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How to Buy Cryptocurrency in Australia

If you’re thinking about how to invest in crypto today – this guide will explain how to buy cryptocurrency in Australia under five minutes. 

The cryptocurrency sphere presents a dynamic and rapidly evolving landscape brimming with enticing investment opportunities. In Australia, cryptocurrency investment has been significantly fortified by proactive regulatory measures, ensuring a safer and more accessible environment for investors.

How to Buy Cryptocurrency in Australia – Quick 4-Step Guide

Here is a quick 4-step guide to buying cryptos in Australia today. For this illustration, we teach you how to buy cryptos instantly on eToro.

  • Step 1: Create an account with eToro: Start by navigating to eToro.com and registering for a complimentary account. Input your email address, select a username and password. After setting up your account, undergo the verification process by submitting proof of identification and address.
  • Step 2 – Deposit Funds: Deposit a minimum of $50 (approximately AUD 66) into your account through options such as credit/debit card, bank transfer, or e-wallet.
  • Step 3 – Search for Cryptocurrency: Use the search bar to type in the name or ticker symbol of the cryptocurrency you intend to purchase. Once located, click on ‘Trade.’.
  • Step 4 – Execute Purchase: In the order box that appears, specify your desired position size, ensuring it meets the minimum requirement of $10, then proceed by clicking ‘Open Trade.’

Crypto assets are unregulated and highly speculative. Capital at risk.

Later on in this guide, we will provide you with a more detailed crypto-buying process for Australian investors. First, though, we look at the best places to buy cryptocurrency in Australia today.

Where to Buy Cryptocurrency in Australia – Top Exchanges

Wondering if you can buy crypto online? You will need to buy cryptocurrency in Australia from an online broker or exchange – just like you would invest in stocks via a share dealing site.

The best crypto exchanges in Australia in this space offer low fees, plenty of crypto assets, and a strong regulatory framework. If you’re yet to choose a suitable platform – below you will find reviews of the best places to buy cryptocurrency in Australia.

1. eToro – Overall Best Crypto Exchange to Buy Cryptocurrency in Australia

eToro is our top pick of the best crypto trading platforms in Australia. Renowned for its safety standards, eToro operates under the regulation of multiple top-tier authorities, including ASIC, FCA, MiFID, FinCEN, and FINRA. Additionally, eToro is acclaimed as one of the finest forex brokers in Australia, offering some of the tightest spreads available in the market.

eToro Crypto Exchange

eToro currently provides access to over 80 cryptocurrencies for trading, with new additions regularly introduced based on user demand. This ensures seamless accessibility to cryptocurrencies such as Dogecoin, Shiba Inu, and ETH, all available at your fingertips on the eToro platform.

Key Features of eToro

One of eToro’s primary attractions is its social aspect. With its substantial user base, eToro provides access to a community of traders with varying levels of expertise, accessible through a dedicated news feed. While a grasp of investment terminology is beneficial for maximizing these features, eToro offers its own educational resources to help users quickly familiarize themselves.

Users enjoy the convenience of not incurring transaction fees when executing crypto trades on eToro, as all fees are incorporated into the spread. The spread’s magnitude may differ across different cryptocurrencies, commencing at 1% for BTC trading. There are no account, deposit, or withdrawal fees associated with eToro, although a nominal $10 fee is applicable monthly after one year of inactivity. However, users can circumvent this charge by logging into their account, which qualifies as an activity.

 

eToro Copy Trading

eToro distinguishes itself significantly in terms of crypto wallet offerings in Australia, with all users granted access to eToro’s complimentary crypto wallet app, eToro Money, available on iOS and Android platforms. This facilitates the secure storage of cryptocurrency assets through advanced DDoS protection and standardization protocols. eToro users can leverage the platform’s ‘CopyTrader’ feature, enabling them to replicate trades executed by seasoned eToro traders, thus streamlining the trading process.

Pros:
  • Social and educational feature
  • User-friendly interface
  • Multiple asset class investing, including crypto
  • Zero commission on stock trading
Cons:
  • Inactivity fees kick in after 12 months
  • Withdrawal fees apply

Crypto assets are unregulated and highly speculative. Capital at risk.

2. Digital Surge – Best Platform to Buy Cryptocurrency for Active Traders

Digital Surge is a user-friendly cryptocurrency exchange that caters to active traders and long-term investors. Registering a new trading account takes less than 2 minutes, and you’ll have quick access to nearly 300 leading cryptocurrencies.

Digital Surge Crypto Exchange

The platform charges a fee of just 0.5% for instant buying and selling, but you can reduce this rate to 0.1% by trading over AUD 1 million per month.

Key Features of Digital Surge

Digital Surge distinguishes itself with its support for recurring buys and automated order execution. These features enable users to implement dollar-cost averaging strategies, effectively managing their positions in volatile cryptocurrencies over time while seizing buying opportunities during market dips. Furthermore, the availability of a mobile app equipped with price alerts empowers active crypto investors to stay informed and responsive to market movements.

Registered with ASIC and AUSTRAC, Digital Surge ensures compliance with regulatory standards. A support team based in Australia provides accessible account support via live chat seven days a week. Additionally, Digital Surge offers personalized crypto advice from experts, catering to users’ individual needs and inquiries.

Pros:
  • A wide range of cryptocurrencies
  • Low trading fees
  • Good security
Cons:
  • Limited educational resources
  • Advanced trading features

Crypto assets are unregulated and highly speculative. Capital at risk.

3. Coinbase – Leading Exchange with Low Fees

The next best place to buy cryptocurrency in Australia is Coinbase. Established in 2012, Coinbase stands among the premier cryptocurrency exchanges globally. The platform holds registration and authorization from both FinCEN and the FCA. Users are offered a choice between Coinbase and Coinbase Pro accounts, tailored to their experience levels, each featuring distinct features and fee structures.

Coinbase Crypto Trading Platforms

With over 90 coins available for trading and 81 crypto-to-crypto trading pairs, Coinbase caters to a diverse range of investment preferences. Its mobile app boasts one of the market’s most user-friendly interfaces, facilitating seamless buying and selling of crypto assets with just a few taps. Additionally, all Coinbase users gain access to the platform’s complimentary crypto wallet app, Coinbase Wallet. This self-custody wallet simplifies the storage of crypto holdings and supports over 4000 different assets, including NFTs.

Key Features of Coinbase

Coinbase offers two distinct account types catering to different investor segments. The standard account is tailored for retail investors and applies a transaction fee and spread when executing crypto trades.

Transaction fees vary based on trade volume and payment method, while spreads typically hover around 0.50% for most coins. On the other hand, Coinbase Pro accounts operate on a ‘maker/taker’ fee model, with fees determined by the trader’s 30-day trading volume. Trades below $10,000 per month incur a 0.50% fee per trade.

Pros:
  • Offers passive earning opportunities on over 100 assets
  • Incentivized learn-to-earn feature
  • Features a native NFT marketplace
  • Publicly-traded company
  • Beginner and advanced trading options
Cons:
  • Controls users’ private keys
  • Inadequate customer support

5. Crypto.com – User-Friendly App to Buy Cryptos

If you’re looking for a user-friendly way to buy crypto assets, Crypto.com is also worth considering. Renowned for offering one of the finest crypto apps in Australia, Crypto.com facilitates instant trading of over 250 different coins. Using its user-friendly interface, Crypto.com has recently experienced remarkable growth, amassing over 10 million registered users.

Crypto.com Trading Platform

Traders utilizing Crypto.com’s app enjoy access to an intuitive interface replete with many convenient features. The app provides real-time price data and basic price charts, as well as the capability to purchase cryptocurrency using credit or debit cards. While a fee ranging between 2.99% and 3.99% is incurred for buying crypto via cards, Crypto.com generously waives these fees for the initial 30 days of platform usage.

Key Features of Crypto.com

Crypto.com’s trading platform comprises two primary components: the crypto exchange and the mobile app. The exchange caters more to experienced cryptocurrency traders, offering deep liquidity, leverage options, and derivatives markets. Users engaging in trading on Crypto.com’s exchange are subject to a 0.4% maker/taker fee for opening and closing positions. However, this fee can be reduced by 10% by using CRO, Crypto.com’s native token, to pay trading fees.

Crypto.com offers a range of advanced features, including staking, lending, and interest earning. It stands out as the pioneer exchange to introduce cashback and discount offers on platforms like Netflix, Spotify, and Airbnb through the utilization of its Visa card.

Moreover, Crypto.com’s trading platform is complemented by various features, including a complimentary DeFi wallet. This non-custodial wallet supports over 100 different crypto assets. Crypto.com offers crypto cards, crypto loans, and a crypto savings account, presenting an inclusive solution for Australian traders.

Pros:
  • Crypto lending and borrowing
  • Easy to use and well-designed platform and app
  • All-in-one ecosystem
Cons:
  • CRO rewards may change
  • Lack of educational resources

6. Binance – Popular Place for Australian Users

Binance is a licensed online broker and exchange that is preferred by beginners looking to buy cryptocurrency. The platform is also one of the largest cryptocurrency exchanges globally, consistently managing a daily trading volume exceeding $14 billion. With over 500 crypto assets available for trading, including altcoins, ERC-20 tokens, and crypto-to-crypto pairs, the platform offers extensive options for investors. Notably, investing in the spot market on Binance incurs a fee of only 0.1%, among the lowest in the industry.

Buy Cryptocurrency in Australia via Binance

This comprehensive crypto trading platform offers various features. This includes spot trading, an NFT marketplace, a Launchpad, a mining pool, staking, a BNB Chain, and an abundance of educational content.

Key Features of Binanace

Users can reduce this fee by 25% by holding some Binance Coin (BNB) in their crypto wallets. Regarding account funding, Binance caters to all traders by offering FIAT deposits and crypto deposits. Crypto deposits are free for all supported coins, although a small withdrawal fee (and minimum withdrawal amount) applies. If you are based in Australia, you can also fund your account in FIAT via bank transfer – although this will require completing some KYC checks.

Regarding the trading process itself, Binance offers a web platform and a mobile app, both of which offer features for all experience levels. Both platforms allow users to buy crypto safety and instantly with a credit card (for a fee) and earn interest on certain coins through Binance Earn. Finally, thanks to extensive price alert options and customizable charts, users can ensure they take advantage of every market opportunity.

Pros:
  • Advanced Trading Features
  • High liquidity
  • Registered with AUSTRAC
  • Huge range of cryptocurrencies
  • Low spot market fees
Cons:
  • User Data Privacy Concerns
  • Limited Fiat Options

7. Plus500 – Top Platform to Trade CFD Cryptocurrency in Australia

Being regulated by ASIC and various other global financial bodies, Plus500 provides round-the-clock cryptocurrency trading for the most sought-after coins. With the ability to open positions on 17 cryptocurrencies and even trade the Crypto 10 Index, Plus500 stands out as an appealing option for traders seeking versatility.

Plus500 Crypto Platform Australia

 

Plus500 is an attractive choice for individuals in Australia looking for a dynamic and user-friendly platform. It accommodates both novice and seasoned traders and offers a diverse range of account types and instruments. A notable feature for beginners is the availability of an unlimited demo account, allowing them to embark on their trading journey with Plus500 without any financial risk.

Key Features of Plus500

To commence trading on Plus500, traders must deposit a minimum of AUD200, with funding options available through bank transfers, cards, PayPal, and Apple Pay. Notably, there are no deposit fees, and local withdrawals are also free of charge. Additionally, Plus500 does not impose commission fees on open trades; spreads are applied.

While Plus500 does not charge commissions for opening trades, it does levy fees for overnight funding, guaranteed stop orders, and currency conversion. Moreover, inactive traders may incur a monthly charge of $10 following three consecutive months of inactivity.

One of Plus500’s standout features is its provision of various tools to enhance traders’ analysis prior to initiating positions. These tools include advanced indicators, fundamental data derived from market insights and news, a comprehensive risk management tool, and price alerts.

Pros:
  • Quick and helpful customer support
  • User-friendly interface
  • Clear fee report
  • Great account opening process
  • Well-designed platform
  • Risk management tools
Cons:
  • High CFD fees
  • Lacks robust customer service
  • High conversion fee

8. Swyftx – Popular Crypto Exchange with a Large Crypto Library

Swyftx has emerged as one of the leading names in Australia. It offers a low-fee crypto trading platform suitable for individuals ranging from novice traders to seasoned investors. With a selection of over 320+ coins, Swyftx caters to the diverse needs of its users. The platform boasts a user base of over 250,000 registered individuals, including intermediate and experienced crypto investors, with anticipated continued growth.

Buy cryptocurrency in Australia via Swyftx

Setting itself apart from other crypto exchanges in Australia, Swyftx openly discusses its crypto spreads, recognizing their significance alongside trading fees. In addition to facilitating trading cryptocurrencies, Swyftx supports essential features such as staking, price alerts, and token swaps. Users can purchase crypto with as little as $1 and establish recurring purchases for long-term investments. Advanced traders benefit from integrated TradingView charts, an API for automating trading strategies, and advanced stop and limit order options.

Key Features of Swyftx

Swyftx stands out as one of the premier crypto exchanges, bringing global cryptocurrency trading and exchange functionalities to the Australian market. Cryptocurrencies offer flexibility beyond the confines of traditional investing. Swyftx aims to expand into new territories with its unique blend of top-notch service and innovative trading solutions.

Swyftx offers Individual Tax Reporting, allowing users to customize reports for any desired period. Additionally, the Coin Swap tool enables seamless trading of any cryptocurrency in your portfolio for another listed on the platform, streamlining portfolio management processes.

Pros:
  • Smooth registration process
  • Competitive fees
  • Extensive educational resources provided by Swyftx
  • A diverse range of coins is available
Cons:
  • Limited currency options, supporting only AUD and NZD
  • The user interface could be more intuitive
  • Customer service response times are sluggish

9. AvaTrade – Trusted Platform For Beginners

AvaTrade is recognized as a reputable CFD broker, backed by extensive regulation from leading entities such as ASIC and The Central Bank of Ireland. Catering to a diverse range of trading preferences, AvaTrade offers a selection of 13 different coins for trading. This includes the ‘Crypto10’ index, which provides exposure to the top ten cryptocurrencies by market cap.

AvaTrade

Operating as a CFD broker, AvaTrade consolidates all trading fees into the spread, which remains competitive for major coins. For instance, BTC trading is as low as 0.20% over-market. Additionally, AvaTrade offers leverage of up to 1:2 for crypto trading, and no commissions are charged for opening or closing a trade. AvaTrade is widely regarded as one of the most trusted platforms for beginners entering the cryptocurrency market.

Key Features of AvaTrade

AvaTrade enhances the trading experience by providing support for MT4 and MT5. Users can download and access both platforms using their AvaTrade credentials, enabling them to leverage powerful charting tools and conduct backtesting. Additionally, AvaTrade supports AUD as a base currency and accepts deposits starting from only 100 AUD, eliminating currency conversion fees for Australian traders.

AvaTrade offers multilayered protection, competitive pricing, and a comprehensive range of trading platforms and tools. It also introduces the innovative AvaProtect insurance and risk-reduction tool. This allows traders to insure a specific trade for up to $1 million against a hedging cost at purchase.

Pros:
  • Excellent research tools
  • Simple and swift account opening process
  • Deposit and withdrawal options are free of charge
  • No fees for withdrawals
Cons:
  • High fees for inactivity
  • CFD fees are average
  • Lacks a banking license

10. CoinSpot – 350 Altcoins to Buy

CoinSpot is one of the most trusted cryptocurrency exchanges for Australian traders. It offers a seamless experience for buying and selling over 350 popular cryptocurrencies. Signing up and verifying your account on the platform can be completed within minutes, providing swift access to its services.

CoinSpot’s instant buy and sell module is remarkably user-friendly, ensuring a straightforward trading experience. Should assistance be required, customer support is readily available via live chat 24/7.

Buy crypto in Australia via CoinSpot

For instant buy and sell orders, CoinSpot charges a fee of 1%. However, utilizing the platform’s spot trading capabilities reduces the trading fee to just 0.1%. Notably, no fees are associated with funding your account through POLi, PayID, or direct deposit, and fiat withdrawals incur no charges.

Key Features of CoinSpot

CoinSpot offers its free wallet app, providing users convenient cryptocurrency storage. The integrated portfolio tracking tools are user-friendly and offer a comprehensive overview of your crypto holdings. Additionally, active investors can stay informed about market trends through lists of top gainers and losers and price alerts.

Security is a top priority for CoinSpot, as evidenced by its ISO 27001 certification, which was obtained after undergoing an external audit by SCI Qual International. This certification involves thoroughly examining and ongoing audits of Information Security Management processes and practices. It ensures the secure management of digital asset storage, employees, contractors, suppliers, clients, products, processes, and intellectual property.

Pros:
  • Quick crypto withdrawals
  • Beginner and advanced trading options
  • Low minimum to fund account
  • Publicly-traded company
  • Incentivized learn-to-earn feature
Cons:
  • Higher fees compared to other cryptocurrency exchanges
  • Inadequate customer support
  • Limited availability of advanced trading features

Benefits of Buying Cryptocurrency

From the convenience of online platforms to the potential for substantial returns, buying cryptocurrency offers numerous benefits for investors. Whether you’re a seasoned trader or just starting, understanding these advantages can help you make informed decisions and navigate the cryptocurrency market with confidence.

Below we explore some of the main factors to consider when learning how to buy cryptocurrency in the Australia.

High Potential for Returns

How to buy cryptocurrency in Australia is indeed a big question. But how to leverage the benefits of your investment? Crypto investment presents an opportunity to engage with an asset class that has demonstrated remarkable performance in recent years. According to data compiled by UpMyInterest, Bitcoin (BTC) has delivered returns exceeding 60% annually for the past three years.

Notably, in 2020 alone, Bitcoin yielded an impressive return of 302.8%, underscoring why many individuals opt to buy Bitcoin in Australia. Despite the potential for higher volatility compared to traditional asset classes like stocks and bonds, cryptocurrency appeals to speculative investors with a higher tolerance for risk.

Cryptocurrency As a Store of Value

Before we discuss how to buy cryptocurrency in Australia, let’s examine one of the key advantages of crypto investment. Bitcoin has emerged as a prominent contender in the realm of store-of-value assets, often positioned as a potential alternative to gold. Traditionally, gold has served as a reliable hedge against inflation, particularly in countries facing economic challenges.

However, with growing market interest, many commentators believe that Bitcoin could fulfill a similar role. As more investors adopt Bitcoin, it has increasing potential to evolve into a “safe haven” asset during periods of macroeconomic uncertainty.

Diversification of Investment Portfolio

Diversifying your investment portfolio with various cryptocurrencies can effectively spread risk and enhance the risk-return ratio. Certain equities have exhibited negative correlations with specific coins, offering potential benefits.

For instance, according to an article on Medium, Bitcoin (BTC) has demonstrated a negative correlation with stocks like PayPal and Block Inc (formerly Square). This negative correlation suggests that including BTC in your portfolio could help mitigate the risk associated with these equities.

Growing List of Use Cases

Investing in cryptocurrency presents a myriad of advantages beyond speculative gains. The increasing acceptance of crypto payments by merchants provides customers with enhanced anonymity compared to traditional fiat transactions.

Additionally, the burgeoning realm of decentralized finance (DeFi) promises to transform the lending and borrowing landscape. Owning cryptocurrency could streamline the process of obtaining loans in the foreseeable future.

Staking Rewards

Staking rewards represent a compelling benefit of investing in cryptocurrencies. By participating in staking, investors can earn passive income by simply holding their digital assets and contributing to the security and operation of the blockchain network. This contrasts traditional investment vehicles, where yields are typically lower and may involve more active management.

Investors can lock up their holdings to support transaction validation on the blockchain network. This process is akin to depositing funds into a bank account but with significantly higher potential yields than traditional fiat deposits. For instance, according to Staked.us, Terra staking can yield returns of up to 7.7% annually in real terms. The potential for comparatively higher returns through staking provides an additional incentive for individuals to explore and engage with the world of cryptocurrency investment.

Best Times To Invest In Cryptocurrency

Now that you’ve learned the key factors to consider before buying cryptocurrency in Australia let’s see how to time the market for trading. Investing in cryptocurrency isn’t just about knowing which digital assets are currently favorable; it’s also crucial to determine the right timing for making your investment.

As demonstrated by various coins’ performances last year, the crypto market often sees substantial returns, sometimes reaching triple or quadruple digits. So, how can you ensure that your crypto trades are timed effectively to maximize potential gains?

One effective strategy is to “buy the dip.” However, predicting when these dips will occur is challenging. Conducting thorough technical analysis can help identify potential areas where prices may reverse during a downtrend, allowing investors to buy crypto at reasonable price points.

Identifying significant support levels on price charts is key to implementing this strategy. These support areas can present buying opportunities, particularly if there is a clear rejection of shorter time frames like the 1-hour, 4-hour, or daily charts. While not every support level will hold, investors can manage risks by setting stop-loss orders below support levels. If the stop-loss is triggered, it indicates that the trade idea is invalidated.

Another useful approach is to utilize moving average indicators. These indicators calculate the average of a specified number of price points, providing insights into the overall trend while smoothing out extreme price fluctuations.

What are the Best Cryptocurrencies To Buy?

With the rising popularity and adoption of cryptocurrencies worldwide, many investors in Australia are eager to enter the digital asset market. However, with thousands of cryptocurrencies available, choosing the right ones to invest in can be a daunting task.

crypto assets

Now that we have explored in detail how to buy cryptocurrency let’s look at some of the top cryptocurrencies to invest in for 2024.

Always do your own research, however, before investing any money.

Decentraland

Decentraland stands as a pioneering virtual world operating on the Ethereum blockchain, renowned for popularizing the concept of the ‘metaverse’ at an early stage. Within this immersive environment, users are free to create personalized avatars and acquire parcels of virtual land using MANA, the native token of Decentraland. One of the most intriguing aspects of Decentraland is its implementation of non-fungible tokens (NFTs) for in-game items, enabling users to monetize their virtual possessions and establish a functioning economy.

The core objective of Decentraland revolves around gaming, allowing users to engage in virtual business development. MANA serves as the primary currency within the game, facilitating transactions for buying and selling goods among players.

Moreover, Decentraland provides a platform for users to construct customized environments, marketplaces, and applications. This allows them to showcase their creativity and innovation to the broader community while also earning rewards. Some Decentraland plots incorporate animations and interactive elements, adding an extra layer of entertainment and attracting more users to their offerings.

Ethereum

According to CoinMarketCap, it is the world’s second-largest cryptocurrency, making it a widely recognized asset. Essentially, Ethereum operates as an open-source blockchain network that serves as a platform for developers to create and deploy decentralized applications (dApps).

One of Ethereum’s distinguishing features is its support for smart contracts, eliminating the need for intermediaries in many transactions. Currently, Ethereum boasts over 3700 dApps built on its platform, which is expected to continue growing throughout 2022. The imminent release of Ethereum 2.0 promises significant improvements in scalability, the platform’s potential for growth, and making ETH an attractive investment opportunity.

Experts speculate that ETH could reach a valuation of $40,000 by 2030. This forecast is supported by various factors, such as Ethereum’s robust market strategy, innovative model, scalability solutions, and leadership in decentralized applications.

Aave

Aave stands out as one of the most compelling projects in Decentralized Finance (DeFi), operating as a digital ‘money market’ constructed on the Ethereum blockchain. In essence, Aave enables users to engage in cryptocurrency borrowing and lending without requiring extensive credit checks or Know Your Customer (KYC) requirements. Additionally, Aave introduces a unique feature called ‘flash loans,’ which are immediate loans executed through smart contracts, offering arbitrage opportunities.

The lending and borrowing functionalities on Aave are facilitated through smart contracts, rendering the entire network ‘trustless.’ Instead of relying on traditional fiat currencies as collateral, Aave users can deposit cryptocurrencies into liquidity pools and earn returns in the process. AAVE, the native token of the Aave network, serves purposes related to governance and speculation, providing investors with a valuable avenue to participate in the evolving landscape of DeFi.

The future looks promising for Aave, as the company has set forth an ambitious vision. With numerous innovations on the horizon, Aave is poised for positive growth in the market. By streamlining the complexities of the decentralized ecosystem, Aave aims to provide a versatile and multifunctional solution for various aspects of life.

In addition to its core functionalities, Aave serves as a lending and credit-scoring platform for merchants. This enables traders to assess the creditworthiness and reliability of potential borrowers by examining their transaction history. Through this platform, traders can lend tokens to individuals who demonstrate a higher likelihood of repaying their loans in a timely manner.

Solana

Solana stands out as a high-performance blockchain network geared towards achieving widespread adoption. With its open-source nature and interoperability, Solana caters to various use cases spanning finance, non-fungible tokens (NFTs), payments, and gaming.

Offering a compelling alternative to Ethereum, Solana boasts enhanced scalability. Unlike Ethereum, Solana employs a ‘Proof-of-Stake’ algorithm for consensus, enabling higher transactions per second (TPS) and lower network fees.

The Solana team has highlighted the significance of four imminent milestones, as outlined in the updated roadmap by the Solana Foundation. These milestones include the introduction of token extensions, the rollout of new validator clients such as Firedancer, increased institutional support, and enhanced developer engagement.

As a blockchain network, Solana empowers developers to create decentralized applications (dApps) and mint NFTs. Like ETH, SOL, the network’s native token, can be staked or utilized for fee payments. Despite being in its early stages of development, Solana holds the potential to emerge as a prominent choice for dApp developers in the future.

Read More: Best Meme Coins for 2024

Chainlink

Chainlink (LINK) operates as a decentralized oracle network. Its primary goal is to bridge smart contracts with real-world data.

Offering an innovative approach, Chainlink is a cryptocurrency built around a decentralized Oracle network that furnishes data to blockchains. Since decentralized blockchains face challenges in accessing off-chain data, Chainlink addresses this issue by employing trusted oracles that stake collateral to ensure data accuracy.

When an oracle supplies off-chain data to a blockchain network, it earns rewards in LINK, the native token of Chainlink. Additionally, LINK serves as a speculative asset for investors seeking exposure to the growth of the Chainlink network. With its distinctive use case and lack of significant competitors, Chainlink emerges as a promising cryptocurrency for the foreseeable future.

Furthermore, to incentivize Chainlink users, the platform offers participation in reward programs. If participants intend to access off-chain data, they must submit a ticket on Chainlink’s network for a complex smart contract.

Crypto assets are unregulated and highly speculative. Capital at risk.

Ways of Buying Cryptocurrency

When exploring how to buy cryptocurrency in Australia, it’s essential to consider the methods available to facilitate your investment. This involves determining the payment method you’ll use to deposit funds into your trading account and execute your trades.

Thanks to significant technological advancements over the past decade, buying cryptocurrency in Australia has become increasingly streamlined. Two of the most commonly used approaches include PayPal and card purchases.

Buy Cryptocurrency With PayPal

Based on data from Statista, as of Q3 2021, PayPal boasted over 416 million active user accounts, illustrating its widespread adoption. This popularity has led to many brokers integrating PayPal as a payment option. Beyond its user-friendly interface, traders often favor PayPal for its robust security features.

Buy Cryptocurrency With PayPal

Currently, PayPal only allows direct cryptocurrency purchases for clients based in the US. However, traders can still indirectly acquire cryptocurrency with PayPal by funding their brokerage accounts through the platform. For example, eToro enables fee-free PayPal deposits, typically processing instantly. Additionally, users can conveniently withdraw their future profits back to their PayPal balance with minimal effort.

Buy Cryptocurrency Via a Credit/Debit Card

Another widely used method to purchase cryptocurrency in Australia is through the use of a credit or debit card. Typically, there are two main ways to accomplish this:’

  • Depositing into your trading balance using a credit or debit card.
  • Instantly purchasing cryptocurrency using a credit or debit card.

The first method is more common and often comes with lower fees than the second one. However, for traders seeking to invest quickly, the option to instantly buy crypto using a credit or debit card is preferable. Many leading cryptocurrency exchanges now provide this option, including Binance and Coinbase.

Safety Measures to Consider in your Investment Journey

When buying and selling cryptocurrency, safety is paramount. When navigating how to buy cryptocurrency in Australia, it’s crucial to steer clear of unlicensed or unregulated platforms. These platforms lack investor protection measures, leaving traders vulnerable to fraud and scams and with no recourse for compensation in the event of platform bankruptcy.

Therefore, ensuring the safety of your trades entails conducting thorough due diligence on a platform’s regulatory status before creating an account. For Australian traders, monitoring regulation by the Australian Securities and Investments Commission (ASIC) is imperative. ASIC plays a vital role in administering and enforcing financial laws within Australia that are aimed at safeguarding investor interests.

Most importantly, knowing how to buy cryptocurrency and the country’s key safety regulations are equally important. In addition to ASIC, platforms regulated by reputable regulatory bodies worldwide provide an added layer of credibility and security, even if they operate outside your jurisdiction.

Take, for instance, eToro, regulated by ASIC, as well as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets in Financial Instruments Directive (MiFID), Financial Crimes Enforcement Network (FinCEN), and Financial Industry Regulatory Authority (FINRA). With such extensive regulation, traders can have confidence in the transparency of eToro’s operations and the accountability of the broker for all activities on the platform.

How to Buy Cryptocurrency in Australia – Detailed Walkthrough

Now that you’re familiar with the essential aspects of crypto trading let’s delve into how to buy cryptocurrency in Australia. Here is a step-by-step guide using eToro as an example, given its ASIC regulation and extensive selection of over 60 cryptocurrencies for trading.

With that in mind, here are the four steps on how to buy cryptocurrency in Australia with eToro:

Step 1: Create an Account

Begin by visiting the eToro website and initiating the sign-up process for a complimentary account. On the subsequent page, input your email address and proceed to choose a unique username and password. Alternatively, you can opt to complete this registration procedure through the eToro mobile app, which is downloadable from the website.

Step 2: Verify Your Identity 

Upon accessing your account dashboard, navigate to the ‘Complete Profile’ section. Here, you’ll be prompted to provide the personal information required for eToro’s Know Your Customer (KYC) verification process. Additionally, you’ll be required to upload scanned copies of a valid photo ID (such as a passport or driver’s license) and a recent proof of address document (such as a bank statement or utility bill).

Step 3: Deposit Funds 

Proceed to your account dashboard and select the ‘Deposit’ option. Specify the amount you intend to deposit into your account. It’s worth noting that eToro stipulates a minimum deposit requirement of $50 (approximately AUD 66). Australian clients are afforded a variety of payment methods to choose from for depositing funds, including:

  • Credit card
  • Debit card
  • Bank transfer
  • POLi
  • PayPal
  • Neteller
  • Skrill

Step 4: Search and Buy Cryptos

Navigate to the search bar and input either the name or ticker symbol of the cryptocurrency you wish to purchase. Select the ‘Trade’ button adjacent to the corresponding entry from the drop-down menu. A trade order box will then appear, enabling you to input the desired position size (with a minimum of $10). After reviewing the details, proceed to click ‘Open Trade’ to execute the purchase transaction.

Crypto assets are unregulated and highly speculative. Capital at risk.

How to Sell Cryptocurrency

Now that you know how to buy your first cryptocurrency, the next step is to learn how to sell it. Selling cryptocurrency after a successful investment is a simple process that can be completed swiftly. Here’s a step-by-step guide on how to sell cryptocurrency using the same platform, eToro:

  • Access your eToro account dashboard and navigate to the ‘Portfolio’ tab.
  • Locate the cryptocurrency you wish to sell and click on its name.
  • Identify the specific position you want to close and click on the red ‘X’ next to it.
  • In the resulting order box, select ‘Close Trade’ to initiate the sell transaction.

After successfully closing the trade, the value of the sold position will be credited to your trading balance in the account’s base currency.

Conclusion

In summary, navigating the cryptocurrency market in Australia requires careful consideration of various factors. This guide has taken a comprehensive look at how to buy cryptocurrency in Australia, covering the top trading platforms and guiding you through the investment process.

While there are numerous crypto trading platforms available, our suggestion for Australian traders is eToro. eToro is regulated by ASIC in Australia, providing significant investor protection.

However, crypto investments need careful consideration. By following the recommendations outlined in this guide, you can confidently venture into the world of cryptocurrency investment, equipped with the knowledge and tools necessary to navigate this evolving landscape.

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FAQs

What is the process of buying cryptocurrency in Australia?

To purchase cryptocurrency in Australia, you can collaborate with a broker or utilize a crypto exchange. The six exchanges outlined earlier in this guide are excellent choices for Australian traders seeking to engage in crypto trading.

Yes. Buying and selling cryptocurrency is completely legal in Australia. Many trading platforms offer cryptocurrency trading services for Australian traders.

Yes, it is generally safe to buy cryptocurrency in Australia. However, it's important to use reputable exchanges and practice good security measures such as using strong passwords and enabling two-factor authentication.

Yes, most cryptocurrency exchanges in Australia allow you to purchase cryptocurrency using Australian dollars.