How to buy cryptocurrency in Australia 2022

Dominic Harper // January 7 // 0 Comments

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 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 as my cryptocurrency exchange is for these reasons:

  • More than 280+ different cryptocurrencies available
  • Low trading fees of 0.6% 
  • Mobile app so I can buy or sell at any time
  • Staking supported on 12 coins, so I can earn more crypto as I HODL
  • Live Chat customer support
  • Free to deposit and withdraw AUD
  • Credit/Debit card payments accepted

Top cryptocurrency exchanges

Digital Surge
Swyftx
CoinSpot
eToro
Binance
Crypto Exchange
Crypto Exchange
Digital Surge
Swyftx
CoinSpot
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 330+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
0.6%
Market order: 0.1%, Instant buy: 1%
Included in spread
0.1%

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. Open an account 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, or stake it if that's an option

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 Swyftx 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 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. All you need to do is enter your name, country of residence, phone and email address, choose a password, then click Create Account.

2. Verify your account

Once you have signed up with Swyftx, you should then see the screen below, to verify your account. If you don't see that, click on Verification in the menu (highlighted in blue on the left, in the screenshot below). In my account, I have already verified my account, but for a new user, you need to click on each of the Email, Phone and Identity panels. Follow the short instructions on how to verify your account, it won't take longer than a few minutes.

3. Deposit money into your account

After verification of your account is complete, you can send money into your Swyftx account. The easiest way is to click on Quick Deposit, then click Deposit AUD (outlined in a green box in the screenshot) and you will see the screen shown below. You can see that Swyftx has various deposit methods to choose from, which are all free of charge. My suggestion is Bank Transfer using OSKO, or POLi, because they are instant transactions, meaning you can go on to purchase crypto immediately. Note: you may have to wait on your first deposit, because it can be held for up to 24 hours by your bank.

After choosing your deposit method, click on the dropdown arrow next to the preferred option, and follow the instructions to send AUD into your Swyftx account.

4. Go to the Buy section in the cryptocurrency exchange

Once your money has arrived in your Swyftx account, you can go to the Buy page, and begin your purchase. Click on Trade in the menu, and then Buy (highlighted in blue on the left side of screenshot below), and then type in the cryptocurrency you want to buy in the search field, for example BTC, ETH, ADA or SOL. In my example, I have typed in ADA, and then clicked on Cardano under the Assets list. Now your screen should look like the one below, with the cryptocurrency you have chosen, and the price for that coin.

5. Select how much cryptocurrency you want to buy

You have chosen the coin you want to buy, and now you need to decide how much you want to spend on it. You can see in the screenshot below that the price of the 1 ADA coin (outlined in the green box) is roughly $1.84 at the time of writing. For whichever coin you chose in the step above, it will display the corresponding price. You can choose how many coins you want to purchase, or the better way is to select a dollar amount that you want to spend. For example, I have chosen to invest $1000 in ADA (outlined in the red box), which is equal to approximately 540 ADA coins, after taking into account the 0.6% transaction fee. If you are happy with the details you have input, click on the blue Instant Buy button underneath.

6. Purchase cryptocurrency

After you click on Instant Buy, you will see a pop-up confirmation window, just like the screenshot below. Here, you can double check how much AUD you are spending, how many coins you will receive for that amount, and the fee that you will be charged. Once you are happy with those details, click on the green Confirm Buy button to complete your transaction. 

7. Store your crypto safely, or stake it if it's an option

Congratulations on your first cryptocurrency purchase! You should be able to see your crypto balance at the bottom left of your screen (outlined in green in the screenshot below). You can leave it on your Swyftx account, but for a more secure storage solution, the best way is to send your crypto to a personal wallet, either a hot wallet app, or a cold storage hardware wallet. To learn more, click here to read about the best crypto wallets for Australians

For some cryptocurrencies, you can stake them to earn rewards. What is staking? Staking is the process by which you use your cryptocurrency (for example, ADA) to validate transactions on the proof-of-stake blockchain, and receive rewards in return. Basically, you leave your ADA untouched and receive interest on it, similar to earning interest in a bank account. The interest you receive is paid out in the cryptocurrency you have staked, for example if you stake ADA, you will be paid interest in more ADA. In this way, you get to increase the amount of cryptocurrency you own, as you invest. Not all crypto exchanges support Staking, but Swyftx does for 14 different coins.

Staking crypto on Swyftx

To check if the crypto you own can be staked on Swyftx, click on Staking (outlined in red in the screenshot above). You will see a screen like the one below, with all 14 coins that can be staked on Swyftx. If the crypto you purchased is available on this page, you can stake it. To teach you how to stake, I will stake my ADA as an example.

For whichever coin you want to stake, click on the + symbol, outlined in green below, and a pop-up window will appear. Simply type in how many of your coins you want to stake and then click the Stake button. You can also click the "Set Max" button which will stake the total amount you own of that coin. That's all done, you will start earning rewards, which are paid regularly. You can see next to each coin, what the estimated annualised returns are.

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 follow the steps above to purchase crypto using your debit/credit card. At Step 3, you just need to select the credit/debit card option and follow the instructions.

Is buying cryptocurrency safe in Australia?

If you are using a reliable and trustworthy cryptocurrency exchange, it is safe to buy crypto in Australia. Swyftx 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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