Australia is currently one of the places where more and more people invest in cryptocurrencies like Bitcoin (BTC) and other altcoins such as Litecoin (LTC), Ripple (XRP), and Ethereum (ETH). Well, you can also buy Bitcoin Cash (BCH) in Australia. Even though the Australian law doesn’t give cryptocurrency the same treatment that fiat currency gets, the competition between Bitcoin rates and the Australian Dollar (AUD) is getting heated day by day.
However, the lack of clarity regarding digital currency has not hindered Bitcoin’s growth in the country. That is why, if you are from Australia, you have more than a few methods to purchase Bitcoin by paying cash. That’s true. You don’t even need any fancy digital wallets or experience with cryptocurrencies. Instead, you can use day-to-day transaction methods like a credit card, debit card, and bank transfer to get as much Bitcoin as you want.
While that’s true, buying Bitcoin from a random website isn’t the best thing to do since scammers always try to target people who are into cryptocurrency trading. So, even when you want to use more traditional payment options like a credit card or fiat money, you should always choose the best options. Well, let us help you out.
Different Ways to Buy Bitcoin with Cash in Australia
Here, we will look at the best methods to purchase Bitcoin — and some other cryptocurrencies — by paying cash. We have covered both the digital and semi-digital strategies so that you can choose the most convenient option. Of course, privacy and security have been the primary selection criteria here.
Crypto exchanges are probably the best place to buy Bitcoin, regardless of whether you want to pay in cash or cryptocurrency. These platforms aim to enhance crypto tech’s growth and the popularity of cryptocurrencies like Bitcoin and Ethereum.
Luckily, Australia has no scarcity for cryptocurrency exchanges in the country. There are so many options that we had to filter some of them based on the standard selection procedure. Before we check all that, we need to have a clear-cut idea about cryptocurrency exchanges.
How Does A Cryptocurrency Exchange Work?
A cryptocurrency exchange works exactly like any other money exchange. The only difference is that you will be paying cash, and the business would give you the corresponding amount of cryptocurrency in return. For instance, let’s say that you have to buy Bitcoin worth USD 200. You can pay the amount to the crypto exchange, and they will give you the money back.
To do this, you may have to create an account and proceed with a necessary verification process. In most cases, the exchange would recommend a bitcoin wallet where you can store your bitcoin. This process is speedy and doesn’t require any prior experience with cryptocurrency or blockchain technology. You can find both online and offline exchanges, but we prefer the former for its enhanced speed.
Are Cryptocurrency Exchanges Free?
They are not. Depending on the number of Bitcoin you want and the payment method you use, the exchange will charge you a specific amount. You may also have to pay some transaction fees if you use an additional payment gateway on the course. You could say that Bitcoin exchanges are doing the hard work for you and charging an amount for it.
Note: You should keep in mind that not all cryptocurrency exchanges accept fiat currency as a payment mode as such. You have to pick a good exchange platform that trades Bitcoin and supports popular payment methods. At the same time, some exchanges accept third-party payment methods like gift cards.
Best Exchanges to Buy Bitcoin with Cash in Australia
Below, we have covered the best cryptocurrency exchanges that help you buy Bitcoin by paying cash.
Swyftx claims to be Australia’s most trusted cryptocurrency exchange, and we have reason to believe that it is true. It’s also one of the most straightforward methods to obtain Bitcoin. First and foremost, you can use a three-step process to get as many Bitcoins as you want. Once you have created a free account, you’ll verify your identity using your phone number and ID.
After this, you can deposit up to 20,000AUD and get Bitcoin in return. The exchange charges only a small network mining fees while depositing and withdrawing cryptocurrency. When you want to pay cash to acquire Bitcoin, you don’t have to pay anything at all. You can use methods such as bank transfer, OSKO, PayID, or POLI. It’s the best choice for those who are new to the world of Bitcoins, though.
Swyftx is the recommended choice if you are entirely new to the world of Bitcoin and cryptocurrency. While the fees are considerably high, well, there are fewer steps to go wrong about.
CoinSpot has been another popular name among cryptocurrency enthusiasts. This company had its inception in 2013 and has been selling Bitcoin by accepting cash payments. In this exchange, you have to deposit the fiat money into the account first. After that, you can enter the amount of Bitcoin you want to buy from CoinSpot. Alternatively, you can enter the AUD equivalent of the BTC.
In either case, your transaction would happen in a few seconds. Just like Swyftx, CoinSpot does not charge you any transaction charges when you make direct deposits or pay via POLi or PayID. However, if you want to use BPAY or cash, you get a fee of 2.5%. On the brighter side, buy-selling limits on this cryptocurrency exchange are high. You can do transactions worth up to $100,000 on a day.
With higher transaction limits and advanced control options, CoinSpot suits customers who want to go big with Bitcoin investments and trading.
DigitalSurge is another cryptocurrency exchange that claims to make Bitcoin and crypto tech easier than ever. This free exchange deals with a vast amount of currencies, including Bitcoin and Ethereum. You can pay some of the lowest trading fees on these platforms, and the total commitment is fast too. However, this agency isn’t as old as the other ones we have tried.
In terms of fees, the company does not charge any withdrawal fees when you take out AUD from the Digital Surge system. You can choose between PayID and cryptocurrency as the free methods when it comes to the cash deposit. However, if you want to use POLi Deposit, you have to pay fees starting at $2. The trading fees on the platform are dependent on the volume.
If you are looking for reasonable transaction fees and plenty of features, DigitalSurge is an option that you should check out.
Some of the other cryptocurrency exchanges popular among Australian customers are as follows. While two of the following exchanges are optimized for customers, others serve people from worldwide. All these exchanges ensure the best level of security and privacy, though.
- Independent Reserve, which supports PayID, POLi, SWIFT
- CoinJar, which allows you to deposit cash, BPAY or PayID
- Binance is another popular name, but it supports PayID only. It isn’t exclusive for Australia, though.
Note: You should keep in mind that purchasing Bitcoins from these cryptocurrency exchanges doesn’t assure your anonymity. Regardless of the exchange you choose, you will have to provide some ID verification. You may not have to upload documents or anything, but something connected to your digital identity will be used.
Peer to Peer Exchanges
Peer-to-peer exchanges are an alternative to traditional cryptocurrency exchanges if you want anonymity.
It is how a peer-to-peer exchange works. This platform connects buyers to people who are willing to sell cryptocurrency that they had purchased. Well, you get charged a trading fee for each of the transactions you make. As a result, these platforms use a system to ensure that both parties are given what they paid for.
Paxful is probably the most popular P2P exchange for buying Bitcoin with cash. This easy-to-use platform seamlessly connects buyers to potential sellers from across the world. You should check this out if you want to use a variety of payment methods as well. Even if you have a payment method that is not from Australia, you have a better chance of buying Bitcoin via Paxful.
LocalBitcoins.com is another P2P exchange that lets you purchase Bitcoin by paying AUD, regardless of where your seller is. Compared to other platforms, LocalBitcoins.com has a straightforward method that doesn’t take more than a few seconds. You can always check out the shared ledger to see if anyone is there to get Bitcoin’s right amount.
If you live on the East coast, you may have an option to purchase Bitcoin from an ATM. Yes, you heard that right. Instead of getting fiat money, you can go towards an ATM and get a sufficient amount of Bitcoins. This method is popular among investors, who may need some bitcoin urgently.
Bitcoin ATMs also come in handy when you want to protect your privacy. See, when you head to an ATM to buy Bitcoin, you don’t have to provide any ID proof. So, no one, except the people who see you, would know that you have a stash of Bitcoin!
For instance, if you want to purchase Bitcoin via an ATM in Adelaide, you have two options:
Bitcoin Dealers Adelaide
Rundle Mall, Level 4/55 Gawler Pl, Adelaide SA 5000.
Lunch On 107
107 Young Street, Parkside SA 5063.
Similarly, you can spot Bitcoin ATMs in cities like Launceston, Sydney, Brisbane, and Melbourne. And, as you can guess, Melbourne has a total of ten cryptocurrency ATMs, most of which sell Bitcoin. So, if you are looking for a genuinely cash-based Bitcoin purchase, you should head to one of these places.
You can use a website named Coin ATM Radar to see the nearest cryptocurrency ATM near you. Instead of giving you a random list of ATM locations, you can filter out options based on the specific currency that you want.
Other Methods to Buy Bitcoin with Cash in Australia
While given above are the most popular methods to purchase Bitcoin by paying cash, they are not the only ones. Here are some of the other options you can explore.
You can check out international cryptocurrency exchanges that allow multiple forms of payment. For instance, you can find exchanges that help you get Bitcoin using a credit card or PayPal. Because Bitcoins are decentralized to the core, there is no problem using one of these sites to get the cryptocurrency you need.
You can also use peer-to-peer exchanges like Paxful, but in another way. Instead of using the direct payment method that may tie your identity to the transaction, you can purchase a trade-in gift card that would work just as fine. These gift cards of iTunes, Amazon, or Walmart will help you get the corresponding amount of Bitcoin in an instant.
The Bottom Line
We hope this article cleared all your doubts about buying Bitcoin with cash. Based on whether you want to reveal your identity, there are four to five options to purchase Bitcoin. It’s just that you should pay attention while choosing the right cryptocurrency exchange or P2P exchanges. Otherwise, it may incur high transaction fees, which aren’t great for beginners.