- Cryptocurrency is a digital currency that relies on cryptography to prevent fraud and is recorded on a decentralized system.
- You can buy cryptocurrency through reputable exchanges such as CoinSpot, which offers industry-leading security and a user-friendly interface.
- To buy cryptocurrency, you need to compare exchanges, create an account, deposit AUD into your account, and then buy your desired cryptocurrency.
- Storing your cryptocurrency is done through a wallet address provided by the exchange, and buying, selling, and trading cryptocurrency is legal and safe in Australia if you use reputable exchanges.
What is cryptocurrency?
A cryptocurrency is a digital currency where transactions are recorded using a decentralised system instead of a central issuing or regulating authority. It relies on cryptography to prevent counterfeiting and fraudulent transactions.
Where can I buy cryptocurrency?
There are plenty of crypto brokers and exchanges where you can buy cryptocurrency, and you need to find one that is legitimate and safe. Choosing one of the top Australian crypto exchanges is recommended, as they are all registered with AUSTRAC, to guard against money laundering and terrorism financing. I recommend CoinSpot, as it has industry-leading security, a user-friendly interface, over 370+ coins, and you can earn interest on 21 coins. It also has 24/7 Live Chat support in case you need any assistance. If you want to find out more, here's an in-depth review of CoinSpot.
How to buy cryptocurrency?
There are four simple steps which I will go through in detail below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Deposit AUD into your account
Step 4: Buy cryptocurrency
Step 1 - Compare the best crypto exchanges
The first step is to compare exchanges, and choose one that is right for you. Based on my review of Australia's best exchanges, these are my top 3 picks. I will be using screenshots from a CoinSpot account to show you the steps to buy crypto, so if you want to follow along easily, I suggest you sign up with CoinSpot.
Top 3 Recommendations
Best for Demo Mode
Best App for Beginners
If you are still unsure and are doing your research, I would suggest reading my full breakdown of Australian crypto broker exchanges, which you can find here. If you are planning on using a mobile app for your crypto investing, check out my review of best crypto apps in Australia for iOS and Android.
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 prove you’re not a robot, then Create Account. If you use our link, you also receive FREE $20 Bitcoin as a welcome offer!
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 cryptocurrency
When your money has arrived in your CoinSpot account, it's time to buy some crypto. Click on "Buy/Sell" in the menu along the top, then search whichever cryptocurrency you want to buy. Alternatively, you can scroll down the list to choose which coin you like (see screenshot below). Click the buy button next to which crypto you like (In this example, I will buy Solana, so I click "Buy SOL".
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 the coin, 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 SOL. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some cryptocurrency!
Frequently Asked Questions:
Where do I store my cryptocurrency after buying?
When you buy crypto with any of our recommended brokers you will be automatically given a wallet address where your cryptocurrency will be held. From this wallet you can transfer your crypto to and from any other wallets (fees may apply depending on the exchange).
Is buying crypto in Australia legal?
Yes it is legal to buy, sell and trade cryptocurrency in Australia.
Is buying crypto in Australia safe?
If you use a reputable crypto exchange, then buying, selling and trading crypto in Australia is safe. All of the top Aussie exchanges have multi-layered security, and you can buy with peace of mind. Have a look below at my comparison table of the best crypto exchanges for Australian traders.
Does this method work for all cryptocurrencies?
This method will work for almost all cryptocurrencies you have heard of; our recommended exchanges support hundreds of different tokens so its likely you will find the one you're looking for. We actually made a guide specifically for buying Bitcoin if you're interested.
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.