Are you thinking about diving into bitcoin and looking for the best ways to buy it in Australia?
Here’s a quick beginner’s guide to four effective options to get your hands on bitcoin—from fast cash solutions to user-friendly cryptocurrency exchanges and more.
Buy BTC on Peer-to-Peer Markets
You can buy bitcoin directly from other people by using peer-to-peer (P2P) marketplaces like Paxful and Binance P2P.
If you want to buy without getting an exchange or bank involved, P2P trading platforms are a great option. You can negotiate prices and payment methods (bank transfer, cash deposits, PayID, etc.) with sellers.
P2P transactions are usually safe as the platform holds the coins in escrow until payment is made. But still, make sure you’re trading with verified users to avoid any issues. Also, keep an eye on fees, as they can differ depending on the transaction details and payment methods used.
P2P markets are ideal for buyers looking for privacy or specific payment options.
Buy BTC from a Bitcoin ATM
Bitcoin ATMs are a quick, simple way to purchase bitcoin with cash, and are located in all major cities across Australia.
Use an ATM locator like CoinATMRadar to locate a nearby ATM (or refer to the site of your preferred Bitcoin ATM network). Once there, you can input cash, scan your wallet QR code, and purchase bitcoin directly.
There is a cost for convenience for Bitcoin ATMs. This cost comes in the form of transaction fees of around 6-8% above the market. If it’s speed and convenience you’re after, Bitcoin ATMs are a top choice for making small, instant purchases.
Buy BTC on Cryptocurrency Exchanges
Exchanges are the most popular choice to buy bitcoin online in Australia. They offer reliable security, market-based prices, and various payment options.
Leading exchanges like Swyftx, CoinSpot, and paybtc cater specifically to Australians, providing seamless AUD transactions and high liquidity.
For a bitcoin-only experience, paybtc is particularly noteworthy. The non-custodial exchange focuses exclusively on bitcoin trading. It’s a regulated, straightforward platform designed to support bitcoin purchases and bill payments with BTC.
While exchanges require user verification, they offer enhanced security features like two-factor authentication (2FA) to keep your assets safe.
Buy BTC via OTC (Over-the-Counter) Desks
If you’re looking to buy large amounts of bitcoin in Australia, OTC desks would be another option. OTC desks let you buy bitcoin directly from a broker rather than on a traditional exchange.
In Australia, OTC bitcoin trading services are available through numerous local digital asset exchanges, which let you execute high-volume trades without impacting the market price significantly.
However, this option is generally used by more businesses, high-net-worth individuals, and institutional investors looking to buy bitcoin.
Bottom Line
In Australia, you can buy BTC from Bitcoin ATMs, P2P platforms, crypto exchanges, and OTC desks.
Which option you pick depends on what you want – speed, privacy, liquidity, or convenience.
Whether you’re purchasing bitcoin to trade in the short term or HODL for the long term, the most important thing is to find a method of purchasing coins that works for you and a way to store your coins securely.
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