How to Buy Crypto Australia: A Short Guide (2022)
A short guide to investing in Cryptocurrencies, the Metaverse, NFTs and more through Australia's largest and most trusted exchange.
The Cryptocurrency and digital asset ecosystem has secured its place as a mainstream investment asset class in 2021. Since the previous mania in 2017, the Crypto sector has boomed with major assets like Bitcoin and Ethereum reaching adoption amongst retail and institutional investors.
With interest in the space at an all-time high, many new Crypto investors are both confused and intimidated by the thought of getting started. The process in buying Cryptocurrency in Australia has some small differences to traditional stock markets, which may confuse new entrants.
This guide is meant to help you get started on your Crypto journey easily and safely.
How to Buy Cryptocurrencies in Australia
Here is a quick guide to buying cryptocurrency with Australian Dollars from an Aussie bank account. Follow this simple 5-step guide to start buying digital assets in minutes.
- Compare the Best Crypto Exchanges
- Sign up and Verify your Identity
- Connect your Bank Account and Deposit AUD
- Select the Crypto you want to Buy
- Input the AUD Amount and Select Buy
- Check your Exchange Wallet to Confirm Order
1. Compare the Best Crypto Exchanges
If you are interested in investing in Cryptocurrencies, one of the first things you will need to do is to sign up to a regulated cryptocurrency exchange in Australia. These platforms let you deposit Australian Dollars from any bank account in Australia to start securely buying digital assets like Bitcoin, Ethereum, Dogecoin and many more.
For convenience, we have provided a table below comparing the top cryptocurrency platforms in Australia.
- Largest Australian Exchange
- Over 300 Cryptocurrencies
- Metaverse, NFTs and DeFi available
- Trading Fees starting at 0.1%
- Crypto Bundles and ETFs for broad exposure
- PayID/Osko, Bank Transfer, Cash, BPAY.
- Earn Interest with Crypto Staking
- Over 200 Cryptocurrencies
- 0.6% Instant Buy Fees
- 2nd Largest Exchange by Userbase
- PayID/Osko, Bank Transfer, Credit Card or Debit Card
2. Sign up and Verify your Identity
Once you have selected your preferred cryptocurrency exchange, you will need to submit your personal or company identification. This will depend on whether you want to deposit money from a bank account associated with your personal name, or company name.
For the purposes of this guide, we will be using CoinSpot who we believe are Australia's best and easiest way to buy Crypto.
3. Connect your Bank Account and Deposit AUD
When you submit your 100 points of identity, you will then be able to connect your Australian bank account to deposit Australian dollars. As demonstrated in the image below, you can select from a variety of deposit options to get started.
We recommend that you use PayID because it is an instant and free Australian dollar deposit method. Please note however that the first deposit of over $1,000AU is generally held by the bank and then released. All subsequent deposits will be instant.
4. Select the Cryptocurrency you want to Buy
When the Australian Dollars hit your CoinSpot account, you can now select the 'BUY/SELL' button in the navigation menu. From there, you will be shown a list of cryptocurrencies that you can buy or sell. You can then review and select the crypto asset that you would like to buy.
5. Input the AUD Amount and Select Buy
Once you find the cryptocurrency you are looking to invest in, simply select 'Buy' and input the amount you want to buy in Australian Dollars (AUD).
6. Check your Exchange Wallet to Confirm Order
After you complete your order, you will need to visit the 'WALLETS' page that you can find in the navigation menu on the website. From there, you should see the amount of cryptocurrency you bought at the top of the list with the relevant crypto wallet.
From there, you can either withdraw it into cold storage, or leave it on CoinSpot's secure managed web-wallet.
Frequently Asked Questions
The content below is a summary of the most commonly requested questions when buying cryptocurrency in Australia.
What is the Cheapest Crypto Exchange in Australia?
The cheapest cryptocurrency exchange in Australia at the moment is CoinSpot who offer 0.1% on trading fees through their market orders. It is important to note that they only offer market orders for 20 cryptocurrencies, and not the full 320 listed on their trading platform.
The cheapest instant buy cryptocurrency exchange in Australia is SwyftX who offer 0.6% fees per transaction, compared to CoinSpot who charge 1% per instant trade.
How can I buy Metaverse Cryptocurrencies?
The best way to buy Metaverse cryptocurrencies is through the Metaverse Bundle that is available on the CoinSpot exchange. This offers equally weighted exposure to the top 10 cryptocurrencies associated with the Metaverse including Axie Infinity, Sandbox and Decentraland.
What is the best Deposit Method to buy Crypto?
For Australian investors the cheapest and fastest deposit method to buy cryptocurrencies is generally PayID/Osko. They are typically instant deposits on major Australian exchanges like CoinSpot, SwyftX, Independent Reserve and others.
It is important to note that the first deposit via PayID or Osko is sometimes held by your bank for 24 hours. All subsequent deposits and withdrawals will be instant from your bank account.