Getting Started with Crypto in Australia
Your comprehensive guide to beginning your cryptocurrency journey in Australia, from choosing an exchange to making your first trade.
Important
Always choose an AUSTRAC-registered exchange. AUSTRAC (Australia's financial intelligence agency) registration ensures the exchange complies with Australian anti-money laundering laws, providing regulatory oversight and consumer protection.
Choosing an Exchange
The first step is selecting a reputable, AUSTRAC-registered cryptocurrency exchange. Based on community experiences, popular choices for Australians include:
Kraken
Operated by Bit Trade Pty Ltd in Australia • AUSTRAC-registered • Multiple app versions for different trading levels
Swyftx
Australian-based exchange • Educational features with BTC rewards
Cointree
Melbourne-based exchange • Competitive referral bonuses
Bitcoin.com.au
Australian Bitcoin exchange • Sign-up promotions available
Basic Steps to Start
Choose an AUSTRAC-registered exchange
Select from Kraken, Swyftx, Cointree, Bitcoin.com.au, or other reputable Australian exchanges. Verify their AUSTRAC registration status.
Download the mobile app
Many promotions and features are app-exclusive. Download the official app from the App Store or Google Play.
Complete KYC verification
Know Your Customer (KYC) verification is mandatory for regulated exchanges. This includes:
- Identity verification (driver's license or passport)
- Proof of address
- Selfie verification (sometimes required)
Community note: "Did all that KYC bs" - it's necessary but straightforward.
Fund your account
Use PayID (recommended), bank transfer, or other supported methods. See our Banking & Funding Guide for detailed bank compatibility information.
Place your first trade
Community recommendation: Start with the BTC/AUD trading pair. Begin with a small amount to familiarize yourself with the platform.
Understand different app interfaces
For example, Kraken offers:
- Kraken (standard) - Simple buy/sell, best for beginners
- Kraken Pro - Advanced trading with lower fees (free)
- Kraken+ - Premium subscription with lowest fees (free trial available)
How Long Does It Take?
Community experience: The entire sign-up and first trade process can take as little as 15 minutes using PayID with banks like Macquarie or Ubank.