How to buy cryptocurrency in Australia

Dominic Harper // January 9 // 0 Comments

Key Takeaways

  • To buy cryptocurrency in Australia, choose a trustworthy and legitimate cryptocurrency exchange.
  • CoinSpot is a recommended exchange in Australia, offering support for over 410 cryptocurrencies and being the largest Australian exchange with secure features.
  • The process of buying cryptocurrency involves signing up with a crypto exchange, verifying your account, depositing money, selecting the desired cryptocurrency, making the purchase, and storing your crypto securely.
  • CoinSpot provides a user-friendly interface for these steps, including account registration, verification, depositing AUD, buying cryptocurrencies, and storing them in your CoinSpot wallet or transferring to a personal wallet.

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 2024 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 from? 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 cryptocurrency from a cryptocurrency exchange online. 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.

In this step-by-step guide of how to buy cryptocurrency, I will include screenshots from my personal CoinSpot account. If you want to follow along easily with this guide, you can sign up with CoinSpot for free. The reason I use CoinSpot as my cryptocurrency exchange is for these reasons:

  • Over 410+ different cryptocurrencies supported
  • Most secure and trusted crypto exchange in Australia
  • Largest Australian exchange with more than 2.5 million users
  • Staking on 21 coins
  • Live Chat support
  • NFT marketplace where you can buy NFTs using any cryptocurrency you like
  • Top cryptocurrency exchanges

    (Scroll across to see the full table)

    Crypto Exchange
    Crypto Exchange
    Fiat Currencies
    Fiat Currencies
    AUD, USD, GBP, EUR, NZD & more
    AUD, NZD
    AUD, USD, CAD, CHF, EUR, GBP, NZD, SGD, JPY & more
    USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
    BTC, ETH, LTC, XRP, EOS & 280+ more
    BTC, ETH, LTC, XRP, BCH, ADA & 410+ more
    BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
    BTC, ETH, LTC, XRP, CRO, ADA, DOT, SOL, DOGE & 250+ more
    MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
    Deposit Methods
    Deposit Methods
    Visa/Mastercard, Apple Pay, Cryptocurrency
    Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
    POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
    Bank Transfer (ACH), BPAY, SEPA, Credit/Debit card, PayPal, TransferWise, Fedwire, SWIFT, Cryptocurrency
    Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
    Trading Fees
    Trading Fees
    0.1% for spot, 0.01%/0.06% for derivatives
    Market order: 0.1%, Instant buy: 1%
    Included in the spread
    0.0% for spot, 0.0%/0.01% for futures

    How to buy cryptocurrency?

    7 easy steps

    Buying cryptocurrency 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. Sign up with a cryptocurrency exchange
    2. Verify your account
    3. Deposit money into your account
    4. Go to the Buy section in the crypto exchange
    5. Select how much cryptocurrency you want to buy
    6. Purchase cryptocurrency
    7. Store your crypto safely

    1. Sign up with a crypto exchange

    The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.

    To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.

    2. Verify your account

    After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.

    3. Deposit money into your account

    Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.

    4. Go to the Buy section in your account

    Once your money is in your CoinSpot account, you are ready to buy some crypto. Click on Buy/Sell in the menu along the top, then search for whichever crypto you like. In my example, I'm going to buy ONE (Harmony). Click on Buy ONE and you will see the purchase screen, like the screenshot below. The price of ONE is shown clearly in the middle of the screen. 

    5. Select how much crypto you want to buy

    Select how much AUD you want to spend on your crypto, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive. 

    6. Buy cryptocurrency

    When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some cryptocurrency!

    7. Store your crypto safely

    Now that you have made your purchase of crypto you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much crypto you own, and the value in AUD. You can leave your cryptocurrency in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your crypto to a personal wallet. You can click here to read about the best crypto wallets for Australians

    Frequently Asked Questions

    Is buying cryptocurrency legal in Australia?

    Yes, it is perfectly legal to buy, sell, and own cryptocurrency in Australia.

    How to buy crypto with debit/credit card 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.

    Is buying cryptocurrency safe in Australia?

    If you are using a reliable and trustworthy cryptocurrency exchange, it is safe to buy crypto in Australia. CoinSpot is the #1 crypto exchange in Australia, and you can trust that it is safe to buy crypto with their platform.

    About the Author: Dominic Harper

    Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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