How to buy Ethereum in Australia 2021

Summary: The safest and fastest way for Australian investors to buy Ethereum is through a regulated cryptocurrency platform like CoinSpot. They offer low trading fees, instant AUD deposits and are a trusted digital asset trading platform

By
James Glennon
on
4 November, 2021
Ethereum (ETH)

Why is Ethereum so Popular?

Ether, the Ethereum network's native currency is the world's second most valuable crypto asset. It currently has a $539 billion market cap. If you had made an ether (ETH) purchase a year ago, its value would have skyrocketed by 1000%

In contrast, the S&P/ASX 200 index, the Australian Securities Exchange’s (ASX) most prominent stock index, has had an average annual return of 9.3%. The S&P 500, on the other hand, has had a 38.8% increase over the last year. 

Ether is currently outperforming most financial assets, bitcoin included. Its fans can hardly wait  for the 'great crypto flippening' or the moment that ether ascends to the top of the cryptocurrency market's most valuable asset spot. 

How to buy Ethereum in Australia

The safest and fastest way to buy Ethereum from an Australian bank account is through the CoinSpot trading platform. They are Australia's largest cryptocurrency exchange boasting over 2 millions users and 300 different cryptocurrencies for investors to buy, sell and trade.

They offer fees between 0.1 - 1% on each cryptocurrency trade and are overall the best option to get started in Australia. The guide below outlines how to buy your first ETH in Australia.

1. Create a CoinSpot Account

First, navigate to the CoinSpot home page and click the Register button. Create your account and complete the process by verifying your account and performing the 2-factor authentication (2FA) process.

Buy Ethereum on CoinSpot

2. Deposit Australian Dollars

Log in to your account. You will find a “Deposit AUD" link on your dashboard. CoinSpot accepts POLi, PayID, BPAY and Osko AUD deposits and bank transfers. POLi payments are faster.

AUD to SOL

3. Buy Ethereum

Now it is time to make your ether purchase. To do that, click on your account's "Buy/Sell" tab. Select "Ethereum" as your cryptocurrency of choice, then click buy. Specify the quantity of ETH that you would like to purchase by specifying the amount of ETH that you will spend.

To wrap up this process, click "buy". Watch out though… While most fiat currencies transactions are reversible, cryptocurrency transactions are not. Blockchain technology creates an unchangeable and secure record of data, so double check your transaction details before clicking that buy button.

The exchange's Instant Buy & Sell feature will levy a 1% per charge per transaction. On top of this, you will pay the Ethereum network's fee or gas that may range between $1 and $6 for a transaction.

Is it Legal to buy Ethereum in Australia?

Yes. Cryptocurrency trading is legal in Australia. That said, the Australian tax code treats digital currencies as assets, so you will pay capital gain taxes on your ETH investment. There is, however, an ongoing review of the crypto capital gain tax rule by the Technology Financial Center (ATFC) Senate Committee.

ETH Price AUD

The chart below is a live price of Ethereum (ETH) in Australian Dollars.

Why is CoinSpot the Best Exchange for ETH?

You can make your ether purchases from just about any Aussie cryptocurrency exchange. That said, exchanges have varying trading fee structures, liquidity levels, and registration processes. These factors will impact your purchase process and the profitability of your ether assets. 

As an illustration, some Australian cryptocurrency exchange trading fees could be 5% higher than common mid-market rates. Others may have hidden charges, may not support direct AUD purchases, or may have slow account verification processes. 

To this end, if you are planning to purchase ether, go for an easy-to-use exchange platform that has deep liquidity and has a fixed and transparent fee structure. As an illustration, CoinSpot has a clear fee structure and supports AUD to ether purchases. 

It has an easy and fast registration process and has a peer-to-peer crypto market for the intermediate crypto investor. Additionally, CoinSpot has an Australian Transaction Reports and Analysis Centre (AUSTRAC) registration and has the largest number of users of all Aussie exchanges.

Conclusion

There you have it. A super easy guide on how to buy Ethereum in Australia. Use it to make your ETH purchases from registered cryptocurrency exchanges for ultimate safety.  

get started with coinspot
James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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