How to Buy Crypto in Australia – A Beginner’s Guide
Buying cryptocurrencies in Australia is easier than you think. Follow our beginner-friendly guide and we'll show you just how easy it is to get started!
With the recent surge in public interest around Bitcoin and crypto, there’s a good chance that you’re looking to get in on the action yourself. For Aussies out there looking to buy crypto in Australia, you’ve come to the right place!
Contrary to popular belief, it is actually incredibly easy to buy crypto in Australia – or anywhere really, as long as you have a working internet connection!
You could say that’s one of the beauties of cryptocurrency, its decentralized nature makes it accessible to anyone with an internet connection.
How to buy crypto in Australia?
- Buy or download a crypto wallet to safely store and manage your cryptocurrencies.
- Back up your cryptocurrency wallet so you can be sure your digital assets will be accessible whenever you want to use them.
- Sign-up for an account with Easy Crypto and get started investing in cryptocurrencies in Australia!
Here at Easy Crypto Australia, we make the crypto buying process fast and easy for our customers. Buy and sell orders are typically processed on the same day and are delivered to the wallet of your choice.
Step-by-step guide on how to buy cryptocurrency in Australia:
- Sign up
Start off by signing up using your email, Google account, or any of the other options we have available.
- Verify your account
To do this you’ll need to submit a picture of your Australian ID, passport, or driver’s license. You’ll be able to start purchasing any cryptocurrency once the documents you submitted have been verified.
For further information, you can visit Easy Crypto’s account verification guidance.
- Make your cryptocurrency order
The next step is deciding which cryptocurrencies you’d like to buy. Once you’ve done your research take a look at the cryptocurrencies we have to offer.
Once you’ve decided which cryptocurrencies you’d like to buy, simply enter the amount you will be buying along with an address and then choose one of our payment methods.
- Choose your payment method
You can currently choose between 2 different payment methods when buying cryptocurrency on Easy Crypto. These include SiD EFT and manual bank deposits.
(Based on internal testing, we found that SiD EFT’s tend to process quicker than manual bank deposits).
Feel free to also check our YouTube video guide below!
Need a crypto wallet? Read our guide for crypto wallet options in Australia.
Now that you know how to buy crypto, let’s revisit some of the basics.
A cryptocurrency is a digital currency where encryption techniques are used to regulate the generation of units of currency and to verify the transfer of funds, operating independently of a central bank.
To break this down and simplify – a cryptocurrency at its core is a virtual currency that exclusively resides on the internet, which has no concept of international borders, banks or governments.
Cryptocurrency is a new class of money, a virtual type that isn’t controlled by institutions but rather by its users. You store crypto in a cryptocurrency wallet instead of a bank, and Bitcoin was the first cryptocurrency ever created.
Checkout this short YouTube guide on crypto:
Since the creation of the first crypto in 2008; Bitcoin – thousands of other cryptocurrencies have spawned, all with a shared vision of revolutionizing payments by using state-of-the-art encryption technology in combination with blockchain technology.
More on Bitcoin: Read our complete guide on Bitcoin (BTC).
What are the most popular cryptos people buy?
When it comes to choosing which cryptocurrency to buy, the best practice is always best to do your own research (DYOR) first. There are over 19,000+ cryptocurrencies as of this writing, so it definitely pays to look into before jumping into your first crypto purchase.
In general, the coins with the largest market caps are what most people buy – as of press, these include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) just to name a few.
With that said, always do your due diligence and conduct your own research. Look into their fundamentals, learn about their use cases, price history, and more – so that you can make informed decisions.
Fun fact: Any crypto that isn’t Bitcoin (BTC), are also known as altcoins, short for alternative coin.
How long should I hold my cryptocurrencies for?
When it comes to investment decisions, it’s something only you should make. You know your risks levels, and finances better than anyone.
Do not take advice from anyone unless they’re certified licensed financial advisor.
There are two prominent crypto investing strategies – Short term holding (Sometimes known as day trading) and Long term holding.
With that being said, there are generally two approaches for holding (or hodling) crypto.
Short term holding (or day trading) is when you buy cryptocurrency with the intention to sell it off again in the short term when prices are higher. This strategy is much riskier than long term holding, but it is a strategy that is very popular with people wanting to yield fast returns.
Long term holding is when you buy crypto with a firm intent to hold it for the long-term future. This can be anywhere from 2 years to 20, and the general idea is that if you buy crypto now while prices are low, you will reap the returns in 10-20 years when/if crypto sees widespread adoption and usage.
Why do people buy crypto in the first place?
Because you’re already reading this article, you probably have a fair idea of why people buy crypto in the first place. But if you would like some more reasons, here is why most people buy crypto in Australia.
- Some crypto have a finite market cap, such as Bitcoin (BTC) which is limited to 21 million units. This makes them more valuable over time.
- Cryptocurrency is stored in a crypto wallet and not in a bank account, meaning that once you own crypto, you are now a participant in a financial realm that is independent of the established Australian fiat system.
- People buy crypto because they know that no matter where they go in the world, as long as they have their cryptocurrency wallet at hand they have universally valued money that can be exchanged to local money on command.
For these reasons and more, people buy crypto as an investment – because they know other people in the world are buying crypto to use as an actual financial instrument – and crypto adoption is growing rapidly.
Why Easy Crypto Australia?
Easy Crypto has come a long way since our launch in Australia in early 2019. Staying true to our name, we want to be at the forefront of making it easy for anyone to get into cryptocurrencies. So, why choose Easy Crypto?
- Easy Crypto Australia offers competitive rates for all your crypto orders.
- We also offer auto-buy templates to automate your investments, direct crypto swaps between your digital assets, and portfolio tracking so you can stay on top of your investments.
- We’re one of the only crypto retailers in Australia to have a 100% funds safety guarantee across all orders.
- We’re a licensed cryptocurrency service provider and we’re held accountable by the Australian government.
- We provide interactive customer support with our live chat feature for orders and crypto-related queries.
Get started: Buy, sell and exchange your crypto assets in minutes.
If you have any questions on crypto, feel free to reach out to our helpdesk as we’re more than happy to help you buy crypto and kick off your cryptocurrency investments.
Also, read more topics on all things crypto by visiting our hub site here at Easy Crypto.
Also, don’t forget to subscribe to our monthly newsletter to have the latest crypto insights, news, and updates delivered to our inbox.
Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 29, 2022