Now that you have a general background on cryptocurrency, how it works and the benefits you can expect to obtain from it, you can now look at finally purchasing some crypto coins.
In 3 simple steps we’ll explain just how to go about doing that.
1. Choose The Cryptocurrency That You Would Like To Buy
When choosing a cryptocurrency you should keep in mind what you intend on using the cryptocurrency for (trading, investing or spending).
How to Buy Bitcoin in Australia for Beginners
Always do thorough research to ensure that the cryptocurrency you plan on buying into is 100% legit. In most cases it’s best to go for one of the better known currencies as they are more widely accepted and can be trusted.
Reading this article in full may be able to help you in picking a cryptocurrency.
2. Open a Wallet
You’ll need a place to store your coins so you will need an online or offline wallet.
There are many great wallets out there. But again, you’ll have to do some research as some wallets are designed to be used specifically just for storage while others are more adapted to being used for multiple transactions. Some wallets are also incompatible with certain coins so it’s imperative to find out if the wallet you have your eye on can store your chosen coins.
Step one when buying cryptocurrecy: Bitcoin
Some wallets come in the form of a mobile app which can be very useful for spending coins on the go. Of course there is the option of simply leaving your coins on the exchange’s wallet, but this is never recommended due to the potential for the exchange to be hacked.
It’s not something that happens often, but why risk it?
3. Buy Your Coins From an Exchange
You will need to make your initial payment in exchange for your coins using fiat currency (Australian dollars or AUD), either by an internet bank transfer, credit card or a service such as POLi Pay if the exchange offers it.
Once you have verified your identity through your coin wallet and your deposit for your coins has cleared, you will receive your crypto coins into your wallet and you can start saving or spending!
Before you use an exchange, it is recommended that you do just as much research on the exchange as you would for the coins themselves.
For an full overview of the best exchanges in Australia, you can read our guide here.
Alternatively, choose one of the recommend ones below:
The first exchange that we recommend is CoinSpot.
They have a huge number of cryptocurrencies available to purchase with Australian Dollars. You can read the full review here.
Another great Australian exchange is Independent Reserve. Although they only offer 4 cryptocurrencies (Bitcoin, Ethereum, Litecoin and Bitcoin Cash), it will be enough to get you started.
You can read the full Independent Reserve review here.
If you want to trade purely with cryptocurrencies (without fiat/AUD), then Binance is a great option.
We’ve reviewed Binance here.
Alternatively, another option for trading cryptocurrencies is Cryptopia. Check out review of Cryptopia here.