How to buy Altcoins in Australia in 2022

How to buy Altcoins in Australia in 2022

Daniel Chan

May 14, 2022

Cryptocurrency

What is an Altcoin?

You have probably heard of Bitcoin, Ethereum, blockchains, cryptocurrencies and altcoins, but what exactly is an altcoin? An altcoin is short for alternative coin, that is, an alternative to bitcoin. Any cryptocurrencies that are not Bitcoin are also known as altcoins. There are thousands of altcoins available, but some of the most popular ones are Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), XRP, Dogecoin (DOGE), Solana (SOL), Polkadot (DOT) and Uniswap (UNI).

Where can I buy Altcoins?

Many cryptocurrency exchanges on the market offer altcoins, but there are lots of scams, so you need to be thorough when doing your research. If you buy altcoins from the top crypto exchanges for Australians, you can rest easy, as they are all registered with AUSTRAC, preventing money laundering and terrorism financing.

My first choice for buying altcoins is CoinSpot. Not only does it have a user-friendly interface and Live Chat support, it also has staking on 21 coins where you can earn interest on your crypto. CoinSpot offers over 360+ altcoins to buy and sell, so you have a huge range of coins you can choose from. For more information, click here to read my full review of CoinSpot.

How to buy Altcoins?

It is really easy to buy altcoins in Australia. I will walk you through it, in just four simple steps:

Step 1: Compare crypto exchanges

Step 2: Create an account

Step 3: Deposit AUD into your account

Step 4: Buy altcoins

Step 1 - Compare the best crypto exchanges

The first and arguably most important step is finding a trustworthy and legitimate cryptocurrency exchange for your needs. For a place to start, take a look at my personal test of the best Aussie exchanges, and I came up with my top 3 choices, shown below. In this guide on how to buy altcoins, I am going to use my CoinSpot account to take screenshots. For ease of following along, you can also open an account with CoinSpot.

Top 3 Recommendations

#1

CoinSpot

   Best Overall  

Rating

4.9

#2

Swyftx

Best for Demo Mode

Rating

4.6

#3

Digital Surge

Lowest Spreads and Fees

Rating

4.4

If you are still researching the best exchanges to buy altcoins, I recommend you have a read of this review on the top Australian crypto exchanges. If you plan on using your mobile to buy and sell altcoins, this article on mobile crypto apps is a must-read.

Step 2 - Create an account

The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.

Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.

Step 3 - Deposit AUD into your account

After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.

Step 4 - Buy altcoins

When your money has arrived in your CoinSpot account, it's time to buy whichever altcoin you like. Click on "Buy/Sell" in the menu along the top, search for your altcoin, then click the buy button. In my example, I will buy XRP, so I clicked the "Buy XRP" button. 

You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on your altcoin, then click the blue "Buy" button.

You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of XRP. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some altcoins!

Frequently Asked Questions:

Where do I store my altcoins after buying?

If you are using one of the top crypto platforms your altcoins will be automatically held in your online wallet on the exchange. You shouldn't leave any altcoins on an exchange as it less secure than having it in your personal wallet. If you want to securely store your altcoins, send them from your crypto exchange to your personal wallet (either a hot wallet app or a hardware cold wallet). WARNING: Before sending your altcoins to your wallet, make sure you check that your wallet supports the coin. For example, if you have a wallet that is only useful for storing Bitcoin, and you try to send your altcoin to that address, you will lose it forever, as there is no way to recover it. There will be a network/mining fee for transferring your altcoins to your personal wallet. Check on your crypto exchange to see what the costs are.

Is buying altcoins in Australia legal?

Yes, it is 100% legal to buy, sell and trade altcoins in Australia. 

Can I use this method for all altcoins?

If you can find the altcoin that you want to purchase on a crypto exchange, then you can use this method to buy it. Some crypto exchanges may only offer a small number of coins, so your best bet when looking for an altcoin is choosing a crypto platform that supports a large number of different cryptocurrencies. For example, CoinSpot supports over 360+ different altcoins, so there is a good chance you can follow this guide to buy the altcoin you are looking for. If you want to buy Bitcoin instead, you can follow my step-by-step guide on how to buy Bitcoin.

How to buy altcoins with PayPal?

Unfortunately, most of the best Australian crypto exchanges don't accept Paypal as a deposit method. You are better off using another payment method; CoinSpot supports bank transfer, POLi, PayID, BPAY and Cash deposit.

If you only have access to PayPal and you don't want to miss out on altcoins, you can open an account with eToro Australia. If you want to learn more about eToro Australia, you can read this review.

How to buy altcoins with credit card?

The best way to buy altcoins using a credit card is with Swyftx, because not many crypto exchanges accept it. Swyftx is our #2 recommendation of crypto exchange in Australia.

How to buy altcoins with debit card?

Many of Australia's crypto exchanges don't accept debit card deposits, but Swyftx is one of the exceptions. To buy altcoins on Swyftx using your debit card is easy. Swyftx is our #2 recommendation of crypto platform for Aussies.

How do I buy altcoins instantly?

If you are interested in buying altcoins immediately, an Aussie exchange called Easy Crypto Australia makes it easy to do so. When you buy altcoins on Easy Crypto Australia, you pay straight from your bank account, and then the cryptocurrency is sent to your personal wallet directly. There is no depositing fiat currency into the exchange first, and the exchange doesn't ever hold your altcoins. You have total control over your fiat and digital assets at all times. If you are interested in reading more, here is my detailed review of Easy Crypto Australia.

How do I buy Bitcoin?

It's easy to buy Bitcoin, you can follow the same process as buying altcoins. For a guide on buying Bitcoin, click here.

How to buy altcoins with USDT?

In order to buy altcoins using USDT, you first need to send your USDT to a crypto exchange that supports coin swaps (I suggest the secure Swyftx platform for Australians). Create a Swyftx account, then send your USDT to the USDT wallet address found in your Swyftx account. When you have transferred your USDT to your Swyftx account, click Trade in the menu on the left, then Swap (highlighted in blue below). Search for USDT and select USD Tether under Assets. Click in the box that says Select Asset (circled in green below) and type in the name of the altcoin you want to buy with your USDT. 

After you have selected your altcoin (in my example below I have chosen Solana), choose how much USDT you want to spend and type it in the box (circled in green below). I have chosen 500 USDT in my example. To complete this purchase, click the blue Swap button. 

Is buying altcoins in Australia safe?

Yes, it is safe to buy altcoins in Australia, as long as you are using one of the top reputable Aussie crypto exchanges. All of the best cryptocurrency exchanges (for example, CoinSpot) feature multi-layered security, and AUSTRAC registration so you can buy, sell and trade without worrying about safety. My comparison table below outlines some important information about the best Australian crypto exchanges if you are still looking for a platform to use.

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
Swyftx
Digital Surge
CoinSpot
KuCoin
Crypto Exchange
Crypto Exchange
Bybit
Swyftx
Digital Surge
CoinSpot
KuCoin
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD, NZD
AUD
AUD
USD, EUR, GBP, RUB, CNY, AUD & 40+ more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, BTG, BNB, ADA, XRP & 300+ more
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, DOT, ADA, ETH & 600+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
SEPA, Skrill, PayPal, Apple Pay, Debit card, Credit card, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
0.6%
0.5%
Market order: 0.1%, Instant buy: 1%
0.1%

Crypto assets are unregulated & highly speculative.  No consumer protection.  Capital at risk.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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