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.
Where to buy crypto in Australia
Buying crypto in Australia is easier than you think. As an Aussie, you can get access to buying and selling crypto from the following sources:
- Custodial exchanges: these are centralised crypto exchanges where they hold your crypto assets in their wallets – similar like how a bank stores your AUD.
- Non-custodial exchanges: a non-custodial service does not store your crypto assets, but acts like a retail where they offer buying and selling of crypto assets, and have them sent directly to the customers’ wallets.
Easy Crypto AU offers non-custodial services for those who want to purchase crypto in Australia.
We have over 160+ crypto assets that range from Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and many other altcoins. We send your buy & sell orders directly to your crypto wallets, where you hold the true ownership of your crypto.
Related: Learn the different type of crypto wallets.
How to buy crypto in Australia?
Buying Bitcoin (BTC), Ethereum (ETH), Monero (XMR), or any other crypto in Australia is quick and easy. With Easy Crypto Australia, you can kick off and buy crypto in three simple steps:
- 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!
Don’t have a crypto wallet yet?
No worries, follow our simple guides to set up a crypto wallet Trust Wallet, Exodus Crypto Wallet, and Edge Crypto Wallet.
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).
Need a visual guide? Be sure to check our video guide on YouTube!
Things to consider before buying crypto
With that being said, the fundamental rules of investing practices apply to cryptocurrencies as well. Be sure to spend some time reading up and researching the different crypto assets before you invest in them.
Things to consider reading up on include what their fundamentals are, their historical price movements, and more. This is especially true if you’re new to the asset class and just crypto in general.
Other considerations to think about before buying crypto in Australia are listed below:
Storing your crypto assets
Just like Australian Dollars (AUD), cryptocurrencies are stored in wallets. However, since cryptocurrencies are digital assets, the wallets are slightly different when it comes to storing crypto.
Crypto wallets are primarily categorised into two different types based on their storage method:
- Hot wallets: the most common and popular wallet; stores your crypto assets in a secure online digital wallet. This type of wallet prioritises accessibility and cross-platform support.
- Cold wallets: store your wallets in an offline environment, hence the name. This type of wallet is designed for long-term storage with maximum protection.
Learn more: A Guide to Crypto Hot Wallet vs. Cold Wallets.
Crypto tax and regulation in Australia
The Australian government considers crypto investments as assets, and therefore fall under Capital Gains Tax (CGT). And yes, that means your crypto assets are taxable by the federal government.
In Australia, the tax treatment will differ depending on your position as either a share trader or hold shares as an investor. Below is an overview of the main differences:
- Applies for those who hold shares as an investor.
- Shares are assets, and therefore subject to CGT when you decide to sell them.
- Costs are taken into account when making sell orders of your assets.
- You shares are treated like a stock in a business.
- The income you receive are treated like ordinary income.
- Losses and costs are treated as deductible expenses for the year they are incurred.
To read more about these differences visit the official ATO website.
Choosing the right platform
Finding the right platform to buy and sell cryptocurrencies involves doing your due diligence and looking into your options. As briefly prefaced above, there are different places to buy crypto assets.
Be sure to look into whether or not the exchange is legally compliant, check for any hidden fees, and most importantly a customer support team that will assist you with any inquiries.
Do your own research
Last, but not least – and perhaps one of the most important one is to conduct your own research before making any investment decisions.
Research and look into the different crypto assets you wish to buy, asses their volatility and historical price movements, their institutional backing, and evaluate if they match your risk tolerance.
This also involves understanding your own purpose of investing in the first place. Are you looking to invest in crypto for the long-haul as a diversification method? or are you leaning more towards making profit as an active trader?
Understanding this will help you make more informed decisions in the crypto market.
Start here: Learn how to do your own crypto research.
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 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.
We also have a wide range of 160+ cryptocurrency assets for you to choose from ranging from NFT tokens, stablecoins, metaverse, privacy tokens, NFT tokens, and more.
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.
Get started: Buy, sell and exchange your crypto assets in minutes.
Also, read more topics on all things crypto by visiting our learning hub here at Easy Crypto.
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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 February 15, 2023