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 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:
Top cryptocurrency exchanges
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 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 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
Yes, it is perfectly legal to buy, sell, and own cryptocurrency 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.