How to buy Bitcoin in Australia

Key takeaways

• Bitcoin is legal in Australia and is regulated by AUSTRAC and the Australian Taxation Office (ATO). 

• You can buy Bitcoin on various platforms, including centralized exchanges, decentralized exchanges (DEXs), P2P platforms and Bitcoin ATMs

• Payment options are diverse, including credit cards, debit cards, bank transfers and fiat cash deposits at ATMs

• Store your Bitcoin securely and opt for cold wallets, which protect you better than custodial wallets from crypto exchanges. 

Bitcoin adoption continues to grow. More and more Australians are discovering the cryptocurrency as an investment vehicle, with ownership rising from 23% in 2023 to 32.5% in 2025, an impressive 41.3% increase. Because there are several platforms to choose from, buying Bitcoin is low-threshold and secure. 

This article covers several methods and describes the steps to safely start investing in Bitcoin. 

Is Bitcoin legal in Australia?

Yes, Bitcoin is legal in Australia, but it’s not considered a legal tender. The local government considers owning cryptocurrencies like Bitcoin (BTC) as property. Any profit you might make from Bitcoin is subject to capital gains tax (CGT), with Australian Transaction Reports and Analysis Centre (AUSTRAC) ensuring AML and CTF compliance.

Of course, there are also various regulatory requirements to abide by. AUSTRAC requires cryptocurrency companies to comply with Anti-Money Laundering (AML) and counter-terrorism-financing (CTF) regulations. This framework aims to protect Australian investors by safeguarding the crypto market against financial crime.

A significant update in 2025 requires major crypto platforms to obtain an Australian Financial Services License (AFSL) for enhanced consumer protection, as outlined in government proposals.

Did you know? Some Australian exchanges offer instant verification, allowing you to start trading Bitcoin within minutes.

Prerequisites to buying Bitcoin in Australia

Before buying Bitcoin in Australia, it is essential to prepare properly. To get you started, here are some points of interest: 

• Understand the legal landscape: Bitcoin is legal and regulated in Australia by AUSTRAC, but it is not a legal tender. You can safely deal with cryptocurrencies because the government minimizes risks such as money laundering. 

• Platforms to buy Bitcoin in Australia: If you want to buy Bitcoin or other crypto assets in Australia, use a reliable platform. Choose CoinSpot, Swyftx or Binance. These exchanges comply with local regulations, allowing you to trade safely. Of course, don’t forget to complete your KYC verification. Please note that Binance offers spot trading only, as its derivatives license was canceled in 2023.

• Set up a non-custodial wallet for self-custody: Choose a non-custodial wallet, such as Trust Wallet or Exodus. This allows you to keep control of your private keys. If you go for long-term storage of your coins, always choose a cold wallet that stores your assets offline. 

• Payment methods and fees: The fastest and safest way is to initiate transactions with a reliable payment method, such as bank transfer, credit card or PayID. Always check the associated transaction fees so you don’t incur unexpected (sometimes high) fees. 

• Secure your investment: Take precautions for your security, too. Enable two-factor authentication (2FA) on your accounts and back up private keys regularly. Ensure your platform offers strong security features such as encryption and cold storage.

How to buy Bitcoin in Australia on a centralized exchange

Want to buy Bitcoin through a central exchange, such as CoinSpot? You can do this easily and quickly:

• Step 1: Create an account. Sign up to CoinSpot with your email address and a secure password. Go through the KYC process with ID verification and get started. As of 2025, CoinSpot complies with AUSTRAC regulations and the new AFSL requirement, ensuring enhanced consumer protection. 

• Step 2: Add a payment method. Link a payment method, such as bank transfer, debit card or Australian-only PayID. CoinSpot supports low-fee options like bank transfers (free via POLi) and PayID, while credit/debit card transactions may incur fees up to 2.58%, so review these costs upfront.

• Step 3: Navigate to the Bitcoin purchase section. Go to “Buy/Sell” on CoinSpot’s website or in the app and select Bitcoin from the list of over 350 supported cryptocurrencies. 

• Step 4: Enter the amount. Enter how much Bitcoin you want to buy in AUD. The platform will display how much Bitcoin you are buying based on the current exchange rate.

• Step 5: Check the transaction. Check the details, including fees, before confirming the purchase.

• Step 6: Confirm and complete the purchase. Click “Buy Now” to complete the transaction. The Bitcoin you bought will appear immediately in your CoinSpot wallet. For added security, you could consider transferring your BTC to a non-custodial wallet like Exodus after purchase to retain full control over your private keys.

This efficient process…