How to invest in crypto in Australia

It seems almost everyone is talking about cryptocurrencies, throughout 2021, crypto hit the mainstream, with more Australian’s knowing about it than those who don’t.

Investing in cryptocurrencies like Bitcoin and Ethereum in Australia has become extremely easy, and the only things you’ll need to buy your first cryptocurrency is a phone, an email, bank account, and some ID.

Your choice of a crypto investing app or exchange will come down to what crypto, or crypto’s you wish to invest in, and how much you trust the business after doing your own research.

There are hundreds of apps and exchanges, and it can be quite overwhelming. A good rule of thumb before you sign up is to know who is behind it, where they’re based, what the security of their platform is like, and if the exchange allows purchases in Australian Dollars.

Crypto can seem daunting at first, but a majority of the investing apps will have a dedicated space for you to educate yourself to learn more about what you’re investing in and how it works.

Once you have finalized your research, chosen your investing app, and got your ID, it’s a simple 5-step process to get your first crypto purchased.

1 – Sign up for an account

This step is very straightforward, requiring an email, strong password, and your personal information. Make sure to enable 2-factor authentication (2FA) to add a layer of security to your account, once you verify your email, you’re set.

2 – Verify your identity

Before you buy any crypto in Australia, the app or exchange will have to verify who you are for tax reporting and anti-money laundering purposes. This is as simple as inputting your driver's license or passport number and sometimes providing a photo of the document to prove its authenticity.

This step can sometimes take a few hours as someone will have to check your documents, although some apps can instantly verify depending on the technology they deploy.

3 – Connect your bank account or debit/credit card

This is the way you will fund your account, some apps allow you to input both your bank account and card details. Make sure to double-check the fees charged, as some apps will charge for a debit/credit card transaction, but not for a bank transfer. There are also some apps which can view your card transactions and round up the difference into crypto.

4 – Search for the crypto you want

Use the search function to find the cryptocurrency you wish to buy, you can search via the name or the ticker symbol, which is an abbreviation used to identify the crypto, Bitcoin’s ticker symbol is “BTC”.

It’s best to double-check and search via the ticker symbol of the crypto you wish to purchase, as some cryptocurrencies have similar names, for example, there is Bitcoin (Ticker: BTC) and Bitcoin Cash (Ticker: BCH), which are very different.

5 – Enter the amount of crypto or AUD amount you wish to spend

Enter the amount of crypto you wish to buy, you do not have to buy a whole amount, such as 1 Bitcoin, you are able to buy fractions of any crypto, such as 0.04 Bitcoin. It is easier to input the amount in Australian Dollars you wish to spend, so you don’t accidentally spend too much.

With that done, you now own your very own cryptocurrency! If you plan to invest more into crypto, it’s best to look at getting a crypto wallet to more safely store your assets.

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