If you’re looking to move into the cryptocurrency game or interested in moving over from Bitcoin to ETH or Ethereum, then we have some great helpful guidance for you.
When it comes to cryptocurrency there is a suite of excellent exchanges to look at in Australia, though it can be difficult to find an exchange that supports more than just BTC, is easy to use and also offers good security.
Of course, if you find a popular exchange that also takes Australian Dollars and has plenty of good reviews online, you’re on the right track – but it might be worth getting a second opinion or some extra advice on trading fees, the amount of Ethereum you should invest in and how to successfully vet a trading platform on your own.
With that being said, we’ll take a look at how you can buy Ethereum in Australia and how to find a good blockchain-based trading platform for your other digital currency investment endeavours.
Take a look below at how to convert AUD to ETH and how to find a trustworthy cryptocurrency exchange in Australia.
Getting Started with Swyftx
As you might already know, when it comes time to buy Bitcoin the Swyftx cryptocurrency exchange is the winner for Aussies. Its platform is so easy to use, the payment methods accepted are ideal for newbies and there is a seamless buy/sell experience to buy ETH.
Let’s have a look at how to get started with Swyftx
Setting up an Account
Unsurprisingly, the Swyftx set up is effortless. There’s a fast signup process here as well as two-factor authentication and low fees to boot. All you’ll have to do is make an account, verify and deposit funds and you’re good to go. Keep in mind that when it comes to funds though, this will depend on your bank’s transfer speeds – more on this below.
Head over to https://swyftx.com.au to create your account by hitting SignUp
When you’ve signed up to Swyftx, you’ll then have to head over to the SETUP MFA section where you should enable two-factor authentication. This will ensure you’re kept secure and no one is able to sneak into your Ethereum wallet on the Swyftx service – at least not with too much ease.
You’ll find the setup process under the “Security” tab in your Profile Page.
Going Through Verification
After you’ve dealt with the two-factor authentication process, it will be time to verify your account with Swyftx. All this takes is a few documents and pieces of identification, and unlike a lot of other Ethereum exchanges, it’s ultra-fast to verify.
Head over to the navigation pane, chose the Profile tab and you’ll see a Verification button.
Be sure to have your email, identification documents and a mobile number handy to verify your account.
Then your final step following this is filling in your documents on the website itself.
You will need to have some sensitive documents handy here, the same ones you may have used to set up a stock trading account with ANZ for example. Again, don’t be too worried about security here as regulation requires all exchanges to keep these documents safe.
Add Your AUD Funds
Now that you have a functional and verified account with Swyftx, you can then move on to deposit AUD into your account. Thankfully the Aussie-based exchanged takes our currency and keeps things smooth, so you’re not going to be stuck with conversion issues to USD while you trade Ethereum.
There’s the option of PayID, BPAY and other payment methods like OSKO too, however, there isn’t yet credit card or debit card support. This is good news for those who don’t want too much downtime when transfers are being made; you might miss out on an ideal price point for your coins if your bank’s transfer process takes too long.
Work on moving some AUD funds from your bank account to Swyftx and you’ll have your account ready to trade in no time.
Start To Trade Ethereum
Now that your Swyftx account is set up and has funds available, you can start buying and selling Ether. Because of the Swyftx platform’s focus on simplicity, there’s a tonne of information right off the bat and the price of Ethereum will be right within view.
Head to the Trade Page
On this page, you’ll find a long list of all the cryptocurrency you’re able to invest in like BTC, LTC and XRP, and of course, Ethereum is included here too.
To buy ETH, all you’ll need to do is click on the cryptocurrency in the list, and if it isn’t there make a quick search for it in the search bar. Once you see Ether, ETH or Ethereum click this option and choose how much of your AUD balance you’d like to invest in ETH.
And that’s all.
You’re set up and have already started investing in Ethereum through the Swyftx platform. For beginners, we’re happy to say it really is that easy.
Once you do start buying Ether, we recommend that you open a hardware wallet on your device if you’re looking to invest and hold your Ethereum coins. This will help you reduce the chance of losing these coins should there be an issue on the Swyftx end or in another wallet type.
If you’re a day trader though, keeping your ETH on Swyftx for easy access is a better alternative.
What is Ethereum
If you’re new to the Ether currency, it’s good to know that you’re not alone. Unlike Bitcoin, Ethereum works a little differently and is a much more affordable coin that’s been developed to work a little more seamlessly.
Today either is slowly encroaching into the fiat currency realm and working to become a currency in its own right, which is ideal for investors looking to get in early before the coin becomes a little too pricy or in-demand.
What makes ETH so great is that it’s built on an open-source platform which means that there are avenues for developers to design decentralised applications around the currency — these applications are known as dApps.
Jumping into the word decentralised, as you might already know, typical websites and programs do have an owner or a set of owners — a dApp does not.
A good example of this is Facebook and its ever-increasing power on the population. It owns the website and platforms we use every day and we rely on the company to keep these going, and all of our information stored within them. This is a centralised operation.
Where Ethereum changes this, is in offering a blockchain-based system in which everyone essentially owns and manages the data or applications connected. There isn’t a single owner, but rather a collection of users that keep the operation running by each doing a small part in maintaining it.
The ‘Smart Contract’ from Ethereum
Getting a little more complex, Ethereum offers a Smart Contracts process in which prewritten code dictates the execution of.
These Smart Contracts are what is most arguably the more promising aspect offered by Ether, and they run alongside the continually evolving blockchain technology. To keep things simple, these Contracts and the blockchain could essentially re-work the entire financial industry’s processes from real estate, banking and even elections.
What is a Smart Contract
A smart contract can be understood as a simple piece of code that is triggered to be executed when a specific action is performed or occurs. These Smart Contracts automatically perform an action and given that there’s no central authority in this system, it cannot be reversed.
For this contract to be altered or flipped, a single person acting on the blockchain would need a chain-majority to make a change. With this being relatively impossible, it’s hard for any of these contracts or executions to be altered.
With the above said, Ether is looking to be a longterm winner with regards to the technologies it brings. There’s the chance of a decentralised and more free voting system, more secure banking and increased transfer of funds to name a few perks of this technology.
Buying Ether with a Specific Payment Method
With the perks of Ether out of the way, you’re likely looking to jump-start your investment in this coin. We’re glad to say that when buying Ethereum in Australia there are a few different payment methods you can draw upon, depending on the exchange you choose.
Using a Bank Transfer
If you’re interested in buying Ether with a bank transfer, it’s good to note that this is one of the most popular payment methods on all cryptocurrency exchanges — and thus the process is smooth.
Through the Aussie exchanges like Swyftx, Independent Reserve or CoinSpot you can set up your bank transfer by linking your bank account.
This process is normally instant, though the transfer can take between three to six hours depending on the bank.
Buying Ethereum with, POLi, PayID, BPAY or Osko
With a tonne of payment platforms making an appearance these days, you can rest assured that buying ETH with either PayID, POLi, BPAY and even Osko is fairly easy.
A good number of cryptocurrency exchanges have these platforms integrated into them, so there’s little chance you’ll be left out when it comes to speedy, near-instant transfers.
Do keep in mind that there are higher fees for these payment methods, with flat fees of between 0.8% and 0.9% depending on your chosen service.
For larger investors, there are fees waived if your deposit upwards of $100,000 into your exchange account. Keep in mind that for OTC or over the counter investing, you might want to head to another platform for this.
Using Credit and Debit Cards
Where you may find issues is when it comes to fund transfers using credit and debit cards. As of writing, there aren’t any reputable Australian cryptocurrency exchanges accepting credit cards or debit cards by default, at least smoothly, though you can head overseas to the Coinbase platform if a credit card or debit card is a must.
Keep in mind that, as usual, credit cards and other cards will incur hefty fees hitting up to 3.99% for some — which could be hundreds of dollars or more depending on the amount you’re looking to deposit.
Storing Your Ethereum Investment
Once you’ve set up your Swyftx account and chosen a payment method, it’s a good idea to find a place to safely store your Ether coins.
Unlike a traditional fiat currency, ETH much like XRP or Ripple and other coins will require you to store your coin keys in a special wallet. Whether you choose a digital wallet, or an offline or online wallet is up to you, however, it’s imperative you have somewhere safe to put all your coins.
There is one thing to keep in mind when storing your coins, however, and that is how frequently you’re looking to invest them. If your game plan is to buy and hold, then an offline hardware wallet is the safest option for you as you won’t need to access them a whole lot.
For the day traders or routine traders, an online wallet, or a wallet from your chosen exchange will do just fine. That means you’re able to have easy access to these funds should you need to jump on a price fluctuation at the last moment.
Invest and Keep Calm
Now you have everything you need to buy Ethereum in Australia and hopefully understand a little more about what it is and how the currency works.
Disclaimer: our biggest tip is to always invest only what you can afford to lose and to keep calm when volatility hits. The cryptocurrency game is rather rocky for newbies and it’s easy to get caught up in watching all the price fluctuations. That being said, sit back and keep an occasional eye on how things are going and don’t pull the trigger on buying and selling too quickly.
In all, ETH or Ethereum is a safe bet when it comes to crypto assets or digital currency investors looking for a relatively stable and favourable coin for long term growth.