Are you aware of the fact that 4.6 million Australians own cryptocurrency? In this bustling world of cryptocurrencies, you might be baffled by the overwhelming crypto conversations between your colleagues that it has left you stranded. How do you know which exchanges are legit if you are looking to buy crypto in Australia? Another question arises: how does one differentiate the legit ones from scams?
Finding the right place to invest, with lots of options floating around, can be overwhelming. Needless to say, it can raise many questions about whether the source can be trusted. Let’s first understand what a crypto exchange is.
What is a Crypto Exchange?
In simpler words, an exchange is a platform wherein you may purchase and promote cryptocurrencies. These can be used to buy crypto with fiat currency or convert crypto to dollar value, reflecting the cryptocurrency’s market price.
Cryptocurrencies may seem complicated and tedious at first, but in reality, understanding the basic concepts behind how exchanges work and what to invest to get the returns you expect requires a little effort and research. Well, you’ve landed in the right place. Now, you can go through a simple step-by-step process that you can implement today and start your journey to buy crypto in Australia.
1. Compare and Select an Exchange to Purchase Cryptocurrencies
If you want to buy cryptocurrencies, what you need is a digital wallet to store away your crypto money. Most cryptocurrency exchanges will lead you to create an account and then transfer fiat cash (such as Australian dollars) to purchase cryptocurrencies like Bitcoin. You may build a wallet to keep your cryptocurrency on a growing number of trading platforms and buy and sell on the exchange.
Make sure to sign up with a local exchange that provides this service if you live in Australia and want to buy crypto directly with AUD (without paying unnecessary and sometimes hidden conversion fees). Testing a live chat exchange may be a good approach to learning this while evaluating the reliability and calibre of the platform’s customer care, which can be crucial if you’re just starting. Please spend some time finding an exchange that is honest about who they are and the costs they charge. Do your research and read customer reviews.
2. Sign Up and Confirm Your Email Address and Identity
Signing up for a cryptocurrency exchange is typically simple after you’ve decided on one that meets your needs. Select your username and password, enter your personal information, and enable two-factor authentication, which protects your personal information from being hacked. You must now verify your email, which will prompt you to authenticate your identity. With a passport or another form of identification, all of this may be accomplished in a matter of minutes.
3. Provide Your Bank Details and Make a Deposit
Once you’ve entered your bank account and chosen your preferred payment method (Poli and PayID/Osko), you may make a free deposit into your account. You are almost there! You are free to choose whatever cryptocurrency you choose now that money is available in your account. Select the cryptocurrency you want to acquire from the buy/trade area. Although purchasing cryptocurrencies is relatively simple, it’s a good idea to start small and educate yourself about them before you invest hefty amounts!
4. Enter the Desired Amount of Cryptocurrency to Confirm the Purchase
All set to go? Enter the amount you wish to purchase, double-check that all the information is accurate, and then finalize your purchase. And that’s pretty much it!
In Conclusion
If you want to buy crypto in Australia, ensure that the exchange platform you choose is in tandem with the registration processes prescribed by AUSTRAC before you put all your eggs in one basket. It is often recommended that you should conduct research with due diligence and compare exchanges before choosing one. While the market is volatile and unpredictable, many determinants can help you succeed in your trading venture. Happy trading!