What is cryptocurrency?
A cryptocurrency (or crypto, for short) 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 debit card?
There are lots of cryptocurrency exchanges available in Australia, both local and global platforms. There are many unreliable exchanges, so you need to make sure you choose one that is trusted and secure. All of the top crypto exchanges in Australia have been tested by us, and are excellent choices. However, not all of them will accept debit card payments.
The #1 crypto exchange that accepts debit card deposits is Swyftx. It is an easy to use platform that offers more than 320 cryptocurrencies, staking on 20 coins, and even a Demo mode so you can practise trading with play money. To top if off, you will get FREE $20 Bitcoin when you sign up with our link. If you want to research Swyftx before committing to it, you can read our full review here.
How to buy cryptocurrency with a debit card?
It is simple to buy crypto using a debit card in four easy steps. I will go through each step in detail, using screenshots from my Swyftx account.
Step 2: Create an account
Step 4: Buy cryptocurrency
Step 1 - Choose a crypto exchange that accepts debit card deposits
The first step may seem obvious, but it is to decide which crypto exchange you want to use. Of course, you need to find one that supports debit card deposits. This is harder than it sounds, as many crypto exchanges don't allow this option. Swyftx is the #1 crypto exchange for debit card purchases, since it is user-friendly, offers 320+ coins, low trading fees of 0.6%, and low spreads. There are no fees to deposit AUD into Swyftx, including via debit card, but their third-party payment provider does charge a small fee of 1.99%.
The #2 option is eToro, and they don't 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 deposit AUD with your debit card. In this guide I will include several screenshots from my Swyftx account, so to make it easier to follow along, my suggestion is to sign up with Swyftx.
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An alternative Australian exchange
Step 2 - Create an account
It is fast and easy to create an account with Swyftx. All you need to do is fill out the short form on this page: https://trade.swyftx.com.au/register/
After completing 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 number, email and identity by clicking each of the panels and following the instructions. This shouldn't take you more than a few minutes.
Step 3 - Deposit AUD into your account with your debit card
After your account has been verified, you are ready to deposit funds into your account using your debit card. Click Quick Deposit in the menu on the left, which will expand a dropdown menu. Click on Deposit AUD and you will be taken to a screen like the one below.
When you scroll down the page you will see the various Deposit Methods. The fourth option (credit card) is what you will use to purchase with debit card (outlined in red below).
After you click on the Credit Card option, the toggle will expand. Click on the button saying Deposit with Crebit Card, which will open a popup window like the one in the screenshot below. Choose how much AUD you want to deposit, tick the consent box, then click "Start Deposit".
A popup from Banxa (Swyftx's third-party payment provider) will appear. Fill out your details there to start the KYC verification process. (This is different to the verification you completed earlier with Swyftx.) Once you have verified your identity, you will be able to make your deposit using your debit card by following the instructions.
Step 4 - Buy cryptocurrency
Debit card deposits will usually take 30 to 45 minutes before the money arrives in your Swyftx account. In the meantime, you can have a look at what cryptocurrencies you want to buy. The biggest coins like Bitcoin are an obvious choice, or you can consider popular altcoins or even penny cryptocurrencies. Remember to do your own research before purchasing, and never invest more than you can afford to lose.
After your AUD has arrived in your Swyftx account, you will be able to see it under the "Balance" section at the bottom of the menu. Now you can to buy some crypto! Click on Trade at the top of the menu and then click Buy (highlighted in blue below). Now type in the crypto you want to purchase and select it from the list. In my example I bought Ethereum. You can see the price for your chosen cryptocurrency in the middle of the screen.
Choose how much crypto in AUD that you want to buy (circled in red in the screenshot below), then click on the blue "Instant Buy" button.
A confirmation pop-up window will appear, with the purchase amount, price, fee and total amount in AUD. When you are happy with the information, click the Confirm Buy button, and your crypto will be automatically stored in your online wallet in Swyftx. Congratulations on buying your first crypto with your debit 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 transfer your crypto to a personal wallet (e.g. a hot wallet app, or a more secure cold storage hard wallet, like Ledger or Trezor).
Is buying crypto with debit card in Australia legal?
Yes you can legally buy, sell and trade crypto in Australia using a debit card.
Is buying crypto with a debit card in Australia safe?
Buying crypto in Australia with a debit card is safe, as long as you choose 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 few options out of those that supports debit card deposits for Australians.
Can I use a debit card to buy any cryptocurrency?
As long as the cryptocurrency exchange you use supports debit 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 debit 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
Marketplacefairness.org 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.