If you’re an Australian who wishes to own bitcoin in this highly-demanding crypto market, you’re in luck. Today, multiple online brokers can help you buy bitcoin in Australia without any hassle of paperwork and within a few minutes.
Here, you’ll learn all the effective ways to invest in bitcoin in this country. So, let’s start.
Use Debit or Credit Card
It takes less than 10 minutes for anyone to buy bitcoin in Australia with their credit or debit card while seeking help from an ASIC-regulated broker. This payment option has emerged as one of the most convenient modes as it only needs your card credentials.
If you choose a broker platform like eToro, you may have to pay 0.5% of the payable amount as commission charges for buying bitcoin using a credit or debit card. However, other platforms like Coinjar and Coinbase can charge 2% and 4% commission fees respectively.
Use PayPal
Platforms like Coinbase and eToro enable Australians to buy bitcoin using an e-wallet like PayPal. Moreover, platforms like eToro even accept payment via other e-wallet options like Neteller, WebMoney, and Skrill to let you buy bitcoin.
The commission charged upon purchasing bitcoin via PayPal depends on your selected exchange. For instance, eToro charges 0.5% commission on PayPal purchases, whereas Coinbase charges 3.99%.
Which One’s the Best Way?
Apart from the preferred payment options, when considering the best ways to buy bitcoin in Australia, you’ll have to determine the investment platform for use.
For instance, you can either choose a traditional online broker or an exchange for buying bitcoin. Moreover, you’ll have to consider whether you need a centralised or decentralised platform.
Here is the investment platform you need to consider before buying bitcoin in Australia:
Bitcoin Exchange
By using a bitcoin exchange, you’ll be able to trade off alongside other investors. The bitcoin exchange that you choose will come in between buyers and sellers. It means the platform must be capable of availing ample levels of liquidity when needed. If not, you’ll find it challenging to have an entry or exit point during a flattering price.
Before buying bitcoin via any exchange in Australia, you’ll have to make numerous considerations. Firstly, several exchanges are unregulated, so you will remain unprotected if anything goes wrong. Secondly, exchange platforms that function without any regulatory license can often fail to offer AUD deposits and withdrawals.
Thus, you’ll have to deposit another crypto, followed by the need to swap tokens for bitcoin.
Buying Bitcoin In Australia: Centralised vs. Decentralised Exchanges
When planning to buy bitcoin via an exchange, consider whether it runs as a decentralised or a centralised unit.
- Centralised exchanges are generally run by third parties that take care of account registrations and the processing of deposits and withdrawals.
- Decentralised exchanges are not run by any third party or intermediaries. It means any bitcoin purchaser will have to trade with others directly.
If you just stepped into the world of bitcoin, it’s best to go with a centralised platform as they’re highly focused on catering to the investment needs of beginners.
Buying Bitcoin In Australia: Bitcoin Broker & CFD Broker
- With a traditional broker, you can enjoy user-friendliness, convenience and safety in your bitcoin purchase process. One good example is eToro.
- Another option is using a CFD broker which benefits you with 0% commission, minimal deposit, and multiple licensing. An example of a CFD broker is Capital.com.
Final Thoughts
Get the most out of this comprehensive bitcoin guide to make a seamless entry into the world of cryptocurrency in 2022. Use this bitcoin guide to make an informed decision to make your bitcoin purchase easier than ever.
