How To Buy Altcoins in Australia (2021)

To buy altcoins in Australia such as Etherem, XRP, Cardano and Litecoin, it is recommended to use a reputable and popular crypto exchange in Australia. We have reviewed each altcoin exchange to assess its trading fees, deposit limits, payment methods, safety & security and customer support. 

How To Buy Altcoins In Australia: Guide

To buy altcoins in Australia, follow these simple instructions:

  1. Register for an account with an Australian cryptocurrency exchange such as Swyftx
  2. Complete the signup registration process and verify your email  
  3. Deposit AUD into the account
  4. Select a payment method 
  5. Select the altcoin and enter in the amount to buy
  6. Confirm the transaction details and confirm your purchase

Exchanges To Buy Altcoins in Australia

It is our recommendation to use a crypto exchange to buy altcoins in Australia. Here is our consolidated list of the best places to buy altcoins (with our commentary):

  1. Swyftx (beginner-friendly with low spread fees compared to competitors)
  2. Binance (world's leading cryptocurrency exchange with low trading fees)
  3. Coinspot (highly trusted, safe and secure exchange to buy crypto) 
  4. CoinJar (well established and supports the purchase of crypto with cash) 
  5. Independent Reserve (solid exchange that offers multiple deposit methods) 
swyftx

get $10 free BITCOIN when you create and verify an account

RATING

5/5

Also, most exchanges recommend a crypto wallet such as the Nano Ledger X before you buy altcoins. If you don't have a wallet, read our guide on crypto hardware wallets before getting started.

Exchange

Fees

Rating

Our Review

Promotion

Website

swyftx

0.6%

5/5

$10 FREE BITCOIN

binance

0.1%

4.8/5

No promotion available at this time

coinspot

0.1% & 1%

4.6/5

No promotion available at this time

coinjar

0.2% & 1%

4.3/5

No promotion available at this time

independent reserve

0.5%

4.2/5

No promotion available at this time

Best Altcoin Exchanges In Australia: Reviews

Our review and assessment of the popular altcoin exchanges in Australia is based on important factors such as ease of use, reputation, charting features, trading fees, deposit methods, security and customer support.

Swyftx

Swyftx is a state-of-the-art online platform that users to buy, trade and sell altcoins with AUD. The trading platform is well known for having 4 times lower spreads and 2 times cheaper trading fees compared to its closest competitors in Australia and rapid account verification in less than 2 minutes without taking selfies. 

swyftx website

Features:

  • 100+ crypto coins to buy, trade and sell
  • Rapid verification takes less than 2mins (without document upload)
  • Low trading fees and spreads to maximize amount of crypto
  • High liquidity to obtain best market rates
  • Automatic recurring purchases to dollar cost average
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

Binance

Binance crypto exchange that offers a place to buy, trade and sell more than 100 altcoins. The platform has seen a meteoric rise since being founded in 201 to become the most popular crypto trading exchanges in the world. 

binance

Features:

  • Leading cryptocurrency exchange in the world
  • Over 100 cryptocurrency assets
  • Multiple trading pairs against fiat, altcoins and stablecoins
  • Competitive trading fees
  • Future, margin and options crypto trading available
  • Earn interest on crypto with a Binance savings account

Ease of use

Reputation

Deposit methods

Fees

Coinspot

CoinSpot was founded in 2013 and has built up a solid reputation and trustworthy image for an Australian cryptocurrency platform. The exchange is focused on helping newcomers to buy altcoins and cryptocurrency in Australia with AUD. Coinspot has historically been one the best place to buy altcoins in Australia with over 200 coins to choose from.

coinspot website

Features:

  • Simple and easy to use exchange to buy alt coins in Australia
  • Over 200 altcoins coins to buy, trade and sell 
  • OTC and support for Australian Super Fund investors
  • Only exchange in Australia to meet ISO security standards
  • Deposit using POLi, PayID, BPAY and cash at local newsagency 
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

CoinJar

CoinJar is a trusted crypto exchange in Australia and also one of the longest-running digital currency exchanges. CoinJar allows users to buy, sell, store and spend altcoins. With over 400,000 users and counting, CoinJar exchange is one of the best places to buy altcoins in Australia that will suit both beginners and experience investors.

coinjar

Features:

  • Easy to use, simple and innovative cryptocurrency products
  • Trusted and regulated altcoin exchange in Australia 
  • Reliable and safe crypto trading app
  • Mobile trading app to buy and sell cryptocurrencies
  • Buy crypto with bank Transfer, debit card, Swipe, BPAY and cash
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

Independent Reserve

Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. The exchange supports AUD and NZD deposit methods using EFT, POLi, PayID and SWIFT to buy, trade and sell 14 cryptocurrencies in Australia.

independent reserve

Features:

  • Reputable and trusted Australian cryptocurrency exchange
  • Tier based fee structure that decreases with volume traded
  • Funds are backed by insurance company
  • Wide range of deposit methods 
  • Automatic recurring purchases to dollar cost average
  • Customer support available 24/7

Ease of use

Reputation

Deposit methods

Fees

Best Way To Buy Altcoins In Australia

There are several ways to invest in altcoins depending on how you wish to deposit AUD. If you prefer to use a regulated cryptocurrency exchange (which we recommend), then you should know that each digital currency provider can support different deposit methods. 

Therefore, it's best that you decide to register with an exchange that supports your preferred payment method to buy altcoins. Use our guide below to see which common deposit methods are supported by our top rated Australian crypto exchanges.

Buying Altcoins Using Bank Transfer (EFT)

You can purchase altcoins using bank transfer (EFT) using a regulated cryptocurrency exchange in Australia. Bank transfers usually credit within the same business day depending on the bank. Most Australians will be familiar using an EFT transaction using their online bank account.

To complete a bank transfer, you need to obtain the BSB and Account Number of the exchange's bank account. This is not different from making a payment to anybody. You should note that bank transfer can take a bit longer to clear compared to other deposit method and it is easy to make an error.

Buying Altcoins Using PayID / NPP

Using PayID is an easy method to buy altcoins in Australian that is supported by most of the larger Australian banks. This is a near instant payment method, so it will suit investors that wish to make an immediate alt coin purchase.

AUD deposits will be credited to your account within minutes of being transferred from your bank account. All you need is the cryptocurrency exchange's PayID email address to make a deposit.

Not all cryptocurrency exchanges are the same.

COMPARE THE TOP 10 EXCHANGES IN AUSTRALIA

Buying Altcoins Using A Credit Card

Generally, Australian banks do not permit the use of credit card to invest in altcoins. Therefore, you will find that most crypto exchanges in Australia do not have the option to deposit funds with a credit card.  

Depending on which bank you're with, it can still be possible to buy altcoins with a debit card. You should check with your financial institute or card issuer to find out if you can buy crypto with a debit card. Otherwise, Australians can also buy altcoins with a debit card using the following global exchanges: 

Step-By-Step Guide To Buying Altcoins 

Before you should buy any altcoin, it is recommended that you set up a digital hardware wallet to safely store your coins. Exchanges have online wallets but it's best to remove it totally offline to a device that you hold in your possession.  

Step 1 - Register Account

To create an account with Swyftx, click the "Sign Up" button below. This will take you directly to the Swyftx registration page where you will be required to fill in your email, set a password, enter your name and phone number. 

Click "agree" to the terms and conditions and hit "Create My Account".

swyftx register

Step 2 - Verify Account and Activate 2FA

The verification process for Swyftx is incredibly simple and can be completed in 2 minutes.

To start the verification process, navigate to the side bar on the left and click "Profile" then under your name go to "Verification". This will bring up an online form where you will only be required to provide some personal information

swyftx verification

Once you completed all of the verification steps, you will want to activate the two-factor authentication on your account. This is essentially another security layer to keep your funds safe and secure.

To get started, go to the "About" page and click "Setup MFA". Follow the prompts to install the Google Authenticator App on your smart device and enter the token that appears once you have scanned the QR code.

swyftx 2fa

Step 3 - Deposit AUD

The next step is to click the "Deposit AUD" link on the left menu. Here you will be able to choose the amount of Australian Dollars that you wish to deposit.

Once you are on the deposit page, you can fund your Swyftx account with Australian Dollars (AUD) using either PayID (instant) or BPAY (within same business day).  

swyftx deposit AUD

Step 3 - Buy Altcoins

Now that your account is verified and you've deposited AUD (or BTC), you can start buying and selling cryptocurrency. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select any cryptocurrency. Swyftx has over 100+ crypto assets to trade and growing. 

swyftx ethereum

Select the altcoin you wish to buy, sell or trade and it will display the current price against AUD. Now select how much AUD you want to spend on the coin and click "Instant Buy". The altcoin amount will be purchased, show in your trade history and stored in the Swyftx wallet. That's it! You have now purchased an altcoin using Swyftx. 

How To Trade Altcoins In Australia

To start trading altcoins in Australia, follow these simple steps:

  1. Register an account with a cryptocurrency trading exchange such as Binance
  2. Complete the signup registration process and verify your email  
  3. Go to the navigation menu and Click 'Wallet'
  4. Select 'Bitcoin' or another cryptocurrency and click on 'Deposit' 
  5. Transfer funds to the exchange from your hardware wallet
  6. Go to the “Trade” menu and select the altcoin you want to trade
  7. Enter the amount of altcoins you want to buy or sell
  8. Confirm the order details and confirm the trade  
binance charts

Frequently Asked Questions

What Are Altcoins?

Altcoins are the alternative cryptocurrencies to Bitcoin. Many altcoins have been created to improve on limitations with Bitcoin and create newer versions with competitive advantages such as faster transaction speed, enhanced scalability, improved security, lower miner fees and many others. 

Many crypto enthusiasts will argue that altcoins are completely unnecessary and will not succeed because they cannot compete with the infrastructure that Bitcoin boasts.

However, altcoins are important as they further decentralize the cryptocurrency community and allow developers to experiment, create and improve on new features.  

What Is The Best Altcoin?

There are many altcoins on the market and in fact are over 2,300 according to coinmarketcap. Each coin offers a slightly different functionality that creates a unique perception of 'value' to different users and for various applications. The vast number of alt coins has created healthy competition to Bitcoin and formed the cryptocurrency market that we know today.

The top 10 cryptos at the time of writing are:

Conclusion

If you're looking for the best exchange to buy and sell altcoins in Australia, we hope this guide was useful.  

With any financial investment, make sure to do your own research and due diligence on the altcoin provider before depositing any funds. And if you don't have a hardware wallet, we suggest that you read our review on the best crypto hardware wallets so you can keep your altcoin investment safe.

If you found this article useful, feel free to share it with your social network.

Few more related articles to read:

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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.