Cryptocurrencies are taking off worldwide, and if you wanted to get in on the action, you’ve probably started looking for ways in which you could invest as well.
However, there are some specificities that you need to be aware of if you’re Australian. In this article, we’re going to give you an overview on how to buy cryptocurrencies in Australia. We’ll discuss the decisions you need to make before you select a method for buying cryptocurrency as well as a few steps to take to protect yourself during the process.
The way you want to buy cryptocurrencies has a significant impact on the cryptocurrency platforms you could use. For example, some cryptocurrency platforms let you pay via a free direct bank deposit while others allow you to buy them using a credit card, cash in hand or another digital payment method.
For example, they may let you sell Bitcoin or Litecoin for Ethereum but prevent you from buying a cryptocurrency with cash.
Be very careful when buying cryptocurrencies with cash unless you’re going through Bitcoin ATMs or using Flexepin vouchers. If you do find a local dealer who lets you buy cryptocurrency for cash, remember that you have the right to walk away if you don’t trust them or understand exactly what they’re offering.
Then there’s the selection of cryptocurrencies that the platforms offer you. Bitcoin, Litecoin, Bitcoin Cash and Ether coins are nearly universal. If you want to invest in others like Neo, Dash, Dogecoin or dozens of smaller cryptocurrencies, you will have to research various platforms to find one that sells what you’d like to buy.
The easiest way to buy cryptocurrencies of all types is to use an exchange. You can use this list of best cryptocurrency exchanges in Australia from Crypto Head to see some of the better options. Look for platforms that have dual factor authentication for extra security, low transaction fees, good IT security and significant trading volume.
You’ll need to provide identification like a passport or driver’s license to be able to use them. Once they’ve verified your identity, you’re typically ready to trade in cryptocurrencies. If you’re going through online payment processors, the account you have with the payment vendor may speed up the identity verification step.
Suppose you’re buying cryptocurrencies and they’re sitting in your account on the exchange. You don’t want to store them there permanently. Exchange security isn’t infallible, and a few well-publicised glitches have revealed that exchanges can make mistakes that wipe out someone’s account. The solution is to move the cryptocurrencies from the exchange to a cryptocurrency wallet that you control. It could take the form of specific hardware or be a software-based wallet.
Now that you know how to buy cryptocurrency in Australia, find yourself a good exchange and start looking at a few promising cryptos. However, make sure you don’t fall for the hype and thoroughly research every coin before you make any move.