How to Buy Bitcoin in Australia with a Credit Card
Do you want to buy Bitcoin with a credit card but don’t know how? We've got you covered in this guide!
Legality and access to buy Bitcoin with a Credit Card in Australia
Although it is legal to buy Bitcoin in Australia, it’s important to know that many Australian credit card companies and banks may not accept cryptocurrency purchases and they may block them all together. As we have seen the Commonwealth Bank Blocks Credit Card Purchases Of Virtual Currencies in early 2018. If they don’t block it, some banks may even process cryptocurrency purchases as cash advances which command higher fees.
Before you start
- Check your credit card company accepts cryptocurrency purchases
- Check any potential fees that may be applied for using a credit card
- Setup a BTC wallet to hold your Bitcoin (if you don't already have one)
Steps to Buy Bitcoin With a Credit Card
With limited Australian based options, there are however, a few options for companies operating overseas that allow crypto purchases using your Credit Card. One of these options is a european company called Coinmama. This is how you can buy BTC from them using your credit card.
Sign up for a Coinmama Account
In just a few clicks, you can Sign up to Coinmama and create your account. You should get a confirmation link to your email once you’ve registered.
- Get Verified for Bitcoin Purchase
Before you can buy BTC with a credit or debit card, you’ll need to verify your account. How? Simply upload your passport, drivers licence, or other ID documents. Once approved and cleared, you are free to buy Bitcoins up to 15,000 USD with your credit/debit card.
- Purchase Bitcoin
Lastly, just log into your Coinmama account, enter your desired BTC wallet address, submit the form, and voila! Your Bitcoin will be delivered within a few minutes.
Coinmama is a bitcoin exchange that operates around the globe, offering easy gateways in and out of digital assets such as Bitcoin, Ethereum, XRP and more with a credit card or bank wire. The European based company was founded in 2013, and has served over 2,000,000 crypto clients across 188 countries.
What are the Benefits of Coinmama?
- They accept credit or debit card
- Receive your coins to your external wallet within minutes
- You can buy up to $15,000 USD with your credit card
- You can also buy Bitcoin with ApplePay
- They have a worldwide help centre
Buy Bitcoin With a Debit Card
Don’t have a credit card? No problem! You can also buy Bitcoin with a debit card. Coinmama currently accepts payments via Visa and Mastercard. (Please note that American Express, Discover, and PayPal are currently not accepted.) Regardless of the method you choose, you must be the card-owner. After your account is verified and a purchase is made, you will receive your Bitcoin within minutes. Coinmama offers industry-leading purchase limits.
Disclaimer: Please note that Crypto news does not endorse any of the options above, it is provided as information only. Please seek professional financial advice before investing in Cryptocurrencies.
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