Ethereum is a programmable blockchain; this technology powers applications that can be used by
anybody, along with allowing you to send cryptocurrency to anybody. It is about more than just
payments, offering a marketplace for a range of things, including apps, games, and financial services.
The currency of Ethereum apps is Ether (ETH), a digital and global cryptocurrency that you can use
online. Ethereum and Ether (ETH) are often easily confused, but the difference between the two is
that Ethereum refers to the blockchain, while Ether is the coin that is Ethereum’s primary asset.
Where to Buy Ether?
ETH is a very popular cryptocurrency due to the wide-reaching application of Ethereum. By market
capitalisation, it is the second-largest currency after Bitcoin. Because of this, it’s easy to find ETH
available to buy on almost every cryptocurrency exchange out there. When deciding where to buy
ETH, it’s important to make sure that you are getting it from a trustworthy source in order to avoid
being scammed. The best way to do this is to make sure that you are buying from one of the best
Australian cryptocurrency exchanges. Ideally, you should choose one that is registered with
AUSTRAC to prevent money laundering and terrorism financing.
Swyftx is a top exchange choice for buying ETH as it is a very user-friendly exchange, especially for
anybody who is new to crypto. It also offers a unique demo mode that you can use to get some
practice in for risk-free buying and selling of crypto with free virtual money. It has excellent
customer support and a responsive Live Chat team.
How to Buy Ether
To buy ETH, you should follow these four steps:
Step 1. Compare Crypto Exchanges
The first step is finding a cryptocurrency exchange that is trustworthy, legitimate, and you are comfortable with using. You can check out comparisons and lists of different exchanges to find the top-rated options. Swyftx is one of the top crypto platform recommendations for Aussie investors, along with CoinSpot and Digital Surge.
Step 2. Create an Account
Once you have found the ideal cryptocurrency exchange for you, it’s time to open an account. For most exchanges, this will involve completing a short form and providing your personal information. Once you have opened your account, you will then need to verify it, which typically involves verifying your contact information and identity, which usually involves uploading a copy of your ID to the exchange for the Know Your Customer process. The length of this process will vary between exchanges, with some faster than others. You can usually look around the exchange before your verification is complete but will not be able to begin trading
Step 3. Deposit AUD
Once your account has been verified, the next thing to do is to deposit money into the account. How you do this will depend on the exchange that you have chosen, but there is usually a clear ‘Deposit’ button on the interface that you will click on. You’ll usually be given a selection of currencies to deposit, although some Australian exchanges operate only in AUD, which makes it easier.
Once you are on the Deposit page, you can choose from a range of different deposit method options. Bank Transfer using Osko is a popular option as it is instant, while some users prefer to deposit using a credit or debit card, although it is worth bearing in mind that only a handful of exchanges accepts this method. If you use one that does, such as Swyftx, it may take around half an hour to forty-five minutes for your funds to be available.
Step 4. Buy ETH
Once your money has been deposited into your cryptocurrency exchange account, you can start buying Ether. You will usually do this by navigating to the ‘Trade’ page on most exchanges where you will find an option to buy cryptocurrency. Then, search for ETH and click on it. Bear in mind that some exchanges offer ETH (Ether) and ETC (Ethereum Classic), so make sure that you choose one before you buy. Choose an amount that you want to purchase in AUD and follow the steps to make your trade. You will usually be asked to confirm the amount that you want to buy, and once the transaction has gone through, your ETH will be stored in your exchange wallet, where you can store it or move it to an external wallet.
Once you have purchased ETH at most exchanges, it will be transferred to your wallet on the exchange. However, storing ETH or any other cryptocurrency in your exchange wallet is not recommended since it is not as secure and you do not have as much control over your cryptocurrency. This means that in the event of the exchange falling victim to a cyberattack, you will be at a higher risk of losing your funds. To safely store your ETH, it is a good idea to set up a separate crypto wallet. Bear in mind that some wallets are designed only for Bitcoin, so make sure that the one you get supports ETH. Once you have set your wallet up, you can then transfer the funds from your cryptocurrency exchange wallet.
Yes, buying and selling Ether is legal in Australia.
All the steps above can be followed to purchase any cryptocurrency that you like as long as it is supported by the exchange that you are using. If you are using Swyftx, for example, then over 270 different cryptocurrencies are supported, so you can certainly use the above steps to purchase the coin that you are looking for easily.
PayPal is not typically offered as a deposit method by the best Australian crypto exchanges. However, if you want to deposit with PayPal, you can do so on the eToro Australia platform. You can use PayPal to deposit here, but bear in mind that this is only possible for trading CFDs, or contracts for difference, rather than buying Ether for you to own. If you are only able to pay with PayPal and really want to invest in ETH as the price is about to rise, this can be a good option.
However, for other exchanges or for buying ETH that you own, it’s not recommended to use PayPal since it’s not accepted by most Australian crypto exchanges. However, most will offer a range of fee-free deposit methods including PayID, bank transfer, credit cards, debit cards, POLi, and more.
Credit cards are not a widely accepted deposit option for most crypto exchanges in Australia, so if you want to use this method of depositing your money, Swyftx is the best exchange to choose. Simply follow the above steps to create an account on Swyftx and choose the credit card option when you are depositing funds to the exchange.
Like credit cards, debit cards are also not widely accepted on Australian cryptocurrency exchanges. Luckily, this is another deposit option that is offered by Swyftx, so once again, this is the best exchange to use if you want to use this payment method. All you need to do is set up your account and select the debit card option when depositing.
If you want to instantly buy Ether without the need to make a deposit to the exchange first, then it’s worth considering an exchange called Easy Crypto Australia. This exchange allows you to buy without any need to deposit beforehand. Instead, it works in a similar way to online shopping by paying straight from your bank account, and the ETH will be sent directly to your personal crypto wallet rather than being stored on the exchange. None of your fiat currencies or cryptocurrencies are ever held on the exchange since it is non-custodial.
Buying Bitcoin works in a very similar way to buying ETH – in fact, you can apply the above steps for buying ETH when buying Bitcoin.
If you want to use USDT to buy ETH, you will first need to send it to an exchange that offers crypto-to-crypto trading or coin swaps. If using Swyftx, for example, first send the USDT to the wallet address in your Swyftx account, before clicking on Trade once it has been received, and then navigating to Swap. Search for USDT and then select ETH as the coin that you want to swap it for. Finally, choose how much USDT you want to exchange and click the Swap button to finalize your purchase.
Buying and selling ETH in Australia is a safe experience as long as you are using one of the secure and reputable crypto exchanges available. All of the best exchanges feature multiple layers of security and are registered with AUSTRAC, allowing you peace of mind when investing.