How to buy Ethereum (ETH) from Australia

By   |   Verified by Andrew Boyd   |   Updated 2nd March 2022

  • 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

Swyftx

On Swyftx's website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 260 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.
eToro Crypto

On eToro's 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.
CoinSpot

On CoinSpot's website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 360 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.
Digital Surge

On Digital Surge's website

Highlights

  • Trade 270+ crypto assets in a clean design that's easy and fast to use.
  • Live chat support available 7 days a week with average response times of less than 1 minute.
  • Invest in crypto for your SMSF and get ATO compliant reporting.
Independent Reserve

On Independent Reserve's 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.

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.