How to Buy Bitcoin in Australia

How to Buy Bitcoin in Australia

What are bitcoins?

Bitcoin refers to either the Bitcoin Network or the unit of currency, Bitcoin. It can be sent or received over the Bitcoin Network. It is one of the biggest industries coming up right now in the financial domain and for good reason.

Bitcoin is one of the industry leaders; and by far. It’s now worth $2469 compared to the industry second which averages at $350. Bitcoin was the original catalyst for the digital currency market. The currency grew slowly initially as the darknet developed.

Even though the currency was boosted by illicit activity, the users quickly realised the potential that Bitcoin had.

Where can you Buy Bitcoin Australia?

Buying and trading bitcoins has been pretty much unregulated in Australia. However, the institutions have ideas in terms of what Bitcoin regulations to set. The government is now taking suggestions from the FinTech Advising Group in order to install regulations.  So, it’s pretty easy to buy Bitcoin Australia; whilst some other countries aren’t so lucky.

As we always say, you should be very careful where you buy bitcoins from. A lot of the websites on the internet who claim to be in the Bitcoin business are scams. Here’s our recommendation for where to buy Bitcoin Australia.

Coinbase

Coinbase is the world’s most popular digital currency exchange, over $6 Billion worth of digital currencies have been exchanged on the platform. That includes Bitcoin, Ethereum and Litecoin. The exchange provides many advantages such as low fees, secure storage and faster transactions.

Coinbase is regulated and backed by several big media such as The Wallstreet Journal, Bloomberg and New York Times in the US.

The platform is quite intuitive and easy to use, beginners who are adventuring into the world of bitcoin will find it’s very informative and reassuring. Moreover, the website has a chatbot, for helping people with any issue, and it works pretty well surprisingly. It can understand you even if you make a few spelling mistakes, so it’s quite useful for beginners.

Coinbase has been the benchmark of good quality online exchanges, providing great security standards and several different coins, but is now facing many issues. Coinbase has been having issues with the website, users claim it bugs when coins are at their highest or lowest, restraining people from trading at such moments.

Overall, the website is pretty efficient and has great features too; so you can buy Bitcoin Australia now!

CEX.IO

The platform is very well designed and modern, it’s easy to use most of all. On the front page, CEX.IO has “Bitcoin Exchange You Can Trust” and I think that it sums up CEX.IO perfectly.

The FOK orders feature that CEX.IO increases the capabilities of the website since people are able to make instantaneous purchases. The platform also makes sure that during a transaction, if the market worsens or rises, you do not lose your money.

There are a few accounts available on the website; basic, verified, verified plus and corporate. These accounts differ in the deposit and withdraw limits you have, the verified plus and corporate have ‘unlimited’.

So if you’re a successful trader you might have to pay a higher fee on the transactions.

To be honest, I was surprised with the level of security that CEX.IO offers, it’s by far the best in terms of safety. The website is quite intuitive and has an easy to use interface. It offers high deposit limits for free accounts, which is great for beginner traders or Bitcoin novices.

I think that’s what makes CEX.IO stand out, the attention to consumer satisfaction is unparalleled in the industry.

Read our full review of CEX.IO here

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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