Cryptocurrency is a digital payment system managed by a network of computers and uses cryptography to verify transactions. Many businesses have forged their digital currencies, known as ‘tokens’, which can serve as a medium of exchange for their goods and services.
The recommended way to buy new crypto in Australia is: Swyftx
For example, the arcade tokens or casino chips. To gain access to the goods or services, you must first exchange real currency for cryptocurrency.
The cryptosystem is facilitated by blockchain technology. This decentralised technology manages and records transactions across multiple computers. The best thing about blockchain technology is that it has exceptional security features.
How To Buy Crypto When They First Go Public
Step 1: Compare Different Crypto Exchanges
First, you must have an online application called a “wallet.” Crypto wallets keep your private keys – the passcodes that give direct access to your cryptos – secure and accessible, enabling you to send and receive cryptocurrencies. Additionally, you can use your crypto wallets to store your cryptocurrencies as you buy and sell.
The following are primary factors to consider when picking an exchange platform:
- The authenticity of the firm and platform security
- Is it user-friendly?
- Service charges, spreads, and any additional charges
- The customer service levels
- Number of cryptocurrencies available in the platform
- Trading features
- Content of education
- Payment methods
- The authenticity of the firm and platform security
- Content for education
- The ability to purchase coins directly with AUD (available in most Australian exchange platforms)
Step 2: Sign Up and Verify Your Identity
The signing up process for a crypto exchange usually is simple once you’ve decided on one that satisfies your needs. Select a username and password, enter your details, and enable two-factor authentication (2FA) (which gives your account an extra layer of security).
All you have to do now is confirm your email, which will direct you to verify your identity (and possibly give proof of residence). With a ready passport or another form of identification, all of this can be accomplished in a matter of minutes.
Step 3: Add Your Bank Details
Once you’ve provided your bank account and chosen your preferred payment method—Poli and PayID/Osko are two popular alternatives—you can make a free AUD deposit into your account.
Step 4: Buy Your Preferred Crypto
After funding your account, you’re now welcome to make your first crypto purchase. On your portal, navigate to the buy/sell crypto section and pick your preferred cryptocurrency.
Worth noting: Although purchasing cryptocurrency is quite simple, it would be wise to start small and learn about crypto before diving in headfirst if you’re a newbie in this field. Before investing, learn all the aspects and understand what the coin does. This will help you get your crypto venture started on the right foot.
Step 5: Decide the Amount of Crypto to Buy
Are you ready to go? Enter the amount of AUD you wish to invest or the amount of the coin you want to purchase, confirm the details, and verify your purchase. And you’re good to go.
The above step-by-step guide is the ultimate approach when buying cryptocurrency in Australia. You’ll be off to a perfect start if you do your research and see how exchanges stuck up against one another before deciding on one.
Where to Buy New Crypto When they First Go Public
Swyftx—#1 Choice for Buying New Crypto
Swyftx is an Australia-based top cryptocurrency exchange platform. It’s reputable for allowing traders to purchase, trade, and sell more than 280 cryptocurrencies transparently.
With over 250,000 users, the platform has grown in fame since its launching in 2019. Swyftx focuses on offering a user-friendly space with tons of exceptional features for all traders—new, moderate, and veteran traders.
Swift’s designers built the platform to eliminate shortcomings associated with other conventional Australian crypto platforms, such as fraud, hyperinflation, manipulation, and large spreads by avaricious companies.
As a result, they came up with a visually attractive end-to-end crypto trading platform with numerous payment methods, reasonable trading fees, visual portfolio management functions, brilliant customer service, and no fees for withdrawing AUD from a bank account.
One of the most significant benefits of using Swyftx is that buying cryptocurrencies is straightforward and quicker than other platforms.
This site allows numerous payment methods. Users can quickly deposit up to AUD 50,000 using bank transfers, POLi payment, OSKO, and PayID via an Australian bank account.
Moreover, they don’t charge fees to withdraw and deposit AUD to a bank account. They recently introduced support for debit and credit cards to purchase crypto.
- Regulated by AUSTRAC regulates
- It charges low instant trading fees that begin at 0.6%
- It allows purchasing through Debit and Credit cards
- It hosts more than 250 cryptocurrencies
- You get an instant verification to buy coins
- It has straightforward SMSF onboarding
- They don’t use order-book to trade on—only instant purchasing
- Their Credit card deposit fee is 2%
- No margin trading function
2. CoinJar—Best for Security Preferences
CoinJar is an Australian digital currency platform (headquarters in Melbourne, Victoria) established in May 2013. The exchange boasts straightforward and user-friendly services and innovative solutions, such as using a crypto debit card, a crypto EFTPOS card, and the secure CoinJar wallet mobile apps.
CoinJar is a well-known and reliable trading platform with over 400,000 participants and a record of over $1.5 billion in cryptocurrency transactions. Some of the world’s most celebrated investors, including Boost VC, Digital Currency Group, and BlackBird Ventures, have endorsed this platform.
CoinJar’s users can exchange Australian dollars for 42 crypto coins, including Bitcoin, XRP, Stella Lumens, Maker, Ethereum, Litecoin, ZCash, 0x, USD Coin, Compound, Uniswap, Yearn Finance, LINK, Omise Go, Basic Attention Token, and Dogecoin.
CoinJar’s crypto assets are pretty limited, unlike other well-established platforms like Swyftx and Binance, host over 280 digital currencies. This is one area that could use some improvements to meet the needs of savvy altcoin investors better.
CoinJar Exchange charges maker and taker fees for cryptocurrency and AUD/GBP pairs, which start at 0% and 0.05% per trade, respectively. The trading fee is debited from the account balance and has no impact on the order’s original amount. Users who trade more than $10 million will pay fees as low as 0.1%.
Trading among cryptocurrency combinations such as XRP/BTC and ETH/BTC will result in a 0% taker fee and a 0.04 percent maker fee. Generally, CoinJar Exchange trading fees are quite fair when compared to other crypto providers in Australia. What’s more, there are trading fee discounts for higher volume amounts.
- Suitable for residents of Australia and the United Kingdom who would like different payment options
- A three-in-one platform—allows the purchasing, storing, and selling of digital assets.
- It charges low service fees
- Trustworthy as it implements stringent security features
- The platform is user-friendly and is convenient for even beginners
- Plans for launching a Coinjar MasterCard are underway, which will significantly ease the crypto trading process
- It exists as a mobile app (CoinJar Touch App) and functions similarly to mobile banking apps.
- Their customer services are available 24/7
- The high-level features are only available for exchanges in the United Kingdom and Australia
- There are no sign-up bonuses available
- The cold storage is about 90%, which is considered extremely low
- The 1% trading fee is regarded as excessively high
- CoinJar is not governed
3. Digital Surge—Best for Ease of Use
Digital Surge is a trading platform that offers an incredibly straightforward way to buy, sell, and store crypto coins in Australia. With an emphasis on simplicity, the platform strives to make cryptocurrency as enjoyable and clear to understand as possible.
Digital Surge is a friendly, close-knit team devoted to building trust and openness within the cryptocurrency community. By participating in various community events, this firm raises awareness of the industry.
With 270 supported digital coins on its platform, Digital Surge has one of the most diverse alternatives of cryptocurrencies available for purchase and sale. Users can buy and sell cryptocurrency quickly with Digital Surge’s instant AUD deposit and withdrawal options.
Each coin is distinctively listed, along with its matching buy and sell price in AUD, as well as the price shift over the last 24 hours. Better yet, this site allows you to add your favourite coins to a ‘watchlist’ for easy access.
Digital Surge is considered one of the cheapest Australian cryptocurrency exchanges with a maximum fee of as low as 0.5% for buy and sell trades. Its trading fees are the lowest when compared to other well-known dealers such as Swyftx (0.6%), BTC Markets (0.85%), and CoinSpot (1%).
The fee can be lowered to 0.1% per trade for more than $1 million transactions within 30-days. Moreover, the spreads across the 270 supported coins averaged 0.4% per transaction.
All in all, Digital Surge provides excellent value for your money and is among the cheapest destinations to purchase altcoins in Australia due to its low trading fees and spreads.
- The user interface is easy to use, making it perfect for everyone—even beginners
- Fees are low, and the pricing scheme is straightforward
- It only takes a few minutes to sign up and begin investing
- You have access to price alerts, trigger orders, and recurring buying
- Customer service is always available—24/7 hours a day, seven days a week via chat and email
- The only option for fiat deposits in AUD. For most Australians, this is a bit of concern
- Credit cards are not permitted to be used to finance an account
- There is only a spot market for BTC-AUD and ETH-AUD
4. CoinSpot—Best for Wide Range of Coins
Coinspot is one of the best crypto exchange platforms in Melbourne, Australia—offering secure and safe crypto trading solutions to crypto investors. Users can instantly buy or sell Bitcoin or trade on the open market to speculate and earn profits.
Coinspot is a genuine firm licenced under Casey Block Services Pty Ltd ABN 19 619 574 186. Australia’s highly regulated financial sector governs the exchange to ensure proper practise and procedures with investors’ funds.
CoinJar Swipe is a cryptocurrency debit card that enables you to spend digital currency at any EFTPOS terminal in Australia. Additionally, you can withdraw cash from any ATM or merchant that offers cash-out services. The CoinJar Swipe Card has no activation fees, transaction fees, or monthly charges.
CoinJar launched a crypto trading exchange platform called “CoinJar Exchange.” It is not similar to the CoinJar fiat-to-crypto exchange, which has existed for years. To access your digital currency account, enter your CoinJar email address and password.
- With the POLi payment method, you can pay directly from an Australian bank account
- It’s based in Australia, therefore governed by the Australian trading policies
- The ONLY Australian Exchange allows you to buy a wide variety of alternative coins with AUD. It is very active on Facebook
- Fee-Transparency. There are no underlying fees during the checkout process
- Has a good partnership program that pays out 25% of the costs your affiliates incur on the exchange
- The interface is straightforward to use
- High fees (between 2% and 3%) are not advised for amounts more significant than $1000.
- Deposits are only accepted in Bitcoin. You will not be able to sell your alternative coins here
- Almost certainly no insurance. I would not leave any coins in this exchange for long-term storage.
5. Binance—Best When Looking for Lower Fees
Binance is the world’s top cryptocurrency exchange in terms of trading volume and liquidity. Its exchange is accessible in many countries worldwide, supports the most trading assets of any exchange, and has outstanding liquidity.
The site is user-friendly and beginner-friendly, and it provides a vast selection of crypto combinations, innovative products, functions, reasonable fees, and supportive customer support.
Opening a new account with Binance or keeping a Binance wallet is absolutely free. However, some fees are associated with using a Binance account—activities such as funding the exchange, buying and selling, trading assets, and withdrawing funds to an external wallet. These fees are common on centralised trading platforms to cover the infrastructure necessary to create a safe trading atmosphere.
Due to its global visibility, support for numerous fiat currencies, and multiple methods for transferring funds to an account, Binance is a top-rated exchange platform. Individuals from all over the world can fund their trading accounts through this platform using methods such as bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits.
- Buy fees are low for both non-instant and instant purchases
- Vast coin alternatives—there are over 50 cryptocurrencies available
- Several additional services are available
- It’s not accessible in seven U.S states
- There are fewer crypto-to-crypto currency sets than on the global Binance site.
- The product is not available in the United States.
Tips When Buying New Crypto or Buying Crypto for the First Time
1. Watch Your Wallet
Though a minor issue, it’s worth mentioning: the acquired cryptocurrency must be stored somewhere. The options are limitless, but first, you must understand two models of purses—light and heavy.
The light purse is ideal if you want to buy a “souvenir” amount of currency that you won’t have nightmares about. It gives you direct access to your portal on your phone. It’s always wise to deal with tried-and-true solutions with excellent ratings and reviews, such as FoPay.
Before finally deciding, ensure that the wallet allows users to transfer the account wallet to another device and that you’re satisfied with its rate of inputting and outputting the currency.
Suppose you have a significant amount accumulated over time and would like to convert it to digital coins. In that case, it’s recommended that you take time to read the guidance and use space on your hard drive for the configuration of a full wallet for the chosen cryptocurrency. This is the most reliable option because it allows you to download all of your coins to your PC, where they are stored and communicate with the server regularly for verification.
2. Don’t Buy at the Point of Taking Off
Your decisions to create a wallet and find an exchange platform should not be influenced by gossip from friends or unreliable crypto magazines. Any cryptocurrency that has gone through a sudden rump-up will either experience a correction or a significant fall.
3. Find the Right Purchase Method
Although there are still many options, it has recently become more difficult to buy bitcoin because countries are actively “taking precautions” so that you don’t get entangled with suspicious cryptocurrencies. And yet, as you would expect, those who want to will find a way.
There are still exchanges available for you, such as Bitfinex, WEX (the same BTC-e), YoBit, and others. If you want to trade currency, the exchange is the best option for you. Go for a platform that accepts convenient payment options, and after purchasing, you can trade on any other platform, at least the same Hotbit (currently one of the most famous in China).
If you simply want to convert your acquired fiat currency into cryptocurrency, it’s advised to use the LocalBitcoins website.
If you’re keen and cautious, this choice will provide you with safety. The ability to pay in any manner you have decided, including cash, is the main reason this service is so popular. As a result, despite the commission, it is frequently more profitable than sending money to third-party payment systems, particularly foreign ones.
Buy New Crypto When They First Go Public With Swyftx
The ability to quickly buy Bitcoin or another crypto asset using AUD or USD is the number one benefit of Swyftx. Swyftx supports a wide range of methods for transferring funds to an account.
Customers with an Australian bank account can quickly deposit up to $50,000 in AUD using a bank transfer, OSKO, POLi payment, or PayID. There are no fees for depositing or withdrawing AUD from a bank account. Moreover, Swyftx has recently added support for debit and credit card purchases of cryptocurrency.