Buy Your First Bitcoin

Ready to buy Bitcoin? This guide walks you through the process step-by-step, with a focus on Gemini Exchange—one of the most secure and regulated platforms available in Australia.

Why Gemini Exchange?

Gemini is a New York-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss. It's one of the few fully regulated exchanges operating in Australia, known for its strong security measures and institutional-grade infrastructure.

Step-by-Step Guide

Step 1: Create Your Gemini Account

1. Visit Gemini: Go to bms.best/gemini (our referral link for special promotions)
2. Sign Up: Provide your email address and create a strong password
3. Email Verification: Confirm your email address via the verification link
4. Enable 2FA: Set up two-factor authentication for enhanced security

Step 2: Complete Identity Verification (KYC)

Gemini is required to verify your identity to comply with Australian Anti-Money Laundering (AML) regulations and the Bank Secrecy Act. This process is straightforward:

1. Provide your full legal name, date of birth, and residential address
2. Upload a government-issued ID (driver's licence or passport)
3. Take a selfie for identity verification
4. Wait for approval (usually within minutes to a few hours)

Step 3: Link Your Bank Account

Australian users can link their bank accounts for deposits and withdrawals:

• Bank Transfer: Add your bank details for manual transfers (recommended - free)
• Debit Card: For instant purchases (3.49% fee)

Note: Manual bank transfers take up to 5 business days for the first deposit but funds are available for trading immediately.

Step 4: Deposit Funds

Transfer Australian dollars to your Gemini account:

1. Navigate to "Account" → "Transfer" → "Deposit"
2. Select AUD as your currency
3. Choose your payment method (bank transfer recommended)
4. Enter the amount you wish to deposit
5. Complete the transfer from your bank

Step 5: Buy Bitcoin

Once your funds are available, you're ready to buy Bitcoin:

Step 6: Secure Your Bitcoin

For maximum security, consider these options:

• Keep on Gemini (Beginners): Gemini stores the majority of assets in cold storage with insurance. Good for small amounts while learning.
• Transfer to Hardware Wallet (Recommended): For larger holdings, move your Bitcoin to a hardware wallet like Ledger or Trezor for complete self-custody.

Learn more about secure Bitcoin storage →

Dollar-Cost Averaging (DCA) Strategy

Rather than investing a lump sum, consider dollar-cost averaging—buying a fixed amount of Bitcoin at regular intervals (weekly, monthly). This strategy:

• Reduces the impact of volatility
• Removes emotional decision-making
• Builds your position gradually over time

Gemini supports recurring purchases, making DCA easy to implement.

Important Considerations

Tax Implications

In Australia, Bitcoin is treated as property for tax purposes. You'll need to report capital gains when you sell, trade, or spend your Bitcoin. Hold for more than 12 months to qualify for a 50% capital gains tax discount.

Read our complete Australian Tax Guide →

Start Small

If you're new to Bitcoin, start with an amount you're comfortable with—even $50-$100. Bitcoin is highly divisible (you can buy 0.00000001 BTC), so you don't need to buy a whole coin.

Security Best Practices

• Never share your password or 2FA codes
• Enable withdrawal whitelisting if offered
• Use a hardware security key for 2FA if possible
• Keep your recovery phrase offline and secure

Next Steps