Key Takeaways
- Cryptocurrency is a digital currency that uses a decentralized system instead of a central issuing or regulating authority.
- Australians can buy cryptocurrency using bank transfers through reputable crypto exchanges such as CoinSpot, which has a simple interface, top-notch security, and a Live Chat support.
- The process of buying cryptocurrency involves comparing crypto exchanges, creating an account, transferring AUD from a bank to a crypto account, and buying cryptocurrency. After buying, cryptocurrency is stored in a wallet, which can be transferred to and from other wallets.
- Buying cryptocurrency using bank transfer is legal and safe if a reputable crypto exchange is used.
What is cryptocurrency?
A cryptocurrency (commonly referred to as crypto) is a digital currency where transactions are recorded using a decentralised system instead of a central issuing or regulating authority. It relies on cryptography to prevent counterfeiting and fraudulent transactions.
Where can I buy cryptocurrency?
Australians are spoilt for choice when it comes to brokers and exchanges where you can buy cryptocurrency using bank transfer, but the most important factor is whether it is a trusted and safe site. You won't go wrong if you use one of the top crypto exchanges in Australia, which have all been tested by us, and are all registered with AUSTRAC, to prevent money laundering and financing of terrorism. Our #1 recommendation is CoinSpot, with top-notch security, a simple interface, more than 430+ coins, and staking on 21 coins. It also has Live Chat support in case you find yourself stuck or confused with anything. To read more about CoinSpot before opening an account, read our complete breakdown of CoinSpot.
How to buy cryptocurrency?
There are four simple steps which I will go through in detail below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Transfer AUD from your bank into your crypto account
Step 4: Buy cryptocurrency
Step 1 - Compare the best crypto exchanges
The first step is to compare crypto exchanges that accept bank transfer, and choose one that is right for you. Based on our testing of Australia's best exchanges, these are the top 3 picks. We will be using screenshots from a CoinSpot account to show you step-by-step how to buy crypto using bank transfer, so for ease, I suggest you open an account with CoinSpot.
Top 3 Recommendations
CoinSpot
Best Overall
Rating
4.9
Swyftx
Best for Demo Mode
Rating
4.6
Crypto.com
Best App for Beginners
Rating
4.4
If you want to do more research before signing up to a crypto exchange, take a look at this detailed article on the best Australian crypto broker exchanges here. If you want to use your mobile phone for most of your crypto trades, then this article on best crypto apps in Australia is a great read.
Step 2 - Create an account
It is fast and simple to open an account with CoinSpot. Click on this link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. All you need to do is type in your email address, create a password, tick the box to show you’re not a robot, then Create Account.
After creating your CoinSpot account, you will need to verify your account. Click the "Complete Verification" button and follow the prompts. First you need to verify your email, then enter your personal details and then verify your driver license. When you have done this, you may need to wait some time for your verification to be processed. Feel free to explore the CoinSpot platform so you become familiar with how it all works.
Step 3 - Transfer AUD from your account into CoinSpot
After your account verification is complete, it's time to transfer AUD from your bank account into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click on that, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. For a bank transfer, click on "Direct Deposit", and you will see the details that you need, to send the money from your bank. If your bank uses Osko, the deposit will be instant, otherwise it can take 1-3 days.
Step 4 - Buy cryptocurrency
When your money has arrived in your CoinSpot account, it's time to buy some crypto. Click on "Buy/Sell" in the menu along the top, then search whichever cryptocurrency you want to buy. Alternatively, you can scroll down the list to choose which coin you like (see screenshot below). Click the buy button next to which crypto you like (In this example, I will buy Solana, so I click "Buy SOL".
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on the coin, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of SOL. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you have bought some cryptocurrency using bank transfer!
Frequently Asked Questions:
Where do I store my cryptocurrency after buying?
When you buy crypto with any of our recommended brokers you will be automatically given a wallet address where your cryptocurrency will be held. From this wallet you can transfer your crypto to and from any other wallets (fees may apply depending on the exchange). For a list of the best crypto wallets in Australia, click here.
Is buying crypto with bank transfer in Australia legal?
Yes it is legal to buy, sell and trade cryptocurrency in Australia.
Is buying crypto using bank transfer safe?
If you use a reputable crypto exchange, then it is safe to buy crypto using bank transfer. All of the top Aussie exchanges have multi-layered security, and you can buy with peace of mind. Have a look below at my comparison table of the best crypto exchanges for Australian crypto investors.
Does this method work for all cryptocurrencies?
This method will work for almost all cryptocurrencies you have heard of. CoinSpot supports over 430+ coins, so most likely you will be able to buy the coin you like using bank transfer. We actually made a guide specifically for buying Bitcoin if you're interested.
Comparison Table of the Best Crypto Exchanges in Australia
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