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Where to Buy Bitcoin in Australia in 2024

A guide to strengthen your exchange knowledge.

Have you been searching "Where to buy Bitcoin in Australia in 2024?"

Here is a breakdown of the top Australian Exchanges.

Welcome to version 2!

Version 1 was completed in 2023, but of course there were some variables not included that a handful of people reached out asking if we could do a thorough breakdown again.

I am passionate about freedom, which is why I love Bitcoin. You can choose whichever exchange suits your risk appetite. We exclusively support Bitcoin-only exchanges with our purchases at Proof of Work Au.

Dislaimer: We do not have any official affiliation or financial benefits with any of these exchanges, however, we are open to discussions with a Bitcoin Only Exchange to mutually help each other serve our members.

If you are one of the exchanges reading, I’d like to personally thank you for providing Australia with your offer /service. With you, we have the ability to participate in Bitcoin, the freedom money, the savior of wealth decay, the hope for our children.

The changes that were made from the last blog:

1. Removed Digital Surge & Independent Reserve. Don’t see any benefit revisiting these. 

2. Added PayBTC as requested. 

3. Added Withdraw / Deposit Fees. 

In version 1, cash was deposited and we paid for the cost of testing through the slippage. In version 2, the data was compiled together based on the information inside the platforms once logged in, on their website, and through previous testing. Spreads and pricing are variables that change based on liquidity (Volume of orders). The higher the volume of orders, the tighter the spread, the drier the volume, the wider the spreads.

When buying and selling any type of financial asset, there are generally three main expenses you must be aware of. When buying / selling Bitcoin, there is also a network fee.

1. Commission - This is the fee the exchange charges you for the transaction. It's usually applied to both buying and selling.

2. Spread - This represents the gap between the buy and sell prices. While not a hidden cost, it's an expense that sometimes outweighs the commission and is often overlooked.

3. FX conversion rate - Typically, when purchasing an asset in a foreign currency, an exchange rate is applied. We won't be calculating this in our examples.

4. Network Fee: This is the fee passed down from the blockchain that is passed onto miners for their Proof of Work. This fee fluctuates based on network traffic that can not be escaped. We won't be considering this in any of the calculations. 

5. Withdraw and deposits: Fee for AUD transactions.

6. Exchange Withdraw Bitcoin: Fee to withdraw Bitcoin from your exchange wallet, to an external wallet. This is on top of (4.) Network fee.

I also want to thank Cory from Twitter for verifying and helping with some of the data collection.

All the buy and sell prices from these exchanges were captured simultaneously in video for these examples. However, we cannot guarantee 100% accuracy due to latency and refreshing. This guide aims to explain how the calculations are performed.

The examples to follow are for a $1,000 AUD parcel of Bitcoin to buy. We will then sell that parcel a few seconds later to calculate the total expenses of commission and spread.

COINSPOT: Probably the most well known Cryptocurrency exchange in Australia. 

Pros: $0 fees on withdraws and deposits, transparent on bid + ask price. 

Cons: Commission, offer altcoins with huge risk and withdraw fee on Bitcoin is 0.0005 ($50!)

  • Buy price per Bitcoin = $100,492
  • Sell price per Bitcoin = $99,537
  • Commission = 1% (Buy & Sell)


  • Amount to buy = ($1,000*1%) / $100,492 = 0.009852 Bitcoin
  • Amount to sell = (0.009852  x $99,537) = $980.6 - 1% Commission = $970.83
  • -$29.17 round trip in expenses.

SWYFTX: Another popular Australian Cryptocurrency exchange.

Pros: $0 fees on withdrawals + deposits + low slippage.

Cons: Platform is a mess. Super confusing + Offer altcoins with huge risk. 

  • Buy price per Bitcoin = $99,561
  • Sell price per Bitcoin = $98,653
  • Commission = 0.6% (Buy & Sell)


  • Amount to buy = ($1,000*0.6%) / $99,561 = 0.009984 Bitcoin
  • Amount to sell = (0.009984 x $98,653) = $984.9 - 0.6% Commission = $979.04
  • -$20.96 round trip in expenses.


Pros: 0 Withdraw Fee on Bitcoin.

Cons: Commission of 1%. They offer AmberBlack for $99 per annum to reduce comms to 0%. Fees across AUD Deposits.

  • Buy price per Bitcoin = $100,019
  • Sell price per Bitcoin = $98,779
  • Commission = 1% (Buy & Sell)


  • Amount to buy = ($1,000*1%) / $100,019 = 0.009898 Bitcoin
  • Amount to sell = (0.009898 x $98,779) = $977.70 - 1% Commission = $967.93
  • -$32.07 round trip in expenses.


Pros: Private and simple to create an account. Also they will send the BTC purchase to your cold storage in seconds!. $0 commission, withdraw + deposits. 

Cons: Their spread is the highest of the group. You end up with the least amount of Bitcoin in the purchase. I also do not like the vague information on buy and sell price. You need to work out the Bid and Offer yourself. 

  • Buy price per Bitcoin = $104,112
  • Sell price per Bitcoin = $95,165
  • Commission = 0% (Buy & Sell)


  • Amount to buy = ($1,000*0%) / $104,112 = 0.009605 Bitcoin
  • Amount to sell = (0.009605 x $95,165) = $914.05 - 1% Commission = $914.05
  • -$85.95 round trip in expenses.

HARDBLOCK - An Australian BITCOIN ONLY Exchange. I had the pleasure to meet their captain at the BushBash at Beechworth. Absolute genuine and wants the best for Bitcoiners.

Pros: For dollar cost averaging parcels under $1,000 per transaction and sweeping it auto into a Bitcoin wallet (not lightning), they don’t charge commission, deposit fees, and only 400 sats for scheduled withdrawals (not including network fee.).

Cons: Platform does not show Bid and Offer prices. 

  • Buy price per Bitcoin = $100,635
  • Sell price per Bitcoin = $98,248
  • Commission = 0% (Buy & Sell)


  • Amount to buy = ($1,000*0%) / $100,635 = 0.009937 Bitcoin
  • Amount to sell = (0.009937 x $98,248) = $976.29 - 0% Commission = $976.29
  • -$23.71 round trip in expenses

BITAROO - BITCOIN Only Exchange - Another exchange where I’ve had the pleasure to zoom their captain who wants the best for Bitcoiners.

Pros: Super tight spreads and comms. Super transparent on price and has a full trade panel with level 2 pricing which I love. Deposits above $1,000AUD are free. They also have Lightning Network!! For our live draw events, we buy Bitcoin, sending the Bitcoin to Wallet of Satoshi Lightning address and it costs about $1 for the entire process from bank to Wallet of Satoshi (incredible).

Cons: Deposits under $1,000 have a small fee of $1,95. Bitcoin Withdrawal fees between 0.0001btc - 0.0003btc

  • Buy price per Bitcoin = $99,930
  • Sell price per Bitcoin = $99,469
  • Commission = 0.16% (Buy 0.15% & Sell 0.19% average)


  • Amount to buy = ($1,000*0.15%) / $99,930 = 0.009992 Bitcoin
  • Amount to sell = (0.009992 x $99,469) = $993.89 - 0.19% Commission = $982.00
  • -$8 round trip in expenses

Here is the overview on $1,000 parcels.


For Parcels of $1,000 or less sending into an external BTC Wallet ($500 Parcel in example minus network fees)

Hardblock with scheduled withdraws is 400 sats. If you are Dollar Cost Averaging, they become a solid platform to stack smaller amounts of Bitcoin.

Coinspot, well no surprise here. They are charging 0.0005 Bitcoin for a withdrawal. This is currently $50 AUD!

Our final summary:

1. Proof of Work Au will only support Bitcoin Only Exchanges.

2. Parcels above $1,000 of Bitcoin, Bitaroo is hands down the winner. Level 2 and lightning network channels make this exchange the A+ option. Love their platform and how easy it is to use.

3. Hardblock is another simple platform that is championing dollar cost average parcels below $1,000. Scheduled withdraws of 400 SATS make them a juicy option to stack Bitcoin and get the most amount off Bitcoin for your dollar. 

4. Coinspot and Swyftx have a monopoly over cryptocurrencies, but Sywftx provides the best value for Altcoins. Coinspot’s fees for Bitcoin withdrawals are super greedy. 

5. PayBTC has a super private offer that has probably the most discrete KYC, plus they send the BTC to any address you prefer including cold storage which is cool. The cost of such privacy and ease also means you need to pay a premium in spread costs and end up with the least amount of Bitcoin per dollar.

Proof of Work Au is actively seeking a partnership with a Bitcoin Only Australian exchange for our members in Australia. If you would like to help us and the mission, we would love to hear from you at

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