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How to Buy Bitcoin with Australian Debit Card

It has become increasingly easy to buy Bitcoin online. Read ahead as we discuss how you could use your debit card to buy Bitcoin in Australia.
buy-bitcoin-debit-card-Australia
buy-bitcoin-debit-card-Australia

Buying Bitcoin with a debit card has become more accessible in recent years. Today many brokers and cryptocurrency exchanges accept e.g. VISA, Mastercard and Maestro debit cards as a payment method to buy Bitcoin easily.

It’s important to choose a regulated exchange with low fees, in this guide we review the best place to buy Bitcoin with debit card and cover each step, with screenshots.

Contents [show]

    Where to Buy Bitcoin with an Australian Debit Card – Quick Guide

    1. Choose a Bitcoin exchange – we recommend eToro as it’s regulated by the ASIC in Australia and has an office in Sydney
    2. Create an account
    3. Deposit funds into your account, selecting the debit card option
    4. Search ‘Bitcoin’ in the drop-down menu
    5. Click ‘Open Trade’ and select an amount of Bitcoin to buy

    Best Brokers to Buy Bitcoin with a Debit Card in May 2022

    The most regulated and well-known cryptocurrency exchanges that accept debit card deposits include eToro, Coinbase and Binance.

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    Before recommending brokerage platforms, we review and select them according to some guidelines. First and foremost, we consider safety and whether the platform has strong regulations and privacy policy not to share your details with a third party. Our top recommended brokers are fully licensed and are regulated platforms by tier-1 authorities.

    Next, we review their pricing system, which includes what trading and non-trading fees the brokers charge. eToro, which heads our list, is one of the most well-known low commission platforms. Plus, it does not charge any deposit fees and sets only a small $5 withdrawal fee.

    Another thing we took into account is the usability of the platforms. eToro, for instance, is best known for its social trading platform and tools and provides a good interface for beginners. In its turn, Coinbase has a very quick and simple-to-use platform for newbies and several trading tools for advanced traders. Binance is best known for its speedy verification of transactions and smooth user experience.

    How to Buy Bitcoin with an Australian Debit Card

    In this part of our guide, we will show you how to buy bitcoin with a debit card with our recommended broker eToro. As previously mentioned, this is one of the best platforms for trading financial digital assets as you can purchase bitcoin outright and through CFDs.

    Any debit card that can receive funds with a 3 digit CVV number can be used – VISA, Mastercard, Maestro, American Express (Amex) etc.

    eToro won’t charge any commission fees but will take only small spreads. Also, the broker does not charge deposit and conversion fees for USD contracts and has only a withdrawal fee of $5. You can also enjoy its social trading platform and a handful of social tools to make more advanced trades. To get started, here’s what you need to do:

    Step 1. Open an Account

    To create an account on eToro, visit its website with the provided link and click on the “Get Started” button. A registration window will show up where you must fill in your email, username and create a password. Continuing your registration process, you need to provide personal details, including your name, surname, phone number, and answer some of eToro’s questions about your investment goals.

    eToro registration form

    Step 2. Verify Your Account

    As eToro is a heavily regulated platform by ASIC, FinCEN, CySEC, and FCA, it has strict rules for account verification. Still, the process is pretty quick if you do everything correctly. eToro requires two types of verification – a proof of ID for which you must upload a copy of passport or a driver’s license and a proof of address which you can verify with a bank document or utility bill.

    eToro usually verifies accounts in a short time, but even if it takes longer, you can use its demo account to get familiar with the platform and its trading tools. When your account gets verified, you can finally jump to the next step.

    eToro verification

    Step 3. Deposit Funds via Debit Card

    At this point, you must charge your account with some funds to get started. eToro offers various payment methods, including bank cards, Skrill, PayPal, wire transfer, etc. To deposit funds with a debit card, select the credit/debit card method, fill in your card information, and the amount you want to fund.

    eToro debit card

    Step 4. Buy Bitcoin

    Now, what is left to do is to search for Bitcoin, which you can find under the ticker symbol BTC and enter how many coins you want to buy. eToro allows you to buy Bitcoin with several fiat currencies, including AUD, USD, EUR, GDP, etc. To do that, you need to click on the “Open Trade” button, and the broker will place the order in the market for you.

    Bitcoin Trade

    Buying Bitcoins Instantly with a Debit Card without Verification

    There are a handful of methods to buy bitcoin without verification using your debit card. One of these methods is to buy bitcoin from Bitcoin ATMs that you can find near your location. Still, it’s not a very popular method as you may not find a Bitcoin ATM at your site.

    Additionally, Some P2P marketplaces also allow you to buy Bitcoin directly from the seller without verifying your account. Plus, several crypto exchanges, like Binance and Paxful will let you make purchases without ID verification or partial verification.

    With this in mind, you need to take into account that although buying bitcoin instantly without verification may seem attractive, it should be mentioned that this method is not the safest of all. In this case, you provide your card information to a platform without knowing how they will use it then. With top brokers on our list, verification is mandatory as it’s a step toward more secure trading.

    Advantages and Disadvantages of Using a Debit Card for Buying Bitcoin

    Every payment method has its privileges and drawbacks over others when referring to its speed, transaction fees, acceptance, etc. That being said, let’s take a closer look at the advantages and disadvantages of using a debit card to buy bitcoin.

    Advantages

    • A debit card is becoming a trendy method of buying Bitcoin.
    • With debit cards, you can instantly buy bitcoin, so it’s a speedy way to get your purchase.
    • Debit cards are accepted on many brokerage platforms and crypto exchanges.
    • It’s a more convenient and simple-to-use payment method.
    • When you take into account the advantage of profiting from BTC price movements, you can take debt if you don’t have cash.

    Disadvantages

    • You need to provide more card information than in the case of using e-wallets.
    • Transaction fees may be higher than average.
    • Some platforms may set some limitations on the amount of BTC you can purchase with your debit card.
    • It can somehow affect your credit scores.

    Withdrawing Bitcoin from a Brokerage Account

    Bitcoin is a decentralized asset, which means there’s less risk of losing your coins or being hacked. However, it’s not secure to leave your coins in your brokerage or exchange account as these are centralized, and if hackers hack your account, they can somehow access your bitcoins.

    To avoid this risk, you can create a bitcoin wallet account and withdraw your BTC into it. With this method, you get full access to your coins, and there is no third party between you and your coins. There are various versions of building your BTC account, and CFD trading platforms are among the providers of such wallets. If you want to get more information about safely storing , visit our guide to learn How to Open Your Free BTC Account.

    Where to Buy Bitcoin with an Australian Debit Card in May 2022

    To buy Bitcoin with a debit card, firstly, you need to find a brokerage platform with the best terms and user experience. There are plenty of platforms to trade Bitcoin, but not all of them offer convenient and safe trading.

    Hence, in this part of the guide, we will introduce the best five brokers that will allow you to buy bitcoin online via debit card.

    eToro – Buy Bitcoin with Debit Card with Zero Commissions

    From our investigation, eToro is the best broker to purchase Bitcoin using your debit card. It’s a heavily regulated brokerage platform that was founded in 2006 and has a well-established reputation.

    The platform boasts of having more than 20 million users from several countries of the world, and it is well-known for its social trading platforms. The latter allows you to get in touch with other traders of eToro, and use such tools as CopyTrader to duplicate the trades of experienced users.

    One of the best things about eToro is that it offers a wide selection of assets without the need of paying any commission fees. Instead, there are low buy-and-sell spreads when you buy Bitcoin or other cryptocurrencies. As for eToro’s non-trading prices, they are pretty convenient.

    There are no deposit fees when you fund your eToro account with a debit card or other payment method. But, the only fee you need to consider is a small conversion fee that is charged when you fund your account with a currency other than USD.

    Withdrawal fees are also lower than average: eToro charges a $5 fee every time you withdraw your cash. The platform also has a minimum deposit of $200, which you must deposit to trade. The safety with eToro is guaranteed as it is regulated by ASIC in Australia, FCA in the UK, FinCEN in the US, and CySEC in Cyprus.

    Pros

    • No commissions on buying Bitcoin
    • Strong regulations and privacy policy
    • Multiple payment methods
    • A wide selection of assets
    • Well-established social trading platform
    • Both CFD and outright trading are available

    Cons

    • Lacks many advanced tools for experienced traders
    • Small conversion fees for non-USD contracts

    Visit eToro

    Uphold – Easy Web & App Trading

    Trusted by 7 million users across 184 countries, the Uphold exchange platform, app and debit card Upholdare a fast and convenient way to buy Bitcoin.

    Alongside their website they also have an app on Google Play and the App Store for Android and iOS users.

    Uphold charge a spread of 0.85% when buying Bitcoin, and 1% when selling.

    Uphold exchange platform

    Some of the other popular assets you can invest in with Uphold include Apple stock, Amazon, AT&T, Tesla, Gold, Silver, Platinum, Palladium and more. Their motto is ‘anything to anything’ trading.

    They also open up investing to anyone through fractional stock trading – you can invest as little as $1 in companies like Google. Unlike some online stockbrokers where you are required to put up a large amount of capital to get started.

    Pros

    • No deposit or withdrawal fees
    • Debit card pays 2% cashback for using crypto
    • Also buy and trade stocks, metals, fiat currencies

    Cons

    • Paypal not yet supported
    • Fewer crypto assets supported than larger exchanges

    Visit Uphold

     

    Coinbase – Buy Bitcoin with the Largest Crypto Exchange in Australia

    Coinbase is a cryptocurrency exchange platform that supports more than 50 crypto assets and is considered one of the most user friendly crypto trading platform in the market. It was founded in 2012 in San Francisco and has attracted more than 68 million users worldwide.

    This is largely because Coinbase stands out with its good reputation and is considered the largest cryptocurrency exchange in Australia in terms of liquidity market.

    Taking a look at the exchange’s pricing system, you may be a bit confused. Overall, the platform charges relatively higher fees, but it compensates users with the excellent user experience that the platform provides. Trading fees on Coinbase can vary from $0.99-$2.99, depending on the amount of BTC you buy. Plus, it charges a commission fee of $3.99 when you fund your account with a debit card.

    Coinbase offers two trading accounts – a standard account that is well adapted for newbies and more experienced traders. And ,it provides an alternative for professional active traders – Coinbase Pro, which stands out with lower fees but supports fewer cryptos. Coinbase also has an advanced mobile app available for both Android and iOS users.

    Pros

    • A wide selection of cryptocurrencies
    • Well-designed mobile app
    • Simple-to-use trading platform
    • Good security systems
    • Low minimum trades
    • Offers cryptocurrency wallet

    Cons

    • Higher than average trading fees
    • Provides email support for customers

    Visit Coinbase

    Everything to Bear in Mind When Buying Bitcoin with an Australian Debit Cards

    In this section of our guide, we will sum up all the things you need to consider before you buy bitcoin with a debit card.

    Debit Card: The first thing to do in the process is to issue a debit card if you still don’t have one. If you already have debit cards, make sure that brokerage platforms accept the type of debit card you own.

    Find a good broker: Finding a good broker can indirectly help you in getting more returns. The first things to consider when you select a platform are their reputation, fees, user experience, and obviously whether they accept payments through debit cards.

    Trading fees: The pricing system is the next thing that plays a significant role in your trading process and capital gain. Also, pay attention if there are any extra fees for debit card transactions.

    Transaction speed: Another crucial thing to consider is how long it takes to complete a transaction with debit card. In this sense, debit cards usually have privilege over other payment methods as they are faster and simpler, but, once again, this may differ depending on the brokerage platform.

    Safety: Safety is among the most vital things you need to think about. The problem is that you provide your card details to a platform without knowing how they will use it later. So, you need to select a trustworthy broker that won’t use your data illegally.

    Bitcoin wallet: When you get your bitcoins, you also need to find a safer place for storing them. Bitcoin wallets are designed for this purpose – it’s an excellent method of keeping your coins decentralized and away from any third party.

    Taxation: At last, you will also be taxed for the earnings you get when you trade bitcoin. So, you need to look at how bitcoin is taxed and inform the appropriate government body to pay the taxes.

    Safety and Security When Buying Bitcoin with a Debit Card

    Safety is clearly one of the most crucial factors you need to consider when buying bitcoin with your bank cards. Essentially, you provide vital information about your card details, personal data, etc. So, there are two things you need to worry about – how will the brokerage platform protect your data and how secure it is to trade on the platform. With all this in mind, you need to select a broker with a high level of security and privacy policy.

    Finding a broker with heavy regulations and strong security can solve all these problems and significantly lower the risks of information leakage. Security is a key factor for us when recommending you a broker, so we always select the brokers that possess rules and strong regulations to protect your privacy.

    Apart from not sharing your details with a third party, our top brokers also use SSL encryptions to ensure that nobody can have access to your account or your debit card other than you. Reviewing the brokers that we offer, you can be sure that all of them are regulated by top authorities and use two-factor authentication or other security systems to provide you with safe trading.

    Buying Bitcoin with Prepaid Debit Cards

    Several brokerage platforms also allow you to buy bitcoin with prepaid cards that have privileges over other payment options. Prepaid cards are becoming a more and more popular method for purchasing cryptocurrencies. First and foremost, these cards are more secure in the sense that you provide fewer card details than with debit cards.

    The next great thing is that you can use only the balance that you deposited on your card. It means that when you deplete your funds on your prepaid cards, you cannot take any debts, which lowers the risk of investing more than you can afford. Plus, your checking accounts are not connected to your prepaid card. Hence, if someone could hack and get your card details, they could not access your other accounts.

    To learn more about this payment option, visit our Buy Bitcoin with Prepaid Card guide.

    How to Store Bitcoin on a Digital Wallet

    When you buy bitcoin with a debit card, you basically keep them on your brokerage accountBitcoin Wallet to secure coins safely, which is a centralized platform. So, if you aim to keep your coins for a long time, you need to find a more secure way of storing them – meaning, a decentralized platform. In other words, you need to create a bitcoin wallet, which enables you to store and protect your coins with private keys that are only accessible to you.

    Bitcoin wallets can be of two kinds – hot and cold storage wallets. Cold storage wallets are considered the most secure medium to store your cryptocurrencies. These are hardware devices that you purchase and can offline protect your access to the part of the blockchain where your BTC is stored. You can find the best bitcoin wallet providers and a complete guide on creating a bitcoin wallet in our article Best Bitcoin Wallets.

    Buying Bitcoin Anonymously with Debit Cards

    You can also buy bitcoin anonymously with a debit card using a peer-to-peer marketplace, where you get in touch with the sellers and purchase directly from them – no broker or other third party is involved in the process. Still, we should note that this method of purchasing cryptocurrencies is not the safest one.

    Still, if you want to buy bitcoin anonymously and reduce the risks, you need to choose a marketplace that uses an escrow mechanism. In this way, you can be sure you will get your coins after paying for them. Meanwhile, though top brokers require you to go through a verification process, they possess a privacy policy not to share your data with anyone else. Neither can they track how you will use your BTC afterward.

    Taxes when you buy Bitcoin with an Australian Debit Card

    Australian traders and investors are subject to capital gains tax (CGT) on their BTC profits when they sell, which need to be reported annually by self-assessment.

    When do you need to pay capital gains tax on crypto in Australia:

    1. Selling crypto for fiat currency
    2. Swapping crypto for crypto, including stablecoins
    3. Spending crypto on goods and services (if not seen as a personal use asset)
    4. Gifting crypto

    Conclusion

    To conclude, buying Bitcoin with a debit card has some privileges over other payment methods. One great thing is that transactions are faster than in the case of wire transfer and e-wallet options.

    In the past, it was too difficult to buy Bitcoin via debit card, but things have changed significantly. And now, several brokers and exchanges accept this method for purchasing Bitcoin and other altcoins. Still, there are certain things to consider before selecting a brokerage platform to start trading, with the most important being privacy and pricing system.

    In this guide, we have reviewed and made a list of where to Bitcoin online with a debit card. Our top recommendation is eToro, an Australian licensed and regulated exchange.

    eToro - Our Recommended AU Bitcoin Platform

    Our Rating

    eToro exchange
    • Australian Securities and Investments Commission (ASIC) regulated in the UK
    • Buy Bitcoin with Bank transfer, Credit card, Paypal, eWallets
    • Free Demo Account, Social Trading Community - 20 Million Users
    • Free Bitcoin Wallet - Unlosable Private Key
    • Copytrade Winning Bitcoin Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose money when trading CFDs with this provider.

    FAQs

    How to buy bitcoin using debit card in Australia?

    If you are based in Australia and want to buy bitcoin using a debit card, then open an account on an exchange platform that facilitates debit cards as a method for payments. After you have successfully opened your account, verify it and fund it by linking your brokerage account. You can easily buy bitcoin after this step.

    How can I buy bitcoin instantly using a debit card?

    You can buy bitcoin using a debit card in many online platforms. However, various platforms have different time-frames to credit your funds when you deposit using a debit card. Debit card deposits are way faster than wire transfers. Go for the top brokers in our list that is mentioned above and buy bitcoin using your debit card instantly.

    Where to buy bitcoin and pay with a debit card?

    Online brokers are among the safest options to buy bitcoin and pay with a debit card. When you buy bitcoin, security and pricing are two important aspects to consider. Browse through our brokers list and find a suitable broker to create an online crypto account and buy bitcoin with your debit card.

    How to buy bitcoin with a debit card anonymously?

    If you want to use a debit card to buy bitcoin anonymously, then go for peer-to-peer exchange platforms. These platforms allow you to communicate with bitcoin sellers directly. All you have to do is browse through the platform and find a suitable seller as per your needs. Contact the seller and buy bitcoin using your debit card and have the details of the contract laid out clearly.

    Where can I buy bitcoin online with a debit card?

    Our review includes a comprehensive list of top brokers in Australia that you can open an account with and use a debit card to buy bitcoin. Our top recommendation is eToro.

    How long does it take to get my Bitcoins after using a debit card?

    When you make transactions with debit cards, the coins are generally credited to your account instantly. However, it varies from one exchange to another. With the best brokers, you have to verify your purchase and it can be reflected in your account in a few minutes or hours.

    Is it safe to buy Bitcoin with a debit card?

    The safety depends completely on the platform you choose to buy bitcoin. Buying bitcoins with debit cards is generally safe on top brokers that have a robust regulatory mechanism and excellent privacy policies. Many of these platforms use SSL protocols to ensure optimal protection and safety of users’ data and their funds.

    Are my debit card details stored on the Bitcoin exchange site?

    When you make a purchase using a debit card, the information is generally stored on the exchange platform. Top platforms in the industry have a strict privacy policy and they not to disclose your information with third parties. This is to make sure that both your card details, personal information, and funds are protected.

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