3 Ways to Buy Bitcoin in Australia in 2024

3 Simple Ways to Buy Bitcoin (BTC) with AUD in Australia

Buying bitcoin (BTC) in Australia has never been easier than today. The days of using international exchanges are long gone as you now have a plethora of local, fiat-to-bitcoin on-ramps. 

Read on to learn about the three simplest ways to buy BTC with AUD.

Best Ways to Buy Bitcoin with AUD

Let’s take a look at three easy ways you can buy bitcoin with Australian dollars today. 

Use a Bitcoin-only exchange

A Bitcoin exchange is an online trading platform that allows you to buy and sell bitcoin using fiat currency. 

Bitcoin exchanges typically allow you to use a range of payment methods and often offer other bitcoin investment-related services, such as lending. 

paybtc is an example of a trusted non-custodial bitcoin exchange that allows you to buy bitcoin  using AUD. Non-custodial exchanges are considered the safest because you retain custody of your coins. Conversely, if you are using a custodial exchange, you are advised to transfer your BTC from the platform to your external wallet for safekeeping. 

Pros:

• Familiar UX/UI to online brokerages

• Supports fiat payment options like bank transfer, PayID, etc

• Typically charge lower fees than other purchase options

Cons:

• Minimum trade requirements

Use a P2P Marketplace

A P2P marketplace allows participants to buy and sell bitcoin directly to one another.

Buyers can respond to seller advertisements, place orders, and make payments according to the dictated terms. P2P marketplaces are known for their wide range of payment options. You can buy Bitcoin using credit cards, GooglePay, Apple Pay, and other third-party payment providers.

For instance, you can buy Bitcoin in Australia using a P2P trading platform like LocalCoinSwap. The exchange supports AUD payments via bank transfer or PayPal. 

P2P trading is quite simple as it gives you the freedom to negotiate and strike suitable deals. You can browse through different offers, read reviews from others, and select one that fits your needs. One of the remarkable aspects of P2P trading is the use of an escrow for sellers to deposit the required bitcoin amounts, to be released once buyers have made the payment. 

Pros:

• Large number of payment options

• Escrow functionality to enforce trust between transacting parties. 

Cons:

• Less liquidity compared to centralized exchanges 

Use a Bitcoin ATM

A Bitcoin ATM is a physical teller machine where you can buy bitcoin with cash and is suitable for purchasing small amounts of BTC. 

You can locate a Bitcoin ATM near you by searching on a site like Coin ATM Radar. To purchase BTC at a Bitcoin ATM, you have to provide your phone number and verify your identity. Scan your wallet QR code at the ATM for it to obtain your wallet address. Next, insert the amount of AUD you want to exchange for BTC. Confirm the transaction and wait for a couple of minutes for the bitcoin to appear in your wallet. 

Pros:

• Capable of converting small amounts of cash to bitcoin

• No account signups required

• Instant ID verification through mobile

Cons:

• Charge higher fees compared to Bitcoin exchanges 

The Takeaway

There are many ways for Australians to get their hands on bitcoin. Perhaps the easiest and most cost-effective option is to use a reputable Bitcoin-only exchange like paybtc and buy bitcoin with a simple bank transfer. 

If you’re looking to make a smaller purchase, you can also keep it simple and go to your nearest Bitcoin ATM to deposit cash and walk away with bitcoin in your wallet. 

Whatever purchase options you choose, make sure you use a secure Bitcoin wallet that you hold the private keys to so that you have complete control of your funds.