How to buy Bitcoin (BTC) with a bank transfer from Australia

By   |   Verified by Andrew Boyd   |   Updated 21st October 2022

A bank transfer is one of the most hassle-free and inexpensive ways to buy Bitcoin. There are many brokers that accept funds via bank transfers.

Scroll down for our step-by-step guide to buying Bitcoin with a bank transfer in Australia.

Unsure about what exchange to use?

Where to buy Bitcoin with a bank transfer

Binance Australia

On website

Highlights

  • Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
  • World's largest crypto exchanges.
  • Buy, sell, trade, and stake 1,000s of crypto coins and trading pairs.
  • Zero-fee deposit via PayID or Osko from Australia.

Pros

  • It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
  • Credit card or debit card deposits are accepted.
  • Provides charting and trading tools suitable for advanced crypto traders.

Cons

  • The platform UI can be complicated to learn for new investors.
Swyftx

On website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 300 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
  • Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
  • New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
eToro Crypto

On website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
CoinSpot

On website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
Cointree

On website

Highlights

  • Buy, sell and trade on Australia’s best crypto exchange - Get free $10 BTC after verification. Just use promo code 10BTC.
  • Secure, Safe & Easy - Trade 280+ cryptocurrencies, including Bitcoin, Ethereum, Ripple and Dogecoin
  • Crypto investing for your SMSF with detailed ATO compliant reporting – Get started in 5 minutes

Pros

  • Cointree has competitive fees for quick buys and sells.
  • You can view and copy the portfolios of recently successful traders.
  • Fast and easy trading with the Cointree app.
  • Get customer support 24/7.

Cons

  • Account verification may take up to 48 hours.
Independent Reserve

On website

Highlights

  • Instant deposits 24/7 via Osko/PayID.
  • Fee-free deposits are available. Trading fees from 0.5% down to 0.02%.
  • Invest in crypto for your SMSF and get detailed reporting for ATO compliance.

Pros

  • Automate your cryptocurrency trading strategy with Independent Reserve's AutoTrader feature.
  • Its built-in tax calculator makes it easier to file your tax return.
  • ISO certified and has an AUSTRAC license.

Cons

  • It has a limited number of supported coins compared to other exchanges.

First time buying?

How to buy Bitcoin with a bank transfer

Step 1: Choose what exchange to use

The first step is to open an account with an exchange that supports Bitcoin and accepts deposits via a bank transfer.

It’s easy to compare crypto exchanges with Finty. Things to consider include their fees to trade, deposit and withdraw fiat, and available coins.

Step 2: Verify your account

Once you have completed your account setup, you’ll need to verify your identity. This typically requires proof of identification, such as a driver’s licence.

Step 3: Decide how much to allocate

Bitcoin is a volatile asset that is notoriously difficult to forecast, oscillating from bull runs to bear markets.

It’s important to keep this volatility in mind and only allocate what you can realistically afford to an investment in Bitcoin.

Step 4: Deposit funds in your account

Bank transfers are one of the most widely-supported methods of depositing funds in your account. Be careful when setting up the transfer so the funds are sent to the correct account.

Step 5: Configure an order

After transferring funds to your account, you can configure an order to buy Bitcoin.

Most crypto exchanges offer a choice of orders. Market buys are the easiest way to buy Bitcoin. They require very little, if any, configuration. Once submitted, your exchange will buy at the next available price.

You can set up a trigger order to buy Bitcoin at a target price or, alternatively, set up a recurring order to buy more Bitcoin on a regular basis. You’ll need to make sure you have adequate account funds to execute this strategy.

Step 6: Buy

With everything completed, fill out the order form and buy Bitcoin.

Still not sure?

Pros and cons

  • Low deposit fees. Fees charged by exchanges to deposit funds with a bank transfer are significantly lower than they would be to do so with a credit card.
  • Widely supported. Bank transfers are supported by practically every crypto exchange.
  • No interest. Unlike credit card payments, bank transfers are drawn from funds you already have, so you are less likely to get into debt.
  • Multiple options. Various types of bank transfers are available including POLi and SWIFT.
  • May have a longer processing time. Bank transfers can take several days to clear into your account.

Extra help

FAQs

How long does it take for funds to transfer using a bank transfer?

It can take several days for funds to clear into your exchange account depending on the type of bank transfer used.

Can I buy Bitcoin with a bank transfer anonymously?

Yes, you can purchase bitcoins with a bank transfer anonymously on some platforms.

Can I buy other cryptocurrencies with a bank transfer?

Yes, you can buy other cryptocurrencies with a bank transfer. After funding your account, select the desired cryptocurrency and execute the transaction.