How to buy cryptocurrency in Australia 2022

Dominic Harper // January 31 // 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 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

CoinSpot
Swyftx
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
CoinSpot
Swyftx
Digital Surge
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, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, BNB, ADA, XRP & 300+ more
BTC, ETH, BCH, XRP, LTC, ADA & 50 more
BTC, ETH, LTC, BNB, ADA, XRP & 600+ more
Deposit Methods
Deposit Methods
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: 0.1%, Instant buy: 1%
0.6%
Market order: starts from 0.5%, Instant buy: 0.5%
1%
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

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 crypto 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 crypto. 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 cryptocurrency you want to purchase, and you will see that it is now displayed on your screen. Click on the 'Buy' button next to the coin you wish to buy. 

5. Select how much cryptocurrency you want to buy

After choosing which cryptocurrency 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 cryptocurrency

Once you have selected the correct amount of crypto you want to purchase, simply click on the Buy button at the bottom, and follow any prompts to finalise it. Congratulations, you now have your first bit of cryptocurrency!

7. Store your crypto safely

It is exciting that you now own some cryptocurrency, but the next step is ensuring that it is safe. You can find your crypto in your Digital Surge wallet by clicking on 'Wallets' (circled in green in the screenshot below).It will show the various cryptocurrencies, 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 cryptocurrency 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 crypto 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

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. Digital Surge 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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