How to invest in crypto in Australia?

Highlights

• Just like if you want to purchase stocks, you go to a stock exchange. If you want to buy crypto, you go to a crypto exchange

• Some exchanges that are designed for more experienced traders will make you pass a ten-question test on crypto lingo and the like
• Different exchanges offer different types and quantities of tokens. But all of them have Bitcoin. If you wish to purchase a more obscure altcoin, however, an exchange like Binance is good

Cryptocurrency has exploded this year and judging by the fact that you can’t go to a public restroom without hearing about how someone sunk a few grand into Bitcoin, Litecoin, Dogecoin or any other coin out there in a space which now has more than ten thousand cryptos, it isn’t going away anytime soon.

But maybe you haven’t taken the plunge into the crypto verse yet and you’re just waiting for someone to guide you on how to buy your first crypto. Well, if that’s the case, you’ve come to the right place. Let’s get into it.

Step 1: Choose a Crypto Exchange 

Just like if you want to purchase stocks, you go to a stock exchange, if you want to buy crypto, you go to a crypto exchange.

One of the issues to keep in mind is, unlike stock exchanges, of which, in Australia  there are a handful, crypto exchanges are plentiful in Australia. While this might sound great, it’s not. As of yet, there’s no regulation for crypto exchanges, which means they don’t need a licence to operate. The Australian government have planned to change that in 2022 by introducing regulatory measures and legislation. The short of it is, be careful when choosing one.

Some of the trusted crypto exchanges in Australia are eToro, Tether, SwyftX and CoinSpot.

Research into which exchange fits your style. Some exchanges have different cryptos available and charge different transaction rates. Also, bare in mind, some crypto exchanges are more user-friendly than others. If you’re a newbie, you’ll want to choose an easier-to-use platform. The ones mentioned above are considered relatively easy to use.

Step 2: Sign Up To an Exchange 

It might sound obvious, but after you’ve found an exchange that suits your investment strategy, you’ll need to sign up for it. And if the crypto exchanges themselves don’t need a licence, you better believe signing up to one is easier than, well, opening your own crypto exchange.

Some exchanges that are designed for more experienced traders will make you pass a ten question test on crypto lingo and the like.

Most just require a username, password and a 2-factor authentication (2FA), which gives you an extra layer of security.

After that, you just need a valid ID and a proof and address and bing bang boom, you’re done.

Step 3: Link Bank Account and Payment Method 

All fun and games aside, this step is where things get serious and why it’s so important to spend time on Step One.

On the exchange’s page, there’ll be a prompt which will ask you to connect a bank account. Once you enter those details, choose your payment method (Poli and PayID/Osko are two common methods)

Then deposit funds into your account.

Step 4: Purchase Crypto

You’re almost there. Next, head to the buy/trade crypto section and select which crypto you want to purchase.

As mentioned before, different exchanges offer different types and quantities of tokens. But all of them have Bitcoin. However, if you wish to purchase a more obscure altcoin, an exchange like Binance is good.

Best of Luck! But Luck is Prep Meeting Opportunity.

And that’s it! Pretty simple right? I don’t like to tell people how to invest but a word to the wise: you’ll have much more success if you research before you put down any cash.

Some crypto exchanges like, SwyftX offer a “demo” mode where you can use virtual money to test the waters and learn the ropes. Otherwise, enjoy and good luck!

Please Note: The pointers as mentioned herein are only suggestive in nature and a thorough research is needed for formal procedures.