Ether (ETH), the native asset of the Ethereum network and one of the most well-known digital currencies, can be exchanged on various cryptocurrency exchanges.
The recommended way to buy ETH in Australia is: Swyftx
Many purchasers are hoping to enter the market for the first time when the currency reaches new all-time highs in 2021. This basic tutorial has been put up to assist you in doing so safely and securely.
What is Ethereum?
Ethereum is just one of the dozens of cryptocurrencies that have sprouted up in recent years. Ethereum debuted in 2015 as the brainchild of eight co-founders. Today, it is the name of the cryptocurrency or platform, whereas ether is the name of the individual unit (2 ether, 17 ether, etc.)
Ethereum is managed and tracked through a blockchain, which is a decentralised network technology or distributed ledger. Consider a blockchain to be a running record of every transaction that has ever occurred in bitcoin. Computers connected validate transactions and assure data integrity.
This decentralised network is part of what makes Ethereum and other cryptocurrencies appealing. Users can trade money without needing a central intermediary like a bank, and the currency is practically independent due to the lack of a central bank. Ethereum also enables users to conduct transactions almost privately, even if the marketing is publicly visible on the blockchain.
While the entire industry is described in terms of money, it may be more appropriate to conceive of crypto as a token used for a specific purpose provided by the Ethereum platform. The coin, for example, enables tasks like transmitting money and purchasing and selling products. However, Ethereum is capable of much more, including serving as the foundation for smart contracts and other applications.
How To Buy Eth Australia in AUD: A Step By Step Guide
Step 1: Compare Crypto Exchanges
The most convenient way to purchase Ethereum is through a cryptocurrency exchange. When you compare the options in the table below, you may pick one that has the qualities you desire, such as low costs, the convenience of use, or 24-hour customer support.
Step 2: Create An Account
To sign up for an exchange, you must first validate your email address and identity. Prepare some government-issued picture ID as well as your phone.
Step 3: Make A Deposit
Once the authentication has been done, you’ll need to deposit some Australian Dollars —either through a bank transfer, PayID, POLi, and credit cards are all frequently accepted.
Step 4: Buy Ethereum
You may now convert your cash to Ether. On more superficial exchanges, this is as simple as inputting the amount you wish to buy and hitting “buy.” You may now withdraw your Ether to your wallet if you like.
Where To Buy Ethereum (Eth)
1. Swyftx—Best for Ethereum Purchase
Trading fees on a typical Australian cryptocurrency exchange run from 0.5 percent to 1 percent, plus “hidden charges” in the form of significantly changing exchange rates. In Australia, it is relatively uncommon for bitcoin to be sold at a premium of 1% to 5%, or possibly more, over mid-market values.
Swyftx excels at exchange rates, which is fortunate. When comparing Swyftx costs to those of other brokers, it becomes clear that Swyftx offers significantly better rates.
And, while its trading costs aren’t the lowest in the industry, they are nonetheless reasonably competitive.
You can purchase cryptocurrency with AUD directly, so there are no currency exchange fees. However, there may be some expenses depending on your deposit method and the quantity of the deposit.
Using a non-free deposit option for a bit of deposit can amount to a significant percentage of the total, so bear this in mind.
How To Create an Account On Swyftx
- Make an account: Click “sign up” at the top of the page, enter your email address, name, phone number, and password.
- Verify your email and phone number (by SMS): After you’ve established an account, you’ll need to validate your email address for it to be activated. Go to your email account and check for the Swyftx email. It will guide you through the process of starting your account.
- Instant confirmation: Most people may be confirmed in minutes based on their name and official ID.
- Make a deposit: Send funds to your Swyftx account using Bank Transfer, PAYID, Osko, or POLi.
- Begin trading: As soon as your investment comes, you may begin trading across Swyftx’s multiple cryptocurrencies.
Pros
- Overall, great value for money. Swyftx‘s minimal spreads seek to make it the most excellent value exchange in Australia.
- Exchange of hybrids. Swyftx seeks to provide the best of both worlds, with trading tools on the one hand and the simplicity of a brokerage on the other.
- A large selection. Swyftx supports hundreds of coins.
- Customer care. Swyftx claims a median response time of 1 minute and 30 seconds for its customer support.
Cons
- Conversion fees for fiat currency. The AUD/USD conversion expenses after the fee-free period might negate the overall value for money.
- AUD-only. Swyftx mostly accepts AUD currency deposits, while other currencies are accepted for significant payments.
2. CoinJar—Recommended if Looking for Speed
The most time-consuming aspect of enrolling with a cryptocurrency exchange is often authenticating your account—which involves the exchange checking your identification. If you try to join up after hours, it may take an entire day or several days if it’s a weekend or the exchange has a verification backlog.
As a result, the quickest transactions will be made on exchanges that provide rapid verification 24 hours a day, seven days a week. One of them is Coinjar. With Coinjar’s simple sign-up (simply verify your email), immediate verification, instant deposits, and instant purchases, you can make your first purchase in no time.
The caveat is that for immediate verification, you’ll need a Digital ID. If you don’t, it might take up to 24 hours for your account to be validated.
If you don’t want to use Digital iD, you might just hunt for a more affordable exchange.
Also, while Coinjar allows you to acquire cryptocurrencies instantly, there is a seven-day waiting time before you can withdraw Ethereum to an external wallet following your initial investment.
How to Create an Account on CoinJar
- To register, go to CoinJar.com and look for the “Sign up” option. Choose a safe password and enter your name and email address. Focus on keeping this password private, do not write it down or save it in any electronic format and do not use it for other online accounts.
- Confirm your identity: Upload the necessary papers to CoinJar to prove your identity. However, if you want to move fiat currency into or out of your CoinJar account, you must complete this step.
- Credit your account: After your account has been validated, you may fund it to begin trading. Those in Australia can deposit Australian dollars, whereas users in the United Kingdom can deposit pounds sterling.
- Begin trading: And you’re done! CoinJar provides a broader range of services than it may appear at first glance, especially if you are new to the crypto world. In addition to familiarising yourself with the interface, it is a good idea to examine the possibilities accessible to you thoroughly.
Pros
- A good platform for new traders.
- A competitive fee structure.
- Compatible mobile application.
- Traders will benefit significantly from the CoinJar Swipe crypto debit card.
- Traders may trade on the fly using a compatible mobile trading app.
Cons
- The pricing is determined by the current spread, which is subject to change.
- On weekends, customer support is unavailable.
3. CoinSpot—The Most Straightforward to Use
Cryptocurrency exchanges may be intimidating at times, especially when it comes to peer-to-peer exchanges where buying entails navigating order books. However, some cryptocurrency brokers may demand consumers to have their wallets or burden them with excessive data or cluttered interfaces.
CoinSpot does neither of these things. It’s a conventional brokerage with an optional peer-to-peer exchange on the side, and it offers wallets for all accepted cryptocurrencies to its users. Its ability to provide an incredibly diverse choice of cryptocurrencies in one location is an added plus.
The registration stages are straightforward, and the verification steps are outlined in detail as part of the sign-up procedure.
Transaction histories are presented, fees are set and transparent, and purchase and sell prices can be denominated in AUD or cryptocurrency as desired.
CoinSpot provides local customer service and reduces unnecessary features and information to a minimum, concentrating on only the necessities. Furthermore, its colour scheme is pleasing to the sight.
How to Create an Account on Coinspot
- Make an account: In the homepage signup box, enter your email address. You will get a confirming email for your registration process. To validate your address, follow the instructions in the email you received from CoinSpot.
- Check your account’s authenticity: After you’ve verified your email, follow the directions. Throughout the registration process, you will be required to give certain personal information, such as a driver’s license or passport. This is a standard approach for cryptocurrency exchanges that accept Australian dollars as a deposit method. It’s the same as opening a bank account.
- Fund your account as follows: Once validated, you may fund your account with AUD or supported cryptocurrencies. Deposit Australian dollars using the method of your choice from the options provided.
- Begin trading: Choose the cryptocurrency you wish to purchase and your desired payment method.
Pros
- Allows users to make direct purchases in AUD.
- Deposits and withdrawals are charged at little or no cost.
- An easy-to-use interface
- A diverse range of cryptocurrencies
- Compliant with AML/CTF regulations
- Additional features include a mobile app, over-the-counter trading, and SMSF help.
Cons
- Only available in Australia.
- Margin trading is not possible.
What To Consider Before You Buy Ether
Cryptocurrencies are complex and volatile investments, and purchasing any digital coin or token carries a significant amount of risk.
Before you buy, make sure you conduct a lot of research and understand the reasons that might push the price of a crypto asset up or down. If you’re considering purchasing Ether, keep the following points in mind first:
- Supply: At the time of writing (September 2021), the circulating supply of ETH was 117,432,365, according to CoinMarketCap. Unlike bitcoin, Ether does not have a maximum supply cap restriction but instead has an annual issue limit of 18,000,000 ETH. The new economic model for ETH has resulted in significant burn-offs, with approximately 190,000 Ether withdrawn from circulation between August and September of 2021. You may find more information in the ETH inflation rate guide.
- Change from proof-of-work to proof-of-stake: Though Ethereum began as a proof-of-work cryptocurrency, it has subsequently switched to a proof-of-stake mechanism as part of the Casper upgrade. Casper’s success update, designed to enhance scalability and combat centralisation, has significantly influenced Ethereum, leading to better interoperability with decentralised apps, quicker transaction speeds, fewer fees, and less environmental impact.
- Market leader: As of now, Ethereum has the highest profile of any dapp platform in existence. Ether is the world’s second-biggest digital currency in terms of market value due to its early-mover advantage, and the Ethereum platform is connected with the creation of dapps.
- Competition: Ethereum operates in a very competitive market area. NEO, Lisk, EOS, and Solana are just a few of the dapp platforms that appear poised to challenge Ethereum in the future. Cardano, called the ‘ETH-killer,’ has also risen to new heights in 2021, becoming the third-largest digital currency by market cap after unveiling its new intelligent contract update in September.
- Enterprise Ethereum Alliance (EEA): The EEA is a non-profit organisation dedicated to accelerating the commercial use of Ethereum’s blockchain technology. If it effectively increases the usage of Ethereum, it may result in higher demand for ETH.
How to Sell Eth in Australia
Step 1: Register On An Exchange Listing Eth Alongside AUD
Go to step two if you intend to sell your ETH tokens on the same exchange you bought.
If you don’t want to utilise the same exchange, look for one that offers ETH in a trading pair with the fiat currency you wish to buy. Examine and compare the characteristics of several cryptocurrency exchanges before determining which one is best for your requirements.
You may create an account by entering your email address and establishing a password. However, some exchanges will want your complete personal data and ID proof to comply with Know Your Customer and Anti-Money Laundering (KYC/AML) standards.
Before you continue, make sure you set up 2-factor authentication on your account.
Step 2. Deposit Eth Into Your Account
The next step is to deposit your ETH holdings into your trading wallet. To do so, you must first log into your account. Obtain the Ethereum token wallet address and use that address when depositing tokens from your external wallet.
Step 3. Sell ETH
Once you’ve received your ETH tokens in your exchange wallet, go to the trading page and search for your preferred currency pair, such as ETH/AUD. To make your order, enter the quantity of ETH you wish to sell.
No matter which exchange you choose, make sure you examine the transaction’s complete information before submitting it.
Step 4. Withdraw AUD
The final step is to withdraw your newly earned fiat cash and deposit it into your connected bank account. This usually is pretty simple to perform from your exchange account, but make sure you’re aware of any fees or transaction restrictions.
Factors to Consider When Selling Ethereum
Before you sell your ETH tokens, keep in mind that every cryptocurrency transaction has some amount of risk. Cryptocurrencies are volatile and complex investments, so do your homework before selling any coins or tokens. If you’re considering selling ETH, here are some things to think about:
- Trading costs: Evaluate trading fees among exchanges and see how much it will cost you to sell your Ethereum. Check to discover if there are separate costs for market makers and takers or all the same. Depending on Ethereum gas prices at the moment, they might be very costly if utilising a Decentralised Exchange.
- Fees and withdrawal methods: When selecting a platform, consider the price for withdrawing cash from your exchange account. It’s also an excellent way to seek out what withdrawal alternatives are open and how long your transaction will take to accomplish.
- Transaction limits: Is there a minimum or maximum amount of ETH you may sell on the exchange? Is there anything you need to be concerned about in terms of per-transaction or daily withdrawal limits?
- The platform utilised is: Will you employ a centralised exchange (which is easier to use) or a decentralised exchange? (for advanced users). Will you have to commit your cash to a third party, such as the exchange operator, or can you trade in a peer-to-peer setup where you may connect directly with another user looking to acquire ETH?
- Verification of identification is required: Consider the personal information and identification you’ll need to submit to sell ETH on any exchange, as well as the time it will take to become a verified member. Some platforms do not require any verification, which is advantageous for individuals who respect their privacy. Others have a stringent signup procedure in place. You may have to wait while your account is validated.
- Customer support: Don’t forget to look into how you can contact the exchange’s customer support team and whether they have a good reputation for responding fast to assistance queries. This ensures that you can obtain the help you need if your funds are delayed, or something goes wrong with your transaction.
Wallets You Can Use to Hold Ether
Some people choose to retain their crypto tokens in their exchange account, although this is not recommended. Because exchanges are regular targets for hackers and thieves, moving your ETH tokens into a wallet that allows you to preserve total control of your private keys is widely viewed as a considerably safer alternative.
The most important downside of using a wallet is that you will lose your crypto if you lose your password and seed phrase. Always have a backup of your wallet keys (preferably physical).
When looking for an Ethereum wallet, there are a plethora of options. You might want to think about the following options:
- TREZOR and Ledger Nano S hardware wallets
- Coinomi and Enjin are two examples of mobile wallets.
- Exodus and Ethereum Wallet are examples of desktop wallets.
- Web wallets such as MyEtherWallet
- MetaMask is a web browser extension.
Buy and Sell Ethereum on Swyftx
Swyftx is one of the leading brokers in Australia and has grown to become a trustworthy and respectable platform with over 350,000 members. Individuals may use AUD to buy, trade, and sell 226 cryptocurrencies secure and user-friendly exchange.
Swyftx has established itself as a top exchange in the business since its beginning in 2019. They are best recognised for their feature-rich platform, minimal trading costs, and excellent customer assistance.
Swyftx offers a quick and easy way to sign up, verify, deposit cash, and start trading. Unlike other Australian exchanges like CoinSpot, CoinJar, and Independent Reserve, customers are not required to provide ID paperwork or photos and wait hours for their accounts to be authorised before buying bitcoin.
Swyftx’s quick verification procedure that you can complete in just a few minutes with a name, email address, and ID document information, allows users to get started with cryptocurrencies right away.
FAQs
1. Can I Buy Ethereum With Cash?
Yes, just a few exchange platforms provide ETH in trading pairs and allow AUD cash deposits. CoinSpot, for example, enables users to deposit cash at participating newsagents utilising decentralised the blueshyft system, whilst Cointree clients may deposit some money at chosen bank branches around Australia.
2. Can I Buy Ethereum Using My Bank Account?
Yes, you can use your bank account to purchase Ethereum. Various cryptocurrency exchanges list ETH and accept AUD deposits from Australian bank accounts. You might want to look into the following popular websites:
- Swyftx
- CoinSpot (BPAY, direct transfer and POLi Payments)
- Cointree (electronic funds transfer, POLi Payments)
- Independent Reserve (electronic funds transfer)
- Huobi Australia (bank transfer)
- ACX (bank transfer)
- BTC Markets (bank transfer, BPAY)
3. Can I Buy Ether Anonymously?
Yes, it is possible to purchase Ether anonymously. The tightening of Know Your Customer and Anti-Money Laundering (KYC/AML) rules in Australia and other countries worldwide makes acquiring bitcoin without giving ID increasingly tricky. However, you may be able to trade ETH on a decentralised exchange such as Uniswap, which does not need consumers to disclose any personal information, or on a peer-to-peer marketplace such as Localethereum.
4. How do I buy Bitcoin and Ethereum in Australia?
If you wish to purchase cryptocurrencies, you will need internet software known as a “wallet” to store your funds. Most cryptocurrency exchanges allow you to open an account and deposit fiat cash (such as Australian dollars) to purchase cryptocurrencies like Bitcoin or Ethereum.
5. Is Eth Better Than BTC?
Yes, Ethereum is more adaptable than Bitcoin, which is one of its primary advantages. The Ethereum blockchain not only has a native coin, Ether, but it also serves as a platform for smart contracts and decentralised apps.
