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 Swyftx because it is extremely user-friendly, particularly for newcomers to the crypto market. It has a unique Demo mode that you can practise buying and selling crypto risk-free, using free play money. Swyftx has excellent customer support, with the responsive Live Chat team, and if you sign up here you can claim $20 Bitcoin FREE to get you started. To read more about Swyftx, 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 Swyftx account. To easily follow how to buy Ether, I suggest you open an account with Swyftx.
Top 3 Recommendations
Best for Low 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
Opening an account with Swyftx is easy. Follow this link: https://trade.swyftx.com.au/register/ and complete the short form by filling in your personal information.
As soon as you have opened your Swyftx account, you will be greeted with the Swyftx interface. Next, you need to verify your account. On the left, in the dark menu, click on Profile, which opens 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 which will only take a few minutes.
Step 3 - Deposit AUD into your account
After you have been verified, the next step is to deposit money into your Swyftx account. Click on Quick Deposit in the menu on the left and then click on Deposit AUD (circled in blue in my screenshot).
You should now see the Deposit Methods page, where you can select the deposit method you wish to use. Most people choose Bank Transfer using Osko (the first option) since it is instantaneous. It's worth noting that none of Swyftx's deposit methods incur any fees, so if you deposit $100 into your account, you will receive exactly $100 which you can use to buy Ether or other coins. The best thing about instant Bank Transfer is that you don't have to worry about price fluctuation of Ethereum while waiting for funds to clear. Some users like to deposit using a credit or debit card. Swyftx is one of the few crypto exchanges that support credit and debit cards, but you need to wait 30-45 minutes for the funds to come through.
To deposit instantly by Bank Transfer, click on the Bank Transfer tab, which will expand to display Swyftx's bank account details (circled in blue in the screenshot below). In another browser tab, log in to your online banking website. Transfer the amount you would like to deposit to the bank details provided. Return to your Swyftx account and refresh the page. If you look near the bottom of the menu on the left, you should notice your funds in the Balance section.
Step 4 - Buy ETH
As soon as you have received your money in your Swyftx account, it is time to invest in Ethereum! Click on Trade at the top of the menu on the left, then Buy (highlighted in blue in the screenshot below). Now search for Ethereum (magnifying glass icon) and click on Ethereum, in the Assets list. Make sure you select Ethereum and NOT Ethereum Classic. The coin for Ethereum is Ether (ETH), and for Ethereum Classic it is ETC. Check to make sure you are buying ETH. You can see the price of ETH in the middle of the page, which constantly updates with the price fluctuations.
Choose an amount in AUD that you want to purchase (circled in blue below). I bought $500 as an example, then click Instant Buy underneath.
A pop-up window will appear, asking you to confirm your purchase amount, rate (or price of Ethereum) and transaction fee. If all the details are correct, click the green Confirm Buy button, and your ETH will be found in your online Ethereum wallet. Congratulations, you have now invested in Ethereum!
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. Swyftx has a wide range of more than 270+ 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.
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. You can follow the steps above to create an account with Swyftx and select the credit card option when you get to Step 3 of how to buy ETH.
How to buy Ethereum with debit card?
Debit card deposits are not widely accepted on Aussie crypto exchanges, but luckily it is available on Swyftx. To use your debit card to buy Ether, follow the steps listed above to register with Swyftx, then choose debit card in the options at Step 3 of how to buy ETH.
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 suggest the secure Swyftx exchange if you're Australian). To buy Ether with USDT on the Swyftx exchange, send your USDT to the USDT wallet address in your Swyftx account. Once this is received, click Trade in the menu on the left, then Swap. Search for USDT and click on USD Tether under Assets. Select ETH as the coin you want to swap to, then choose how much USDT you want to use. To complete your purchase of Ethereum, click the blue Swap button at the bottom.
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 Swyftx) 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.