Crypto in Australia: The Ultimate Guide

Australia is one of the world’s most exciting blockchain markets with around a third of Australians holding cryptocurrency. Bitcoin (BTC) is also hugely popular on the continent, held by 70% of crypto investors.

Legislators are exploring ways to further integrate cryptocurrency into the mainstream economy as the nation seeks to take advantage of opportunities through wider adoption.

In this piece Ledger Academy covers how to buy, sell and hold cryptocurrency safely and securely in Australia. We also examine how to mine Bitcoin and other cryptocurrencies in Australia, if Bitcoin is legal in Australia, as well as buy and store NFTs.

This guide to crypto in Australia will equip you with the skills to confidently understand the state of crypto in Australia.

How to Buy Crypto and Bitcoin in Australia

Buying Bitcoin in Australia can be a simple process once you know how. Here we cover the best ways to buy Bitcoin in the land down under.

Buy Crypto in Australia: Step-by-Step Guide

You can use your Australian dollars to buy Bitcoin at an Australian exchange. There are also crypto ATMs in major cities such as Sydney, Melbourne, Brisbane, Perth and the nation’s capitol, Adelaide.

Step 1: Choose a crypto exchange 

If you’re wondering how to buy Bitcoin in Australia, or any other cryptocurrency, one way is to sign up to a centralized exchange (CEX).

Popular exchanges in Australia include CoinSpot, Swytfx and CoinJar.

Step 2: Register and complete the KYC process

To use a CEX you’ll need to sign up and complete necessary Know Your Customer (KYC) tasks.

The first order of business is to provide basic personal details including full name, date of birth and contact details including home address, phone number and email. 

As part of the KYC process proof of address is required, usually in the form of a bank statement or utility bill. Proof of identity is necessary in the form of government-issued ID including passport or driver’s licence. 

A photograph of both of these proofs is necessary and in some circumstances a facial verification is also mandated. 

KYC is an ongoing process in Australia and both the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) monitor exchanges. Customers may be asked to confirm the source of their funds and individual transactions over A$10,000 will be reported to regulators.

Step 3: Deposit funds

Once your account is approved, the next step is to deposit fiat so you can start buying Bitcoin or any other cryptocurrency. You’ll find this under Wallet, Assets or Deposit.

The most popular methods of crediting an account in Australia are Bank Transfer, Credit/Debit Card, PayPal and BPAY. 

Bank Transfers typically take 1-2 days but if you have PayID or Osko facilities at your bank the transfer can be instant.

Step 4: Choose the crypto you want to buy

Once you’ve credited your account it’s time to start selecting cryptos to purchase with your Australian dollars. Bitcoin (BTC) and Ethereum (ETH) are two of the most popular coins on the market.

Securely Store Your Crypto and Bitcoin in Australia

Crypto is a global industry, and threats can come from anywhere globally. If you want to store assets safely in Australia you’ll need best-in-class protection.

Private keys of software wallet compromised

Rather than leave your hard-earned crypto on a centralized exchange where it is vulnerable to hacks or exploits, it is far better to store your private keys in a self-custodial wallet.

There are two options for self-custody; software or hardware. Software wallets such as MetaMask are more secure than a centralized exchange, because you have complete control and ownership over your keys. But since software wallets remain connected to the internet, they are prone to attacks such as malware.

This was evidenced in November 2023 when Australian cryptocurrency exchange CoinSpot suffered a “private key compromise” of a software wallet they were utilizing. They managed to avoid passing costs on to customers, but the incident serves as a reminder Australian customers are also susceptible to cybercrime.

Hardware wallets offer best protection

The Coinspot incident serves to illustrate that both centralized exchanges and software wallets are prone to malware and other online attack vectors.

That’s why the most secure custody option is to use a hardware wallet such as the Ledger Stax or Ledger Flex.

Alternative way to Buy Crypto in Australia with direct Self-Custody

Other than exchanges, there are several other ways to buy, hold, and sell your crypto.

Step 1: Set up your Ledger self-custodial wallet

The most secure way to buy and manage your digital assets  is with a Ledger self-custodial wallet. The Ledger Stax or Ledger Flex are perfect for this.

Once your Ledger arrives, install the Ledger Live app supported on Windows, Mac, Linux, Apple or Android.

Connect your Ledger to your laptop or desktop. Open Ledger Live and click Get Started and then Initialize As New Device. Set a PIN and record your 24 word recovery phrase in a safe place, like on a piece of paper or in a diary.

Step 2: Install apps and create accounts

For each type of crypto you buy you will need an account. On the left side of the Ledger Live screen click Portfolio then Add Account.

For Ethereum or ERC20 coins add an Ethereum account. For Solana or SPL tokens add a Solana account. For Bitcoin add a Bitcoin account. 

Step 3: Buy crypto via Ledger Live providers

We partner with third-party providers so our Australian customers can enjoy the very best service and coverage. Our providers include PayPal, MoonPay and Coinify.

The Ledger Live app is designed to help Australian users find the perfect provider. The process for selection works as follows:

1. First go to the Buy/Sell page. 
2. Next, click on Find the Right Provider For You.
3. Choose the cryptocurrency you’ll buy today.
4. Select the purchase amount.
5. Click Confirm Amount.
6. Select Australia for your nation.
7. Choose a payment method like Bank Transfer or Credit Card.
8. Click Find Eligible Providers
9. Select the provider that suits you best.
10. Finalize the purchase.

For more information check out one of our guides on buying cryptocurrency with Ledger Live.

Top 5 Crypto Exchanges & Apps in Australia for 2025

Let’s take a look at some of the best ways to buy cryptocurrencies including Bitcoin in Australia in 2025.

Ledger Live

• No of currencies: 15,000+
• KYC required: The app can be used without KYC, but third party service providers may require KYC
• Trading Fees: Ledger Live charges no fees, but network fees apply
• Deposit Fees: No
• Withdrawal Fees: No
• Pros: Ledger Live is your one stop shop for purchasing cryptocurrency, allowing you to buy, trade and hold your coins safely and securely.

CoinSpot

• No of currencies: 450+
• KYC required: Yes
• Trading Fees: 1%
• Deposit Fees: 0 for Bank Transfers and PayPal, 0.9% for BPAY
• Withdrawal Fees: 0
• Pros: Largest number of available coins in the Australian market
• Cons: Relatively high trading fees

Swyftx

• No of currencies: 350+
• KYC required: Yes
• Trading Fees: 0.6%
• Deposit Fees: 0
• Withdrawal Fees: 0
• Pros: Friendly user interface
• Cons: Lacking in some advanced trading features

Binance Australia

• No of currencies: 350+
• KYC required: Yes
• Trading Fees: 0.1%
• Deposit Fees: No bank deposit for Australian dollars, Credit Card 2% fees
• Withdrawal Fees: No bank withdrawals for Australian dollars
• Pros: Very low fees
• Cons: Due to regulations in Australia, Binance cannot accept bank withdrawals or deposits.

CoinJar

• No of currencies: ~60
• KYC required: Yes
• Trading Fees: 1%
• Deposit Fees: 0
• Withdrawal Fees: 0
• Pros: User-friendly
• Cons: Limited cryptocurrency options, relatively higher fees

Is Crypto Legal in Australia?

Yes, cryptocurrency is legal in Australia. The Australian Securities and Investments Commission and the Australian Transaction Reports and Analysis Centre enforce the KYC processes.

Is Crypto Mining Legal in Australia?

Yes, it’s perfectly legal to mine cryptocurrency in Australia.

How to Mine Bitcoin in Australia?

Bitcoin mining can be profitable under the right circumstances. Let’s take a deeper dive into crypto mining in Australia so you can decide if mining is right for you.

Step 1: Choosing the right hardware

Crypto mining is energy intensive and with the cost of electricity comparatively high in Australia you’ll need to crunch the numbers before you decide whether to proceed. You generally need to mine cryptocurrency with specialist hardware known as an ASIC, although in some cases you can use a standard GPU on your desktop or laptop. For Bitcoin mining the best option is an ASIC.

There are a number of different choices you can make. Popular manufacturers include Bitmain with their Antminer range and MicroBT with their Whatsminer. These machines don’t come cheap and retail between A$7,000 at lower specifications and A$12,000 at the top end of the market.

If an ASIC is outside your price range you might consider GPU mining an alternative cryptocurrency like Monero or Zcash.

Step 2: Installing and configuring mining software

Once you’ve selected the right hardware the next step is to download mining software. For this you can search online, but be careful to only download from trusted official sources. Avoid sponsored links as hackers have been known to game the Google ads system to force malware onto unsuspecting users.

Step 3: Joining a mining pool

Using a lone GPU or ASIC demands patience, as there can be long periods without success. One of the ways miners get around this is by combining their mining power with other users to form a mining pool. 

If any machine in the pool mines a block, the rewards are then shared among the pool members. The result is regular income, but smaller rewards.

For Bitcoin, popular mining pools are EMCD, ViaBTC, AntPool and BTC.com. 

Step 4: Setting up a Bitcoin wallet

As part of the set-up process it is necessary to designate a wallet. Once you’ve set up your Bitcoin wallet as explained in ‘Install Apps and Create Accounts’ you can assign this wallet to your mining rig.

Crypto Tax in Australia

Everything you need to know about crypto taxation in Australia and capital gains tax rules.

Is Crypto Taxed in Australia?

Yes, crypto is taxed in Australia under capital gains when you swap one cryptocurrency for another or the Australian Dollar. This is because crypto is treated as property in Australia. That situation has not changed since 2014 but a court ruling in May could change matters in future. For now, any changes are speculative. We cover the situation as it stands today.

What is the Crypto Tax Rate in Australia?

Crypto profits in Australia are treated as capital gains but calculated under variable income tax rates. The rate varies from 0-45%.

When Does the Crypto Tax Rate Apply in Australia?

The Australian crypto tax system is progressive so the more you earn, the higher tax rate you pay.

• Under A$18,200 – 0
• A$18,201 – A$45,000 – 19%
• A$45,001 – A$120,000 – 32.5%
• A$120,001 – A$180,000 – 37%
• Over $180,001 – 45%

How to Calculate Tax on Crypto in Australia?

If you sell an asset for more than it cost you you’ve made a capital gain. If you buy a crypto for AS$1,000 and sell it at A$1,500 your capital gain is A$500. You then add your profit of A$500 to your income tax report for the year.

If you hold the crypto asset for longer than a year before selling your capital gain contribution is halved. So for the same A$500 profit you only need to add A$250 to your income tax statement.

You then calculate tax on the profit based on the income tax band you fall under.

How to buy NFT in Australia?

NFTs are not specifically defined by Australian legislation leaving them in a gray area. Profits from NFT sales come under capital gains tax like the rest of the crypto industry.

Step 1: Set up a crypto wallet

Australian collectors of Non-Fungible Tokens (NFTs) must first set up an appropriate crypto wallet. The best wallet for this task is one where the private keys are held by you like on your Ledger.

Step 2: Buy cryptocurrency

If you’re planning to buy NFTs with cryptocurrency you can first stock up using Ledger Live. The right crypto will depend on the gallery you are using and the NFT you wish to buy.

Step 3: Choose an NFT marketplace

There are a raft of different NFT marketplaces to select from. Some popular choices include OpenSea, Rarible, Blur and SuperRare.

Step 4: Browse and select an NFT

NFT marketplaces are like online art galleries. You can look at specific collections like Bored Apes Yacht Club or conduct a search for a specific piece. But if you don’t know what you’re looking for, it’s fine just to browse. Once you find a piece that catches your eye, click on it and the sale price information will be displayed.

Step 5: Buy or make an offer

The final stage on your NFT collector’s journey is to finally purchase an NFT. Some NFTs will have a Buy button. Just click on this and choose a payment method, either with cryptocurrency or with a Credit Card. In cases where an NFT is already held by a private collector it may be possible to place a bid, but there is no guarantee your offer will result in a sale.

Conclusion

Millions of Australians already hold cryptocurrency, but assets left on an exchange are always at risk. Similarly, assets left on a software wallet can be prone to malware and other cyber attacks. For security, the best place to store the keys to your private wealth is on a Ledger Stax or Ledger Flex.

Frequently Asked Questions about Crypto in Australia

Is Bitcoin legal in Australia?

Yes, Bitcoin is legal in Australia.

Do you pay tax on crypto in Australia?

You pay tax on crypto profits in Australia under income tax rules. For a full breakdown of crypto taxation in Australia see above under Crypto Tax in Australia.

Can you mine cryptocurrency in Australia?

Yes, it’s perfectly acceptable to mine cryptocurrency in Australia.

What is the best cryptocurrency to invest in Australia?

The best is a matter of perspective. Popular options include Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).