Looking to buy cryptocurrency in Australia? Check out this full guide to what you need, how to buy it, and everything else you need to know!
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Over the years, crypto exchanges have established themselves in Australia in tandem with rising interest from investors. Popular Australia-based exchanges include CoinSpot, Swyftx and CoinJar. This guide will explain how to buy crypto in Australia and will also highlight some things you should consider as part of your venture into digital asset ownership.
Buying Crypto in Australia
Buying and investing in digital currency in Australia is becoming a much more streamlined process, much like trading securities. Citizens need only open an account with a crypto brokerage to start trading. Australians can hold virtual currency in wallets and trade different currencies once they have registered for a brokerage account.
What Will You Need in Order to Buy Crypto in Australia?
Before setting up an online account with a crypto exchange, you will need to verify your identity by providing specific documents. Different exchanges will have different rules when it comes to account setup but the following things are good to have to hand to make the process faster:
- You may need to upload photos of your Australian driver’s license or passport as a form of ID
- Access to a private and secure internet connection (public WiFi poses security issues)
- A cell phone you can use for two-factor authentication (2FA)
- A bank account you can withdraw from in order to deposit AUD to your chosen exchange
- A secure method of cryptocurrency storage. Most brokerages will offer a good built-in wallet or secure vault system that you can use
How to Buy Crypto in Australia
- Sign into your crypto exchange account via your private WiFi connection.
- Select the option to buy crypto, then make sure you have selected the correct digital asset you are trying to buy. For example, you can choose between coins that include Bitcoin, Ether, Binance Coin or Cardano. Different exchanges will have other currency options available, so you make sure they support the crypto you would like to invest in before setting up an account.
- Choose how much you would like to purchase and make sure you have enough AUD or other fiat currency deposited in your account in order to cover the transaction.
- Preview your purchase and make sure you are comfortable with the current price of the cryptocurrency and are familiar with the market’s overall trend at the time.
- If the details look correct, click “buy” to complete your purchase. You can then store your new assets on the exchanges built-in wallet or transfer them to other hot or cold storage.
Cryptocurrency Prices in Australia
Buying Bitcoin in Australia
Buying Ether in Australia
Buying Binance Coin in Australia
How to Store Your Crypto After Your Purchase
Once you’ve purchased your crypto, you will need to choose a way to store your new digital assets securely. Crypto exchanges offer their own wallets for you to store your crypto but these can be more vulnerable to cyber theft than storing purchases in an independent, secure wallet.
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