Did you know that over 4.1% of the population of Australia owns cryptocurrency today? What’s even more interesting is that as Bitcoin becomes more popular as an investment instrument, the number of people engaged in Australia’s Bitcoin and crypto industries is expected to rise. 

Now comes the big question: Where can you buy this digital asset? The simplest way is through a cryptocurrency exchange. 

In this article, we'll go over everything you need to know about Bitcoin, including why you need a crypto exchange, the best platform to buy Bitcoin in Australia, and more. 

So, without any delay, let’s dive in!

Understanding Bitcoin and Cryptocurrency Exchanges 

Bitcoin (BTC), introduced in 2009, is a virtual currency designed to function as digital money and a form of payment. This cryptocurrency or virtual currency was introduced by an unnamed developer or group of developers known as Satoshi Nakamoto. 

Since its inception, the asset has become the most well-known cryptocurrency in the world. Today, the success of Bitcoin has influenced the development of numerous additional cryptocurrencies. If you’re wondering where to buy Bitcoin, cryptocurrency exchanges are the best places to do so.

Australian crypto exchanges serve as an online marketplace to buy and trade cryptocurrencies using AUD. They allow you to invest in these digital assets at current market values. However, remember that investing in cryptocurrencies incurs a charge, which will vary depending on the exchange you trade on. 

This brings us to the question, what crypto exchange is the best choice for Australians?

Why CoinSpot is the #1 Choice for Australians

CoinSpot is a highly trusted Australian exchange that was launched in 2013. It’s one of Australia's oldest and most reliable cryptocurrency exchanges which is evident by its 2.5M+ user base. 

But that’s not exactly what makes this crypto exchange stand out. Instead, CoinSpot notably allows users to access more than 460 cryptocurrencies, including the most popular digital currencies today such as Bitcoin. Not to mention various trading options, including quick buy/sell, limit orders, market orders, and stop-limit orders. They also offer extremely low 0.1% trading fees when buying Bitcoin and other popular coins on the market. 

CoinSpot also has a user-friendly interface on their desktop site and mobile app, making it easy for beginners to buy their first cryptocurrency. They also allow customers to download their Australian transaction reports to help them track their trading strategy. 

All these factors, combined with over 25,000 positive customer reviews, give CoinSpot a solid reputation among investors. 

Features that Distinguish CoinSpot

CoinSpot has strengthened its reputation as the best platform to buy crypto in Australia thanks to the following features:

User-Friendly Interface

CoinSpot makes it simple to sell, purchase, swap, and trade cryptocurrency through its simple and intuitive interface. This makes it an ideal trading platform, especially for beginner and intermediate traders.

A Wide Variety of Supported Coins

CoinSpot's platform supports over 460 cryptocurrencies, both popular and new. In case they don’t have a specific cryptocurrency you want to trade, you can always submit a form and request to add that digital asset to the platform. That said, some popular cryptocurrencies you can trade on CoinSpot include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Solana (SOL)
• Tether (USDT)

User-Friendly App

Besides an easy-to-navigate website, CoinSpot also features a user-friendly mobile app for iOS and Android users. This app lets you access the platform's features, from buying to selling, NFT trading, and more. 

Their mobile apps also include biometric security features like fingerprint and facial recognition to add protection whenever you access your CoinSpot account from your smartphone.

Solid Security Measures

The exchange adheres to industry best practices and security standards to secure user funds and assets on CoinSpot. Notably, it is accredited by Blockchain Australia and Sci Qual International, which ensures it follows the Australian Digital Currency Industry Code of Conduct. 

Moreover, the platform employs SSL encryption, two-factor authentication (2FA), firewall protection, and anti-phishing solutions by implementing the following security measures:

• ISO 27001 Standard: ISO 27001 is a global standard for information security management operations. To implement this, CoinSpot has undergone an external audit demonstrating that the exchange complies with the best industry practices to secure user data, funds, and assets. 
• Cold Storage: This means that most of the assets held by CoinSpot users on the platform are held in extremely secure offline locations or hardware wallets. This approach helps protect user assets from hackers and system outages.
• HackerOne Programme: As an added layer of security, CoinSpot pays security professionals and ethical hackers to test, identify, and report any issues or flaws as part of its HackerOne programme.

Alongside all these features, you can also choose how secure you want your account to be. So, while you can enable two-factor authentication — which requests a code from your phone or an app when you log in or make a transaction — it isn’t mandatory. 

The exchange also allows you to limit the amount you can withdraw and the duration of your sessions to prevent anyone from accessing your account without your consent.

NFT Marketplace

CoinSpot's NFT Marketplace features a variety of products, including artwork, games, and other stuff. What’s more? This marketplace features all the popular NFT collections, including Bored Ape Yacht Club, VeeFriends, Meebits, and more. 

So whether you’re looking for a popular NFT artwork or a newer NFT, CoinSpot has it all. That said, you can choose to invest in various NFTs based on your preference, varying in prices and trade volumes. 

24/7 Customer Assistance

Another praiseworthy feature that makes CoinSpot an ideal platform to buy Bitcoin is its 24/7 customer assistance through live chat or help desk service. This makes it easier for users to address their enquiries or concerns anytime, anywhere. 

The platform also features a support page with helpful guides and comprehensive answers to all the common FAQs, making it easier for new users to navigate the platform. 

Secure Cryptocurrency Wallet

CoinSpot also features a secure and convenient multi-chain cryptocurrency wallet. Using this wallet, you can trade, deposit, and withdraw any coin or token that CoinSpot supports without needing a third-party digital wallet. 

The best part about using CoinSpot’s wallet is that you can check your balances and transactions directly using their website or the app. You can also give and receive coins via QR codes or addresses.

Self-Managed Super Funds (SMSF)

CoinSpot's SMSF feature is an excellent way to diversify your super fund portfolio using cryptocurrency. Why? Primarily because it offers a read-only API interface for accountants and investment managers to track your portfolio. 

You can use this feature to easily handle your tax and audit obligations through end-of-year reporting. This makes obtaining all the information you need to file your tax returns and comply with the rules is easier. In case you’re having trouble, the exchange also has a local SMSF support team that is always available to assist you with any concerns. 

Over-The-Counter (OTC) Trading

CoinSpot’s OTC feature allows you to trade directly with another individual without using a public order book. Using this feature, you can purchase and sell large amounts of cryptocurrency with quick transfers at minimal fees. It also has little price slippage, which refers to the price fluctuations between when you place a trade and when it is finalised. 

User Reviews and Ratings on Trustpilot

Aside from the prominent features, CoinSpot is also worth considering in Australia because of its proven track record and great user evaluations. Notably, CoinSpot has over 2,000 user evaluations on TrustPilot, with an average rating of 4.4 out of 5. Most of the positive reviews emphasised CoinSpot's simplicity and usability. 

This demonstrates that the exchange is appropriate for new and experienced investors wishing to trade on a straightforward cryptocurrency exchange. One satisfied client said CoinSpot is:

"super easy to set up and get started."

A 5-star review of CoinSpot's app stated:

 "a very easy-to-use app interface with real-time price updates and transactions" as well as "advanced charts for professional trading." 

These reviews prove that CoinSpot is a reliable and user-friendly crypto exchange to buy Bitcoin Australia.

How to Safely Buy Bitcoin in Australia 

So, after reading all of these features, if you’re planning to buy Bitcoin in Australia through CoinSpot but don’t know how — don’t worry, it’s not complicated at all. 

Follow the 3 simple steps below to begin your Bitcoin trading journey today. 

Step 1: Create an Account

To start trading on CoinSpot, you need to first register on the exchange. You can do that by entering your email and password on their website’s homepage here. 

Once registered, proceed to verify your account by following the instructions sent to the email you provided during registration.

Step 2: Deposit Funds

Since CoinSpot is an Australia-based platform, to start trading, you can deposit AUD. Click on the dropdown arrow, then click 'Deposit AUD' (as shown in red below). You will see several options to deposit money into your account, with the easiest ways being PayID or Direct Deposit.

Step 3: Begin Trading

Once the funds are transferred, you can start buying digital assets like cryptocurrencies and NFTs on the platform. To buy BTC, you simply need to: 

• Click on 'Buy/Sell'
• Click 'Buy BTC'
• Enter the AUD amount you want to invest in BTC
• Click ‘Buy’ and then follow the prompts to finalise the order

Legal and Regulatory Considerations for Buying Bitcoin in Australia 

If you’re unsure whether Bitcoin is even legal in Australia – the answer is YES. Since 2017, crypto and cryptocurrency exchanges have gained full legal status in the country. 

Today, Bitcoin and other cryptocurrencies are classified as property in Australia, legally qualified for trading, spending, receiving, and storing. In fact, these digital currencies are also a valid form of payment for both personal and business transactions in Australia.

It is also worth noting that blockchain and cryptocurrency in Australia have always had neutral and stable market incentives. And with the growing Australia-based innovations, it is evident that the country strongly supports technology innovation in digital payments, crypto assets, digital investments, and more.

The Future of Bitcoin in Australia 

Did you know? According to Cathie Wood, CEO of Ark Invest, the Bitcoin price is expected to reach a whopping value of $US1.48 million by 2030. 

According to senior analyst Nicholas Sciberras of Collective Shift, this prediction sheds light on Bitcoin's potential growth and value surge in the coming years.

As per Sciberras, this bullish future for Bitcoin can be determined by established financial structures' strength or lack thereof. In Sciberras's words:

"There are serious issues in the global economy, with the US facing a banking crisis and growing debt obligations." 

Now, if bank failures persist in 2024, the government may be forced to intervene and create other forms of money, like digital currency. This would significantly depreciate the US currency, affecting the value of other currencies like AUD, similar to what happened during the COVID-19 pandemic.

"In this scenario, Bitcoin's role as a known, fair, and resilient asset with a fixed supply where the rules of the game are not easily changed could become attractive," said Sciberras.

Expert analysts like Sciberras also predict an increased demand for block space on the Bitcoin network as a beneficial trend in Australia. Additionally, the increased demand, utility, and fees for miners may limit the constant concerns about Bitcoin's long-term security budget. 

As predicted by experts, some additional trends and growth possibilities of Bitcoin in Australia include:

• The growing acceptance of the Lightning Network, a layer over Bitcoin that allows for speedier transactions, may lead to Bitcoin becoming more of a payment method than a store of wealth.
• If Bitcoin can continue progressing and adopting in the payment front, it could increase its overall utility and become more 'money' like. This will allow the asset to reach those lofty price targets.
• Spot Bitcoin ETF certification is also a crucial factor that may impact Bitcoin's price in 2024. It would not only demand physical Bitcoin purchases, potentially raising prices, but it would also lend significant legitimacy to cryptocurrency.
• Lastly, the Financial Accounting Standards Board's (FASB) new digital asset reporting regulations will make reporting and holding cryptocurrencies easier for firms. These new guidelines, which may go into effect in December 2024, can allow companies to add Bitcoin to their balance sheets more frequently.

Conclusion

Today, cryptocurrency has become a popular and legal digital investment option in most countries, including Australia. With this wide familiarity, it is now easier for investors to start trading crypto on secure, user-friendly exchanges like CoinSpot. 

However, before you join an exchange, comparing CoinSpot’s features and limitations with your specific trading requirements is important. This way, you can pick the right platform to begin your crypto trading journey in Australia.