How to buy crypto in Australia: Step-by-step guide

Sep 03•4 min read

Buying crypto in Australia works a little differently to other markets, mainly because of what happens before you place your first order: local identity checks, an AUD-specific way to fund your account, and a provider that's actually registered to operate here. Here's what the process looks like from opening an account through to holding your first asset.

1. Create your account and verify your identity

Sign up with your email or phone number, then complete identity verification. In Australia, this means providing a government ID (passport or driver's licence) and confirming your details against AUSTRAC's anti-money-laundering requirements. The check typically runs in-app and asks for a quick liveness check to confirm you're a real person, not a static photo.

2. Fund your Nexo account

Once verified, you'll get your own dedicated AUD account number and BSB inside the app, so you can send a standard local bank transfer the same way you'd pay any other Australian payee — not an international wire to an overseas account. Transfers move over Australia's New Payments Platform (Osko), bank account to bank account, within Australia.

This local setup matters in practice: a same-country transfer to a BSB and account number your bank recognises is far less likely to be delayed or blocked than an international transfer to an overseas platform, which banks tend to treat with more caution. Nexo Australia clients fund their accounts locally, the same way they'd pay any other Australian business and in line with how other Australian crypto platforms handle AUD deposits.

If you'd rather skip a separate bank transfer, Nexo's Buy Crypto feature lets you purchase crypto directly with a debit or credit card, converting your AUD into your chosen asset in one step.

For the full mechanics of each funding method, see our guide on funding your Nexo account with AUD.

3. Choose the crypto you want to buy

Nexo supports buying over 100 digital assets, from Bitcoin and Ethereum to a range of altcoins and stablecoins. If you're new to crypto, it's worth reading up on what each asset actually does before buying — a stablecoin like USDC behaves very differently to BTC or ETH.

4. Place your order

Select the asset, enter the amount in AUD (or the asset's own denomination), and confirm. Because crypto markets move constantly, the price you see can shift slightly between confirming and executing an order — this is normal and isn't specific to Nexo.

5. Decide how to hold your assets

Once purchased, your crypto sits in your Nexo account, where you can hold it, use Exchange to swap between supported assets, or explore what else the account can do with a digital asset balance. Some clients prefer to withdraw larger holdings to a personal wallet — that's a personal risk-tolerance decision, not something Nexo requires either way.

A note on tax

Buying and selling crypto in Australia can have capital gains tax implications, and the treatment depends on your personal circumstances. This guide doesn't cover tax mechanics — see our Australia Crypto Tax Guide for that, and speak with a registered tax agent about your specific situation.

FAQ

  1. Is there a minimum amount I need to buy crypto? Minimums can apply and may vary by asset and funding method. Check the amount shown in the app before placing an order.
  2. How long does identity verification take? It varies by client, and can take longer if a manual check by the KYC team is required or if a proof of address needs to be approved.

These materials are accessible globally, and the availability of this information does not constitute access to the services described, which services may not be available in certain jurisdictions. These materials are for general information purposes only and are not intended as financial, legal, tax or investment advice, offer, solicitation, recommendation, or endorsement to use any of the Nexo Services and are not personalised, or in any way tailored to reflect particular investment objectives, financial situation or needs.

Digital assets are subject to a high degree of risk, including but not limited to volatile market price dynamics, regulatory changes, and technological advancements. The past performance of digital assets is not a reliable indicator of future results. Digital assets are not money or legal tender, are not backed by the government or by a central bank, and most do not have any underlying assets, revenue stream, or other source of value.

Nexo Australia Pty Ltd (ACN 667 513 073) is registered with AUSTRAC as a Virtual Asset Service Provider (Reg. No. DCE100843695-001). AUSTRAC registration is for AML/CTF purposes only and is not an endorsement. Nexo Australia is a member of the Australian Financial Complaints Authority (AFCA).

This material is for general information purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult a qualified professional, as this material is not tailored to your specific circumstances.

Independent judgment based on personal circumstances should be exercised, and consultation with a qualified professional is recommended before making any decision.