Guide : How To Buy Cryptocurrency In Australia

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Exchange Deposit Methods - Bpay, POLi, Cash, EFT or Credit Card

Most of the previously listed sites are fairly user friendly and you should be able to navigate to the deposit page where you can send the company AUD to use for buying. Typically you will start with a limit on how much you can deposit until you request this to be increased or provide more verification information. For example at BTC Markets, you can deposit $2,000 per day until you request a limit increase. If they like your reason for a limit increase this will be raised to $8,000 per day without too much hassle.

Bpay – I assume you are all familiar with Bpay, if not I think you’re in the wrong place and should leave this site immediately!

POLi – Now this one is slightly different and you may not have come across it before. It will feel incredibly invasive and alarm bells will be going off in your head the whole time. You will think you’re being phished into giving out your internet banking details! But I can speak from experience that this is not a scam and you won’t lose any more funds than you’ve given the site access to take. POLi Payments is a legitimate payment method - It has been around since 2006 and is currently operated by Australia Post.

Credit Card – This doesn't need any explanation. Just enter your card details and away you go.

EFT – Some exchanges will allow you to EFT funds directly into their bank account. Independent Reserve allows this and it is currently the only payment method they accept. Their company bank details are provided and you complete an EFT through your internet banking service and ensure you specify the reference number you are given so they can match the payment to you account.

Cash – Years ago, before exchanges and marketplaces were regulated the only way to buy bitcoin in Australia in AUD was to physically deposit cash into the providers bank account. There was a loophole where they could circumvent regulations about providing financial services and taking money from customers electronically. Extremely dodgy indeed. I bet more than a few people lost their dough. Some operators still provide this service for convenience, if you don’t want to use Bpay, POLi, or credit card. As long as you stick to the recommended places to Buy & Sell bitcoin you shouldn’t have any problems.

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