How to Buy & Invest in Cryptocurrency in Australia

Crypto-mania has been strong throughout 2021. So if you’re w

ondering how to buy cryptocurrency in Australia, we’ll run you through an easy step-by-step process to getting your crypto journey started.

If you ’ re newfangled to the crypto outer space and feeling a little overpower, don ’ thyroxine fuss. Crypto can seem complicated and daunting at foremost but in reality, understanding how exchanges work and the core ideas behind what you ’ re induct in takes a spot of leg work and research before you dive in. To help you get started, hera ’ s a 5-step guide to buying cryptocurrency.

1. Compare & choose an online exchange or trading platform to buy the cryptocurrency

If you ’ re looking to buy cryptocurrency, you will need an on-line app called a “ wallet ” to hold your currentness. Most cryptocurrency exchanges allow you to create an account, then transfer decree currentness ( such as australian Dollars ) to buy cryptocurrencies such as Bitcoin or Ethereum. A growing numeral of cryptocurrency trade exchanges allow you to create a wallet to store your cryptocurrency, ampere well as buy and sell on the exchange.

Australian Cryptocurrency Exchanges April 2022

The board below displays some of our referral partners ’ Cryptocurrency Exchanges. This information does not reflect any rate, denounce, recommendation or second by Canstar of cryptocurrency or any specific supplier. Canstar is providing actual information supplied by providers. not all providers or products are shown. Canstar will earn a fee from the providers displayed in the mesa, and the fee levels determine placement in the mesa. Cryptocurrencies are inquisitive, complex and can involve significant risks. Canstar is not providing a recommendation for your individual circumstances .

Provider Fiat currencies  AUSTRAC Fees per Trade Number of Currencies Year Established
Sponsored
CoinSpot
go-to-site AUD Yes 0.1 % 250+ 2013

Cointree
AUD Yes 0.9 % 280+ 2013

eToro
AUD, USD, GBP Yes 0 % 41 2007

Coinjar
AUD, GBP Yes 0 % 52 2013

Independent-Reserve
AUD, NZD, USD Yes 0.5 %

25 2013

Swyftx
AUD Yes 0.6 % 257+ 2017

Every person has their own preferences and trading goals which will dictate which change they should choose. Some people want the widest choice of coins, others are looking for Australian-based and individualized customer back, some want all the advanced trading features while some are barely after the easiest way to buy crypto and let their investment grow. When choosing an exchange, the main things you should keep in take care are :

  • Company authenticity and platform security
  • Ease-of-use
  • Fees, spreads and any hidden charges
  • Customer-support
  • Number of coins offered
  • Trading features
  • Educational content
  • Method of payment
  • The ability to buy coins direct with AUD (possible with most Australian exchanges)

For a hanker time buy cryptocurrency in Australia was not so easy, but thankfully, those days are over. however, with sol many australian and international crypto exchanges out there, it can be a little submerge to choose the one that ’ s right for you and your trade needs. For a more in-depth guide on what to look for when choosing a cryptocurrency exchange in Australia, click here .

Related article: 8 Things to consider when choosing a Cryptocurrency Exchange.

If you ’ re in Australia and want to purchase crypto directly with AUD ( and don ’ deoxythymidine monophosphate want to pay unnecessary and often hide, conversion fees ), make sure you sign up with a local exchange that offers this servicing. Asking an exchange via their live chat can be a helpful way of finding this out while testing the quality and authenticity of their customer hold, which can be very significant if you ’ re fair getting started. Take your time, do your research, read customer reviews and search for an exchange that is upfront about who they are and the fees they charge.

2. Before you invest in cryptocurrency – Sign up & verify your email & identity

once you ’ ve chosen the crypto exchange that suits your needs, signing up is normally reasonably square. Choose your username and password, fill in your personal data and set up 2-factor authentication ( 2FA ) ( which gives your account an lend layer of security ). From there all you have to do is verify your e-mail which will then prompt you to verify your identity ( and potentially provide proof of residence ). This can all be done in a few short circuit minutes with a recommendation or another form of ID.

3. Add your bank account, select a payment method & make a deposit to invest in cryptocurrency

once you have added your bank account and selected your prefer requital method acting ( Poli and PayID/Osko are two common methods ), you can make an AUD deposit into your account, which should be rid .

Related article: How to buy Bitcoin in Australia 

4. Go to the buy section & select the cryptocurrency you want to trade

about there ! now that your account has funds in it you are free to purchase any type of cryptocurrency of your choose. Go to the buy/trade crypto section and select the cryptocurrency you wish to purchase. Note: Buying cryptocurrency is pretty straightforward, however, if you ’ re new to the quad it ’ s a well theme to start off small and learn a piece about crypto before you dive correct in. Getting the lay-of-the-land and understanding what the coin does before you invest can help you get your crypto travel started off on the properly infantry.

5. Enter the amount of cryptocurrency you want, double-check the details and confirm your purchase

ready to go ? Enter how much AUD you want to invest or how much of the coin you want to buy, double-check the details are correct and confirm your purchase. And, that ’ s basically it ! hopefully, you ’ ve found this bit-by-bit guide on how to buy cryptocurrency in Australia useful. If you do your research and comparison exchanges before choosing one, you ’ ll probably be off to a good start. Cover image source : Leszek Glasner/Shutterstock.com

Thanks for visiting Canstar, Australia’s biggest financial comparison site*

Leave a Comment

Your email address will not be published.