Buy Bitcoin in Brisbane in 2023 [BTC]
Making Cryptocurrency Simple
Bitcoin’s growth has exceeded the expectations of even the greatest crypto enthusiasts. With a daily trading volumes reaching never before seen numbers in the market, we can’t argue over its legitimacy anymore. If you want to catch up with the “new normal” in the investment community, we’re here to guide you through your first steps into a successful Bitcoin purchase in Brisbane, QLD.
Amazingly enough, the process of buying Bitcoin is relatively simple nowadays. The more difficult part for an average beginner is choosing a suitable purchase method. If this is your main problem, reading How to Buy Bitcoin in Australia can be an encouraging starting point. Additionally, in the article below, you’ll find specific information on the most convenient Bitcoin purchase methods in your area.
How to Buy Bitcoin in Brisbane
The crypto market in Australia has developed to the point that it can respond to the individual needs of crypto traders accordingly. Put simply, if you’re a newbie and want to follow the usual path, you’ll probably buy your first Bitcoin through a cryptocurrency exchange.
In fact, exchanges are always a good choice. Even if you turn into an experienced Bitcoin trader, the majority of these exchanges offer upgraded versions of their trading platforms. On the other hand, if you favor cash, in Brisbane you can find several legit ways to buy Bitcoin with this method. At the end of the day, it’s all up to you. We’re here to discuss the most reliable purchasing methods you should take into account:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM (BATM)
Buy Bitcoin on Cryptocurrency Exchanges
A cryptocurrency exchange is an integral part of how traders access, buy, sell, or exchange their Bitcoin. So, what makes for a reputable exchange platform? Mainly, it has to be secure, user-friendly, and cost-effective. We also considered the variety of funding sources and the time it takes to process a transaction and prepared a helpful list of the Best Crypto Exchanges in Australia.
The Australian-based exchange platform Swyftx has satisfied all the criteria mentioned above. For that reason, we’ll use it as a model to illustrate how to buy Bitcoin in four simple steps.
Create an Account
Visit the Swytfx website or download their mobile app and click Sign up. Creating an account on Swyftx doesn’t differ from any other user-involved application. Enter your name, password, phone number, email, and don’t forget to enable 2FA authentication before proceeding with identity verification.
Verify Your Identity
Immediately upon creating an account, you’ll receive a confirmation email or SMS to verify your identity. Next, you’ll have to provide some additional personal information and submit a scanned copy/photo of your ID. Things will work out in a few minutes.
Make an AUD Deposit
At this point, your account has been activated and you can proceed by depositing some AUD. Navigate to Deposit and select a payment method. Swyftx supports bank transfers, OSKO, POLi, PayID, BPay, debit, and credit cards.
When will the deposit appear on your account? It depends on the payment method you’ve selected. However, once your AUD deposit arrives, you are set to buy your first Bitcoin. Go to the Buy Page and place a market order by inserting the amount of Bitcoin you want to buy or the amount of fiat money you’ve decided to spend.
Buy Bitcoin with Cash
We can’t deny that a lot of people wouldn’t give up on using cash. When it comes to the crypto market, you are allowed to use cash in return for Bitcoin. Before we start discussing cash alternatives, let us remind you to avoid peer-to-peer exchanges.
Even though the majority of such no-intermediary services offer escrow protection, you can’t protect yourself from the uncertainty and potential scams found on peer-to-peer trading platforms. Instead, let’s focus on some more progressive payment methods like Blueshyft terminals, Flexepin Vouchers, and OTC (over-the-counter) desks.
Blueshyft Terminals and Flexepin Vouchers
Blueshyft terminals and Flexepin vouchers tend to make Bitcoin purchases as easy as visiting the nearest convenience outlet. When it comes to Flexepin, you can buy a prepaid voucher at over 70 stores in Brisbane, in the amount between 20 to 500 USD. All you have to do is select Flexpein payment on your crypto exchange and insert the unique 16-digit code found on the voucher.
Blueshyft, on the other hand, follows a reverse process. First, you need to ask your exchange for a QR code and find a supporting newsagent with a Bluesfyft terminal where the generated code has to be processed to execute the transfer in the amount you’ve paid for.
Both Blyshift terminals and Flexepin vouchers are considered highly innovative payment methods with a shared aim to make Bitcoin purchases as convenient as possible. However, at this point, they are confined to a few crypto exchanges like Coinjar. There’s also a weekly/monthly limit and surcharges imposed by the supporting stores, in addition to the regular transaction fees.
Similar to regular crypto exchanges that match buyers and sellers on their platforms, over-the-counter (OTC) desks connect both parties acting as an intermediary that ensures anonymity. So, what is the core difference between OTC brokers and exchange platforms?
Primarily, OTC desks target investments larger than $100k. In return, they offer private brokers, high liquidity, no trading limits, and a guaranteed price. The last is of the utmost importance when dealing with large investments as only a fixed price can protect “big” buyers from slippage.
In simple terms, when placing a huge trade on an exchange platform, it will be broken up into several smaller parts. Once divided, each part will end up with a separate market price. After a given time, there will be no sellers at your quoted price, and some of the smaller parts will “slip” at the next available price, much higher than the initial. The increased Bitcoin price may result in a highly unfavorable financial outcome for the buyer.
OTC brokers are available in Australia on some of the international crypto exchanges like Coinjar, Kraken, or Independent Reserve. Other than that, you can always count on Australian-based OTC desks like Caleb and Brown or make an appointment to visit the local Bitcoin Dealers’ office in Brisbane.
Buy Bitcoin from a Bitcoin ATM
Bitcoin ATMs, sometimes referred to as BATMs, assume the role of physical exchanges where you can purchase Bitcoin with cash or debit card. Recognized as the future of the Bitcoin industry, BATMs deliver real-time transactions and charge a high commission for the pay-as-you-go services.
BATMs require KYC and ID verification in compliance with the strict AUSTRAC AML/CTF regulations. After completing the verification process, you just need to follow the instructions on the screen, submit your wallet address, insert the desired amount of AUD, and confirm the transaction.
BATMs in Australia can be easily spotted in major business centers like Sydney or Melbourne. However, according to Coinradar, there are only 2 BATMs available in Brisbane. Check the tracker to find out when new ones are added.
Frequently Asked Questions
Yes, it is. Australia is one of the leading countries in respect to Bitcoin regulations. In 2013, the Australian Tax Office (ATO) recognized Bitcoin (BTC) and other altcoins like Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Zcash (ZEC) as legal assets, subject to Capital Gain Tax. This means that any profit from buying or selling Bitcoin will be taxed.
Swyftx is the most highly recommended Australian exchange platform. It comes as a full package with an integrated digital wallet, a user-friendly interface, competitive prices, fast transfers, and great user support. It’s suitable for both beginners and more advanced crypto traders.
Most of the Bitcoin exchanges available in Australia do allow buying Bitcoin using your credit card. However, it isn’t the most recommended option due to multiple fees, transaction limits, and identity exposure (i.e. lack of privacy). Apart from the traditional trading platforms, credit cards are accepted on peer-to-peer exchanges and among cryptocurrency brokers.
Bitcoin and other blockchain-based currencies are managed and kept in a digital wallet. Bitcoin wallets store a collection of private keys acting as a password to protect your funds from unauthorized access. There are two main types of digital wallets: software (hot) wallets are convenient, free, and easy-to-use, but not recommended in terms of security as your private keys are kept online; the second type is hardware (cold) wallets, which are physical devices that keep your digital assets securely offline.
Most of the well-established cryptocurrency exchanges allow selling your Bitcoin in return for fiat money or another digital currency. You should sign up with the selected digital platform, complete a verification process, enter the amount of Bitcoin you want to sell, and finally, transfer the funds to your bank account. Always pay careful attention to withdrawal fees as they can greatly differ from one crypto exchange to another.