This article provides a step-by-step guide on how to buy cryptocurrency in Australia. Whether you’re a newbie to crypto trading or a regular already, you’ve got a lot to learn.
In this easy-to-digest guide, you’ll get to know:
- Where can I buy cryptocurrency in Australia?
- Is it legal to buy cryptocurrency in Australia?
- Which is the best platform to buy cryptocurrency in Australia?
- How to buy cryptocurrency in Australia
Where can I buy cryptocurrency in Australia?
Crypto trading has gotten widespread popularity these past few years in Australia hence there are lots of sites and exchanges springing up. These sites mentioned below are the best sites and exchanges to buy cryptocurrency in Australia.
- Swyftx Exchange
- CoinSpot Exchange
- Digital Surge Exchange
- Binance Exchange
- eToro Australia Exchange
- Independent Reserve Exchange
- Easy Crypto Exchange
- Kraken Exchange
- Cointree Exchange
- CoinJar Exchange
- Elbaite Marketplace
- Plus500 Brokerage
- Coinbase Exchange
- KuCoin Exchange
- Coinmama Exchange
Wordtecharena highly recommends Swyftx Exchange for anyone who seeks to know where they can buy cryptocurrency in Australia. We’ll also use it as a reference when detailing how to buy cryptocurrency in Australia.
Is it legal to buy cryptocurrency in Australia?
YES, it is legal to buy cryptocurrency in Australia. The cryptocurrency was legalized in 2017, and Australia has since then been a fintech industry leader. However, there are strict regulations put in place for buying cryptocurrency in Australia. These strict regulations are all summed up in the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 (AML/CTF 2006).
Cryptocurrency exchanges are legal in Australia but all cryptocurrency exchanges must register with the Australian Transaction Reports and Analysis Center (AUSTRAC) in line with Part 6A of the AML/CTF 2006 rules.
This means that any crypto exchanges must register as an exchange, identify and verify users, maintain financial records and comply with all AML/CTF reporting obligations
Inline to make it legal to buy cryptocurrency in Australia, AUSTRAC’s goal is to prevent cryptocurrencies from being used for money laundering or to fund crime. Any exchange that doesn’t comply is open to criminal charges or fines.
Which is the best platform to buy cryptocurrency in Australia?
Wordtecharena highly recommends Swyftx Exchange as the best platform to buy cryptocurrency in Australia. The exchange is used by a large number of ‘Australians hence, it is regarded as the best overall for Australians.
Swyftx is a popular, AUSTRAC-registered, and regulated platform for crypto trading based in Brisbane. The site has an intuitive desktop site and mobile app design which makes its overall use easy and ideal for newbie and veteran traders.
In Swyftx, there are over 280+ cryptocurrencies available to buy and sell. Registration is quick and straightforward, and trading fees are as low as 0.6% per trade (no hidden costs). The Swyftx team also offers tutorials for complete beginners, an FAQ database, and the all-important Live Chat support function.
How to buy cryptocurrency in Australia
We’ll use Swyftx Exchange as a reference while explaining how to buy cryptocurrency in Australia. So keep reading.
1. Choose a Crypto Exchange
Crypto exchanges are user-centered virtual platforms or websites where you can buy, sell, and trade cryptocurrencies against fiat money. There are over 400 active exchanges in the crypto market today, and each crypto exchange can differ in its pricing, UI design, performance, speed e.t.c, so it is very important to choose the right exchange.
2. Create and Verify Your Account
We’re still using Swyftx as an example to illustrate how to create and verify your crypto exchange account.
On the Swyftx official website, you’ll need to Sign Up by providing your full name, phone number, and email, create a password, and agree to Swyftx’s terms and conditions of use.
The identity verification step comes next. Swyftx exchange has a simplified method of verifying your account in a few minutes. You will only need to provide a number of government-issued ID documents.
3. Connect Your Exchange to a Payment Option
Once your account is verified by Swyftx, the next step is to choose a suitable payment method or deposit preference. Swyftx exchange offers several AUD funding options such as bank transfer, POLi, PayID, and credit cards.
Each funding option has its individual processing times; the duration for OSKO bank transfers is usually 2 and 6 hours; debit/credit card payments are quite fast and POLi and PayID deposits are almost instantaneous.
4. Place an Order
There are multiple order types you will come across when trading Bitcoin. There’s a difference between market and limit order. Market orders are instant purchase orders—that means you can buy any cryptocurrency at the current rate determined by the exchange, while limit orders allow you to set the desired purchasing price on a cryptocurrency and once it reaches that price, the order will be automatically executed.
Swyftx provides both markets and limits order types. Seasoned traders are also given an opportunity for stop and recurring orders.
5. Select a Storage Method and Store Your Cryptocurrency
The last and most important step in buying cryptocurrency in Australia is how to store your cryptocurrency. Basically, crypto coins as well as the transaction records of the coins you bought and sales are stored in digital wallets. Some crypto exchanges have built-in storage space for your cryptocurrencies.
Every exchange wallet has a private key so when you keep your cryptocurrencies in an exchange wallet, your private keys remain with the exchange, meaning that you have given the virtual company the full responsibility to safeguard your cryptocurrencies.
This is a detailed step-by-step guide on how to buy cryptocurrency in Australia. Hopefully, you’ve got to know Where you can buy cryptocurrency in Australia if it is legal to buy cryptocurrency in Australia, the best platform to buy cryptocurrency in Australia, and how to buy cryptocurrency in Australia.
Before you buy cryptocurrency in Australia, the exchange you choose must be licensed by the Australian Transaction Reports and Analysis Center (AUSTRAC) so that you can rest assured that your purchase is protected.