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Easy Guide on How to buy crypto currency in Australia (2022)

More people are looking for a platform with flexible trading fees and automated custom trading strategies. How to buy Crypto currency in Australia has hence become a common question. Here’s an answer for the layman: 

  • First, find safe Australian cryptocurrency exchanges with low trading fees and good customer support.
  • A good deal for trading must be secured and have advanced trading features.

Trade with Bitcoin (how to buy Crypto currency in Australia)

Buy Bitcoin Cryptocurrency to buy Cryptocurrency in Australia. Several investors are still unfamiliar with Bitcoin and other cryptocurrencies. As a result, many investors are researching how to acquire Bitcoin in Australia quickly. The payment methods for buying Bitcoin are listed- in this section.

  Use Credit or Debit Card to Buy a Bitcoin

A more straightforward way to buy Cryptocurrency in Australia with bitcoin cryptocurrency is by using a debit or credit card. 

We can buy Bitcoin with a credit card on eToro without fees. However, making deposits with credit cards is affordable except when using a debit card on Coinbase, which charges a fee of 3.99%.

Buy Bitcoin with PayPal

PayPal has joined the long list of payment providers that now accept cryptocurrency payments (how to buy Cryptocurrency in Australia). If you want to learn how to buy Bitcoin using PayPal, eToro is a great place to start.

 Why Bitcoin?

by Alesia/Pexels/Copyrighy. 2022

Bitcoin is a simple way to remove the pressure of how to buy Cryptocurrency in Australia.

A fantastic store of value (how to buy Crypto currency in Australia)

Investors are looking for the finest store of value to secure their wealth due to frequent global financial meltdowns and inflation rates. Many people- are drawn to Bitcoin (how to buy Cryptocurrency in Australia)because of its hard-cap limit. The digital asset’s maximum quantity of 21 million coins has led investors to race to add it to their portfolios.

The anticipated supply shortage has the dual benefit of protecting the long-term value and establishing Bitcoin as a more appropriate store of value than gold. Several legacy-based organisations have rushed to buy Bitcoin, with MicroStrategy, a US software enterprise company, leading the charge.

Bitcoin(how to buy Cryptocurrency in Australia) is currently trading for over the $40,000 price level (just under AUD 60,000), where it appears to have found support, and it has continued to rise over the last year. However, it is currently trading below the $48,500 support price of the 20-day moving average (MA).

What is Fiat currency?

Buying Cryptocurrency is not simple; people want to know how to buy Cryptocurrency in Australia. While selecting an exchange, one should know what a fiat currency is and its limits provided by the particular deal.

Fiat currency is a sort of money that is not backed- by any commodity, such as gold or silver and is typically issued- by a decree from the government to be legal tender. Historically, fiat money was issued- by local banks and other institutions.

Examples of fiat currency

Fiat or conventional currencies, such as the US dollar and the euro, are government-issued banknotes and coins whose value is determined- by economic policy and the strength of a country’s economy.

What does Cryptocurrency mean? (how to buy Crypto currency in Australia)

A cryptocurrency is a digital currency used to exchange over a computer network. It is not supported- by any central authority, such as a government or bank transfer. Knowledge of Cryptocurrency drives people to more countries. Highly searched concepts include how to buy Cryptocurrency in Australia on the internet.

How to buy Crypto currency in Australian exchange?

we have to create an account

A created account with crypto exchanges that includes customer support in trading problems. The related account provides digital assets and a digital wallet. It allows deposit funds, Digital tokens crypto exchanges. Hence, it is personal advice for all traders to make effective cryptocurrency trading.

Get sing-in into the crypto exchange.

  1. Sign up on the exchange website once you find the best crypto exchange.
  2. Fill in your username, create a password, and give your personal information.
  3. It is called 2-factor authentication (2FA), which protects your account as needed for security.
  4. Next, verify your email, which will prompt you to verify your identity (and potentially provide proof of residence).
  5. These things take a few short minutes with a passport or another form of ID.

Add a required bank account, select a payment mode and make a deposit to invest in crypto-currency

  • Once you have completed adding your bank, you will see different payment methods available and select what you need (Poli and PayID/Osko are two standard methods). Then you make an AUD deposit into your account, which is free.

Visit the Buy section and select the Cryptocurrency you want to trade.

  • Now the account has funds in it. Here you are free to purchase any Cryptocurrency of your choosing. Get into the buy/trade crypto section and select the Cryptocurrency you want to purchase.
  • Note: Buying cryptocurrency is pretty simple. But if you are new to the space, it’s good to start with a small amount. It is best to know about crypto before you dive in. Before you decide to invest, ensure a sense of the landscape and what the currency does. This will guide you to get your crypto journey began on the right way.
  • Type the amount of Cryptocurrency you want, double-check the details and confirm your purchase.
  • Fix the amount of how much AUD you want to invest. Double-check that the details are correct and confirm your purchase. Otherwise, how much of the coin do you want to buy.
  • Hopefully, you have found this step-by-step guide on how to buy Cryptocurrency in Australia helpful. If you can, do your research and compare exchanges before selecting one.

What is the Australian Cryptocurrency Exchange?

An Australian cryptocurrency exchange is a marketplace where users can trade cryptocurrencies. Cryptocurrency exchanges generate money by charging buyers and sellers commissions and transaction fees.

Basics for starting trading? (how to buy Crypto currency in Australia)

Before starting trading, learn about investing and the markets. Many resources are available on the internet. Such as videos and trading online courses that guide you step by step on how to trade through an online broker.

  • After understanding specific product services, you have to read or watch and make notes on them.
  • The first trading follows demo trading. It is trading with fake deposit money by the trading account. It will help you how to deal effectively.

Find an online broker.

  • A broker can provide you with the tools and assistance you require. Beginner traders can initially focus on customer service, educational resources, and account and trade minimums in general.
  • The stock trading software offered by the online brokers is streamlined, easy to browse, and includes how-to assistance from a trader community of peers to help you by answering problems.

Start looking into Stocks.

  • Now Your account is opened. And available for investing. What comes next? Of course, the most challenging element is picking stocks.
  • Most traders begin their research by reviewing public information like earnings reports, research reports from professional analysts, financial filings, etc. Much of the material, as well as recent company news and risk ratings, should be provided by your broker.

Make a strategy and stick to it.

Losing money is unpleasant. Getting panicked is typical for beginners.

  • Make a pre-plan for how much money to invest in the cost of shares.
  • The time value of stock or shares may result in a loss or gain.
  • The appropriate trade order helps stay on track and minimises emotional reactions.
  • Stop-loss orders are issued- in the event of sales. If a stock falls below a specified price, and reduce risk and losses.
How to buy crypto currency in Australia
Photo by RODNAE Productions from Pexels

What is the crypto community?

  • Like any community, it is essentially an online community that rallies around a core concept. Further, it aligns the community engagement and activity toward achieving the mission or vision by utilising a token at the core.
  • For instance, the Ethereum blockchain community was formed through an initial coin offering (ICO) conducted by its founders, which they used to launch the network, laying the core infrastructure.
  • Cryptocurrency communities work like online communities. They also utilise the pre-existing framework laid down on the internet in platforms, social media platforms, forums, and other avenues of discoverability.

Things to consider while selecting cryptocurrency exchanges? (how to buy Crypto currency in Australia)

When choosing cryptocurrency exchanges, the main things you should keep in mind are:

  • The authenticity of company and platform security
  • User friendly
  • Fees, spreads and any hidden charges by the company
  • Customer-support availability
  • Number of coins provided by the company
  • Trading features or advanced trading features of account
  • Educational contestability
  • Method of payment allowed for bank account
  • The ability to buy coins direct with deposit AUD (presently possible with most Australian exchanges)

To buy a cryptocurrency for a long time in Australia was not easy. However, Now so many Australian and international crypto exchanges out there. But a little more confusing for selecting Australian cryptocurrency exchanges that fully fulfil your needs.

The selection of coins is more important.

Eventually, Bitcoin is no longer the only crypto on the market. Ethereum, Litecoin, and Ripple are just a few of the many cryptocurrencies available, and there are thousands more to pick from.

While many altcoins are high-risk, high-volatility investments, the crypto market is exploding with inventive new coins, some of which have the potential to succeed in the future. To trade more than Bitcoin and Ethereum, should look at exchanges that offer a diverse range of coins.

Local or international cryptocurrency exchanges (how to buy Crypto currency in Australia)

Better to choose a cryptocurrency exchange in your country. It makes things more manageable with the following:

  • Any changes to the regulations or law
  • Towards the end of the year, you’ll have to pay your crypto taxes.
  • Having quality customer support by a specific provider or product provider
  • Buy Cryptocurrency direct with AUD

If you decide to utilise an overseas exchange for whatever reason, keep in mind that there are a few disadvantages to doing so if you live in Australia.

Why is crypto so volatile?

Crypto is worthful, so people want to pay for it. The price of Crypto-assets can fluctuate, sometimes at extreme levels based solely on market speculation. Here some factors that can influence the cost of Cryptocurrency are:

  • The attention of the media
  • Announcements made to the public
  • The acts of individuals who own substantial amounts of a cryptocurrency or who use social media to influence the pricing

How is crypto used Generally?

Crypto-assets were created- as a digital form of currency that could be used- as money at first. Some establishments accept Cryptocurrency as payment for goods and services, and some ATMs take it as cash.

Cryptocurrency is not legal tender in Australia and is not frequently accepted- as a form of payment. Because most people don’t utilise their crypto balance for everyday transactions, it’s more typically employed- as a speculative, longer-term investment.

Storing and Buying Cryptocurrency

  • We can buy or sell crypto on a crypto exchange platform by investing traditional money. Crypto is stored- in a unique digital wallet or hardware wallet.
  • A user’s wallet is a set of private keys (special codes) used to authorise outgoing transactions on the blockchain network. A wallet is a software (hot) or hardware (cold) wallet.
  • These private keys are stored- on a secure hardware device that is not linked- to the internet in a hardware wallet. This can keep hackers out of the user’s wallet.

Cryptocurrency Types

Investing in crypto is high-risk. Each Cryptocurrency has its own set of unique features. They are not designed to be investments. New cryptos are constantly being developed. Many of them are poorly constructed and do not persist. The following are some of the more frequent types.

Cryptocurrency is unregulated

Many cryptos and other digital assets are not typically thought of as financial items. As a result, ASIC may not control the platforms where you purchase and sell Cryptocurrency. This means that if the platform fails or is hacked, you may not be protected.

Cryptocurrency is not accepted as legal money in most countries. You are only protected to the degree permissible under the law. When a cryptocurrency fails, investors will likely lose all of their money.

Value depends on popular opinion.

Investing in crypto assets is extremely risky. The market value can fluctuate dramatically over short periods and is influenced- by many factors. Those are media frenzy and investor sentiment.

The price rise of crypto depends on its popularity at a certain point (influenced by factors like the number of people using it).

There is a chance that your money might get stolen.

  • Be aware that hackers can potentially steal the contents of digital wallets.
  • Digital wallets are a public key and a private key ( password / PIN).
  •  The crypto-asset systems allow the user to remain reasonably anonymous. You have minimal chance of recovering your crypto asset if a hacker steals it.
  • Using of wallet offline, called ‘hardware wallet’ or ‘cold storage.” It gives additional protection.

Technically challenging (how to buy Crypto currency in Australia)

by Tima/Pexels/Copyright. 2022

Crypto-assets can be technically challenging and easy to understand like traditional financial products. In most cases, there is commonly no product disclosure statement or prospectus that outlines how the crypto-asset works in plain English and one spot.

A crypto-assets code will not always be available for users’ review. It may be written in uncommon or cryptic programming languages if available. The processes of interacting Many people are also inexperienced with working directly with crypto-asset networks.

They require special software and an understanding operation of how transaction fees. Unfamiliar users run the risk of:

  • The sending of a transaction to an incorrect address
  • Over-paying on transaction fees is called gas.
  • losing enough for a transaction fee (losing the Fee and transaction)

Want to Know more about Australian cryptocurrency exchanges?

Many Platforms include listings of Australian cryptocurrencies. 

1. How to buy Crypto currency in Australia: Platform 1: Swyftx

  • Swyftx exchange allows you to buy, sell, and trade cryptocurrency. We can trade over 290 assets.
  • Swyftx includes Bitcoin, Ethereum, Ripple, Litecoin, and DeFi coins such as UniCoin.
  • Swyftx is a popular international platform it allows cryptocurrency trading hence a good choice for people who want to know how to buy Crypto currency in Australia.
  • You can visit the official website here-Swyftx

Fiat Deposit & Withdrawal 

  • Daily limit up to 100k AUD, No fees on AUD deposits and withdrawals.

Trading Fees

  • low trading fees % 0.6, high volume discounts apply
  • No trading limits.
  • AUD + USD + BTC base x 280+ assets
  • Spreads as low as 0.41%

Crypto

  • Deposit & Withdrawal
  • ~ Standard network mining fees
  • No additional Swyftx charges

2. How to buy Crypto currency in Australia: Platform 2: Cointree

It was founded- in 2013 in Melbourn by Cointree. 

One can buy bitcoin, Ethereum, Dogecoin, and 260+ digital currencies from here. It provides you with an On-exchange platform, executes transactions, and safely stores your coins in your free crypto wallet. Cointree helps you how to buy Crypto currency in Australia.

  • You can visit the official website here-Cointree

Fiat currency

  • AUD

 Fee

The Fee is up to 0.9% and lowers for coin-to-coin trades.

Referral bonuses

  • Receive up to 70% of the commission taken on each transaction.
  1. Digital Surge

Digital Surge Established in Australia(2017).

Digital Surge is also one of the platforms for buying Cryptocurrency in Australia. For many traders, it also gives knowledge on how to buy Cryptocurrency in Australia.

Visit the official website here-Digital Surge

Fiat currency

  • AUD

Deposit fees

  • Cryptocurrency and PayID deposits are free. POLi deposit fees $2 – $3.30.

Instant Buy & Sell Cryptocurrency

  • 0.5% is the Fee for instant buying and selling,

Trading fees

On-trade exchange fees are calculated based on your rolling 30-day trade volume. Every hour, the trading volume is calculated- for every 1 hour.

low Trading Fees % 30 Day AUD Volume

  • 0.5% < $100K
  • 0.4% < $250K
  • 0.3% <$500K
  • 0.2% < $1M
  • 0.1% > $1M
  1. CoinSpot

Since 2013, CoinSpot has been Australia’s largest and most established exchange(how to buy Cryptocurrency in Australia).

  • Coin spot gives the best support for how to buy Crypto currency in Australia.

Visit official website here-CoinSpot

Fiat currency

  • AUD

Fees

Fees start at 0.1%. CoinSpot has Australia’s highest globally recognised security certification; therefore, rest assured.

3. How to buy Crypto currency in Australia: Platform 3: CoinJar

CoinJar is one of the world’s oldest digital currency exchanges, founded in 2013. It renders services to allow users to buy, sell, store, and spend digital assets.

Coin jar is user-friendly best suitable for beginners, as it guides them on how to buy Cryptocurrency in Australia

  • You can visit the official website here-CoinJar

Fiat currency

  • AUD, GBP

Fees

  • 0% support currencies 52
  1. eToro 

eToro is a trading platform that offers both investing in stocks and cryptocurrencies. 

eToro also trades CFD with different underlying assets.

It is the most reliable platform for people who want support on -how to buy Crypto currency in Australia for beginners.

  • Visit the official website here –eToro.

Fiat currency

  • AUD, USD, GBP

Fee

  • 0% up to 41 currencies

4. How to buy Crypto currency in Australia: Platform 4: Coinbase

Coinbase is a cryptocurrency exchange(how to buy Cryptocurrency in Australia).

People looking for how to buy Cryptocurrency in Australia can go with Coinbase.

  • Coinbase specialises in cryptocurrency storage and the buying and selling of crypto assets.
  • Brian Armstrong launched the coinbase in 2012.
  • The FCA regulates Coinbase E-Money Services.
  • Coinbase(how to buy Cryptocurrency in Australia) stands out because of its user-friendly design, Which is essential for new Australian traders and crypto fans interested in learning more about the market.
  • Coinbase(how to buy Cryptocurrency in Australia) has extensive learning materials to assist new users.
  • Coinbase has over 100 cryptocurrencies and 81 crypto-to-crypto trading pairs to choose from. Coinbase transactions are inexpensive because the platform only demands a $2 (2.7 AUD) minimum deposit and costs between 0.5 per cent and 4.5 per cent every trade subject to market swings.
  • Users- are charged 3.99 per cent when depositing with debit cards and 1.49 per cent for every US wallet or account. A fee of 1.1 AUD is applied- to deals worth less than $10 (13.8 AUD).
  • A fee of 3.4 AUD is applied- to trades worth more than $50 (69 AUD) but less than $200 (276 AUD).
  •  Visit the official website here –Coinbase

Be alert of Crypto Scam. (how to buy Crypto currency in Australia)

Main types of crypto scams

  1. Fake opportunities providers to buy crypto.
  2. Use your crypto to invest or pay for something.

Scammers aim to dupe consumers into investing in phoney crypto possibilities. need to observe the following strategies:

  • fake promises of very high returns
  • false endorsement from celebrities or government agencies
  • people contact you through social media or with text messages
  • Establishing a love connection and gaining trust with dating apps
  • Transfers- are made to vary or continually change bank accounts

 

 

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