Cryptocurrency has had a resurgence in popularity through 2020 and 2021, and you have probably heard friends talk about it, but never really believed the hype. Now it's 2022 and it seems that cryptocurrency isn't going away, and you've finally decided it's time to jump on board, especially when the market is down from last year. But how do you get started? Where do you buy crypto using your credit card? I have made an easy to follow guide right here, for you to get your hands on your first cryptocurrency in a few easy steps.
Where to buy cryptocurrency?
You buy crypto 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 trade with peace of mind. Not many crypto exchanges in Australia accept credit cards, but Swyftx does, and it is #2 on our list of the best crypto platforms for Aussies.
In this step-by-step guide of how to buy cryptocurrency using a credit card, I will include screenshots from my personal Swyftx account. If you want to follow along easily with this guide, you can sign up with Swyftx for free. The reason I use Swyftx to buy crypto using a credit card is for these reasons:
- Over 320+ different cryptocurrencies supported
- Low trading fees of 0.6%
- Mobile app to buy or sell anywhere
- Staking available on 21 different coins
- Live Chat customer support
- Free deposits and withdrawals
How to buy cryptocurrency with your credit card?
7 easy steps
Buying cryptocurrency with your credit card is really easy. You just need to follow these simple steps, and you will have your hands on some crypto in just a few clicks.
1. Open an account with a crypto exchange that accepts credit cards
The first step is to sign up for an account with a reputable cryptocurrency exchange that accepts credit cards. I suggest signing up with Swyftx because it is one of the best crypto exchanges in Australia, and also it will be easier for you to follow along with my guide, as I will be using screenshots from Swyftx. You can read my Swyftx review here if you want to do some more research first.
To open an account with Swyftx, click this link and you will be taken to a page like the image below. Fill our your personal details and click the Create Account button at the bottom.
2. Verify your account
Once you have created your account, you should see a screen similar to the one below, prompting you to confirm your email, phone and identity. (Note that your screen will show red boxes since you have not been verified yet.) If you are not taken to this page automatically, click on Profile in the menu on the left, then Verification. This process will only take a few minutes of your time.
3. Deposit money into your account using your credit card
Now that you have verified your account, it's time to deposit money from your credit card into your Swyftx account. Click on Trade on the left, then click on Deposit (highlighted in blue in the screenshot below) and you will see the deposit methods available.
Scroll down till you see the Credit Card option, and click the arrow to expand the box. Then click on 'Deposit with Credit Card' and a pop-up will show. Choose how much you wish to deposit, and click Start Deposit. Follow the instructions to complete the deposit.
4. Go to the Buy section in the cryptocurrency exchange
When you deposit using your credit card, you need to wait around 30-45 minutes for the funds to appear. In the meantime, you can explore what cryptocurrencies you want to purchase.
Once your funds have arrived into your Swyftx account, you can start the buying process. Click on Trade in the menu on the left, then click Buy (highlighted in blue in the screnshot below). In the search field, next to the magnifying glass icon, type in the name of the cryptocurrency you want to purchase. In my example below, I chose Solana. Then click on Solana where it says Assets, and you will see the price of your coin in the middle of the page.
5. Select how much cryptocurrency you want to buy
Now you can decide how much of your chosen cryptocurrency you want to buy. In my example below, I have typed in $500 AUD as the amount I want to spend. Above that, you can see that I will receive around 3.01 SOL for my $500. At the top of the screen you see that the price of 1 SOL coin is approximately $164.64. When you have decided on the amount to buy, click on the blue Instant Buy button underneath.
6. Purchase cryptocurrency
After you click on the Instant Buy button, you will see a pop-up like the one shown below. It will confirm the amount of AUD you are spending, the fee taken, how much of your cryptocurrency you will receive, and the price of each coin. When you are ready to finalise your purchase, click 'Confirm Buy' at the bottom of the pop-up.
7. Store your crypto safely
Congratulations! You now have made your first purchase of crypto using a credit card! You will be able to see the crypto you have bought if you click on Dashboard, and look for your portfolio. Now that you have bought some crypto, you need to ensure it is secure. You can choose to leave it on Swyftx's exchange, as it is a secure platform, but for the highest level of security, you should withdraw it to an external personal wallet, such as a soft 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 cryptocurrency in Australia.
As long as the cryptocurrency you want to purchase is supported on Swyftx, you can buy it using your credit card. Swyftx has over 320+ different coins, and they regularly add more to their collection, so it is likely you will be able to buy the coin you want using credit card.
If you are using a reliable and trustworthy cryptocurrency exchange, it is safe to buy crypto in Australia. Swyftx is one of the top crypto exchanges in Australia, and you can trust that it is safe to buy crypto with their platform.