What is Ethereum (ETH)?
Ethereum is the world's programmable blockchain; it is a technology that lets you send cryptocurrency to anyone and powers applications that everyone can use. It is more than about payments, it is a marketplace for financial services, games and apps.
Ether (ETH) is digital, global money that is the currency of Ethereum apps. It is a cryptocurrency (or digital money) that you can use on the internet. Many people confuse the terms Ethereum and Ether (ETH). Ethereum is the blockchain while Ether is the coin, or the primary asset of Ethereum. People often say they want to buy Ethereum, but what they actually mean is that they want to buy Ether, the currency of Ethereum.
Where can I buy ETH?
ETH is an extremely popular cryptocurrency, due to Ethereum's wide-reaching application. It is the second largest cryptocurrency by market capitalisation, second only to Bitcoin, so it's found on almost every single cryptocurrency exchange. You need to be careful that you are buying Ether from a trustworthy source, so you don't get scammed. The best way to ensure you are investing in Ethereum safely is by selecting one of the best Australian cryptocurrency exchanges. Here is a full list of top crypto exchanges if you want to learn more. All of the best crypto exchanges have registration with AUSTRAC to prevent money laundering and financing of terrorism.
My choice for buying Ether is CoinSpot because it is extremely user-friendly, has free deposits and withdrawals, over 360+ cryptocurrencies, and staking on 21 coins. CoinSpot also has a the responsive Live Chat and email support team, that is available 24/7 in case you need assistance. To read more about CoinSpot, check out this full review.
How to buy Ethereum?
You can get your hands on some Ether in four quick steps which I will expand on below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Deposit AUD into your account
Step 4: Buy ETH
Step 1 - Compare the best crypto exchanges
Firstly, you need to find a legitimate and trustworthy cryptocurrency exchange that you are comfortable using. Have a look at my test of the best crypto platforms, where I come up with my top 3 recommendations, which are listed below. In this step-by-step guide on how to buy Ethereum, I am going to include screenshots from my CoinSpot account. To easily follow how to buy Ether, I suggest you open an account with CoinSpot.
Top 3 Recommendations
Best for Demo Mode
Lowest Spreads and Fees
Still thinking about other options of where to buy Ether? Have a look at this review on the best Aussie crypto exchanges to help make up your mind. If you are planning to invest and trade in Ether and other coins on your mobile phone, take a look at the best mobile crypto apps 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 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 ETH
When your money has arrived in your CoinSpot account, it's time to buy some ETH. Click on "Buy/Sell" in the menu along the top, search ETH, then click the buy ETH 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 ETH, 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 ETH. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some ETH!
Frequently Asked Questions:
Where do I store my ETH after buying?
After purchasing ETH at any of the recommended crypto platforms it will be transferred to your Ethereum wallet address on the exchange. It is recommended that you don't keep any Ether on crypto exchanges as it is not as safe as holding it in your personal wallet. To store Ether safely, you can send your ETH from the online exchange to your personal wallet (hot wallet app, or a hardware cold wallet). You must remember that some wallets only hold Bitcoin and do not support Ethereum, so check your wallet type before you send your Ether, otherwise you will lose it all! Crypto exchanges may charge a fee for transferring the ETH to your personal wallet.
Is buying ETH in Australia legal?
Yes, you can legally buy, sell and trade ETH in Australia.
Does this method work for all cryptocurrencies or only Ethereum?
As long as the cryptocurrency is supported on the crypto exchange, you can follow the steps above to buy any coin. CoinSpot has a wide range of more than 360+ different cryptocurrencies, so you can almost definitely use this guide to buy the coin you are looking for. If you are looking to buy Bitcoin, you can also check out my specific guide here.
How to buy Ethereum with PayPal?
Most of the best Australian crypto exchanges don't support PayPal as a deposit method. The only one that does is eToro Australia. You can check out my eToro Australia review for more information to see if you think it's right for you. You can also see this guide on how to buy crypto using your PayPal account.
How to buy Ethereum with credit card?
If you are looking to buy Ether using a credit card, Swyftx is the crypto exchange to choose. Many other Aussie crypto exchanges don't offer credit card deposits. Here is a guide on how to buy crypto using a credit card.
How to buy Ethereum with debit card?
Debit card deposits are not widely accepted on Aussie crypto exchanges, but luckily it is available on one of the top exchanges, Swyftx. It is our #2 recommendation for Aussies, so you can sign up there to buy ETH using debit card. You can also follow along easily with this simple guide.
How do I buy Ethereum instantly?
If you want to buy Ether straight away, without having to deposit first, then have a look at an exchange called Easy Crypto Australia. On this exchange, you don't need to deposit any money before buying Ether. Instead, when you buy ETH, you pay for it straight from your bank account, and the ETH is sent directly to your personal wallet. Easy Crypto Australia is a non-custodial exchange, so they never hold your fiat funds or cryptocurrencies. You have total control over all of your assets. For more information, read the full review here.
How do I buy Bitcoin?
Buying Bitcoin is simple, for some straightforward instructions, you can follow this simple step-by-step guide.
How to buy Ethereum with USDT?
If you want to buy ETH with USDT, you need to send your USDT onto an exchange that offers coin swaps (I recommend using the secure CoinSpot exchange for Aussies). Send your USDT to the USDT wallet address in your CoinSpot account. Once your USDT is in your CoinSpot account, click Swap in the menu on the top, then search for USDT and select Tether USD.
Choose ETH as the coin you want to swap to, then choose how much USDT you want to spend. To complete your purchase of ETH using USDT, click the blue Swap button on the right.
Is buying Ethereum in Australia safe?
Yes, buying, selling and trading Ether in Australia is safe if you buy on one of the reputable crypto exchanges. These exchanges (such as CoinSpot) all feature multi-layered security, and have registration with AUSTRAC so you can invest with peace of mind. Have a look at the comparison table below which summarises the important information about the best crypto exchanges.
Comparison Table of the Best Crypto Exchanges in Australia
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.