If you’re looking at getting into the cryptocurrency game and aren’t too sure about the bigger coins like Ether or Bitcoin, then the altcoins might be the better and slower moving option for you.
There are a tonne of smaller coins to choose from and whether it be Litecoin, Ripple or Monero, there is a fairly easy way to invest in these currencies in Australia.
Cryptocurrency Crash Course
Before we start on how to buy Monero in Australia, you’ll want to follow the same process as investing in any other digital asset.
As you’d expect, you can’t find cryptocurrencies on general exchanges, so you’ll need to find a cryptocurrency exchange that you like (we’ve chosen a good one below) and move to deposit AUD into your account for investment.
Once you deposit funds to your currency exchange you’ll be able to begin investing in Monero, along with other coins and even fiat currency depending on the exchange you’ve chosen.
In this article, we’ve chosen a crypto exchange that is ultra-simple and fast becoming a fan favourite across the globe; Swyftx. We’ll be taking a look at how to buy Monero with this exchange.
That said, continue reading for some more information on choosing a trading platform and how to trade Monero.
Getting Started with Swyftx
For all traders, beginner and expert, there’s a good chance you’ve already heard about Swyftx and all of its great features. It is one of the best trading platforms in Australia for cryptocurrency and pairs a great suite of trading tools with low fees and a buy/sell experience that’s far smoother than most other platforms.
There are all of the top payment providers and methods included here, except credit cards and debit cards.
In all, Swyftx is the ultimate cryptocurrency trading platform to get started with.
Let’s take a look below at getting started with Swyftx.
Setting up an Account
Arguably the best experience in the industry, the Swyftx account set up experience is seamless. It’ll only take you a couple of minutes to sign up to the service, and regulatory compliant verification usually only takes 120 seconds — outstanding compared to the multi-day process offered by other platforms.
You’ll find a solid two-factor authentication option here too, making it easy to secure your account and prevent the risk of a hack with a weak password.
All you’ll need to do to trade Monero 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
Once you’ve signed up to Swyftx, you’ll then need to find your way to the SETUP MFA section where we suggest that you enable two-factor authentication. This will make sure you’re kept secure and no one is able to sneak into your Monero 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 completed the 2FA set up, or the two-factor authentication setup process, you’ll now be able to verify your account with Swyftx.
Similarly to stock exchange platforms or forex, this step is required to make certain to the platform and the government that your account is owned by you, and that there are no regulatory issues when it comes to taxation, etc.
All this process needs is a few documents and pieces of identification, and unlike a lot of other Monero exchanges, it’s ultra-fast to verify.
Head over to the navigation pane, choose the Profile tab and you’ll see a Verification button.
You’ll need to be sure that you 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 are going to be asked for some private and identifiable documents, of course, so make sure you have these handy too so that the process is as smooth as possible. These are 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.
Deposit Your AUD Funds
Now that you have a completed and verified account with Swyftx, you can then move on to deposit AUD into your account.
Fortunately the Aussie-based exchange accepts our currency natively and keeps things simple. That means you’re not going to be stuck with currency conversion or cross-border payment issues every time you’re looking to trade Monero.
There is also 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 Monero (XMR)
Now that your Swyftx account is set up and has funds available, you can start buying or selling Monero. As we mentioned above, the Swyftx platform heavily focuses on simplicity and ease of use for new users; there are a tonne of glanceable insights right off the bat and the XMR price will be right within view.
Head to the Trade Page
On this page, you’ll see a long list of all the cryptocurrency you’re able to invest in such as BTC, LTC and ETH, and of course, XMR is included here too.
To buy XMR, 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 Monero or XMR choose this crypto asset as an option and selection how much of your deposited AUD balance you’d like to invest in XMR.
And that’s all.
You’re set up and have already started investing in Monero through the Swyftx platform. For beginner investors in crypto, we’re happy to say it really is as simple as that.
When you begin buying Monero, it is suggested that you do have an offline or online wallet handy for storying these digital assets. If you’re a longterm trader and interested in holding your Monero for a long period of time, then an offline hardware wallet is our top choice for you.
For short term or day traders, an online wallet or the Swyftx wallet built into the platform should do just fine. When day trading, you want easy access to your coins, and the online wallet is the easiest way to do this.
What is Monero
A vast major of investors are interested in the cryptocurrency market down to the fact that there is unmatched privacy. When it comes to the encryption and technical advancements offered by Blockchain, there’s little that beats the privacy here.
We’re glad to say, that Monero might be the cherry on top of this privacy focused all-digital investment world.
To keep things simple, Monero or XMR is built on the CryptoNote protocol, which means it is designed a little differently to Bitcoin. In a way, you can think of Monero as a coin that’s been fundamentally designed to ensure absolute anonymity and privacy. The entire structure of the coin’s code or cryptographic makeup is designed to obfuscate and encrypt — keeping everyone as safe and secure as possible.
To add, the Monero team focuses heavily on touting these privacy features and gives a few small insights into how the system works.
Essentially the coin and the underlying technology obscures any investor, trader or user in general who sends or receives a message or ‘transaction,’ along with the number of transactions and details encoded within.
The code works with ring signatures to bolster this security and essentially hides all user’s keys and account data behind stealth addresses. This all in turn makes if effectively impossible for anyone to be identified with, or linked to a specific transaction.
Mining
If you’ve heard of Bitcoin mining you’ll know that there are some pretty hefty devices required to mine for those coins, and that leaves a vast number of the community out of luck. Monero does its best to remedy this.
There isn’t too much shared on Monero’s specific pro-mining practices, though we can say it is a lot easier to set up a device and mine for the coins than with other cryptocurrencies, making it clear that XMR is a more well-rounded and inclusive coin to invest in.
Where Monero Came From
Back in late 2013 the aforementioned CryptoNote protocol was developed, and thus created the backbone for Monero to be created. This protocol was created by Nicolas van Saberhagen, which is a pseudonym, of course.
Not too long after the development of this protocol, Monero was launched in April of 2014 though under the name BitMonero. Within a week, however, the name was shortened to the Monero we know of today.
One thing to note is that in the early days of Monero the coin’s focus on privacy was seriously undermined in that there was an error or a weakness in the CryptoNote code, which left the coin and all user data on the chain vulnerable to a cyberattack.
Fast forward a few week and Monero did, however, quickly develop a fix and integrated it into the Monero chain. Since then, the coin has seen steady growth and a rise in popularity that hasn’t seemed to have peaked.
To 2016, and the darknet market AlphaBay significantly grew Monero’s popularity and pushed it into becoming one of the most popular coins on the market today. However in July of 2017 AlphaBay was closed, though Monero’s growth did continue — a good sign for investors of the coin.
Privacy Improvements
To January of 2017 now, and the Monero coin was enhanced further with the Bitcoin Core development team’s integration of Confidential Transactions. This was an algorithm typically intended for Bitcoin, or at least developed by the Bitcoin developer team.
This Confidential Transactions protocol was what enabled the Monero coin to encrypt or hide the number of transactions made by a specific group of users – thus increasing anonymity even further.
Today it has become clear that Monero is so secure that users have began to use the coin for illicit transfers and money laundering activities which could threaten Monero’s legality in the future. As an example, the global attack by WannaCry made use of Monero as a payment method to shield any link to the hackers themselves.
In all, Monero can safely be thought of as one of the last cryptocurrencies that truly stands by its claims of privacy and anonymity. There hasn’t been a change in privacy on the platform and there’s little that can be done to weaken this.
A Few Things to Note
Monero is a solid investment for cryptocurrency asset holders, and there are a few great perks to investing in this coin over a few others.
The Good
Growth has climbed beyond 1,300 per cent since the coin’s debut on CoinMarketCap
By design, the coin must remain anonymous and cannot be altered or weakened
The coin is protected against inflation
Almost any user online with any device can mine for Monero
Kraken, Bitfinex, and Poloniex now offer support to trade Monero
The Bad
Price volatility can be quite outlandish at times with 70 per cent value changes in daily trading
Monaro’s security has it tied to illegal operations, threatening its longevity for other traders
Why Choose Monero
In all, Monero is one of the strongest and most secure cryptocurrencies out there and is continuing to be supported by investors and general users.
There’s little that can be done to weaken the currency or damage its popularity at this point and long-term growth is looking to be a given.
Monero, however, is a privacy-focused coin and as a result is often used by some rather ‘murky’ businessmen and women. That said, trading can be a little worrisome at times, though be wary and stay safe when trading and all should be well and good.
