How to buy crypto with a credit card in Australia

How to buy crypto with a credit card in Australia

Robert McDougall

January 9, 2024


Key Takeaways

  • Cryptocurrency is a digital currency recorded via decentralized systems using cryptography to prevent fraudulent transactions.
  • In Australia, buying cryptocurrency using a credit card is possible from registered and trusted cryptocurrency brokers such as Swyftx.
  • The process involves choosing a crypto exchange, creating an account, depositing funds using your credit card, and buying cryptocurrency.
  • Swyftx, eToro, and CoinJar are among the best exchanges that accept credit card deposits in Australia.

What is cryptocurrency?

A cryptocurrency 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 crypto using a credit card?

In Australia, you have probably found that there are plenty of cryptocurrency brokers and exchanges available. But how do you know which ones you can trust, and which ones accept credit card? If you are buying crypto from the best Australian crypto exchanges, then you know you are using a legitimate and secure site that is registered with AUSTRAC. Swyftx is one of the few Aussie crypto exchanges that accepts credit card as a deposit method. Swyftx is an excellent user-friendly exchange with a unique Demo trading mode where you can buy and sell crypto using free play money with no risk. The platform has great customer service, with Live Chat support available, and you even receive $20 Bitcoin for free when you sign up. To learn more about Swyftx before you open an account, read my comprehensive article on Swyftx.

How to buy cryptocurrency with a credit card?

It is quite easy to buy crypto using your credit card, it is just four simple steps which I will take you through step-by-step with screenshots.

Step 1: Choose a crypto exchange that accepts credit card deposits

Step 2: Create an account

Step 3: Deposit AUD into your account using your credit card

Step 4: Buy cryptocurrency

Step 1 - Choose a crypto exchange that accepts credit card deposits

The first step is to choose a crypto exchange that's suitable for you, and importantly one that accepts credit card deposits. The options in Australia are limited when it comes to using a credit card, but I have found 5 options for you to choose from. Swyftx is my #1 choice, as it is very user-friendly, has Live Chat support, and low trading fees of 0.6%. Swyftx does not charge any fees for using a credit card, but their third-party payment provider charges a card fee of 1.99%.

eToro does not charge a deposit fee, but there is a currency conversion fee of 100 pips (~1.38%) and another currency conversion fee of 50 pips (~0.7%) plus $5 fee when you withdraw.

CoinJar charges 2% when you use a credit card. I will be using screenshots from my Swyftx account in this guide, so to follow along easier, you can also open an account with Swyftx. doesn't charge any deposit fee for amounts over $100. If you deposit a smaller amount, you will incur a small processing fee of $0.99.

Independent Reserve doesn't charge any fee for using your credit card to deposit, but your credit card issuer may charge a cash advance fee. You can contact your credit card issuer for additional information.

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Step 2 - Create an account

Opening an account is easy on Swyftx. All you need to do is fill out the short form on this page: 

After filling out the form, you will see your Swyftx account. You will need to verify your account to gain full access. Click on Profile in the menu on the left. Then click on Verification (highlighted in blue below). Verify your mobile, email address and ID by following the instructions. This process will only take a few minutes to complete.

Step 3 - Deposit AUD into your account with your credit card

After your account has been verified, you are ready to deposit funds into your account using your credit card. Click Quick Deposit in the menu on the left, which will expand a dropdown menu. Then click on Deposit AUD (circled in blue in my screenshot).

You will now see the Deposit page, and if you scroll down you will see the Deposit Methods. The fourth option is what you will use to purchase with credit card (outlined in green below).

After you click on the Credit Card option, the toggle will expand. Click on the button saying Deposit with Credit Card. It will bring up a popup window. Enter the amount you want to purchase in AUD, then click Start Deposit.

A popup from Banxa (Swyftx's third-party payment provider) will appear. Fill out your details there to begin the KYC verification process. (This is separate to the verification you have just done with Swyftx.) Once you have verified your identity, you will be able to make your deposit using your credit card by following the instructions. 

Step 4 - Buy cryptocurrency

Credit card deposits will take between 30 to 45 minutes to clear. While you are waiting, take a look at what cryptocurrencies you want to buy. The biggest coins by market capitalisation are a good place to start, or you might have heard talk of a small altcoin that will become big, but of course, remember to do your own research.

After you've done some research and your funds from your credit card are in your account (you can check by looking under the Balance section at the bottom of the menu), it's time to buy some crypto! Click on Trade at the top of the menu and then click Buy (highlighted in blue below). Now search for whichever cryptocurrency you want to buy by typing it in the search field (magnifying glass icon). In my example I typed Ethereum and then click on the name of the coin under the word Assets. You'll see the price for your chosen cryptocurrency on the screen. 

Enter how much crypto in AUD that you want to buy (circled in blue in the screenshot below). I want to buy $500 of Ethereum as an example, then click the blue Instant Buy button. 

You will see a pop-up window, confirming the purchase amount, price, fee and total amount in AUD. When you have checked the information is all correct, click the green Confirm Buy button, and your crypto will be found in your online crypto wallet. Congratulations on buying your first crypto with your credit card!

Frequently Asked Questions:

How do I store my cryptocurrency after buying?

After buying crypto with Swyftx your crypto will be automatically stored in a wallet on your Swyftx account. From this wallet you can send your crypto to your personal wallet (either a hot wallet app, or a more secure cold storage hard wallet).

Is buying crypto in Australia legal?

Yes you can legally buy, sell and trade crypto in Australia. 

Is buying crypto with a credit card in Australia safe?

Buying crypto in Australia with a credit card is safe, but only if you are using a legitimate and trusted crypto exchange. Swyftx is a secure exchange with multi-layered security, and registration with AUSTRAC, fulfilling its KYC/AML obligations to fight money laundering and financing of terrorism. For a comparison of the best legitimate crypto exchanges, check out the table below. Note that Swyftx is one of the only options that support credit card deposits for Australians.

Can I use a credit card to buy any cryptocurrency?

As long as the exchange you choose supports credit card deposits, you will be able to purchase any crypto on their platform. Swyftx has over 320+ different coins that you can buy using your credit card. If you are looking for how to buy Bitcoin, you might find this step-by-step guide useful. 

Comparison Table of the Best Crypto Exchanges in Australia

Digital Surge
Crypto Exchange
Crypto Exchange
Digital Surge
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
BTC, ETH, LTC, XRP, EOS & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 450+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, XRP, BCH, LTC & 300+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
PayID, Direct Deposit, Cash, Card, Cryptocurrency
PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
Spot: 0%, Futures: 0.0/0.01% (Maker/Taker) provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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