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 Swyftx, as it has a great Demo trading platform so you practise with free play money and no risk. It also has Live Chat support and free $10 bitcoin if you sign up here. If you want to find out more, here's an in-depth review of Swyftx.
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 test of Australia's best exchanges, these are my top 3 picks. I will be using screenshots from a Swyftx account to show you the steps to buy crypto, so if you want to follow along easily, I suggest you sign up with Swyftx.
Top 3 Recommendations
Best for OTC trades
Best for Low Fees
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 Swyftx. Click on the following link: https://trade.swyftx.com.au/register/ and complete the short form.
Once you have created your Swyftx account you will be automatically signed in and you will see a dark menu on the left. Click on Profile, which will open a dropdown menu, then click on Verification (highlighted in blue in the screenshot below). Follow the instructions to verify your mobile, email address and ID. This will only take a few minutes, it is a simple process.
Step 3 - Deposit AUD into your account
Once you have completed the verification process, click on Quick Deposit in the menu on the left. A dropdown menu will appear, and click Deposit AUD (circled in blue in my screenshot).
You will be taken to the Deposit Methods page, where you can select the method of payment suitable for you. I recommend Bank Transfer using Osko (the first option) because it is instant, which means you can start buying cryptocurrency without having to wait for funds to clear. Swyftx is unique in that it is one of the few trading platforms that offer credit card and debit card deposits.
To deposit using Bank Transfer, click on the Bank Transfer tab, which will open up and show you account details, including BSB, Account Number and Reference (circled in blue in the screenshot below). Now go to your internet banking website, and execute a bank transfer like you normally would, using the Swyftx bank details. You should receive the fiat funds in your account shortly after.
Step 4 - Buy cryptocurrency
After your Australian dollars have been deposited into your account, you are at the final step of buying crypto! Click on Trade at the top of the menu on the left, then Buy (highlighted in blue in the screenshot below). You can now search for any coins you would like to buy using the search function (magnifying glass icon). I have searched for Ethereum in my example, and once you click on the name of the coin you want, it will display the buying information on your screen.
Enter the amount in AUD that you would like to purchase (circled in blue below). I have selected $500 as an example, then you click Instant Buy directly underneath.
A confirmation pop-up window will appear, confirming your purchase amount, price and fee. Click the green Confirm Buy button, and the digital currencies you purchased will now be in your online crypto wallet. Congratulations!
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.