Buy Bitcoin Cash Australia – How to Buy BCH in Under 5 Minutes

Bitcoin has taken the world by storm, quickly becoming one of the most talked-about technologies in the world. Unfortunately, this sharp rise in popularity caused transactions to become slower and more expensive, ultimately reducing its effectiveness as a currency. This is where Bitcoin Cash (BCH) comes in, created from a fork in the bitcoin network, the two cryptocurrencies are very similar, with the primary difference being an increase in block sizes by Bitcoin Cash, which leads to an increase in the number of transactions per second (TPS) the network can handle.

In just this past year, Bitcoin Cash is up over 50% from its price in January, leading many people to wonder if it’s time to invest before the coin blows up even more. After reading this guide you’ll have all the information needed to make up your mind and get started on the best Bitcoin Cash exchange. 

#1 Exchange to Buy BCH – eToro

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How to Buy Bitcoin Cash Australia- The Quick Four-Step Strategy

If you want a quick summary on how to start investing with the best Bitcoin Cash exchange, then this section is for you! Simply follow the steps below and you’ll be ready to buy BCH in less than 5 minutes!

Sign up to eToro: If you haven’t already got one, you’ll need to register with eToro. Simply go to eToro.com, click “Join Now” and provide some basic information. 

Verify your details: eToro is a regulated exchange, meaning they have increased protection for customers. Because of this, you’ll need to verify your account by providing a photo ID (driving license, passport) and proof of address (utility bill, bank statement).

Fund your eToro account: Once your account is verified, you’ll need to deposit some funds. eToro allows users to deposit using either a credit/debit card, wire/bank transfer, or e-wallet (PayPal, Skrill, etc).

Buy your BCH: Now you’ve deposited funds, you’re free to buy some Bitcoin Cash. Just type “BCH” into the search bar, press “trade”, enter the amount you desire, and press “buy”

What is Bitcoin Cash?

Created in 2017 after a series of disagreements between the Bitcoin miner community, Bitcoin Cash attempts to resolve a big problem with using Bitcoin for everyday transactions. As Bitcoin gained popularity and adoption increased, the network couldn’t complete transactions quickly enough, causing those with higher miner fees to be prioritized, leading to increased fees across the network. 

Increased fees meant it wasn’t viable to use the Bitcoin network to fulfil small, everyday transactions, this presented a serious issue. The two main functions of Bitcoin were as a store of value and as an alternative to using regular currency, because of the high fees Bitcoin could only be used for the former, causing a lot of people to question its scalability. At this point, there were two schools of thought, one group wanted to increase the amount of transaction data each block could hold, and the other believed this would lead to centralization of the network due to node operations requiring more expensive hardware to store the blockchain, instead recommending using layers on top of the main chain. 

The two groups failed to reach an agreement on which method would allow Bitcoin to scale best, this is when Bitcoin Cash was born. In 2017 the Bitcoin network forked, with users holding Bitcoin receiving an airdrop with a proportionate amount of Bitcoin Cash. Since this fork. Bitcoin Cash has continuously increased the amount of data each block could hold, up to 32MB as of January 2021. The two networks were not compatible with each other, making validators have to choose between them, while this wasn’t ideal at the time, you could argue the split benefited both networks by reducing stress on the BTC network and allowing everyday transactions to be easily and cheaply completed on the BCH network.

Where to Buy Bitcoin Cash in Australia

The first step to is to make sure you’re dealing with a regulated exchange that has a good track record. We’ve compiled the list below, reviewing the best Bitcoin Cash exchanges, all of which are thoroughly regulated. 

 

1. eToro – Best Way to Buy Bitcoin Cash in Australia 

It’s near-impossible to review the best crypto exchanges without mentioning eToro. Since its launch in 2007, eToro has grown to be one of the largest exchanges in the world, serving over 17 million users. This huge popularity is due in part to them offering a range of financial instruments outside of the cryptocurrency space, making it a powerful platform for anyone trading in a range of markets. It’s an easy-to-use platform, with plenty of features making it a great exchange for both new and experienced traders.

In order to protect their customers, eToro utilizes several industry-leading techniques, these include, 2FA to add an additional layer of protection to accounts, SSL encryption on customer information to ensure nobody can use any stolen data, and cold storage for 95% of funds preventing any users losing funds in event of a hack.

As we mentioned, eToro is an excellent platform for both beginners and experienced traders, this is because they offer a range of features designed to keep both parties happy. For the new traders, eToro offers a feature seldom seen in the crypto space, copy trading. This allows users to mirror the trades of the most profitable users on eToro, allowing even people with no previous trading experience to earn a passive income through crypto. Another feature geared toward new users, but certainly still useful for their more proficient counterparts, is investing in managed portfolios. By investing in a managed portfolio you benefit from having a well-balanced, well-researched portfolio without any effort, in turn, greatly reducing the risk of investing. In addition to these features, eToro offers a commission-free experience doing away from trading fees, only charging a small spread fee (the difference between buy/sell price).  

eToro Fees

Coin Name Spread Amount 
Bitcoin Cash (BCH) 1.9%
Bitcoin (BTC) 0.75%
Ethereum (ETH) 1.90%
Cardano (ADA) 2.90%
Binance Coin (BNB) 2.45%
Ripple (XRP) 2.45%

 

Pros

  • Low fees
  • Great for beginners
  • Industry-leading security
  • Wide range of features
  • Over 17 million users
  • Long track record
  • Fully regulated

Cons

  • Currently no MetaTrader support
  • Potentially not enough indicators for technical traders

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

2. FTX – Best Way to Buy Bitcoin Cash for Traders in Australia

FTX has been making headlines in 2021, in the face of regulatory issues causing problems for several large exchanges, more and more traders are flocking to the platform. If you have previous trading experience FTX will be a great platform for you, they’ve gone back to basics to improve the core trading experience for all users. Although FTX has improved on a number of aspects, the only area they fall short of is accessibility for new users, it can be quite confusing, which isn’t surprising considering its target audience is mostly professional traders.

FTX users benefit from industry-standard security features, coming in the form of 2FA for withdrawals and log-ins, insurance on USD balances, and SSL encryption for user data. An area that could cause some controversy is the way FTX monitors user activity, forcing users to re-verify themselves if the account engages in what they consider to be “suspicious activity”. 

You can tell from the get-go that FTX is aimed toward experienced traders, the interface isn’t particularly simple and is likely to cause beginners some confusion. However, for anyone with experience or that’s willing to take the time to learn the ins and outs of the platform, FTX has a huge amount of well-refined features. FTX has a utility token called FTT (similar to BNB), used to reduce fees, reward users, and provide greater compensation in the event of an unforeseen market change.

FTX Fees

Fee Type Amount (%)
Maker Fee  0.02%
Taker Fee 0.07%

 

Pros

  • Great platform for experienced users
  • Lots of indicators for technical traders
  • FTT token for reduced fees
  • Backing from other large exchanges

Cons

  • Likely confusing for new users
  • FTX.US has a reduced variety of crypto
  • Not many educational resources

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

3. Coinmama – Buy Bitcoin Cash With Debit/Credit Card in Australia

In stark contrast to FTX, Coinmama is tailored almost exclusively toward new users, with an easy-to-understand interface and basic features. Not coming jam-packed with advanced features isn’t necessarily a bad thing though, it allows users who may be new to the crypto space to get involved easily, removing “technical knowledge” as a barrier. Coinmama specializes in quick and easy debit/credit card transactions and has one of the highest limits when using this payment method.

Coinmama is in somewhat of a grey area when it comes to security, although they’re regulated by FinCEN and FINTRAC because they do not store any customer funds or provide users a hosted wallet they’re not subject to rules as strict as other exchanges. This means that to buy Bitcoin Cash using Coinmama you will first need to set up a wallet, Electron Cash is a popular one. To help protect customers, Coinmama will not send any funds until you confirm a wallet address is correct by clicking a link sent to the email associated with your account.

Aiming to make the process of buying cryptocurrency as easy as possible, Coinmama boasts one of the highest limits on card purchases, once your account is verified you’ll be able to purchase up to $15,000 worth of BCH per transaction. The downside to this is very high fees, adding up to around 10% when using a card. You can reduce the fees you’ll have to pay by about 5% using a bank/wire transfer, although this will reduce the amount you can purchase to $12,000 per day.   

Coinmama Fees

Fee Type Fee Amount (%)
Transaction Fee 5.5%
Debit/Credit Card Purchase fee 5%

 

Pros

  • High card limits
  • easy-to-use interface 
  • Great for beginners
  • Range of educational materials
  • 2FA for purchase

Cons

  • Some of the highest fees
  • Strict verification process

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

4. Kraken – Buy Bitcoin Cash Easily in Australia

If you want to buy BCH easily, Kraken offers a bridge between platforms like Coinmama and FTX. Kraken provides users with a fully-featured exchange that is regulated by FinCEN, this gives customers additional peace of mind. Kraken was founded in 2011 with its official launch taking place in 2013, since then they have become a powerhouse in the crypto space serving over 7 million clients.

Security is not taken likely by the team at Kraken, of course, it features all the standard security features we’ve come to expect from exchanges, 2FA, cold storage for the majority of funds, and SSL encryption for any sensitive data. However, one security aspect unique to Kraken is the way they protect their servers, rather than simply preventing digital attacks, they also have protection against physical attacks on the servers, with 24/7 protection by armed guards. This pretty much eliminates the chance of a nefarious individual trying to steal any coins or data by getting physical access to the servers, something missed by most other exchanges.

Outside of its great security features, Kraken is the perfect platform for both new and experienced traders. They have a range of educational material available for users to read through at their own pace while providing enough indicators, charting tools, and additional features for technical traders. They have competitive fees, however, this is volume-based so if you’re only a casual investor you won’t receive the best rates.

Kraken Fees

Fee Type Amount
Trading Fee 0-0.26% (based on trading volume)
Credit/Debit Card Fee 3.75% + €0.25
Online Banking Fee 0.5%

 

Pros

  • 2FA
  • Cold storage
  • Range of indicators
  • Educational materials
  • SSL encryption

Cons

  • Slow verification
  • Card fees higher than average

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

5. CEX.io – Buy Bitcoin Cash Securely in Australia

If you don’t feel like using any of the platforms we mentioned above, CEX.io is a great alternative. Taking somewhat of a jack-of-all-trades approach, CEX.io does most things well, but nothing particularly great. They provide a good level of security, unlimited withdrawals, and several payment methods, however, this is offset by the high fees, the limited number of cryptocurrencies, and lack of features for advanced users.

Cex.io benefits from all the security features we’ve mentioned previously, 2FA, SSL encryption, and insurance on USD balances. They store funds in a mixture of hot and cold wallets, claiming only a small portion of funds are stored in hot wallets, being used mainly to ensure the smooth day-to-day operation of the platform. They take regulations seriously, so you don’t have to worry about CEX.io running away with your funds, but you will have to complete the KYC process before using the platform.  

CEX.io has more than enough features to keep the everyday investor happy, but certainly lacks any of the features that would make it attractive to experienced day traders, even lacking a variety of order types. The interface is simple for new users to understand, but still offers a reasonable increase in features when compared to a platform like Coinmama. Unfortunately, they do fall short on the range of currencies they offer.  

CEX.io Fees

Fee Type Amount 
Taker fee 0.1-0.25%
Maker fee 0-0.16%
Credit/Debit fee 2.99%

 

Pros

  • Good security
  • Regulated
  • Range of payment methods


Cons

  • High fees
  • KYC is mandatory for all users

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

How to Buy Bitcoin Cash in Australia – Detailed and Explained in Full

 When it comes to learning how to buy Bitcoin Cash there is a lot of conflicting advice, which is why we created this quick and easy walkthrough to get you started investing in just a few minutes.

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Rating
5.0
4.5
4.3
Mobile App Rating
1/10
10/10
9/10
Mobile App
Wallet
Number of Coins
311014
Trading Fees
SpreadsCommissionN/A
Deposit Fees
N/A$0N/A
Withdrawal Fees
5 USD$0N/A
Regulated
N/AYesCBI and MiFID in Europe
Min. Deposit
50$$20$100
Leveraged Trading
N/AYes1:2 for cryptocurrencies
Bitcoin
$65115.01$65173.61$65336.38
Ethereum
$4241.37$4166.45$4176.86
XRP
$1.17$1.14$1.16
Tether
$1.00N/AN/A
Litecoin
$212.46N/A$209.75
Bitcoin Cash
$653.61N/A$649.44
Chainlink
$27.68N/A$28.10
Cardano
$2.33$2.26N/A
IOTA
$1.27N/A$1.24
Binance Coin
$503.32$578.97N/A
Stellar
$0.40$0.39$0.40
EOS
$4.94N/A$4.87
Credit Card
Paypal
Sepa Transfer
Skrill
Sofort
Giropay
Neteller

Step 1: Open an Account with a Broker

The first step when buying any cryptocurrency is to set up an account with a broker. For this, we recommend eToro because of its blend of security, features, and easy-to-use interface. Simply type “eToro.com” in your browser, click “Join Now” and then fill in your details. 

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify your Account

After you’ve registered with eToro, you’ll need to verify your documents, this is because eToro is a regulated platform, it’s standard practice with most trustworthy exchanges. You’ll have to provide a photo ID (passport, driving licence) and proof of address (utility bill, bank statement).

Step 3: Fund your eToro Account

Now your account has been verified, you’re ready to deposit funds. You can do this using either a bank card, bank/wire transfer, or by using an e-wallet (PayPal, Skrill, etc).

Step 4: Search for BCH

Once you’ve funded your account, you’re almost ready to purchase some BCH. Just type in “BCH” or “Bitcoin Cash” in the search bar and select the relevant option.

Step 5: Buy BCH 

Finally, you’re ready to buy some BCH! Just enter the amount you want to purchase and hit “Buy”. After your purchase, a wallet will be automatically created for you and the funds deposited there.

Purchasing Bitcoin Cash – Is it a Good Investment?

The price of Bitcoin Cash has been steadily rising since 2017 following a sharp increase and decrease in price shortly after its launch. The price of Bitcoin Cash peaked in late 2017 at just below $4,000, since this peak the price of BCH has never quite recovered, although it found new strengths in 2021 hitting over $1,500 in May. As you may be aware, following May, there was a large dip in the crypto market with most coins struggling to find footing, BCH, however, has since been trading at between $500-$700, marking a dramatic increase compared to 2018-2020. This newfound strength has left a lot of people wondering if it’s time to invest and wanting to know how to buy Bitcoin Cash.

The Advantages of Investing in Bitcoin Cash

Bitcoin Cash is closely related to its big brother, Bitcoin which as we’ve seen has started to achieve numbers only a few thought possible. The problem Bitcoin Cash aims to solve is related to the amount of transactions per second the network can handle, as we’ve seen with El Salvador, Bitcoin is increasingly being used in day-to-day life, the issue being the network can’t scale enough to facilitate all the small transactions. Bitcoin Cash is used primarily for small transactions and has a TPS of over 100, far greater than the 7 Bitcoin can handle.

  • Similar to Bitcoin: Although technically an altcoin, Bitcoin Cash is a fork of bitcoin, having all the same benefits, with a clear improvement in transaction speed. It’ll be interesting to see if BCH continues to follow Bitcoin’s growth.
  • Increased TPS (transactions per second): The BCH network can handle a far greater amount of transactions than Bitcoin, this means that as more countries adopt Bitcoin as legal tender, it may struggle to keep up with demand, which is where Bitcoin Cash comes in.
  • Useful for everyday transactions: Small, everyday transactions are not always viable to be sent in BTC due to the high fees and long transaction time. Bitcoin Cash does away with this issue, by increasing block size and therefore making transactions have to compete with each other far less.

The Disadvantages of Investing in Bitcoin Cash

As with any investment, there are risks, Bitcoin Cash is simply a fork of the original Bitcoin code. While this is not a disadvantage itself, as Bitcoin grows developers are implementing new network technology designed to solve the same issue as Bitcoin Cash. Without any additional selling points, should these new networks become more ubiquitous, the price of BCH could crash.

  • Layered Networks: As we mentioned earlier, there were two schools of thought when deciding how to tackle the TPS problem. One group wanted to increase the block size, which resulted in BCH, the other wanted to add layered networks on top of Bitcoin. An example of this is the Lightning network, which enables users to send Bitcoin much quicker and cheaper than previously possible,
  • Tied to BTC price: Because Bitcoin Cash is simply a forked network, it’s heavily tied to the price of Bitcoin. If there is negative news surrounding Bitcoin it’s likely to affect the price of BCH too.
  • Price Heavily Dependent on Adoption: The price of any cryptocurrency is linked to its adoption, but that is especially true with Bitcoin Cash. Because of the layered networks we mentioned, the problem Bitcoin Cash solves is becoming less and less prevalent.

How Much Does it Cost to Buy Bitcoin Cash?

As long as you’re dealing with a reputable exchange that charges a fair spread fee, you don’t have to worry about being charged more than anyone else wanting to buy Bitcoin Cash. Currently, the price of BCH is $531, meaning if you were to invest $1000 you would have 1.88 BCH. If you invested $1000 at the start of the year you would currently have around $1560.

Purchasing Bitcoin Cash – How to Pay for It

If you want to know how to buy Bitcoin Cash, one of the main things to consider is how you’re going to pay for it. While most platforms offer a range of payment methods, it’s important to choose the one that is best for you. Generally using a bank card provides the greatest level of convenience but at the cost of high fees. Using an e-wallet like PayPal tends to have lower fees and offers an additional layer of security, the issue being not many exchanges accept it. Luckily, our number 1 choice, eToro supports e-wallets so you can enjoy reduced fees, increased security, while retaining the convenience a bank card offers. 

Buy BCH Using PayPal

If using an e-wallet sounds appealing to you, you’ve probably already got one set up. The most commonly used e-wallet is PayPal, which offers easy payments and additional security. While exchanges typically provide a secure way to use a credit/debit card, if they get compromised your bank information may be at risk, using a service like PayPal essentially gives you a barrier between your data and anyone trying to access it. 

Buy BCH with Paypal via Etoro Now >

Buy BCH using a Credit/Debit Card

For some, convenience is king, and for this not much beats a bank card. Accepted by the majority of regulated exchanges, it offers the easiest way for a new user to purchase crypto. Unfortunately, this convenience comes at a cost, typically you’ll be hit with an additional card fee in the range of 2-5%, which when doing multiple purchases can drastically decrease the amount of crypto you’d receive.

Buy BCH with Credit/Debit Card via Etoro Now >

Conclusion

With the popularity of using Bitcoin for everyday transactions rising, Bitcoin Cash fills a clear gap in the market, by allowing the cheap and efficient purchase of goods or services. With El Salvador making Bitcoin legal tender, there is more need than ever for a quick and easy way to buy goods with Bitcoin. When trying to decide which platform is the best Bitcoin Cash exchange for you, it’s important to pick a regulated platform that offers an easy onboarding process. After analyzing these, and several other factors, we’ve concluded that eToro is the best Bitcoin Cash exchange.

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

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About Jay Leonard PRO INVESTOR

Jay is a UK based cryptocurrency expert, specialising in fundamental analysis and medium to long term investments. He has a great deal of hands on experience in the space and a current focus on institutional adoption.