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. 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.
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How To Buy Ethereum In Australia
If you're looking to buy Ethereum (ETH), follow these simple steps:
- Register for an account with an Australian crypto platform such as Swyftx
- Complete the signup registration process and verify your email
- Deposit funds in Australian Dollars into the account
- Select Ethereum (ETH) from the asset list and click on 'Buy Ethereum'
- Enter the amount of Ether to buy using AUD balance
- Review and complete the trade
Best Way to Buy Ethereum
There are several ways for investors to buy Ethereum and each method will comprise of different risks and fees that must be considered before making any transaction. Our preferred method to obtain Ethereum is to use a regulated and trusted Australian exchange that offers:
- Ethereum (ETH) trading pair against AUD
- Local payment method such as a bank transfer or debit card
- Low trading fees and spreads
There are pros and cons of buying Ethereum using an Australian exchange as below.
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Where To Get Ethereum In Australia
The best way to purchase Ethereum is to use a digital currency exchange such as Swyftx. These platforms are highly regulated and allow users to deposit funds in AUD that can be converted into Ethereum. Our top rated platforms to buy Ethereum are listed below. To view the full list, read our article on the best cryptocurrency exchanges in Australia.
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Best Ethereum Exchanges: 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.
Swyftx is our #1 rated cryptocurrency exchange to buy, trade and sell Ethereum with AUD. It is a locally owned and operated trading platform in Brisbane that offers a simple and transparent way for individuals to invest in digital assets. Swyftx has grown in popularity in recent years and has over 30,000 registered users.
Ease of use
CoinSpot is a reputable exchange in Australia that was founded in 2013. It is a registered exchange that is popular within the Australian community with thousands of users across the country. Coinspot is suited to beginners that are looking to buy Ethereum or investors looking to invest using their Super Fund and features a secure Coinspot wallet to store ETH. The website is beginner friendly to make it easy for new investors to start buying ETH within minutes.
Ease of use
Digital Surge is an Australian crypto exchange 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. 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.
Users of Digital Surge can buy, sell and even pay bills using Bitcoin. The local exchange is focused on simplicity which starts from the verification process which is automated. That means, users can buy digital currency quickly and easily using a buy wizard that guides through each step.
Ease of use
CoinJar is one of the oldest digital currency exchanges that provides a intuitive platform to buy Ether. CoinJar allows users to buy, trade and sell Ethereum via the CoinJar app which is available on Android and iOS devices. With over 400,000 users, CoinJar Australia is a trusted and safe platform to invest in ETH.
Ease of use
Binance is the largest cryptocurrency exchanges in the world that offers a place to buy, trade and sell more than 200 digital currency trading pairs such as Ethereum. The platform offers instant deposits and withdrawals with AUD via PayID/Osko (NPP payments), is supported by over 100 Australian banks and financial institutions. Binance exchange is one of the cheapest trading platforms to buy, sell and trade ETH with fees between 0% and 0.1%.
Ease of use
Independent Reserve is a popular exchange that allows Australians to buy Ethereum with trading competitive fees using fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. Well known for supporting multiple deposit methods using EFT, POLi, PayID and SWIFT, Independent Reserve is one of the best places to buy Ethereum.
Ease of use
How To Use An Ethereum Exchange
If you want to buy ETH, the most popular and safest method is using a trusted exchange in Australia to convert AUD into ETH. Here’s a step-by-step guide explaining how to buy Ethereum on a platform designed for beginners, Swyftx.
Create Account With Australian Ethereum Platform
Visit the website and click the "Sign Up" button which will direct to the registration page. Enter your email, set a password, enter your name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
Verify Account & Activate 2FA
Navigate to the side bar on the left and click "Profile" then under your name go to "Verification". An online form will appear to enter in your details which takes a few minutes.
Once you completed all of the ID verification steps, activate two-factor authentication which adds another security layer to protect the account funds. Go to the "About" page and click "Setup MFA" and follow the prompts to install the Google Authenticator App on your smart device.
Enter the token that appears once you have scanned the QR code.
Deposit Australian Dollars
The next step is to click the "Deposit AUD" link on the left side bar. 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).
Now that your account is verified and you've deposited AUD, you can buy Ethereum. 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 Ethereum amount will be purchased, show in your trade history and stored in the Swyftx wallet.
Not all cryptocurrency exchanges are the same.
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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, Independent Reserve, Coinspot, CoinJar 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.
Max. Daily Limit
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.IO, Coinbase, 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 cryptocurrency trading exchanges 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 of theft and fraudulent activity. The safest and most secure place to store purchased Ethereum is to withdraw to a hardware wallet such as a Ledger Nano X and keep it in your possession. The stored Ethereum coins can then be accessed using an open-source wallet that directly connects to the hardware wallet such as myEtherwallet.
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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
What Is Ethereum?
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.
Who Created Ethereum?
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.
Who Can Use Ethereum?
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.
Where To Buy Ethereum In Australia?
The best place to obtain Ethereum in Australia is Swyftx. 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 and no hidden charges, it is our #1 rated crypto exchange in Australia.
How To Sell Ethereum In 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.
What Is The Most Popular Ethereum Wallet?
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.
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.
Lastly, 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 Ethereum and other digital currencies safe.