How to Buy Crypto and Bitcoin in Australia
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Few assets have multiplied investors’ money like bitcoin has since its inception. The digital asset has gained roughly 1,000% over the past five years. Meanwhile, popular benchmarks like the Nasdaq Composite and S&P 500 haven’t even doubled over the past five years.
Bitcoin’s scarcity and decentralized nature may lead to more gains, and that prospect has attracted investors from around the globe. That’s no different for residents of Australia. Bitcoin and other cryptocurrencies are legal in Australia, and for its denizens, there are many ways to get exposure to this asset class.
This guide will unveil some of the options Australians have if they want to buy crypto.
Get started with a brokerage account
For investors who are averse to the crypto landscape, bitcoin ETFs can be traded through traditional equity brokerage accounts. But a fundamental concept of crypto is its decentralization — something that traditional brokerages do not provide.
These types of accounts are a good resource for beginners, but if you want full control and anonymity, you’ll want to use a digital wallet that doesn’t require any personal details. If you are just getting started and don’t care about making anonymous trades, a brokerage account may be right for you.
Many of these firms have been expanding their crypto offerings, allowing customers to buy the digital assets in addition to stocks, bonds and ETFs. Before you create a brokerage account, be sure to review whether the firm allows you to buy and sell crypto. (Some only let you buy bitcoin and ethereum.)
One major downside of a brokerage account is that you have to provide personal details like your ID and your Tax File Number (TFN). That’s because these types of accounts prevent you from being anonymous, which is a dealbreaker for some crypto enthusiasts.
If you have an anonymous wallet, you must avoid linking it to a brokerage account. That way, you can preserve your anonymity when making crypto transactions.
Use a digital wallet to keep your information private
Creating a digital wallet will give you more anonymity when you trade crypto. Some of these wallets do not require any personal details, such as your ID or Tax File Number.
Australians can choose from some of the best digital wallets, including Exodus, Zengo and Best Wallet. The last one, for example, is relatively new but has garnered strong reviews online and via the App Store and Google Play. The app has more than 30,000 reviews across both stores with an average of 4.4 stars out of 5.
Before committing to one, investors should compare crypto wallets based on their pricing, features and the number of cryptocurrencies they make available. For instance, Best Wallet charges a 3% transaction fee for buy orders and lets you invest in thousands of cryptocurrencies on more than 50 blockchains — most brokerage accounts and crypto wallets do not offer that many choices.
How to buy bitcoin in Australia using Best Wallet
You can follow these steps with most crypto wallets and brokerage accounts, and doing so means you’re only a few minutes away from being able to buy and sell crypto in Australia.
Step 1: Download the app
The Best Wallet app is available via the App Store and Google Play. Most crypto wallets and brokerage accounts are also available in those app stores. You will have to create an account, and Best Wallet will request that you provide a PIN and go through a simple biometric authentication process. These protocols will make your account more secure.
All of these apps and brokerage accounts will let you trade bitcoin. However, some digital wallets also give you exposure to various altcoins like ethereum, cardano, dogecoin and shiba inu.
Step 2: Head over to the “Buy” section
Best Wallet has a “Buy” section in its dashboard that makes it easy to trade cryptocurrencies. Most crypto wallets and brokerage firms have a similar section that streamlines the investing process. Be sure to select which crypto asset you want to buy.
Step 3: Enter the amount
Now that you have selected a cryptocurrency, the next step is to enter how much you want to buy. Best Wallet — and many other wallets and brokerages — will let you know how much bitcoin you can buy. For instance, if you want to invest AU$1,000 into bitcoin, Best Wallet will calculate what fraction of a bitcoins that amount can buy. This rule also applies to various altcoins as well.
Step 4: Provide your payment details
A crypto wallet or brokerage firm will request your payment details before processing the transaction. You will have to choose from options like a bank account, debit card or credit card. After entering this information once, it is saved for future purchases.
Step 5: Double-check the order ticket
After filling in these details, you can submit your order. However, it’s good to double-check the order ticket before you buy crypto. It’s good to ensure you didn’t make any mistakes, but you may look at your order and decide you want to buy more crypto. You can always change the pound amount before processing a transaction.
Buying crypto may feel complicated the first time, but it gets easier with experience. With enough practice, you can go from opening an order ticket to placing your order in one minute. For residents of Australia, numerous options are available, including brokerage accounts that offer access to crypto, as well as several highly rated crypto wallets.