Ethereum has emerged as the second-largest cryptocurrency in terms of market capitalization and is undoubtedly one of the most popular digital assets in the crypto world. If you share an interest in buying Ethereum in Australia, just like other crypto-enthusiasts, you’re in the right place.
Here, you’ll get insight into the step-by-step guide to buying Ethereum in Australia. But before jumping into the steps, let’s know what Ethereum is.
Ethereum: What Is It?
Ethereum is a popular blockchain technology platform specifically made to cater to cryptocurrencies and decentralized applications (DApps). It is highly demanding in the crypto world for its use of the best blockchain technology to bring security, innovation, and openness to the table.
Step-By-Step Buying Guide
To buy Ethereum in Australia, follow these simple steps:
1. Compare & Pick a Crypto Exchange Platform
You must sign-up to a cryptocurrency exchange platform to buy and sell Ethereum. When determining the platform, you must consider a few things like its convenience in use, fees, whether it’s Australia-based or not, what coins it offers for trading, etc.
Also, a wallet is essential for storing your Ethereum. Numerous platforms now enable people to create a wallet and buy and sell on a crypto exchange.
2. Sign-Up & Proceed With Identity Verification
This step is quite simple, but the process may differ slightly depending on the platform you’re using. Most likely, you’ll have to submit some ID proof to set up your account. So, you must prepare your documents, including your proof of residence, passport, or driver’s license, beforehand.
While setting up the crypto-trading account to buy Ethereum, pick your username, enter a strong password, fill in all the required personal details, complete the 2-factor authentication, and finally verify your email ID.
3. Link Your Bank Account & Make Payments
You must add your bank details, link it with the platform, select a payment method that’s more convenient for you, and make a deposit in your trading account, which is mostly free. However, a few platforms may incur additional charges if you convert your currency to deposit in Australian Dollars.
4. Navigate To The “Buy” Section & Choose Ethereum
With some funds stored in your crypto wallet, you’ll be ready to buy Ethereum. No matter which platform you’re using, it will have a “trade” or “buy” section for sure. Go to that section, choose Ethereum, and select the amount of money you want to invest (number of coins you wish to buy), check if you completed all the steps and filled all the fields correctly, and confirm your Ethereum purchase.
Ethereum In Australia: What Can You Buy With It?
Although Ethereum isn’t a favored currency for use yet, some places accept Ether as a mode of payment. These places are Shopify, Gipsybee, and Overstock—some world-recognized online stores.
Unfortunately, Australian retailers are yet to embrace the benefits and features of this cryptocurrency. No worries, as Australians can use Ethereum as a standard mode of payment in the NFT market. So, you can use Ethereum to buy and sell any NFT.
Is Buying Ethereum Safe?
Buying, selling, or trading Ethereum in Australia is entirely safe and legal, provided you’re buying it from one of the regulated, licensed, and best crypto exchanges. You can consider buying Ether to be safe if the exchange features multi-layered security while showing a registration certificate with AUSTRAC.
So, get in contact with the most reputed crypto exchange platform in Australia to enjoy a seamless buying process. Make sure you follow these steps and buy Ethereum in an easy, safe, and convenient way.