5 Best Australian Bitcoin Brokers

Bitcoin is the first online currency that can be accessed anywhere in the world. Considering that it only started in 2008, being a bitcoin trader is not as straightforward despite its increase in popularity. First-time trading can seem pretty scary to dip your toes into the water for, especially with the expansion of cryptocurrency exchanges and forex brokers offering cryptocurrency trading.

When it comes to choosing a reputable bitcoin broker that operates in Australia, it is important to pick one that is ASIC-regulated to ensure transparency and for the purposes of your own security.

Other factors to take into consideration are:

User-friendliness – Since this is a relatively new market, the process of being able to navigate through a site and purchasing for the first time should not be as daunting. It should be simple for you to always be able to get through your transactions with ease.
Prices – You will have to compare between various platforms as different brokers will charge different rates depending on the commission fees they will take. This can also simply be defined as a “spread.”
Trading Fees – Payment charges ranging from 0% to 5% may be applicable based on the payment method and platform you choose. It is important to pick platforms where trading fees are aligned with the industry standard.
Variety – Although it is the first, cryptocurrency is not limited to just Bitcoin. An example of this would be Ethereum, which is perhaps a strong contender in blockchain technology right now. Therefore, you may want to pick a platform with a range of cryptos.
Limitations – There are conditions put in place on the amount that can be deposited or withdrawn. Furthermore, there may be limitations on the services that they are able to provide, such as where you are able to convert and receive your funds.

To simplify your search, here is a comparison of the Top 5 best bitcoin brokers in 2020 that you can trust.

Table of Contents

eToro

eToro is one of the most popular and reputable brokers in the financial services market as it allows investing in Crypto, ETFs, Stocks, Indices, Commodities, and Currencies. eToro also offers a wide selection of helpful features such as a social trading platform where users can connect with other investors and traders. It is also easy to use for beginners as they may utilize the CopyTrader service where they can simply copy trades of leading investors. There is also the option to learn online through the eToro Trading Academy.

Broker	Regulated	Min Deposit	Features	Rating	Trade
	ASIC, CySEC, FCA, MiFID	$ 50	Crypto, ETFs, Stocks, Indices, Commodities		Trade now Review

Established	2007
Regulators	ASIC, CySEC, FCA, MiFID
Initial Deposit	$200; For residents of Australia and the USA: $50; For residents of Algeria, Lebanon, the Maldives, and Venezuela: $5,000
Minimum Deposit	$50; If via Wiretransfer: $500
Deposit Methods	Debit cards and Credit Cards (Visa, MasterCard, Diners Club, Maestro), Neteller, PayPal, Wire transfer, Online banking, China Union Pay, Skrill, NETELLER, Yandex, Giropay
Withdrawal Methods	Sent to the same account as a deposit. Priority as follows: Credit card, PayPal, Bank transfer (withdrawal fees apply)
Commission Charges	0%
Cryptocurrencies	ADA, BTC, BCH, DASH, ETC, ETH, EOS, IOTA, LTC, NEO, TRX, XLM, XRP, XTZ, ZEC
Restricted Countries	Afghanistan, Albania, Bahamas, Barbados, Belarus, Bosnia and Herzegovina, Botswana, Brunei, Burundi, Cambodia, Canada, Chad, Congo Republic, Crimea Region, Cuba, Democratic Republic of the Congo, Ethiopia, Fiji, Ghana, Guinea, Guinea-Bissau, Guyana, Iran, Iraq, Jamaica, Japan, Laos, Libya, Mali, Mauritius, Mongolia, Montenegro, Myanmar, Namibia, Nicaragua, North Korea, North Macedonia, Pakistan, Palau, Samoa, Serbia, Somalia, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Turkey, Uganda, Vanuatu, Yemen, Zimbabwe
OS Support	Mac, Windows, Linux, Mobile, Web, iOS
Pros	Diverse set of asset types in one platform; Simple interface even for novices; Informative and Social
Cons	Fee structure is complicated, and conversion fees may be applicable; High Risk

Plus500

Plus500 is a broker that is trusted globally because it is regulated by several top-tier international financial authorities and is also listed as a London Stock Exchange Global CFD.

The company not only provides access to Indices, Forex, Commodities, Crypto, Shares, Options, and ETFs but is also an official sponsor of one of the top Spanish football clubs, “Atlético de Madrid”. In 2013, Plus500 also became the first company to create a Bitcoin CFD.

Established	Israel, 2008
Regulators	ASIC, CySEC, ISA, FCA, FMA, FSCA, MAS
Initial Deposit	$100; $500 if via bank transfers
Minimum Deposit	Same as initial
Deposit Methods	Debit Cards and Credit Cards (Visa or Mastercard, other limitations dependent on region), PayPal, Skrill, Bank Transfer
Withdrawal Methods	Debit Cards and Credit Cards, Bank Transfer, Skrill, Paypal (5 free withdrawals per month, exceeding withdrawals will be charged $10. Withdrawal charge of $10 will also apply if less than $100 is being withdrawn)
Commission Charges	0%
Cryptocurrencies	ADA, BAB, BTC, Crypto10, ETH, EOS, IOT, LTC, NEO, TRX, XLM, XMR, XRP
Restricted Countries	Belgium, Brazil, Cameroon, Canada, Cayman Islands, Cote D’Ivoire, Egypt, France, India, Indonesia, Iran, Nigeria, Pakistan, Philippines, Thailand, United States of America, Zimbabwe
OS Support	Windows, OS X, Android, iOS
Pros	Easy platform to use; Low spreads; Highly Regulated
Cons	Insufficient educational resources for traders; No phone support; Inactivity Fee ($10 per quarter after 3 months of inactivity)

IC Markets

IC Markets is an industry-leading, Australian, forex broker founded in Sydney. It is also the world’s largest and most liquid CFD provider by volume as they surpass over $4 trillion in a day. Its market includes: Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks, Futures. Even though they offer cryptocurrencies unavailable in other platforms, they do so with small spreads that start from zero pips.

Established	Australia, 2007
Regulators	ASIC, CySEC, FSA
Initial Deposit	No initial deposit but $200 is recommended
Minimum Deposit	Same as initial
Deposit Methods	Debit Cards and Credit Cards (Visa and Mastercard), Paypal, Neteller, Neteller VIP, Skrill, Union Pay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Bitcoin Wallet, Vietnamese Internet Banking
Withdrawal Methods	Debit and Credit Cards (Visa and Mastercard), Neteller, PayPal, Skrill, Western Union, Wire Transfer, Local Bank Transfer
Commission Charges	Dependent on a trading account. Raw Spread (cTrader and MetaTrader options available) offers spreads with zero pips but is commission-payable; Standard Account (MetaTrader) offers spreads from one pip but has commission-free trading.
Cryptocurrencies	BCH, BTC, DASH, EMC, EOS, ETH, LTC, NMC, PPC, XRP
Restricted Countries	Afghanistan, Angola, Antigua and Barbuda, Bolivia, Botswana, Burma (Myanmar), Cambodia, Cote d’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Former Liberian Regime of Charles Taylor, Gambia, Guinea Bissau, Guinea Conakry, Iran, Iraq, Kyrgyzstan, Lesotho, Liberia, Libya, Mali, Namibia, Niger, North Korea, Senegal, Sierra Leone, Syria, Tanzania, Togo, Yemen, Zimbabwe
OS Support	Windows, OS X, Android, iOS
Pros	High Volume; Low Forex Fees; Commission-free trading and no deposit fee; 24/7 customer care; High range of educational materials
Cons	No negative balance protection

Coinbase

Coinbase is a US-based brokerage service in California. It is the largest cryptocurrency exchange, supporting over 100 countries in the world, and continues to grow its customer base in numbers. Some of the leading investors of Coinbase are The New York Stock Exchange (NYSE), USAA, Ribbit Capital, and Andreessen Horowitz.

Established	The United States of America, 2012
Regulators	Licensed in all districts it operates and cash held in Coinbase wallets are FDIC insured up to $250,000
Initial Deposit	No initial deposit
Minimum Deposit	No minimum deposit
Deposit Methods	Bank Account (ACH), Wire Transfer
Withdrawal Methods	Bank Account (ACH), Wire Transfer, SEPA (Only UK) (withdrawal fees may apply)
Commission Charges	If the total transaction amount is less than or equal to $10 the fee is $0.99; If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49; If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99; If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99
Cryptocurrencies	Algo, Atom, BAT, BCH, BTC, CVC, DAI, DASH, DNT, EOS, ETC, ETH, GNT, KNC, LINK, LOOM, LTC, MANA, MKR, OXT USDC, XLM, XRP XTZ, ZEC, ZRX
Restricted Countries	Afghanistan, Albania, Algeria, Antigua and Barbuda, Azerbaijan, Belarus, Bangladesh, Belize, Bhutan, Bolivia, Bosnia and Herzegovina, Burkina, Burundi, Cabo Verde, Cambodia, Chad, Central African Republic, China, Comoros, Congo, Côte d’Ivoire, Cuba, Democratic Republic of Congo, Djibouti, Dominica, Egypt, Equatorial Guinea, Eritrea, Eswatini, Ethiopia, Faso, Fiji, Gabon, Gambia, Georgia, Germany, Grenada, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See, Iran, Iraq, Israel, Japan, Laos, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Luxembourg, Papua New Guinea, Madagascar, Malawi, Malaysia, Marshall Islands, Mali, Mauritania, Micronesia, Moldova, Monaco, Morocco, Mozambique, Myanmar, Nauru, Niger, Nigeria, North Macedonia, North Korea, Norway, Palau, Pakistan, Qatar, Russia, Saint Kitts & Nevis, Saint Lucia, Kiribati, Samoa, Sao Tome & Principe, Seychelles, Saudi Arabia, Senegal, Sierra Leone, Solomon Islands, Somalia, South Korea, South Sudan, Sri Lanka, State of Palestine, St. Vincent & Grenadines, Sudan, Suriname, Syria, Tajikistan, Tanzania, Thailand, Timor-Leste, Togo, Tonga, Turkmenistan, Tuvalu, Ukraine, United Arab Emirates, Vanuatu, Venezuela, Vietnam, Yemen, Zimbabwe
OS Support	Windows, OS X, Android, iOS
Pros	User-friendly interface; Highly regulated and secured; Exceptional Reputation
Cons	Bad customer service; Lack of control and access on your own funds; High Fees; Limited payment methods

AvaTrade

AvaTrade is one of the oldest online brokerages and is therefore a leading and well-established company in the industry and has a 10-year track record to prove it. It is also the first broker to receive a 3A license from Abu Dhabi, United Arab Emirates, and is partnered with Manchester City F.C.

They are a widely spread global company and have corporate branches in Australia, Chile, China, Ireland, Italy, Japan, Mongolia, Nigeria, Spain, and South Africa. Clients can take advantage of different trading options such as: commodities, bonds stock indices, ETFs, forex, individual equities, and options.

Established	The Republic of Ireland, 2006
Regulators	MiFID, Central Bank of Ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG – FRSA
Initial Deposit	$100 for credit and debit cards; $500 for bank transfers
Minimum Deposit	Same as the initial deposit
Deposit Methods	Credit card and Debit Card (Mastercard and Visa), Wire Transfer, Skrill, WebMoney and Neteller (E-Wallets not available for EU and Australian clients)
Withdrawal Methods	Credit card and Debit Card (Mastercard and Visa), Wire Transfer, E-Wallets
Commission Charges	0% but is compensated with through bid-ask spread
Cryptocurrencies	BTC, XRP, ETH, LTC, NEO, EOS, MIOTA forex pairs, respectively
Restricted Countries	USA, New Zealand, and Iran
OS Support	Windows, macOS and Linux, Android, iOS
Pros	Wide range of educational materials in different; languages and free online trading coach; Free deposit and withdrawal; Have promotions such as bonuses as high as 40% of the initial deposit (dependent on sliding scale amount); Has Social Trading
Cons	Inactivity fee ($50 per quarter after 3 months of inactivity); Limited trading options

Guide to Bitcoin Trading in Australia

What is Bitcoin? Simply put, in terms of the physical world, our form of exchange is through cash. Virtually it is a line of code known as cryptocurrency, which Bitcoin is a type of. Bitcoin takes away our reliance on banks and instead passes from one user to another or, “peer-to-peer”, through blockchain technology that works like a ledger to secure our transactions.

Should You Invest in Bitcoin?

The answer to this may be tricky and will depend on your outlook and strategy as the same reasons for why it is beneficial are the same reasons why it is a risk such as:

Decentralized: It does not require you are located anywhere specific. There are no global boundaries, so it does not get affected by factors such as inflation. However, it can bring about fears that bitcoin may end up being mismanaged.
Predetermined Supply: There is a likelihood that it may become irrelevant. The limit of Bitcoins is exactly 21 million units. Having this fixed amount means that it is not built to last. Yet, it is this exact reason why it has intrinsic value like gold. Demand could go upward as people would aggressively want a piece.
Highly Volatile: Cryptocurrencies are extremely risky investments. Its value could spike up or down quickly at any given time. This means that you might be able to get a return on your investment in a short period of time just as much as it could mean that you may suffer a huge loss. Fears such as hacking may also be an issue.

What is a Bitcoin Broker?

A bitcoin broker is a middleman for trading bitcoin at a fixed price. You can utilize brokerages by going to a platform to see the current rate at which the bitcoin is being sold. If the rate displayed is at a price you deem fit, you can select and pay the amount you are willing to buy. Bitcoin brokers are also the only way for you to buy a lump sum of bitcoin at a time.

Brokers hold the set value of what you have purchased, and you may be able to sell it once the price goes up for a kickback on the initial payment.

Who is the ASIC?

The ASIC or the “Australian Securities & Investments Commission” is a government body established in 1998. Its primary objective is to regulate and supervise that businesses adhere and uphold fair trading standards and that consumers’ and investors’ interests are protected. All brokers registered with the ASIC are required to obtain an Australian Financial Services License (AFSL). Therefore, by choosing an ASIC regulator, you are securing the fact that your funds will not disappear overnight.

Buying and Selling in Australia

Contrary to the stance the government of Australia had a few years ago, Australia has become a major and proactive player in cryptocurrency. It has continued to be progressive since its announcement in 2017, where they declared cryptocurrencies were legal and should not fall under the double taxation in Australia’s goods and services tax (GST). Furthermore, because of the ASIC regulations, Australia has also paved the way by giving global assurance through strict guidelines before the issuance of licenses to guarantee the security crypto has in Australia.

Conclusion

In the end, it is important that you consider a variety of factors before settling on a choice. There are advantages and disadvantages to each platform, and it is up to you to find which is most suitable to you and your needs.

In terms of whether you should invest or not, bitcoin does not look like it is going away any time soon and is still an essential resource that is being circulated online. It may be new, but individuals continue to give the currency value, especially in Australia. While Australia has taken the leap into accepting and protecting the laws that govern cryptocurrencies, it might also be the right time for you to take the risk at making a profit. There is a list of reputable bitcoin brokers, some of which we have covered, that can provide further materials to assist you in your cryptocurrency journey ahead.