Don’t worry if you’re unfamiliar with the crypto space and feel intimidated. Crypto can appear confusing and intimidating initially, but understanding how exchanges work and the core concepts behind what you’re investing in requires some necessary work and research before diving in. The good news is that cryptocurrency exchanges have been working for quite some time to make it extremely simple for Australians to purchase cryptocurrency.
1. eToro
eToro is our top recommendation for where to buy cryptocurrency in Australia. Founded in 2007, eToro has grown to be one of the world’s biggest digital brokers, with over 27 million registered users as of mid-2022. Because it is regulated by numerous high-tier entities, including the FCA, ASIC, FinCEN, MiFID, and FINRA, the platform has phenomenal high standards of safety. eToro is also one of the best forex brokers in Australia, with some of the market’s tightest spreads.
When attempting to place a crypto trade, users don’t need to pay any transaction fees because all of eToro’s fees are built into the spread. The spread will differ based on the coin, but it will start at 1% for BTC trading. Furthermore, with eToro, there are no account fees, deposit charges, or withdrawal costs to worry about, but there is a small $10 monthly charge after one full year of inactivity. Users can avoid this fee by simply logging in to their account, which counts as activity.
2. Coinstash
Coinstash is Australia’s quickest and most dependable way to buy, sell, trade, store, and earn digital currency assets. Coinstash is a completely regulated and Australian-based crypto exchange that makes cryptocurrency investing simple and easily available.
Using its intuitive and simple functionality, you can simply buy, sell, and trade over 340+ top crypto assets, including Bitcoin, Ethereum, and Dogecoin. Sign up for Coinstash with your email address, verify your identity, and you’ll be trading in minutes. Coinstash is more than just another cryptocurrency exchange. It has a fantastic ” Bundles ” tool that autonomously assists you in diversifying your holdings. This way, you can gain exposure to various types of crypto assets without having to conduct extensive research or identify patterns on your own.
Furthermore, you can earn up to 8% interest on your crypto assets. Simply leave your crypto assets on the Coinstash platform and do nothing else to earn a rate of return on your crypto holdings. Also, Coinstash currently supports Osko, PayID, Bpay, and bank transfers.
3. Immediate Edge
The Immediate Edge app is supported by highly qualified experts and reliable tools to help them get started. This exchange is ideal for newcomers due to its low minimum deposit of $250 in exchange for unrestricted premium trading services with no maximum limits. Most new investors consider trading platforms like this because the technical details of crypto trading are immense and overwhelming to them, so if you’re also a newbie, you might want to try this platform.
Furthermore, Immediate Edge doesn’t fail to impress when it comes to transparency. Their partners offer a variety of tools to help traders learn the ins and outs of crypto trading, as well as track actual market data and make purchases with a few taps on your device. Their user-friendly application includes 24/7 support dedicated to assisting users with queries and needs in navigating the app to ensure smooth trading.
4. Capital
Capital is far more than a cryptocurrency exchange, and that’s what makes it so special. With no trading fees, capital allows you to trade cryptocurrency with stocks, commodity markets, forex, market indices, ETFs, and other assets.
Capital charges an exceptionally small spread ranging from 0. to 0.3% depending on the transaction’s asset. Furthermore, it has a properly functioning desktop platform, a highly rated mobile app, and a demo account where you can train real-time trading with fake funds.
5. Independent Reserve
A Sydney-based Australian exchange called the Independent Reserve has been active in the cryptocurrency space since 2013. The excellent thing about it is that it currently supports 45 countries, including Australia. You can now buy and sell 13 top crypto assets like BTC, ETH, XRP, and so on, using three fiat currencies: USD, NZD, and AUD.
Furthermore, Independent Reserve provides a different in-house Over The Counter service for traders seeking to invest, buy, and sell large amounts of cryptocurrency. If you are an Australian resident, you can purchase Bitcoin using Electronic Funds Transfer, POLi, or PayID/Osko. International customers can use SWIFT to deposit funds in USD or NZD.
The Best Places To Store Crypto After Getting One
When you buy crypto assets, it is transferred to your exchange account. Keeping Cryptos in exchange accounts indefinitely is not the most secure option. This is because your account could be hacked, or you could lose access to your exchange account, resulting in the loss of Crypto. As a result, it is generally safer to transfer Crypto and keep it in your digital wallet.
To accomplish this, you must first create a personal Crypto wallet address and transfer your cryptocurrency there. However, you should be aware that fees may apply depending on the exchange rate. You can sign up for a free third-party wallet if your exchange does not offer a wallet. However, because of the risks involved in storing funds online, you should only use online wallets as a temporary solution.
Investing in a hardware wallet is a relatively safe option. This wallet resembles a Flash drive and secures your funds with a private key known only to you. It implies that you are the only one who has access to this wallet, and it cannot be hacked or infected by malware because it is not connected to the Internet.
Final Thoughts
In this guide, we hope that we have inspired you to try your hand at cryptocurrency trading, especially if you live in Australia. Overall, a good investment strategy, proper research, platform comparison, and choosing the most suitable crypto that lines up with your goal will give you an advantage over other crypto players in the market.
