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 Swyftx. Not only does it have a user-friendly interface and Live Chat support, it also has a Demo mode that you can use to practise buying, selling and trading altcoins for free. You don't need to risk any of your money, you can trade with the free play money to see how it all works before you deposit for real. Swyftx offers over 270+ altcoins, so you have a huge range of coins you can choose from, and if you sign up here you also get FREE $10 Bitcoin. For more information, click here to read my full review of Swyftx.
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 Swyftx account to take screenshots. For ease of following along, you can also open an account with Swyftx.
Top 3 Recommendations
Best for OTC trades
Best for Low Fees
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
It is quick and easy to create an account on Swyftx. All you need to do is follow this link: https://trade.swyftx.com.au/register/ and then enter your personal information in the short form.
Once you have created your Swyftx account, you will automatically be signed into the exchange. You need to verify your account before you are able to deposit money and buy altcoins. In the menu on the left, you will see Profile. Click on that, which will give you a dropdown menu. Now click on Verification (highlighted in blue in the screenshot below), then follow the instructions to verify your mobile, email address and ID. This process will only take you a few minutes.
Step 3 - Deposit AUD into your account
Now that you have verified your Swyftx account, you can deposit fiat currency (Australian dollars) into your Swyftx account. The easiest way is to click Quick Deposit in the menu on the left, then click on Deposit AUD (circled in blue in my screenshot).
This brings up a page with the various Deposit Methods available. Choose the deposit method that you wish to use, and follow the instructions. I suggest choosing Bank Transfer using Osko (the first option), which is what a lot of Aussies use. Your funds will be deposited instantly, so you can start buying altcoins right away.
If you prefer to use your debit or credit card, Swyftx is one of the few Aussie exchanges that accepts this. This option is slightly further down the page. It's good to note that Swyftx doesn't charge any deposit fees, regardless of deposit amount or method.
For instant deposits using Bank Transfer (Osko), click on the Bank Transfer tab - the first option in the list. Now you should see Swyftx's bank account details (circled in blue in the screenshot below). Log in to your online banking website in another tab, and transfer the amount you would like to deposit, to the Swyftx bank account. It is the same method you use if you were to send money to your friend using internet banking. After you have made the transfer, return to your Swyftx account, refresh the page, and you will be able to find your AUD funds. In the menu on the left, scroll down and you will see the AUD you have deposited in the Balance section.
Step 4 - Buy altcoins
By this stage, you have money in your Swyftx account, which you can use to buy altcoins! In the menu on the left, click on Trade, then click Buy (highlighted in blue in the screenshot below). You will notice all the available cryptocurrencies you can buy, listed in alphabetical order (in the green box in the screenshot below).
You can scroll down the asset list to find an altcoin you want to buy, or you can simply type in the coin you want in the search field (next to the magnifying glass icon). Make sure you do your research before you pick an altcoin to buy, to make sure it is not a scam. I tend to buy altcoins that are well-established and have a high market capitalisation. Examples of these altcoins are Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Dogecoin (DOGE), Solana (SOL), Polygon (MATIC) and Litecoin (LTC).
I will purchase Solana in my example screenshots, but you can buy any altcoin that you like because the process is still the same. Type in the altcoin you want in the search field (circled in green below). In my case I have typed Solana, but you type in your coin of choice, then click on the coin in the assets list below. You can now see the price of your altcoin on that page, constantly fluctuating. In the screenshot below, you see that the price for 1 SOL is approximately $159.466 in AUD.
Decide how much you would like to spend on your altcoin, and input it in the field that says How much AUD? (circled in green below). In my example, I bought $500, which gives me 3.09 SOL. After you have typed in the amount you want to buy, click the blue Instant Buy button underneath.
A window will pop up when you click the Instant Buy button, showing you details of the amount of altcoin you are buying, the rate (price) you are paying, the fee, and total amount in AUD. If you are happy with the purchase, click the green Confirm Buy button, and your altcoins will be found in your online wallet on Swyftx. Congratulations on buying your first altcoin!
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, Swyftx supports over 270+ 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, none of the best Australian crypto exchanges accept Paypal as a deposit method. You are better off using another payment method; Swyftx supports various fee-free deposit methods including bank transfer, POLi, PayID, credit cards and debit cards.
If you only have access to PayPal and you don't want to miss out on altcoins, I have an alternative solution, which is to open an account with eToro Australia. If you use eToro, please note that you are not buying the altcoins themselves, but instead you are trading CFDs (contracts for difference). It has the same effect if you are hoping to buy altcoins to sell later when the price rises, but remember that you do not own the actual coins, and you cannot use them as currency. 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. You can follow the steps above to open a Swyftx account, then at Step 3 of how to buy altcoins, choose credit card as your deposit method.
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. Follow the steps above to create your Swyftx account, then at Step 3, select debit card in Deposit Methods instead of bank transfer.
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, Swyftx) 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
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.