How To Buy Altcoins in Australia

Updated: Jan 19th, 2022
Kevin Groves
Kevin Groves
How To Buy Altcoins in Australia

To buy altcoins in Australia such as Etherem, XRP, Cardano and Litecoin, it is recommended to use a cryptocurrency 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. Create an account with Swyftx
  2. Complete identity verification
  3. Activate 2 Factor Authentication
  4. Deposit funds in AUD
  5. Select an altcoin and click on 'buy'
  6. Enter the amount to buy
  7. Review and complete the trade

Step-By-Step Guide To Buying Altcoins

1. Register Account

The first step to buying altcoins is to create an account with a cryptocurrency platform in Australia such as Swyftx. To get started, visit the Swyftx website using our link for $20 BTC and click on the "Sign Up" button. This will re-direct to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".

Swyftx registrationSwyftx registration

2. Complete Identity Verification

Once an account has been created, the next step is to commence the ID verification process in accordance with Know Your Customer (KYC) and Counter Terrorism Financing (CTF) regulations under Australian law. Before a wallet can be funded with AUD to deposit and withdraw funds, the account must be verified as per with the rules set by AUSTRAC.

Using Swyftx as an example, the verification process is fast and hassle-free which can be completed within 2 minutes of creating a new account. To start verification, login to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number of identity document number will need to be provided.

swyftx verification processswyftx verification process

3. Secure Account & Activate 2FA

To protect any funds within a crypto exchange account, it is vital to increase the basic account security level and turn on Two Factor Authentication (2FA). This should be the first step after verifying an account and prior to depositing any funds. 2FA is a specific type of multi-factor authentication that requires two methods to verify the user's account and even withdrawal requests. Popular 2FA apps for multi-factor authentication are Authy and Google Authenticator which can be downloaded for both iOS and Android devices.

4. Deposit Funds In AUD

Finding an exchange that accepts local deposit methods using Australian Dollars is an important consideration. The majority of cryptocurrency exchanges in Australia have direct AUD payment methods with varying fees. The most common deposit options include bank transfer, POLi and PayID. 

POLi connects to Australian Bank accounts and is processed instantly. PayID and bank transfers can take between 1 and 3 business days. Alternative payment methods that are available with certain Australian exchanges include cash deposit at a local newsagency, BPAY and credit cards. Swyftx is the only crypto exchange in Australia that allows using a credit card for payment.

swyftx deposit aud fundsswyftx deposit aud funds

5. Buy Altcoin

Once the account has been funded with AUD, the next step is to search and select an altcoin to buy. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select for any coin. Select how much AUD you want to spend and click "Instant Buy". The altcoin amount will be purchased, show in your trade history and stored in the Swyftx wallet.

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)
  2. Digital Surge (new exchange that is easy to use, low fees)
  3. Coinspot (highly trusted, safe and secure exchange)
  4. CoinJar (well established, purchase of crypto with cash)
ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Swyftx Logo

Swyftx

280+0.6%
Overall 4.8/5StarStarStarStarEmpty Star
$20 Bitcoin for creating a verified accountVisit SwyftxSwyftx Review
Digital Surge Logo

Digital Surge

2700.5%
Overall 4.7/5StarStarStarStarEmpty Star
$10 Bitcoin for creating a verified accountVisit Digital SurgeDigital Surge Review
CoinSpot Logo

CoinSpot

320+1%
Overall 4.6/5StarStarStarStarEmpty Star
None available at this timeVisit CoinSpotCoinSpot Review
Coinjar

Coinjar

491%
Overall 4.3/5StarStarStarStarEmpty Star
None available at this timeVisit CoinjarCoinjar Review

Best Altcoin Exchanges In Australia: Reviews

1. Swyftx

Swyftx is an AUSTRAC registered Australian cryptocurrency trading platform with over 350,000 users that provides a simple and transparent way for individuals to invest in more than 280 cryptocurrencies. Overall, Swyftx is our best rated cryptocurrency exchange in Australia to buy, trade and sell altcoins back to AUD.

swyftx australiaswyftx australia

One of the best aspects to Swyftx is the feature-rich platform that will suit various types of investors such as rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, demo mode and price alerts. There are also a mobile app, tax calculator and dollar cost averaging tools. The platform has been designed for beginners and intermediate investors to get started with digital currencies. The trading experience is very simple on a fully customisable dashboard that can be tailored to suit each investor.

Swyftx boasts some of the most competitive trading fees in the country. The transaction cost to buy and sell crypto is a nominal 0.6% fee in addition to a spread charge that averages 1.7%. Compared to the industry average spreads of 4%, the overall trading fees are reasonable when Swyftx is measured against other exchanges. 

2. Digital Surge

Digital Surge is a Brisbane based digital currency exchange that provides a fast and easy way to buy and sell digital currency using AUD. The platform has focused on providing a beginner-friendly exchange website for everyday Australians to get started with crypto assets. 

digital surge websitedigital surge website

Digital Surge's trading fee is 0.5% which is competitive to to other platforms with spreads as low as 0.4% per transaction. This is comparable to brokers such as Swyftx which uses a similar fee structure. There are no fees to deposit and withdraw Australian Dollars directly with a local bank which are processed near-immediately. 

In our opinion, Digital Surge is one of the best options in Australia for beginners to get started with cryptocurrency due to its ease of use, rapid AUD deposit and withdrawals, responsive customer support and minimal fees.

3. CoinSpot

CoinSpot was founded in 2013 and has built up a solid reputation as a leading local cryptocurrency exchange with over 1 million users. The exchange is purpose-design to cater for beginners get started and buy cryptocurrency in Australia with AUD.

coinspot websitecoinspot website

The Australian exchange is regarded as one of the most safest platforms with bank-like security measures to protect its customer's information and funds secure.Coinspot supports several payment methods for users to deposit funds such as POLI, PayID, BPAY or a cash deposit.

Each payment method using an Australian bank account deposit does not incur a deposit charge. In comparison, using BPAY or cash payments will incur a deposit fee of 0.9% and 2.5% respectively.

4. 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 websitecoinjar website

CoinJar has a flat 1% fee to convert AUD to crypto or between digital currencies. CoinJar Exchange has fees of 0.1% using a maker/taker model to trade between users on the platform. This is quite confusing for investors to create an account with two products that have varying fees. 

In terms of security, CoinJar offers a high level of fund protection with 90% of customers assets stored in offline cold wallets located at secure locations for maximum safety. The exchange protect its clients information using a layer of security measures that include data encryption, Transport Layer Security (TLS), periodic security audits and best practice organisational security.

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.

Buying Altcoins Using A Credit Card

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 a global exchange such as Coinbase, Binance, Changelly and ChangeNOW.

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.

Benefits of Using An Exchange

Frequently Asked Questions

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.

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 exchange 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.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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