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- Ethereum is an open access, community-run digital platform that provides access to the cryptocurrency ether or ETH.
- Ethereum is decentralised so you can trade ETH with another party without going through an intermediary such as a bank.
- The platform is programmable so you can use it to buy other digital assets including Bitcoin, NFTs, or other cryptocurrencies.
This step-by-step guide will take you through the process of buying Ethereum from Australia today.
Where to buy Ethereum
On website
Highlights
- Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
- World's largest crypto exchanges.
- Buy, sell, trade, and stake 1,000s of crypto coins and trading pairs.
- Zero-fee deposit via PayID or Osko from Australia.
Pros
Cons
On website
Highlights
- Receive $10 worth of BTC when you sign up and verify your account.
- Trade over 300 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
- Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
- New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.
Pros
Cons
On website
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
Highlights
- Access thousands of assets across multiple categories.
- Copy trades of popular investors that trade Crypto.
- Access powerful analysis tools and innovative social features.
Pros
Cons
On website
Highlights
- Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
- Refer a friend and earn $10 BTC.
- Get 24/7 helpdesk support.
Pros
Cons
On website
Highlights
- Instant deposits 24/7 via Osko/PayID.
- Fee-free deposits are available. Trading fees from 0.5% down to 0.02%.
- Invest in crypto for your SMSF and get detailed reporting for ATO compliance.
Pros
Cons
Step 1: Select an exchange that sells Ethereum
Ethereum is one of the biggest names in cryptocurrency and is listed on practically every crypto exchange. Finding one that sells Ethereum is not difficult — we've listed some good options above — but there are some points of differentiation to consider: account funding options, what they charge for trades, and also if they charge a fee on deposits and withdrawals.
Step 2: Register and verify your identity
After you've chosen an exchange, you'll have to register an account and prove your identity. What information is required will vary by the exchange. Typically you'll need to provide your name, date of birth, and address. Additionally, a copy of a government-issued form of ID may be required before your account can be verified and secured. In all, this process can be completed within a few minutes.
Step 3: Set your budget
Crypto is a volatile asset class that experiences bull runs and sudden drops, so it's important to decide how much to invest in Ethereum and stick to it. Only ever invest what you can afford to lose.
Step 4: Fund your account
You can send fiat currency or cryptocurrency to your exchange account.
Most exchanges accept fiat currency (AUD) transfers from a bank account, credit card, or debit card. Payments via PayID, PayPal, POLi, etc. may also be supported, but this varies widely between exchanges. Fiat deposits can take a few days to clear into your account at the exchange.
An alternative way to fund your account is to transfer cryptocurrency from a wallet you control, but this may incur processing charges.
A minimum amount may be required for your first deposit.
Step 5: Buy Ethereum
Various order types are available for buying, much like there are with a stock broker. More complex order configuration tends to be limited to exchanges that are more geared towards the intermediate to experienced trader.
If you are new to trading, a market order is the easiest option, i.e. buy Ethereum at the next available price. Some exchanges offer the ability to configure recurring buys, which means you can take advantage of dollar cost averaging over time.
Where to store your Ethereum
You can store Ethereum in the exchange wallet and third-party wallets.
If you want easy access to your coins, store your Etherum in a hot wallet (e.g. at the exchange). Hot wallets are very accessible, meaning you can trade more frequently. However, they have a greater risk of theft since they are connected to the internet.
A safer alternative is to store your Ethereum in a cold wallet. These offline storage devices can be manually connected to the internet when you want to access your crypto.
