Summary: It is currently legal to buy Bitcoin, Ethereum and other cryptocurrenices in Australia through a regulated digital asset exchange. The guide below provides a quick overview on how to invest in Bitcoin as a complete beginner in Australia.
Bitcoin is becoming increasingly popular in Australia. A lot more investors are coming into the space to invest as adoption grows. Most of the new investors have no previous history of using Bitcoin and may be wondering how to go about it.
If you are one of those looking for guidance on how to purchase Bitcoin in Australia, this article is for you. This is a guide that will help you in your Bitcoin journey even if you have no experience at all.
This guide provides a step-by-step direction on how to go about buying your first Bitcoin using one of the top exchanges in the country, Swyftx.
So, how do I buy Bitcoin in Australia?
1. Sign up on SwyftX
The first step to buying Bitcoin on Swyftx is to create an account. Visit with this link to get $10 free when signing up on the SwyftX platform.
You will see the page as shown above. Click on the “Signup” button. This will take you to the page below where you should enter the required details.
Tick the box next to agreement and the captcha to prove that you are not a robot. Next, click the “Create account” button. Congratulations, your account has been created.
2. Verify your account
The next step is to verify your account. This process usually only takes 2 minutes to complete so it should be easy. To do this, simply click on the “Verify” button shown in the screenshot below.
You are expected to verify your email, phone number and ID document. To verify your email, simply click on the button under “Email” below.
An email will be automatically sent to your registered email address. Within the email, you will click on a link provided to verify that you own the address. Do the same for “Phone” and you will receive a verification PIN which you will need to provide on a popup box and submit.
Finally, click on the button under “Identity” to verify an ID document. You will have to verify your email and phone first as a condition for this step. You will be asked to enter some personal details which should match the information on your preferred ID document.
Your ID document can be a Driver’s Licence, International Passport etc. You will then need to carefully enter the information on the ID document. If everything matches up, you will have completed your initial verification.
3. Make a Deposit
Now that you have a verified account, the next step towards buying your Bitcoin is to make a deposit. There are several methods available for funds deposit but for Australian users depositing AUD, there are only 3 methods. These are Bank Transfer, POLi and PayID. You can read this guide on how to use each of them.
Once you have decided on the method to use, go to the “Trade” button which is just 3 places above the “Verification” button. Click on it and you will see a drop down menu. Go down to “Deposit”.
You will then see a new page with information such as minimum and maximum deposit amount, deposit methods etc. Select the deposit method of your choice and complete your deposit following this guide. Note that you may be required to do some more verification after you make your deposit.
4. Buying Bitcoin on SwyftX
This is the final stage. After you have your AUD on the exchange (it gets converted to USD automatically), you are now ready to buy. To do this, go under “Trade” again and click on “Buy” as shown below.
Simply input the amount of Bitcoin you would like to buy, or alternatively enter in the dollar value you would like to purchase and select "INSTANT BUY".
Your BTC you bought will be credited to your account.
Congratulations! You have just bought your first Bitcoin. It is advisable that you withdraw to your personal wallet though as funds safety isn’t guaranteed on exchanges.
I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.
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