Where Can You Buy Cryptocurrencies In Australia?

In 2017, Bitcoin has gained mainstream popularity. Wherever information is exchanged, you are sure to hear about the current price of Bitcoin or where Bitcoin is headed next. At this point, it’s safe to say that Bitcoin is the world’s most popular cryptocurrency. In fact, it is the very first cryptocurrency that started the cryptocurrency revolution by introducing blockchain.

If you’re here, you are probably interested in buying cryptocurrencies. In this article, we have summed up several ways that you can buy Bitcoin and alternative coins in Australia. The most popular method to buy Bitcoin is by going to an exchange. In Australia, there are already several popular exchanges that you can go to.

Due to the regulations imposed by the Australian government, everyone who registers for an exchange will have to verify their identity. Once you have completed the process of registering and identifying yourself with the exchange, you are now ready to trade cryptocurrencies. Before you decide to buy cryptocurrency, here are a few things that you need to keep in mind about exchanges.

  1. Not every exchange has every cryptocurrency in the market.
  2. There are varying transaction fees that you need to pay.
  3. The security of an exchange is not guaranteed.
  4. There are daily limits when you want to buy or sell.
  5. There are several payment methods in exchanges.
  6. It is not recommended for you to store your cryptocurrencies in an exchange.

Before you sign up for an exchange, you should do your research on what type of cryptocurrencies the exchange offers. Due to the wide variety of cryptocurrencies in the market today, you may find that certain exchange does not offer the trading of an alternative coin of your choice.

However, most major cryptocurrency exchanges offer to trade of popular cryptocurrencies such as Bitcoin and Ethereum. In addition to finding out the types of cryptocurrencies and the offer, you should also research the security measures imposed by the exchange. Some of the good security measures that you should look out for include the two-factor authentication process and the multi-signature transaction.

Prior to signing up for a cryptocurrency exchange, you have to research a wallet that you want to store your cryptocurrency assets in. It is not recommended to store your cryptocurrency profit in exchanges because they are highly susceptible to hacking. Due to the popularity of cryptocurrencies, Australian exchanges have been facing troubles in verifying and accepting new users.

Where can I buy cryptocurrency in Australia?

If your goal is to trade Bitcoin, almost every exchange that you come across will allow you to trade this cryptocurrency. This is mainly because Bitcoin is popular, and it is even accepted as a method of payment in many exchanges. As an investor, Bitcoin is a standard investment item in your portfolio. That said, if you are interested in trading alternative coins, you may have to do some research on exchanges that accept the trade of the coins of your choice. Now, let’s take a look at exchanges that carry a wide range of cryptocurrencies.

  1. CoinSpot

Exchanges: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, NEM, Dash, Litecoin, Ripple, Monero, IOTA, Golem, and many more.

Among all the exchanges in Australia, this exchange is one of the most popular ones. Furthermore, this exchange is great if you are a diversified investor with multiple numbers of cryptocurrencies in your portfolio. Regardless if you are a beginner or an advanced trader, you will find that this website is easy to use because it has user-friendly navigation that makes it simple for you to get started. Once you register, you can easily start trading.

As an Australian, this exchange provides you with the advent of paying in Australian dollars. As a whole, this exchange a very good because it offers trading for nearly 60 cryptocurrencies.

  1. BTC Markets

Exchanges: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Ripple

This Melbourne-based exchange will allow you to use Australian dollars to fund your account. However, the downside to this exchanges is it does not allow you to trade a large variety of alternative cryptocurrencies. With this exchange, you can use BPAY and Poli to pay for cryptocurrency transactions. If you are a beginner, this is a good exchange to get started because it has a very simple interface and the deposit methods are pretty straightforward.

  1. Binance

Exchanges: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, NEM, Dash, Litecoin, Ripple, Monero, IOTA, and many more

Among all the other virtual exchanges in the list, this exchange is relatively new to the market. You have the opportunity of trading Bitcoin and other alternative coins on this platform. However, the major downside of this platform is that you cannot exchange fiat currencies. If you are a diversified investor, you will find that this exchange can suit you as it offers a huge list of cryptocurrencies that are available for trading.

  1. Shapeshift

Exchanges: Bitcoin, Bitcoin Cash, Dash, Ether, Golem, Litecoin, Monero, Ripple, and more.

This exchange is very different compared to others on this list because you can only trade cryptocurrency such as Bitcoin and any other alternative coins by exchanging them for one another. That said, the prerequisite of using this exchange is that you must already own another cryptocurrency in a separate exchange.

  1. Bitfinex

Exchanges: Bitcoin, Bitcoin Cash, Dash, Ether, Golem, Litecoin, Monero, Iota, Ripple, and more.

This exchange is the world’s largest Bitcoin trading platform. That said, it is perfect for advanced cryptocurrency traders who are looking for a step up from their regular exchange platform. It offers advanced charts that will help investors keep track of the movement of the cryptocurrencies more closely. However, due to the complicated seating available on this website, beginners will not find the website to be convenient.

Although so, it is worth mentioning that Bitfinex was hacked and resulted in $72 million of Bitcoins being stolen. With any other cryptocurrency exchange that you want to choose, always do your research on whether they had a recent hacking or attack on their system.

  1. Coinbase

Exchanges: Bitcoin, Litecoin, and Ether.

This is yet another platform that is appealing to cryptocurrency users because it allows you to exchange three of the major cryptocurrencies. Similar to many other exchanges, this exchange will require you to present your identification card. The website charts make it easy for beginners to track the movement of their desired cryptocurrency.

  1. CoinMama

Exchanges: Bitcoin or Ether.

This platform is great for people who want to purchase cryptocurrency using a credit or debit card. However, this will come with a high cost. In addition, you don’t have to verify your identity use this platform. The has also been under fire because they have poor security measures which means that investors who want to trade using this platform must transfer their Bitcoin or cryptocurrencies into a wallet instantly.

  1. IO

Exchanges: Bitcoin or Ether.

This is yet another exchange that allows the exchange of fiat currencies for cryptocurrencies by using a credit card. However, Australians may not find it to be quite useful because it does not offer any exchange in Australian dollars. Hence, if Australians still chooses to use this platform, the transaction costs are going to be a bit higher. Also, there is a limited number of cryptocurrencies that you can trade using this platform.

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