Are you planning on buying cryptocurrency? Then you’ll need to be prepared. This guide will show you how to buy crypto in Australia in five simple steps, from setting up a digital wallet, to actually purchasing your coins. So what are you waiting for? Let’s get started!
This article is all about how to purchase cryptocurrencies like Bitcoin and Ethereum in Australia. It covers creating an account at the right exchange, setting up a phone wallet with Google Authenticator, and purchasing coins through that digital wallet.
How to Buy Cryptocurrency in Australia? – 5 Easy Steps
These are the five steps you will need to take (in this order):
- Step 1: Create a digital wallet at an exchange like Coinbase, CoinJar, or CoinSpot.
- Step 2: Set up phone wallet with Google Authenticator.
- Step 3: Purchase coins using your digital wallet.
- Step 4: Set up a hardware wallet to store your coins offline.
- Step 5: Store your coins somewhere safe.
If you don’t have any issues following these steps, then congratulations! Now you can get started purchasing Bitcoin, Ethereum, and other cryptocurrencies. Remember that this guide is focused on buying cryptocurrency in Australia, so if you live in another country, then you may need to follow a slightly different process (see here for more info).
Don’t forget to come back for our next free guide. We’ll show you how to trade cryptocurrency, from the basics of exchanges, to how to profit from trading and everything in between. If you have questions related to buying cryptocurrency in Australia, then leave a comment below and we’ll get back to you with our answer.
Wondering where to start? Check out our blog post on the best exchanges for Australian traders.
Note: Before purchasing any cryptocurrencies it is recommended that you first read up on their security or otherwise ask someone who is more knowledgeable about it than yourself.
- Understand that you need a cryptocurrency wallet first to buy any cryptocurrencies. A cryptocurrency wallet is like a bank account, except that it also holds your cash in various cryptocurrencies instead of just one currency.
- Store your private keys offline for extra security. The latest industry best practice is to store your private keys offline in a hardware wallet like the Ledger Nano S or Trezor.
- Make sure you choose a cryptocurrency wallet that you can use to buy and sell cryptocurrencies.
- Don’t forget to write down your secret pin code and 24-word recovery seed if your wallet supports it, otherwise, you could lose all of your money if something bad happens to your hardware wallet.
Buying cryptocurrency in Australia can be a frustrating and difficult process, with some big banks refusing to let their customers buy bitcoin or other cryptocurrencies.
This is because Australian bank payments are limited by the Reserve Bank of Australia for the purposes of combatting money laundering, terrorism financing, and illegal goods trafficking. However, it doesn’t mean you have to give up on your dream of buying crypto – there are still ways around this downside.
If you have a credit or debit card from ANZ, Westpac, Commonwealth Bank of Australia (CBA), or National Australia Bank (NAB), you can purchase bitcoins without a problem.
ANZ allows customers to purchase cryptocurrency using Visa cards and MasterCard credit cards. There is also an ANZ Bitcoin ATM on the Gold Coast if you want to take advantage of that option.
Westpac, CBA, and NAB allow customers to buy bitcoin or other cryptocurrencies with credit and debit cards, without affecting their ability to make card payments.