Who doesn’t want a piece of the Bitcoin pie? If you’re looking to buy the cryptocurrency in Australia, then you’ve come to the right place.
In a world where cryptocurrency is slowly but surely garnering attention, it is now becoming easier to buy Bitcoin in Australia.
In this guide, we list several ways through which Australians can get their hands on some Bitcoin.
Buy Bitcoin in Australia
Recently, crypto exchange Binance announced its plans to expand its business into Australia.
The service is called ‘Binance Lite Australia‘ and allows residents of Australia to easily purchase Bitcoin.
Binance Lite Australia is a cash-to-Bitcoin brokerage service where users can purchase Bitcoin by depositing cash at one of a network of 1,300+ supported vendors across Australia.
The exchange is dubbing the new service as the “easiest way to buy Bitcoin with cash in Australia”.
The service marks Binance’s first fiat gateway on the “blockchain continent”. Binance believes the move will help foster crypto adoption in Australia.
Currently, Binance Lite Australia offers the option to buy Bitcoin using Australian dollars, with plans to support more cryptocurrencies in the future.
All users need to do is register with Binance before placing their order. Users can then deposit their cash at their nearest store that supports Bitcoin purchases. It is then only a matter of minutes before users will have their Bitcoin.
Another method you can use to buy Bitcoins in Australia is to purchase them through a site called LocalBitcoins.com.
LocalBitcoins is an escrow service which helps pair buyers and sellers together to facilitate transactions. LocalBitcoins enables users to conduct peer-to-peer or in-person trades.
This is otherwise known as over-the-counter (OTC) trading. OTC trades are simple, and can be as rudimentary as a friend selling you $20 worth of Bitcoin.
LocalBitcoins matches buyers and sellers through their geographical location, which makes it easy to connect with another trader in your local area.
Like with Binance Lite Australia, to use the LocalBitcoins service, all users must do is register and get verified.
LocalBitcoins was one of the first Bitcoin peer-to-peer (P2P) exchange sites ever made. It is also one of the world’s largest P2P marketplaces.
To help users have peace of mind, there are forums in place through which users can leave reviews to help build credibility among its user base.
There are also tips and tricks in the forums to help newcomers feel more comfortable beginning their trading/purchasing endeavours.
Another benefit of using LocalBitcoins is that if you conduct an in-person trade, you don’t need to provide any personal information upfront like you do with an exchange, where you will need to provide several documents such as a utility bill to verify your identity.
Another viable option to buy Bitcoin in Australia is to locate a Bitcoin ATM.
A Bitcoin ATM is no different to a regular cashpoint except it allows you to purchase and withdraw Bitcoin rather than cash.
Locating a Bitcoin ATM can be difficult. However, there are some sites available which map out where you can find them. For example, coinatmradar.com displays a map of Australia showcasing where Bitcoin ATMs are located.
According to coinatmradar.com, there are 21 Bitcoin ATMs in Australia. There are two in Brisbane, nine in Sydney, eight in Melbourne, and two in Adelaide.
Typically, Bitcoin ATMs are linked to the Bitcoin network through a working internet connection. Users will be able to pay for Bitcoin and withdraw it to their wallets on the spot.
One thing to keep in mind when using a Bitcoin ATM is that the fees tend to be on the higher side.
Fees can vary, but using a Bitcoin ATM will, in most cases, result in a drastically higher fee than say using LocalBitcoins or an OTC broker.
There is a benefit to using them however in that there is no registration or ‘Know-Your-Customer‘ (KYC) check required.
KYC is commonplace in the world of crypto exchanges because they assess how likely a customer is to commit an illicit activity such as money laundering.
If you are looking for a quick and simple way to purchase Bitcoin on the move, then a Bitcoin ATM is a viable option providing you are not bothered about the fees.
It pays to do research
We hope this guide has helped you understand how to buy Bitcoin in Australia.
As an independent publication, we do not recommend any cryptocurrency or company in particular, and we always suggest you conduct your own research before committing to any decisions.
Interested in reading about ways you could sell Bitcoin? Discover more with our article on how to sell the popular cryptocurrency for cash.