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3 simple steps to buy crypto in Australia

A woman holds her phone with investment performance on it and a screen showing the value of various cryptocurrencies
Investing in crypto is a lot like investing in shares (Source: Getty)

So the hype around crypto has finally gotten to you and you’re ready to ride the Bitcoin-rocket to the moon (or into the ground), but you’re unsure how to buy a ticket?

Buying cryptocurrency in Australia is just like buying regular shares.

Here’s a basic guide to investing in crypto.

Pick a platform

You’ve probably heard of a crypto wallet. This is just a fancy name for the app or website that you purchase your crypto on, and store it.

When picking the platform you want to purchase your crypto on, you need to consider a few things, like: security, fees and which coins are on offer.

Comparison sites like Canstar can help you choose which platforms will work for you. But you should always undertake your own research around the platform too. For example, you might want to read customer reviews: is the app user-friendly? Does it offer any education? Can you purchase coins directly with AUD, or do you need to pay foreign exchange fees too?

Once you decide on a platform, you’ll need to sign up. That usually involves picking a username and password, filling in some personal information and setting up two-factor authentication for an extra layer of security.

In some instances, you’ll also need to link your bank account or select your preferred payment method (e.g. PayID, Osko).

Choose your coin

Once you’re signed up, it’s time to pick your poison: will it Bitcoin, Ethereum or Doge? Or a combination of all three?

This part is up to you. However, it’s a good idea to do your due diligence and undertake some hefty external research before you dive in.

CoinDesk, Brave New Coin and offer some great information around cryptocurrency. Alternatively, you can look at the Government’s MoneySmart website, which offers some basic information on the risks and benefits of investing in crypto.

Start your trade

The process for trading will change depending on which platform you choose.

However, it will generally follow this process:

  1. Head to the purchase section and select the cryptocurrency you want to trade

  2. Choose which crypto you’d like to purchase

  3. Enter how much of that crypto you’d like to purchase (usually in dollar amount, i.e. $100 of Bitcoin)

  4. Double check your purchase

  5. Confirm your trade.

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