Key Takeaways
- Altcoins are cryptocurrencies other than Bitcoin, and you can invest in them to potentially make a profit.
- Choose a trustworthy and legitimate cryptocurrency exchange to buy altcoins in Australia.
- Digital Surge is a recommended exchange that supports over 300 cryptocurrencies, offers low trading fees, and has 24/7 customer support.
- To buy altcoins, follow these steps: open an account, verify your account, deposit money, go to the Buy section, select the amount you want to buy, make the purchase, and store your altcoins securely in a personal wallet if desired.
Everyone knows about Bitcoin, even people who have absolutely no interest in cryptocurrency, but what is an altcoin? Altcoins are "alternatives to Bitcoin", basically a name given to all cryptocurrencies besides Bitcoin. You may be wondering how you can invest in some altcoins, and hopefully make a decent profit from them in a few years time. I will show you the exact steps in this guide, filled with screenshots, so you can easily buy your own altcoins.
Where to buy altcoins?
You buy altcoins from an online cryptocurrency exchange. There are many different sites that claim to sell cryptocurrency, but you have to know that you are choosing a trustworthy and legitimate site. There are so many crypto scams these days, so making sure your cryptocurrency exchange is legitimate is the most important step. Here at Debt Bombshell, we only recommend trusted crypto exchanges that we have personally tested, so you know that they are safe to use. If you use any exchange on our list of the top crypto exchanges for Australians, you can buy altcoins with peace of mind.
In this step-by-step guide of how to buy altcoins, I will include screenshots from my personal Digital Surge account. If you want to follow along easily with this guide, you can sign up with Digital Surge for free. The reason I use Digital Surge as my cryptocurrency exchange is for these reasons:
- Over 300+ different cryptocurrencies supported
- Low trading fees of 0.5%
- Mobile app to buy or sell anywhere
- Pay Aussie bills using Bitcoin
- 24/7 Live Chat and email customer support
- Free deposits and withdrawals
Top cryptocurrency exchanges
How to buy altcoins?
7 easy steps
Buying altcoins is really easy. You just need to follow these simple steps, and you will have your hands on some altcoins in just a few clicks.
1. Open an account with a crypto exchange
The first step is to sign up for an account with a reputable cryptocurrency exchange. I suggest signing up with Digital Surge because it is the best crypto exchange in Australia, and also it will be easier for you to follow along with my guide, as I will be using screenshots from Digital Surge. You can read my Digital Surge review here if you want to do some more research first.
To open an account with Digital Surge, click this link and you will be taken to a page like the image below. Either sign up easily with your Facebook account, or simply enter your email address and create a password, then click 'Create your account'.
2. Verify your account
Once you have created your account, you will see a screen like the one below, prompting you to confirm your email and verify your account. Sign into your email and find the email from Digital Surge to confirm it is really you.
After confirming your email, when you return to Digital Surge, you will see the screen below. Click on 'Verify your account', and follow the simple instructions to verify your mobile number and identity.
3. Deposit money into your account
Now that you have verified your account, it's time to send some money from your bank into your Digital Surge account. Click on Deposit money (in Step 3, in the screenshot above) and you will see the options you have for depositing AUD. The most popular deposit method is PayID since there is no cost, and the deposit is instant, meaning you can start buying altcoins straight away. (Please note that on your first deposit, your bank may hold your funds for 24 hours, so don't worry if it doesn't come through straight away.) Select your deposit method, and follow the instructions to transfer the desired amount of AUD to your Digital Surge account.
4. Go to the Buy section in the cryptocurrency exchange
When your money has arrived in your Digital Surge account, it is time to buy some altcoins. Click on 'Buy & Sell' (circled in green in the screenshot below), and then click on the search field (circled in pink in the screenshot below). Type in the name of the altcoin you want to purchase, and you will see that it is now displayed on your screen. Click on the 'Buy' button next to the altcoin you wish to buy.
5. Select how much you want to buy
After choosing which altcoin you want to buy, the next decision is how much AUD you want to use to purchase that coin. In my example below, I am buying ADA (Cardano), and you can see the price of 1 ADA coin is $1.4668 at the time of writing. There are a few quick buttons you can use to choose how much AUD you want to use, or you may prefer to type in the amount you want. In my example I typed in $1000 which is equal to about 678.48 ADA coins.
6. Purchase altcoin
Once you have selected the correct amount of AUD you want to spend, simply click on the Buy button at the bottom, and follow any prompts to finalise it. Congratulations, you now have your first altcoin!
7. Store your altcoins safely
It is exciting that you now own some altcoins, but the next step is ensuring that it is safe. You can find your altcoins in your Digital Surge wallet by clicking on 'Wallets' (circled in green in the screenshot below). It will show the various altcoins, and the amount you own of each one. Next to each coin it will also display the value in AUD. You can opt to leave your altcoins in Digital Surge, which is an extremely safe crypto exchange with multilayered security protocol. However, for additional safety, it is a good idea to store your altcoins in an external personal wallet, such as a wallet app, or a hardware cold wallet. You can click here to find out more about the best crypto wallets in Australia.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell, and own altcoins in Australia.
Not many Australian crypto exchanges accept debit and credit card payments, but Swyftx does. You can click here to open an account with Swyftx, our #2 recommendation of crypto exchange.
If you are using a reliable and trustworthy cryptocurrency exchange, it is safe to buy altcoins in Australia. Digital Surge is the #1 crypto exchange in Australia, and you can trust that it is safe to buy altcoins with their platform.