Want to Buy Bitcoin? Buy BTC the Easy and Secure Way
Want to buy Bitcoin in Australia? The first thing to know is that it is easier than you think, so don’t be intimidated.
Many crypto exchanges operate like any other app where you buy the things you like. Here are the steps you need to follow.
Choose an exchange
Roughly speaking, an exchange is to cryptocurrency what a bank is to money. A crypto exchange is simply an online platform where you can buy, sell and store your cryptocurrency of choice.
Prove who you are
Like a bank, you do have to show your cute little face and prove you are an actual human. Local regulations tend to differ depending on the country, but generally speaking, get ready to hand over ID like a driver’s licence, a passport, or other identifiers like bank statements and other bills.
Payment method
After your ID has been accepted, you can then create an account on the exchange. After this is done, you can move normal everyday money (fiat) via your chosen payment method into your crypto account.
From there, you can choose Bitcoin, and how much you want to buy.
There are fees involved in converting fiat to Bitcoin, and there are also fees to buy Bitcoin with a credit/debit card, or with Apple/Google Pay. However, these fees are small, usually around 1%-2%.
CoinJar Exchange has trading fees of 0.1% or lower.
How to buy crypto with CoinJar
Get yourself a wallet - how to store the Bitcoin you buy
You will need a digital wallet to hold your Bitcoin. There are a few different ways to do this. Here is a guide with everything you need to know.
Once you have your wallet set up, you can buy Bitcoin on the exchange and store it in your wallet. Now you are a Bitcoiner! Welcome to the club!
As always, do your own research before diving into Bitcoin or any other cryptocurrency that has caught your attention.
What to do with the shiny new Bitcoin you buy
You can hold onto your Bitcoin (called HoDLing - Hold on For Dear Life) and hope that the price rises, so when you sell it you can make a profit. Remember that if you do make a profit you have to report this to the tax office.
You can also spend it. Many merchants now accept Bitcoin in payment. You can even buy property and cars with Bitcoin!
Buy Bitcoin in Australia: Conclusion
CoinJar is a cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin and other cryptocurrencies in Australia. You can use CoinJar to store your digital assets in secure crypto wallets, and access them anytime with the CoinJar app.
To buy Bitcoin on CoinJar, you need to create an account and verify your ID. Then, you can choose from various payment methods, such as debit card, credit card, or bank account transfer.
CoinJar offers fast and low-fee transactions, and supports multiple currencies. CoinJar is one of the most trusted and longest running crypto exchanges in Australia. Whether you are new to cryptocurrency or an experienced trader, CoinJar can help you manage your portfolio and enjoy the benefits of the cryptocurrencies market.
Frequently Asked Questions
What are CoinJar’s fees?
All Australian dollar (AUD), Pound Sterling (GBP) and Euro (EUR) bank deposits and withdrawals on CoinJar are free.
You can make deposits using PayID, bank transfer using BSB and account number, SEPA and Faster Payments.
However, some things do incur a 1% fee.
-Buying and selling cryptocurrency using AUD
-Making a purchase with CoinJar Card
-Converting crypto to crypto.
Also, Instant Buy (Visa and Mastercard purchases) have a 2% fee.
Our professional trading exchange, CoinJar Exchange, has lower fees that range between 0% and 0.1%.
You can find a full list of our fees here.
Is CoinJar Australian?
CoinJar is Australia’s longest-running cryptocurrency exchange. Since 2013, we’ve helped more than 600,000 people worldwide to buy, sell, send, and even spend billions of dollars in Bitcoin, Ethereum, and dozens of other cryptocurrencies.
Is CoinJar secure?
CoinJar is one of the longest-running crypto exchanges on the planet, operating with no unplanned downtime since 2013.
We keep the vast majority of customer assets in cold storage or private multi-sig wallets and maintain full currency reserves at all times.
Personal and financial information is stored and processed in cloud services that meet our strict infrastructure security requirements. We’re also fully registered and compliant with AUSTRAC and the Financial Conduct Authority UK for anti-money laundering purposes. For more information, read up on our Security.
What is the minimum deposit for CoinJar?
You can start trading on CoinJar with as little as AU$10. The maximum amount depends on your CoinJar's account limits and the transfer limits set by your bank. However, if you want to deposit millions, high roller, you can (with CoinJar’s compliance team approval).
For more information, check out our Support article on account limits.
How to buy crypto on CoinJar?
CoinJar has two ways to buy cryptocurrencies, both are quick and easy. To buy crypto on CoinJar, you must prove your identity first.
After that, you can hit the ‘buy crypto’ button on the homepage of the app. We offer 50+ cryptocurrencies to choose from. From here, you can instantly convert one crypto to another.
You can deposit funds with PayID, bank transfer using BSB and account number, SEPA and Faster Payments.
Alternatively, you can buy crypto in a flash using Instant Buy.
Just choose your crypto of choice, and hit ‘buy’. Select your preferred Instant Buy method under ‘credit/debit cards’.
How long does it take to set up an account?
Not as long as most people think! In about 5 minutes (or similar, in most cases) you can create a new CoinJar account and prove your identity. Once ID-verified, you can deposit cash, buy crypto, sell crypto, and you can also activate your CoinJar Card.
Is Bitcoin right for you?
Be sure to do your own research and buy according to what is right for you, and not what is right for other people. Don’t invest anything you aren’t prepared to lose.
Why choose Bitcoin instead of other cryptocurrencies?
Bitcoin is the first and original cryptocurrency, the model upon which all other cryptos were conceived from. It is the most popular crypto and is gaining more acceptance across the world every day.
Even big established investment houses are moving into Bitcoin as they FINALLY see its value after being negative about it for many years.
What do you need to buy Bitcoin?
All you need is the CoinJar app, your bank details or a credit or debit card. You will need to show ID before you buy.
Can you get rich buying Bitcoin?
How long is a piece of string? You can get rich investing in a lot of things. And many people have become rich investing in Bitcoin. However, many people have lost money too, as the crypto market can be very volatile! Do your own research and consider getting advice from a financial advisor.
How do I buy Bitcoin for the first time? How do I buy Bitcoin in Australia? How do I invest in Bitcoin as a beginner?
Download the CoinJar app. It is one of the easiest apps to use. Then follow the instructions above or on the app. If you can use a banking app, you can use CoinJar’s app, don’t be intimidated, it’s easier than you think!
How much will I get if I put $20 dollars in Bitcoin?
At the time of writing, $20 is currently 0.00026 BTC. Like dollars and cents, Bitcoin has smaller denominations called Satoshis. There are 100 million Satoshis in a Bitcoin, so you don’t need to buy a whole Bitcoin, you can buy part of one.
Terminology: How do you buy Bitcoin / How to buy Bitcoins Australia / Buy Bit coin / Buy Bitcoin BTC Australia / which is correct?
Bitcoin is one word, with a capital B. “Bit coin” is incorrect. The plural of Bitcoin is also Bitcoin. “Bitcoins” is largely agreed to be incorrect.
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CoinJar’s digital currency exchange services are operated by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC.
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