How to buy Ethereum (ETH) from Australia

Nikita Sheth avatar
Written by   |  
Andrew Boyd avatar
Verified by
Updated 21 Oct 2022

Name

Price (AUD)

24h change

  • 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

Binance Australia

On website

Highlights

  • Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
  • Access the world's biggest platform for buying, selling, and trading crypto.
  • Trade and stake thousands of cryptocurrencies and trading pairs.
  • Deposit funds without worrying about any extra charges.

Pros

  • Low trading fees.
  • Easily deposit funds using credit or debit cards.
  • Practice with demo trading before diving into real investments.
  • Access powerful charting and trading features designed for experienced traders.
  • 24/7 live chat support.
  • AUSTRAC regulated.

Cons

  • The platform's user interface can be complex for beginners, making it harder to navigate initially.
  • Ongoing regulatory challenges in various countries could raise concerns for some users regarding its long-term stability.
Swyftx

On website

Highlights

  • Access over 440 assets, including Bitcoin, Ethereum, Ripple, Litecoin, and DeFi tokens like UniCoin.
  • Choose from multiple payment options, including PayID, OSKO, POLi, and bank transfers for deposits and withdrawals.
  • Learn the basics of crypto trading with Swyftx’s demo mode, allowing risk-free mock trading.

Pros

  • Australian-based platform with AUSTRAC regulation.
  • Access to 440+ crypto assets.
  • Quick customer support—live chat replies within 5 minutes.
  • Integrated tax reporting for easy tracking.
  • Supports trading in AUD, USD, and NZD.

Cons

  • Limited access to advanced trading markets.
  • Trading fees start at 0.6% for regular users, higher than some competitors.
eToro Crypto

On 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.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
CoinSpot

On website

Highlights

  • Trade a wide variety of over 530 cryptocurrencies, including top options like Bitcoin, Ethereum, and Litecoin, suitable for both beginners and seasoned traders.
  • Simple and intuitive interface for easy navigation and management of your cryptocurrency investments.
  • Focuses on strong security with two-factor authentication (2FA) and cold storage for your digital assets.
  • Based in Australia and fully registered with AUSTRAC for compliance and trust.

Pros

  • Trade at just 0.1% fee and withdraw in AUD for free.
  • Purchase crypto packages (Bundles) in a single transaction.
  • Multiple deposit options with free PayID and Direct Deposit.
  • Access to the CoinSpot NFT Marketplace.
  • User-friendly mobile app for easy trading on the go.
  • Earn $10 in BTC by referring a friend.
  • 24/7 customer support is available.

Cons

  • Margin trading is not available, as it focuses on buying, selling, and swapping a wide range of cryptocurrencies.
  • Fewer selections of cryptocurrencies compared to larger global exchanges.
Independent Reserve

On website

Highlights

  • Automate your cryptocurrency trading strategy with Independent Reserve's AutoTrader feature.
  • Instant deposits are available 24/7 via bank transfer, PayPal, debit, or credit card.
  • Invest in crypto for your SMSF with detailed ATO compliance reporting.

Pros

  • Fee-free deposits and trading fees starting from 0.02%.
  • Built-in tax calculator to simplify your tax return process.
  • Australia's first insured cryptocurrency exchange.
  • ISO certified and has an AUSTRAC license.

Cons

  • Limited selection of cryptocurrencies compared to other platforms.
  • 1% deposit fee for transactions made with debit/credit cards or PayPal.

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.

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business