How to buy crypto in Australia

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If you've decided it's finally time to invest in cryptocurrency, you're probably wondering how to get started, and how complex the process really is.

The good news is that crypto exchanges have been working for some time now to make it really easy for Australians to buy crypto.

In this step-by-step guide, Daniel Chan of Marketplacefairness.org will teach you how to buy crypto in Australia in just five easy steps. There are screenshots along the way so you don't have to worry about getting lost.

Step 1 - Compare the best crypto exchanges in Australia

The first step on your crypto journey is to research various cryptocurrency exchanges to find one that is legitimate, and suitable for your needs. You can read this article on the best crypto exchanges in Australia to help you make your decision. My suggestion is to use CoinSpot, the #1 Australian crypto exchange. CoinSpot is the most secure and trusted crypto platform in Australia, established in 2013, and boasting over 2.5 million customers. There are more than 360+ cryptocurrencies on offer, and you can even earn interest on 22 crypto coins.

In this guide, I will be using screenshots from my CoinSpot account, so if you want to follow along easily, you can also open an account with CoinSpot.

Step 2 - Sign up an account with a crypto exchange

Click on the Register button on the crypto platform you have chosen. If you want to use CoinSpot, you can click here to be taken to the home page. Click on the white 'Register' button in the top right corner, and you will see the sign-up page, like below. Fill out your email, create a password, check the box, then click 'Create Account'.

Now that you have signed up with CoinSpot, you need to verify your account. Click on 'Complete Verification' and follow the instructions. You will need to verify your email, followed by entering your personal info, then verify your driver license. You may have to wait a little before your verification is complete. You can start browsing the CoinSpot site to see which cryptocurrencies you want to buy.

Step 3 - Deposit money into your crypto account

Once you are verified, it is time to deposit money into your crypto account, so you can buy crypto. In the top left corner of your CoinSpot account, you can see the 'Deposit Funds' button. Click on it, and you will see a page similar to the one below. CoinSpot offers five deposit methods, for your convenience. My suggestion is using POLi, as it is instantaneous, easy to use, and free. Enter the amount of AUD you want to deposit, choose your bank, and click 'Continue to POLi' to finalise your deposit.

Step 4 - Go to the Buy section and choose the crypto you want to buy

When you have completed your deposit into your crypto exchange, you are ready to buy some cryptocurrency. Click 'Buy/Sell' at the top, then type in the search field the coin you want to buy, or alternatively, scroll down the list. In my example, I will show you how to buy Bitcoin, so I click the blue 'Buy BTC' button.

Step 5 - Buy cryptocurrency

You will see the price of the crypto you chose in the middle of the screen, in my example, the price of 1 Bitcoin is $41,923.19. You can select how much you want to spend on your crypto, in AUD. Remember, you don't need to buy a whole Bitcoin, you can choose how much money you want to spend. In my example, I have selected $500 worth of Bitcoin. When you are ready, click the blue 'Buy' button.

You will see a pop-up like the one below, to confirm your purchase. It will show how many coins you are buying (in my example, I will receive 0.01180848 BTC for $500), the fee charged, and the total amount you are spending in AUD. Once you have checked all the details are correct, click 'Confirm Buy' to finalise the transaction. You are now the proud owner of your first cryptocurrency.

Frequently Asked Questions:

Where do I store my cryptocurrency after buying?

When you buy crypto at any of the best exchanges you will be automatically given a wallet address where your cryptocurrency is stored. You can safely hold your crypto there until you want to sell it, or you can also transfer your crypto to an external wallet for increased security.

Is buying crypto in Australia legal?

Yes it is legal to buy, sell and trade cryptocurrency in Australia.

Is buying crypto in Australia safe?

If you use a legitimate and trusted crypto exchange, then it is safe to buy, sell and trade crypto in Australia. My recommendation is CoinSpot, which has been around since 2013, and has over 2.5 million Australian customers. Remember, there is a risk involved with buying crypto, as they are speculative and volatile, so never invest more than you are willing to lose.

Does this method work for all cryptocurrencies?

This method will work for any cryptocurrencies listed on the exchange you choose. CoinSpot has over 360+ cryptocurrencies, so there is a good chance you will be able to find the coin you want to buy on there.

Buy crypto with CoinSpot now

Disclaimer: Marketplacefairness.org has provided this content for informational purposes only. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individuals need will vary. This story may include affiliate links with Marketplacefairness.org partners who may provide compensation. ACM advises readers consider their own circumstances and obtain their own advice. You should also verify the nature of any product or service, and consult with the relevant regulators' website before making any decision.