So, you want to know how to buy Ethereum in Australia? Want to jump straight to the answer and learn how to buy and use Ethereum as Australians residents?
You can Buy Ethereum in Australia in 5 easy steps:
In the following sections, we will explain the process to buy Ethereum in Australia in greater detail.
Please note that Cryptocurrency investments are high-risk investments. Any investment decision is under the responsibility of the individual. We are not financial experts, and the resource links below are provided for information purposes only. They are based on our own research and experience with Ethereum (ETH) in Australia. They are not intended to be legal and/or financial advice.
|Price Today||2,215.48 Australian dollars (AU$)|
|24 hour % change||-1.90|
|7 days % change||-5.06|
|30 days % change||31.41|
|60 days % change||30.01|
|90 days % change||-0.97|
Ethereum is the second most popular and valuable cryptocurrency, ranking just behind Bitcoin. Its creator is Vitalik Buterin, and Ethereum was first launched in 2015, to be much more than simply a digital currency.
The next step is to decide how and where you will buy Ethereum. For most first-timers, the easiest and most convenient option to buy Ethereum in Australia is to use a Ethereum broker.
There are several brokers offering Ethereum in Australia, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
The final step is to submit an order through your chosen platform. No matter which platform you choose, you’ll usually need to sign up for an account first. Depending on the platform you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.
Once your account has been verified, you’ll need to enter the amount of ETH you want to buy, choose your payment method, review the fees and the total cost of the transaction and then finalise your purchase.
The exact steps you’ll need to follow vary depending on the payment method and type of platform you choose, so keep reading for more details on the different ways you can buy Ethereum (ETH) in Australia.
With hundreds of platforms to choose from, finding the best Ethereum exchange for your needs is a challenging task. Consider these key factors when comparing exchanges:
While the regulatory environment surrounding Australia digital currency exchanges is becoming clearer all the time, the same can’t be said for some overseas-based exchanges. Do some research to find out where an exchange is based, the regulatory requirements that apply in that country, and whether the exchange complies with those requirements.
There are many different ways you can purchase Ethereum, each of which has its own pros and cons.
The biggest advantage of buying Ethereum with PayPal is that it’s quick and easy to do as you’ll no doubt be aware if you’ve ever used PayPal to purchase anything else online.
You may need to hunt around for the right platform, and if the platform you choose doesn’t accept AUD, then you’ll need to be fully aware of the fees that apply.
Another way to buy Ethereum with Australian dollars (AU$) is to choose a platform that accepts bank transfer deposits. Choose a platform that accepts POLi Payments. Transfers using this system are typically processed more or less instantly, but they may attract higher fees
Many Ethereum brokers and exchanges allow you to buy Ethereum using your credit card in Australia. These include platforms like eToro and Coinmama, and using your credit card allows you to make quick and convenient purchases.
Whichever payment method you select, make sure you consider the following:
Regardless of whether you choose a Australia or overseas-based crypto exchange, make sure you compare a range of options before deciding which platform to use.
Our research highlighted several AUD platforms, but few are based in Australia and offer transparency. For this reason, we suggest considering the following locally-owned (and trusted) platforms.
Local platforms are often preferred by individuals seeking to invest in Ethereum in Australia, as given the high risk and volatility of the crypto market, investors feel more confident and safe when trading on a recognizable platform close to home, benefiting from access to locally based customer service and support and added degree of security and transparency. Two good options of local Australian-based platforms for individual retail traders wishing to buy or sell Ethereum are:
The Melbourne based cryptocurrency exchange enjoys a good reputation and is highly regarded by Australian traders, who greatly value its safe and reliable platform, though which they can fulfil all their crypto trading needs. On the Coinspot exchange, users can easily and instantly buy or sell Ethereum and other popular cryptos are well as engage in the trading of crypto pairs and crypto to fiat pairs.
Swyftx is a locally based crypto exchange preferred by many Australians mostly due to its low trading fees and very competitive spreads, which it ensures through the backing of a strong network of global liquidity providers. Besides Ethereum, Swyftx users can also buy and sell hundreds of other popular and less well known cryptocurrencies, thus being able to uncover and pursue countless lucrative opportunities.
These platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of people living in Australia. Both options are free to join, funded from any Australia bank account/card, and have a local support team.
Remember to also enable 2-factor authentication on your account for extra security.
From your Coinspot account dashboard, select the currency you want to buy – in this case, Ethereum (ETH).
Specify how much money in Australian dollars (AU$) you want to spend, up to an order limit of AU$10,000.
Click “Buy Now”. Pay through the Coinspot website via POLi Payments or deposit the required funds via bank transfer. Once Coinspot has received your payment, your order will be automatically processed and will typically arrive in your inbox within a few minutes.
Remember to take a moment to review the full details of the transaction before you finalise your transaction.
The ETH/AUD pair represents the exchange between Ethereum, the second largest and an increasingly popular and widely accepted cryptocurrency, and Australia’s national currency, which is one of the most traded and strongest fiat currencies in the world.
Ethereum’s strong performance, as its blockchain technology is pivotal to the development of decentralized applications and blockchain-based smart contracts, render it a very popular yet volatile asset, presenting a huge potential for price speculation for interested investors. Moreover, ETH is even more attractive to investors than BTC, since it is still significantly cheaper and thus more affordable to invest in.
On the other hand, the AUD enjoys great popularity among traders due to the higher Australian interest rates, the more relaxed approach of the Australian government to the forex and fintech market, its strong position as one of the world’s major currencies and its high exposure to the developing Asian economies.
Thus, the combination of the strongpoints of these two assets, render their pairing one of the most popular crypto-to-fiat currency pairs in the market, while the increasing volume of ETH to AUD transactions bring substantial profit-making opportunities for traders.
To successfully trade the ETH/AUD pair, interested investors should closely follow crypto market news on ETH’s performance, as well as interest rate and monetary policy decisions announced by the Reserve Bank of Australia (RBA). It is also important to keep track of the ETH to AUD rate in real-time to be able to timely spot the best trading opportunities as soon as they arise.
The Ethereum to Australian dollars (AU$) pair features ETH as the base along with AUD, the official currency of Australia, as the counter currency. The value of the pair can be interpreted as how many Australian dollars (AU$) can be purchased with one ETH or how many Australian dollars (AU$) it takes to purchase one ETH.
ETH to AUD is a very popular crypto-to-fiat pair. The pair’s counter currency – Australian dollars (AU$) – is the official national currency of Australia. The crypto market, including Ethereum, is extremely volatile, which provides huge potential for speculation. Observing the popularity of ETH to AUD exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
Second only to Bitcoin, Ethereum has a market capitalization of $77.5 billion and a high market share. In terms of its historical performance it gave a hefty return of 17,000% when its price rose from $9 in January 2017 to $1389 in January 2018, however its price crashed soon after. More recently, and following a steady downwards streak, it has once again started to rise as of the early days of 2021.
As a result and consequence of the progressive approach of the Australian government to the fintech industry and its desire to encourage growth and innovation, in 2017 a regulation subjecting cryptocurrencies to double taxation was abolished and cryptocurrencies, including Bitcoin, Ethereum and even Dogecoin, as well as cryptocurrency exchanges are currently legal in Australia.
Since then, cryptocurrency transactions must abide by the provisions of the Australian Anti-Money Laundering and Counter-Terrorism Financing Act, while all cryptocurrencies subsequently became subject to the Capital Gains Tax.
Moreover, since 2018, AUSTRAC, Australia’s financial intelligence agency, implemented new laws and rules for digital currency exchange (DCE) providers, who were consequently required to register with AUSTRAC and also meet all the AML/CTF compliance and reporting obligations set by the Australian government. Furthermore, the county’s watchdog, the Australian Securities and investments Commission (ASIC), has also issued regulating guidelines that must be adhered to by all participants in the crypto asset market, including issuers of crypto-assets, crypto-asset intermediaries, miners and transaction processors, crypto-asset exchange and trading platforms, payment and merchant service providers, wallet and custody service providers, and also consumers who engage in the retail purchase or sale of such cryptocurrencies.
Ethereum, Bitcoin and other cryptocurrencies are viewed as assets and property by Australian tax authorities and thus are taxable and must be declared by tax payers. Though in the past the Australian Tax Office was adopting a more relaxed approach, the dramatic increase in the number of Australians investing in crypto assets in recent years, had made them tighten their grip and closely scrutinize tax returns to make sure tax payers properly declare their crypto transactions.
If you are an Australian tax resident, then your gains from cryptocurrencies like Ethereum are not only taxable when cashed back into Australian dollars, but are treated similarly to gains from other investments such as shares. As a general rule, you must report every time you buy, sell, convert into fiat currency or exchange one cryptocurrency with another cryptocurrency, as all of these transactions are subject to capital gains tax in Australia.
Although Australia currently does not have specific legislation related to cryptocurrencies, any form of regulation is enforced by the Australian Securities and Investments Commission (ASIC). Cryptocurrency is treated as property for purposes of income tax legislation.
You can check this Australia cryptocurrency guide for more information.