How To Buy Ethereum In Australia (5 Quick & Easy Steps)

Updated: Jan 19th, 2022
Kevin Groves
Kevin Groves
How To Buy Ethereum In Australia (5 Quick & Easy Steps)

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). If you don't have a wallet, read our guide on the best hardware wallets before getting started.

How To Buy Ethereum In Australia

To buy Ethereum (ETH) in Australia, follow these simple steps:

  1. Create an account with Swyftx
  2. Complete identity verification
  3. Activate 2 Factor Authentication
  4. Deposit funds in AUD
  5. Select Ethereum and enter the amount of ETH to buy

Where To Obtain Ethereum In Australia

The best method to obtain ETH is to use a regulated and trusted Australian exchange. Most 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.

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

Guide To Buying Ethereum In Australia

1. Create An Account With An Exchange

The first 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 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 credit card purchases.

swyftx deposit aud fundsswyftx deposit aud funds

5. Buy Ethereum

Now that your account is verified and you've deposited AUD, you can buy Ethers. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select Ethereum. Select how much AUD you want to spend and click "Instant Buy". The ETH amount will be purchased, show in your trade history and stored in the Swyftx wallet.

Benefits of Using An Australian Exchange

Ethereum Exchange Reviews

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 methods, security and customer support.

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 such as Ether. The platform offers excellent features 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. Overall, Swyftx is our best rated cryptocurrency exchange in Australia to buy, trade and sell Ethereum.

swyftx websiteswyftx website

One of the best aspects to Swyftx is the feature-rich platform such as a user-friendly a mobile app, tax calculator and dollar cost averaging tools. The desktop and mobile application 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 featuresswyftx features

Swyftx has one 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 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 through each step.

3. CoinSpot

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 websitecoinspot website

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.

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.  

How To Pay For Ethereum

Using a crypto exchange offers several ways to buy and sell Ethereum. Here are the common payment methods available and their 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, CoinspotCoinJar, Independent Reserve and Binance.

Buying Ethereum With A Cash Deposit

Exchanges such as CoinJar and Coinspot allow users that want to buy Ethereum with a cash deposit 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 is 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 Commonwealth, Westpac, ANZ and NAB do not allow investors to buy Ethereum with a credit card. It is recommended to check with your financial institute or card issuer to find out if you can buy ETH with a debit card.

As an alternative, users can use international exchanges such as CEX.IOCoinbase, Crypto.com and Changelly that allow using a credit card to obtain cryptocurrency. While this may be a convenient method to get Ethereum fast, these services usually charge a premium and can incur additional fees up to 5%.

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 a 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 trading fees to convert coins into Ethereum are Binance and BTC Markets. Before using make sure the platform supports the digital asset that you want to convert into Ethereum and check the trading, deposit and withdrawal fees.

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 most secure place to store purchased Ethereum is to store Ethereum 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 the hardware wallet such as myEtherwallet.

The devices are small compact wallets that store the encrypted private keys that give access to ERC-20 based digital currencies such as Ethereum. Access to the ETH can be recovered if the wallet is lost or stolen using a recovery phrase.

Numerous exchanges include secure wallets and 3rd party online versions. In our experience, the safest method against scams and theft is keeping control of the private keys using a reputable hardware wallet.

Frequently Asked Questions

Ethereum is an open source, public, blockchain-based, distributed and a decentralized platform. It is fully autonomous and is not controlled by a central authority or an individual without a central point of failure. Similar to Bitcoin, it is run from thousands of computers around the globe which means it can never go offline.

Ethereum is the second largest cryptocurrency on the market behind Bitcoin in terms of market cap and also popularity. It is a popular investment choice as it has been tipped to surpass the value of Bitcoin in the future. There are many blockchain based projects that utilise 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 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 Ethereum’s 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.

The best place to obtain Ethereum in Australia is Swyftx in our opinion. The platform aggregates the best ETH prices from the top global cryptocurrency 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.

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.

The most popular wallet to store Ethereum is using MyEtherWallet which is an online based wallet. It allows users to transfer their ETH to the wallet for safe keeping. The wallet can also be integrated with a hardware wallet for additional security.

Individuals that reside in Australia can stake Ethereum using a variety of cryptocurrency exchanges and wallets. Popular exchanges such as Binance and Coinbase support Ethereum 2.0 staking which is the next iteration of the Ethereum network. Staking Ethereum locks up ETH to contribute to the security and governance of the network. Investors can earn approximately 5-6% APY for delegating their tokens.

Conclusion

To conclude our article on how to get Ethereum from Australia, as the case with any financial investment, make sure to do your own research and due diligence on the Ethereum provider before depositing any funds. 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 ETH and other digital currencies 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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