How To Buy Ethereum In Australia
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Are you a beginner that wants to know how to buy Ethereum in Australia but don't know where to start? If so, this guide will show you how to obtain Ethereum using a cryptocurrency exchange within Australia. Some exchanges require a crypto wallet before you can buy Ether (ETH).
How To Buy Ethereum In Australia
To buy Ethereum (ETH) in Australia, follow these simple steps:
- Compare and select a crypto exchange. Find and compare cryptocurrency exchanges that support AUD that will be converted into ETH.
- Register an account with the exchange. Create an account with a crypto exchange using a valid email address or mobile number and complete the ID verification process.
- Deposit funds to a wallet. Choose a payment option that offers the best fees. The most common AUD payment methods include a bank transfer, wire transfer, debit card, credit card and PayPal.
- Buy Ethereum. Browse the supported assets and choose Ethereum (ETH). Use the funded account to choose an amount to spend and click on 'Buy'.
Where To Buy Ethereum In Australia
The best method to obtain ETH is to use a regulated and trusted Australian exchange. Most cryptocurrency exchanges in Australia offer Ether which can be purchased with AUD using a bank account. The following exchanges are easy to use and compliant with AUSTRAC for purchasing crypto in Australia.
Based on our reviews, the best place to obtain Ethereum in Australia is Swyftx. The platform aggregates the best ETH prices from the top exchanges across the world to offer you the best spot prices. Combined with low transaction fees of 0.6% and spreads as low as 0.45%, Swyftx is one of the cheapest exchanges to purchase Ethereum from Australia.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|600+||0% to 0.1%|
|Up to $50 welcome bonus||Visit Binance Au...||Binance Australia Review|
|380||1% (instant), 0.1% (spot)|
|$20 Bitcoin for creating a verified account and depositing||Visit CoinSpot||CoinSpot Review|
|$10 Bitcoin for creating a verified account||Visit Digital Surge||Digital Surge Review|
Our review and assessment of the popular exchanges in Australia is based on important factors such as ease of use, reputation, charting features, fees, deposit options, security and customer support.
Swyftx is an AUSTRAC-registered Australian cryptocurrency trading platform with over 600,000 users that provide a simple and transparent way for individuals to invest in more than 310 digital assets such as Ether. The platform offers excellent features that will suit various types of investors such as instant deposits and withdrawals, portfolio tracking, recurring orders, low trading fees, demo mode and price alerts. It is one of the few exchanges within Australia that supports debit or credit card purchases. Overall, Swyftx is our best-rated cryptocurrency exchange in Australia to buy and trade Ethereum.
One of the best aspects of Swyftx is the feature-rich platform such as a user-friendly mobile app, tax calculator, and dollar-cost averaging tools. The desktop and mobile applications have been designed for beginners and intermediate investors to get started with digital currencies and quickly monitor the Ethereum price. The trading experience is very simple on a fully customizable dashboard that can be tailored to suit each investor to trade Ethereum. Lastly, there is a $20 Bitcoin bonus for new customers that sign up with a Swyftx referral link and complete ID verification.
Swyftx has one of the most competitive trading fees in the country. The transaction cost to buy Ethereum is a nominal 0.6% fee in addition to a crypto spread fee that averages 1.7%. Compared to the industry average crypto spreads of 4%, the overall trading fees are reasonable when Swyftx is measured against other exchanges.
2. Binance Australia
Binance is a premium crypto exchange in Australia to buy Ethereum on a feature-rich platform. Binance Australia allows investors to instantly deposit and withdrawal using AUD via PayID/Osko (NPP payments), which is supported by over 100 Australian banks and financial institutions.
Binance exchange is one of the cheapest platforms to buy Ethereum with fees between 0% and 0.1%. Due to the low fees and deep liquidity across all of their trading pairs, Binance is one of the best options for cryptocurrency altcoin traders. Moreover, Binance Australia can be used to stake Ethereum to earn an estimated staking reward of up to 2.4% APY, paid out in ETH. Binance Australia also supports ETH2.0 staking which will payout 5.2% APY once the Ethereum upgrade is completed.
CoinSpot was founded in 2013 and has built up a solid reputation as a leading Australian cryptocurrency exchange that is focused on helping newcomers to buy Ethereum with AUD. 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 vouchers. 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.
The trading fees depend on the method used to purchase cryptocurrencies. The Instant Buy and Sell platform has a 1% trading fee to quickly exchange coins. To obtain a lower transaction fee of 0.1%, users can trade on the exchange which requires a greater level of understanding on technical charts and types of orders.
4. Digital Surge
Digital Surge is a Brisbane-based digital currency exchange that provides a fast and easy way to buy Ethereum using AUD. The platform has focused on providing a beginner-friendly exchange website for everyday Australians to get started with ETH.
Based in Brisbane, the team are committed to building trust and transparency within the cryptocurrency community and to bring awareness to the industry for all investors alike. The Australian cryptocurrency exchange is focused on simplicity which starts from the verification process which is automated. That means users can buy Ethereum quickly and easily using a buy wizard that guides them through each step.
Guide To Buying Ethereum In Australia
1. Compare and select a crypto exchange
The first step to buying Ethereum is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges and brokerages to choose from. Centralized exchanges are the most commonly used and convenient for beginners which allow individuals to buy Ethereum. Other important aspects to keep in mind before buying crypto on an exchange are:
- Supported countries and accepted fiat currencies
- Deposit methods and limits
- All fee types (deposit, trading and withdrawal)
- Ease of use for all experience levels
- Trading volume and liquidity (minimize spread and slippage)
- Industry-standard security measures
- Live-chat and 24/7 customer service team
Exchanges such as Swyftx, Digital Surge and CoinSpot offer a wide range of features, products and services that can be beneficial after the initial purchase. These providers are locally based, reputable and trustworthy examples to use.
2. Register an account with the exchange
The next step to purchasing Ethereum 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 redirect to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
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.
To protect any funds within an 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.
3. Deposit funds to a wallet
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 flexpin vouchers at a local newsagency, BPAY and credit cards. Swyftx is the only crypto exchange in Australia that allows credit card purchases.
4. Buy Ethereum
Now that an account is verified and funded with AUD, the next step is to buy Ether. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where user's can search and select Ethereum. Select how much to spend and click "Instant Buy". The ETH amount will be purchased based on the current Ethereum price and shown in the trade history. The ETH will be stored on Swyftx and can be transferred to an external wallet.
Benefits of Using An Australian Exchange
- Australian exchanges must comply with AML/CTF reporting obligations which are enforced by AUSTRAC
- Buy/sell directly from the exchange using Australian Dollars
- Supports local methods to deposit AUD such as POLi, PayID and BPAY
- Local customer support service that is easier to get in touch with
- Will need to submit identification documents to prove identity before making a purchase
- Australian exchanges can have lower liquidity compared to overseas exchanges meaning spreads can be higher
- Innovative products and services offered on global exchanges are not available on Australian exchanges
How To Pay For Ethereum
Using a crypto exchange offers several ways to buy Ethereum. Here are the common payment methods available and their pros and cons.
Buying Ethereum With A Bank Transfer
Exchanges provide the option to purchase Ethereum by transferring funds by direct debit, NPP, PayID or POLi payments using a regulated platform in Australia. There are several exchanges in Australia that accept payment via a bank deposit such as Swyftx, Coinspot, CoinJar, Independent Reserve and Binance.
Buying Ethereum With A Cash Deposit
Exchanges such as CoinJar and Coinspot allow users that want to buy Ethereum with cash in Australia. Using this method to transfer funds to an exchange does incur a fee of 1.5% to 2.5%. This is in addition to the platform's fees.
While using cash will benefit some investors, the process to buy ETH takes longer as the investor will need to obtain the QR code and take it to a supported newsagent to complete the payment. There are also maximum daily limits to consider. Once the payment is made, the exchange will transfer the purchased Ethereum to the nominated ERC-20 address within a day.
Buying Ethereum With A Credit Card
The major Australian banks such as Westpac, Macquarie Bank, Judo Bank, Jolt Bank, ANZ, and NAB allow investors to buy Ethereum with a credit card. These are subject to change that can depend on personal circumstances and the credit card issuer.
Buying Ethereum With PayPal
Some exchanges still allow PayPal as a payment type such as eToro and Paxful. This payment option has fallen out of favour due to chargebacks and higher fees. Users that have an existing PayPal account can decide to use currency in the account, however there are better methods to invest in Ethereum with lower fees.
Buying Ethereum With Cryptocurrency
A popular way is to use an altcoin trading platform or instant crypto swap platform to convert other digital currencies such as Litecoin, Cardano, Dash and Tron into Ethereum. Exchanges in Australia with low fees to convert coins into Ethereum are Binance and BTC Markets.
What Is Ethereum?
Ethereum is an open-source, public, blockchain-based, distributed and decentralized platform. The Ethereum blockchain is fully autonomous and is not controlled by a central authority or an individual without a central point of failure. Ethereum is run from thousands of computers around the globe which means it can never go offline. There are many Ethereum blockchain-based projects that utilize the Ethereum network, often referred to as a 'smart contract' which is a computer program that resides at a specific address on the Ethereum network.
Ethereum is the second-largest cryptocurrency on the market in terms of market cap and ETH staking to earn rewards. Moreover, Ethereum is a popular investment choice due to its use cases in several industries such as decentralized finance (DeFi) and investing in Non-fungible tokens (NFTs).
Is Ethereum A Good Buy?
Despite the recent declines, Ethereum has plenty of upsides to drive the price to new all-time highs. The continued expansion of DeFi, the fast-growing NFT market and the implementation of the Ethereum 2.0 upgrade which will see better scalability and faster transactions are strong reasons for increased adoption. Moreover, Australian investors have access to several financial products such as earning interest to generate a positive return even if the price of Ethereum remains stable.
Where To Store Ethereum In Australia
If you have purchased Ethereum and currently storing it on an exchange, then the ownership of your Ethereum investment is at risk. With over 2.5 Billion in crypto assets stolen from exchanges, the safest and best crypto wallet to store ETH is on a hardware wallet such as a Ledger Nano X or CoolWallet Pro.
The stored Ethereum coins can then be accessed using an open-source wallet that directly connects to an online wallet such as myEtherwallet. This is one of the most popular wallets to store Ethereum and can also be integrated with a hardware wallet for additional security.
Frequently Asked Questions
The Ethereum protocol was created by Vitalik Buterin who saw the potential uses of Bitcoin’s underlying blockchain technology as the next steps in furthering the expansion of the blockchain community.
Vitalik used the technology behind Bitcoin and substantially expanded its capabilities to enable users to create decentralised applications on the Ethereum blockchain. Ether is the cryptocurrency that is used to fuel the network to pay for code execution on the network by developers that use smart contracts.
Etherium provides developers around the globe with the tools to create and deploy decentralized applications (also known as "dapps"). These are basically are applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
This functionality allow endless possibilities to be created using the Ethereum platform all without the need of a middle man. This opens the door to a global financial system for everyone where an Internet connection is all you need to access applications, products and services.
Standard day-to-day activities that we perform using the current system through intermediaries could all be performed using smart contracts on the Ethereum platform such as paying for rent, buying groceries, sending money to a friend and paying bills.
If you want to sell your ETH tokens, the best way is to trade them on an Australian crypto exchange to convert back to AUD. The process to sell Ethereum is similar to buying but in the opposite trade direction. Instead of selecting 'buy' in the order window, choose 'sell' and enter in the amount of Ether.
Individuals that reside in Australia can stake Ethereum using a variety of cryptocurrency exchanges and wallets. Within Australia, Swyftx and BTC Markets offer cryptocurrency staking. Australians can also use global exchanges such as Binance and Coinbase which support Ethereum 2.0 staking to earn approximately 5-6% APY at the time of writing. For more information, read this guide on the best staking platforms in Australia.
To conclude our article on how to get Ethereum from Australia, it is recommended to stick to reputable and trustworthy Australian cryptocurrency exchanges that offer instant AUD deposit and withdrawal methods, low trading fees and a beginner-friendly mobile app. These exchanges will give the best user experience and safely oversee an Ethereum investment.