How To Buy Altcoins in Australia (2020)

Best Exchange For

swyftx

Best Exchange For

coinspot

Best Exchange For

coinjar exchange

If you have decided to invest cryptocurrency in Australia, the first step is to find a trustworthy and regulated crypto exchange that accepts AUD. Once you have created an account and verified your identity, the process to buy altcoins such as Etherem, XRP, Cardano and Litecoin is straight forward.

To help you get started, we have conducted extensive research to find the best crypto exchanges in Australia to buy and sell altcoins by assessing the 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

Best Altcoin Exchanges In Australia

Here is our consolidated list of the best altcoin exchanges in Australia (with our commentary):

  1. Swyftx (low fees and beginner friendly)
  2. Independent Reserve (popular exchange with variety of deposit methods)
  3. CoinSpot (reputable and exchange that has been established for many years)
  4. Coinjar (only Australian exchange with a mobile app to buy and sell cryptocurrency)
  5. Binance (worlds largest crypto exchange)

Exchange

Deposit Method

Fees

Our Review

Rating

Website

swyftx

PayID

POLi

BPAY

0.6% (low spreads)

5 / 5

independent reserve

Bank Transfer (EFT)

PayID

POLi

Swift

0.5% (volume based)

4.5 / 5

coinjar exchange

PayID

BPAY

Cash Deposit

0.1% -1%

4.3 / 5

coinspot

PayID

POLi

BPAY

Cash Deposit

0.1% - 1%

4.3 / 5

binance

Bank Transfer (EFT)

Credit card / Debit card

2.5%

4.1 / 5

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

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

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

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

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

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

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.

Buy 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. 

The following Australian crypto exchanges allow you to buy alt coins with a bank transfer: 

Buy 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.

The following Australian crypto exchanges allow you to buy altcoins with PayID:

Buy Altcoins Using POLi

POLi is an instant deposit method that is available on several cryptocurrency exchanges in Australia to purchase altocins. The deposit method allows you to complete the transaction from the exchange through an interface to your supported bank account. 

It works in the same way that you would normally visit your online bank website to make a payment. POLi payments are incredibly simple and only takes a few minutes to complete and the funds are transferred direct to the exchange.

The following Australian cryptocurrency support POLi payments to purchase altcoins: 

Buy Altcoins Using BPAY

While this payment method is commonly used to pay bills in Australia, BPAY payments can take between 1 and 2 business days to clear.  So if you want to deposit funds quickly to buy altcoins, BPAY may not be the best option and you should consider using PayID or POLi which are near instant.

There are a handful of Australian cryptocurrency exchanges that allow you to buy altcoins with BPAY that include:

Buy Altcoins Using Cash Deposit

You can buy altcoins with a cash deposit in Australia using a regulated cryptocurrency exchange. You will still need to provide identification to comply with regulations in Australia even if you pay with cash. 

To buy altcoins with cash, you will need to complete the transaction at a supported newsagency across the country. This method does incur higher fees between 1.5% and 2.5%.  

The following Australian cryptocurrency exchanges allow you to buy alt coins with a cash deposit:

Buy Altcoins Using Credit Card / Debit 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 alt coins 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:

Where To Buy Altcoins In Australia?

The best cryptocurrency exchange in our opinion to buy altcoins coins is Swyftx. The online platform offers over 70+ cryptocurrencies to buy, trade and sell all in the one beginner-friendly user interface.

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.

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