How to Buy USDC in Australia
If you're in Australia and looking to acquire USDC, Kraken is an excellent platform tailored for Aussie investors. Kraken offers seamless and free AUD deposits through a variety of payment options, including PayID, POLi, Bank Transfers, and Credit/Debit cards, among others.
Here's how you can buy USDC on Kraken in just four straightforward steps:
- Create a complimentary account on Kraken using your email address.
- Navigate to the 'Buy Crypto' section and select the 'Instant Buy' option.
- Choose AUD as your preferred currency and USDC as the cryptocurrency you wish to purchase. Then, select your desired payment method.
- Input the amount you'd like to invest in USD Coin and hit the 'Buy' button.
Fees to Buy Crypto
Kraken offers zero-fee deposits in Australian Dollars and has a competitive spot trading fee of just 0.16% to buy USD Coin. Regarding futures trading, Kraken's maker/taker fee structure starts at 0.02%/0.05% and decreases as your monthly trading volume increases. Rest assured, there are no concealed or extra charges on the platform, making it a transparent and affordable option. To learn more about the platform’s fees, visit our detailed Kraken Review.
Is USDC Legal in Australia?
Buying, trading, and holding digital currencies like USD Coin (USDC) is completely legal in Australia. The Australian Securities and Investments Commission (ASIC) has provided guidelines concerning cryptocurrencies. These guidelines clarify that digital assets like USDC are not considered legal tender and do not fall under the same regulatory framework as traditional fiat currencies.
These risks include the possibility of fraudulent activities, exposure to market fluctuations, and the potential for financial loss due to cyber-attacks or other security vulnerabilities. One key factor to keep in mind is your choice of platform for purchasing USDC, make sure to use a platform registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to ensure compliance and security.
About USD Coin (USDC)
USDC, short for USD Coin, is a type of stablecoin developed by the consortium known as Centre, co-founded by Circle and Coinbase, two prominent entities in the cryptocurrency sector. Pegged 1:1 with the US dollar (meaning 1 USDC is always worth 1 USD), USDC aims to combine the flexibility and global accessibility of cryptocurrencies with the relative stability of the USD.
The fundamental idea behind USDC is to enable swift digital transactions across the globe, effectively acting as a bridge between traditional fiat currency systems and the world of blockchain technology. Its value stability, transparency ensured through regular audits, and adherence to compliance makes it an appealing choice for users seeking to leverage the benefits of digital assets without substantial exposure to volatile market fluctuations.
Conclusion
To recap, Australian investors seeking to acquire USDC must use an AUSTRAC-registered digital asset exchange. Kraken is the most reliable and cost-effective option as it offers free AUD deposits and trading fees of 0.16%. With its user-friendly interface, transparent proof-of-reserves, and competitive trading fees, Kraken offers a comprehensive solution for trading and staking USDC, where you can earn up to 4% APY.
