused platform brings a host of benefits to local investors. It offers more than 500 different cryptocurrencies and a good amount of fiat currencies, such as USD, AUD, EUR, and GBP. Besides, Binance takes security quite seriously. It's like the vigilant guard at the gate - the platform uses cold storage and two-factor authentication to keep your assets extra safe.
Additionally, it's worth noting that it has some of the lowest trading fees on the market, with a standard fee of 0.1% that can be reduced.
This is just to summarize the best of Binance. If you want to know more about it, I suggest reading the complete Binance review.
Now, Kraken might not be as huge as Binance, but it’s still an excellent choice. Its reputation is grounded in reliability and a good range of supported cryptocurrencies. Besides, Kraken's NFT marketplace is especially impressive - it has over 250 collections!
In case you are new to the crypto world, think of NFTs as one-of-a-kind digital labels. They rely on advanced blockchain technology and ensure that you're the true owner of something in the digital world[2].
Getting back to Kraken, if you ever wondered, “How do you buy Bitcoin in Australia smoothly and securely?” then this exchange is for you.
It takes your security very seriously, with offline storage for most of its currency and a mandatory two-factor authentication process. Also, fee-wise, Kraken offers a pretty fair deal - between 0% and 0.26%. Definitely one of the cheapest ways to buy Bitcoin in Australia is through Kraken!
Anyway, if this platform has piqued your interest, you can read the full Kraken review, as well!
Last but not least, when it comes to the best platforms for buying crypto in Australia, we have KuCoin. The platform is designed with simplicity and safety in mind. It's like your trusted guide into the world of crypto, especially if you're taking your first steps.
KuCoin offers more than 1,200 different trading pairs and more than 700 individual cryptocurrencies. Besides, KuCoin accepts a variety of fiat currencies, including popular ones such as USD, AUD, EUR, GBP, and IDR.
The exchange also deploys advanced security measures, including multi-factor authentication and cold storage solutions, to shield user assets from potential threats. Besides, KuCoin offers a good deal when it comes to fees, as well - starting at 0.1% for both makers and takers.
Check out this KuCoin review to know even more about the platform.
Anyway, after having an overview of each crypto exchange, let's move forward to the step-by-step tutorials on how to buy crypto in Australia via Binance, Kraken, and KuCoin.
Binance
If you’re unsure about how to buy Bitcoin in Australia and you've chosen Binance as the platform you want to use, you're already doing great! Let's walk through the process to ensure you have a smooth experience purchasing your first crypto.
By the way, the process is actually the same for any country eligible to use Binance’s features!
Step 1: The first step of how to buy crypto in Australia using Binance is quite obvious – go to the Binance Australia website and sign up.
On the homepage, click on the "Register" or “Sign up with Email or Phone” button to create your account.
Step 2: Provide your email address or phone number. At this point, you can also provide your referral ID (if you have one, of course). After you do that, you'll have to fill in the verification code that will be sent to your email.
Following this step, you will also be required to come up with a password. Make sure to create a strong one using different characters and numbers.
Also, before we go any further with the tutorial on “How to buy crypto in Australia?”, note that you can make your Binance account more secure by enabling Google’s Two-Factor Authentication and setting up your anti-phishing code.
Step 3: Once you create your account, you'll need to complete the KYC verification process by choosing the country you are residing in and providing an ID document, as well as other required information.
You don’t actually need to do the identity verification right after the second step - you can do it later if you are running out of time. However, do note that, in order to use Binance’s services, you will need to get verified at some point.
Once your application gets the green light, consider it your cue to jump into action.
Step 4: Now that your account is verified, you have two options – you can either deposit crypto you already have (to trade other crypto assets for it) or buy new ones directly from Binance using fiat.
Deposit Crypto and Trade on the Spot Market
If you want to go with the first option, click "Deposit" on the top right corner of the screen, choose the asset you want to deposit, and generate the deposit address.
Then, paste the address into the wallet from which you want to receive the assets. Once the blockchain has confirmed the transfer, you'll be able to go into Binance's spot market and trade that asset for another. Here's a guide on how to do that.
Buy Crypto with Fiat
In case you don’t have any crypto to deposit, Binance provides a few alternatives. If you want to buy Bitcoin with credit card, Australian Binance has your back via the "Buy Crypto" feature. Just enter the fiat amount you want to spend and then add your card details. Also, if you're looking for a third-party payment option, Binance offers that, too.
Other Ways to Buy Crypto
But that’s not all! Another way to purchase (or sell) Bitcoin or any other cryptocurrency on Binance is Peer-to-Peer (P2P), which refers to users trading cryptocurrencies directly with one another. In fact, it's one of the cheapest ways to buy Bitcoin in Australia, but I will explain why later.
Also, note that you can buy Bitcoin with PayPal Australia on Binance's P2P platform; not all exchanges support this method.
Anyway, if you have chosen your preferred method of buying crypto on Binance and followed through the steps, then congratulations are in order! You've successfully learned how to buy crypto in Australia using one of the biggest exchanges available.
Kraken
Kraken also presents itself as an appealing choice for Aussies venturing into the world of digital currencies, especially for those looking for super-user-friendly platforms. So, let’s learn how to buy crypto in Australia using Kraken.
Step 1: Begin by heading to Kraken's main website. Although the next steps are for those who are using the web version, you can also use your phone if you want.
Step 2: Look for the "Create Account" or “Sign Up” button in the upper right corner and click on it. Here, you'll have the option to make a personal or business account. Let's stick with the first option. So, enter your email, username, password, and country of residence.
Then, you'll need to agree to the Terms of Service, and, eventually, enter the verification code you'll receive in your email.
Step 3: After you create a Kraken account, you'll have to verify your identity. This might be the point where you're thinking, "How do you buy Bitcoin in Australia without any hassles?". Well, you already know the drill, because it’s the same for all legal exchanges in the country – it always starts with passing KYC.
So, you *will* be required to share some personal details like your full name, occupation, address, postal code, and phone number nonetheless.
Step 4: Now, once you verify your account, you have two options – you can deposit fiat into your account or deposit crypto. The great news is that Kraken does accept AUD. But, how do you do that?
It’s really simple! Once you log into your account, click on the “Make a Deposit” button.
Then, choose whether you want to deposit fiat or crypto. Speaking of the funding methods available for fiat, Kraken allows Australian users to deposit AUD to their accounts via Bank Transfer / Osko or Etana Custody. The former has no deposit nor withdrawal fee, whereas the latter has a withdrawal fee of 25 AUD.
After you finish funding your account, you can proceed with the purchase.
Step 5: Click on the "Buy Crypto” button and choose AUD (or other currency you want to use for payment), pick the cryptocurrency you want to buy, follow the necessary steps, and voilà, you're buying crypto in Australia!
In case you haven’t deposited any fiat, you can also purchase crypto simply using a debit / credit card or Apple Pay / Google Pay. However, unlike Binance, Kraken does not enable users to buy Bitcoin with PayPal Australia.
Plus, if you deposit crypto into your account, you can then go to the Kraken Pro spot market and trade it for your desired asset.
That's about it! You just learned how to buy crypto in Australia using another major exchange platform. Though, while you can already enjoy the benefits of Kraken and Binance, there's one more platform left to introduce that's definitely worth exploring.
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
KuCoin
KuCoin has great features, especially for beginners, which makes it an interesting choice if you want to learn how to buy Bitcoin in Australia. Follow me as I once again go through each step necessary to complete the purchase.
Step 1: Just like with the other platforms I’ve listed here, the first step is going to KuCoin’s homepage and clicking on the “Sign Up” button in the top left corner.
You'll have the option to register using an email or a phone number. I won't go into detail about that because you'll need to take all the same steps you had to take with the aforementioned crypto exchanges (or many other platforms, for that matter).
Step 2: Then, you'll need to enter the code that has been sent to your email. Once you do that, your account will be created.
However, as you can probably guess, in order to use KuCoin services and products, you will need to go through an identity verification process. You can either do this on the web browser or KuCoin’s app.
Step 3: Once all is set up, go to the main page. There, you'll find the options to “Deposit” or “Buy Crypto”. The “Deposit” option allows you to deposit existing crypto or fiat currencies into your account. However, note that you cannot deposit or withdraw AUD into or from your KuCoin account.
You can deposit crypto, though. To do that, just select the coin and the network you want to deposit them from and then copy and paste your deposit address into the platform from which you want to withdraw crypto.
Step 4: If you don't have any existing crypto or want to buy brand-new ones using fiat, you can choose the “Buy Crypto” option. With this option, KuCoin offers two methods – “Fast Trade” and “P2P”.
If you choose the first one, you can buy Bitcoin with credit card in Australia. Just pick the cryptocurrency you want to buy, fill in the amount, and proceed with the usual purchasing procedure.
Now, on the P2P exchange offered by the KuCoin platform, users can buy and sell five different cryptocurrencies to one another. By the way, just like Binance, KuCoin’s P2P trading platform is one of the cheapest ways to buy Bitcoin in Australia. Let's see how it works.
The assets available for trading P2P are USDT, BTC, ETH, KCS, and USDC. Choose either of those and enter the amount you want. Then, select the payment method. One of the payment methods available is money transfer through PayPal. That’s right, you can buy Bitcoin with PayPal in Australia using KuCoin!
Once you select your preferred way to purchase Bitcoin using KuCoin, you'll get a list of available offers. Then, just pick one and follow the necessary steps for completing the purchase.
Now that all is said and done, do you feel you have all the answers to the question - How to buy crypto in Australia? Well, you do when it comes to buying it using a crypto exchange. However, remember I've mentioned that P2P is a very cost-effective method to buy crypto? Let's talk more about that.
Buying Crypto in Australia Peer-to-Peer
If you want to learn how to buy crypto in Australia, you have to familiarize yourself with the Peer-to-Peer trading method. How does it work?
Imagine you're at a virtual marketplace, but instead of browsing through stalls, you're scrolling through offers from individual crypto holders. This is the essence of P2P trading! It's like having a conversation with fellow crypto enthusiasts and directly agreeing on a deal that suits both parties.
P2P trading is quite straightforward: you can browse through different offers, read reviews from other users, and choose the one that fits your needs. Again, it's like exploring a marketplace of possibilities, where you have the freedom to negotiate and strike a deal that works for you.
Platforms like Binance and KuCoin recognize the appeal of P2P trading. They provide tools that allow buyers and sellers to connect directly. This approach brings a touch of simplicity and human interaction to the often technical process of purchasing cryptocurrencies.
One of the remarkable aspects of P2P trading is its adaptability. Do you prefer bank transfers? Maybe you want to pay in cash? Or perhaps you're more comfortable with digital payment methods? P2P trading allows you to choose the payment method that suits you best!
That includes credit / debit cards, Google / Apple Pay, and third-party payment providers. For example, you can buy Bitcoin with PayPal Australia.
But, of course, this also varies depending on the platform you are trading on. Generally speaking, though, P2P trading provides great flexibility to users, allowing them to customize the process the way they prefer.
Besides that, P2P trading can be a cost-effective option. Traditional exchanges often come with certain fees, but with P2P trading, you might find that the fees are significantly lower. It easily competes to be the cheapest way to buy Bitcoin in Australia.
Binance and KuCoin, for example, offer P2P trading with the lowest fee on the market - zero. That’s right, you can trade for free on these P2P trading platforms!
However, if P2P trading seems too good to be true to you, you might not be surprised when I say that there is one potential disadvantage safety-wise. Since you are dealing with another person directly and everything is quite flexible, the chances for potential scams or theft attempts naturally increase.
But don’t fret - if you are trading on a reliable platform with safety and security measures, the risks are greatly reduced. Therefore, choose wisely.
So, in a world where technology connects us globally, P2P trading bridges the gap between buyers and sellers. It's a personal and engaging way to buy crypto in Australia. Whether you're a newcomer or a seasoned investor, consider exploring P2P trading and make sure to pick a reliable platform such as Binance or KuCoin to do that.
Buying Crypto in Australia via Bitcoin ATMs
As of writing this article, Australia is one of the countries with the largest number of Bitcoin ATMs – it even surpasses the whole continent of Asia. But why am I mentioning them? Well, if you go beyond the “How to buy crypto in Australia?” question and wonder, “How to convert cash directly to crypto?” you will come across Bitcoin ATMs!
That’s right, they can convert cash directly to crypto - in fact, only through these machines can you do that! Now, can you buy Bitcoin with credit card Australia through Bitcoin ATMs? Probably not, as the vast majority of Bitcoin ATMs only accept cash.
Also, although Bitcoin ATMs are mainly used for buying Bitcoins in Australia, they can also be used to sell them.
These ATMs are spread throughout the whole country, but Sydney, Melbourne, Brisbane, and Adelaide are at the top of the list of Australian cities with Bitcoin ATM installations. So, if you're wondering where to buy Bitcoin in Australia, these cities are some convenient places to start your crypto journey.
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Conclusions
In the dynamic world of crypto, Australia has emerged as a promising landscape for enthusiasts and newcomers alike. Here, I’ve talked about the regulatory landscape, provided step-by-step tutorials on how to buy crypto in Australia via Binance, Kraken, and KuCoin, as well as delved into the realm of P2P trading and the convenient world of Bitcoin ATMs.
And, after all of that, one thing is certain – buying crypto in Australia is within reach. No matter your experience level, this opportunity is readily accessible!
As you now know, the Australian crypto regulatory framework, though evolving, seeks to balance innovation and security, making this country an inviting space for crypto investments.
So, whether you're an adventurer seeking new investment avenues or a curious individual dipping toes into the crypto waters, Australia's crypto landscape offers opportunities worth exploring. But don’t forget to always stay informed so you can securely enjoy the exciting ride that is buying crypto in Australia.
Scientific References
1. S. Wagman: ‘Cryptocurrencies and National Security: The Case of Money Laundering and Terrorism Financing’;
2. H.R. Saeidnia, B.D. Lund: ‘Non-Fungible Tokens (NFT): A Safe and Effective Way to Prevent Plagiarism in Scientific Publishing’.
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