If you are thinking of buying Golem, Ethereum or Bitcoin while using your Australian dollars, you could be feeling confused as to where to start and how to go about it. As a newbie, learning about the world of cryptocurrency can be overwhelming because you don’t want to make a wrong investment and end up losing your money.
However, it doesn’t have to be a challenging process. If you want to buy cryptocurrency using Australian dollars, it might take you some time before your account is verified depending on the company you use to do the exchange. You can check the how-to on cryptohead.io. That’s the only stressing issue that you could encounter. Below are three easy steps you can use that will help you buy Ethereum in Australia.
- Get Ethereum Wallet
The starting point when you want to buy Ethereum is getting a wallet. This will be used to hold your Ether once you purchase them. Some Ethereum wallets exist. The Hardware Ethereum wallets are usually the best when it comes to security and safety of your ether.
If you are a beginner and you don’t have the cash to buy one, you can always start with a software wallet which is free. Be careful with such a wallet because they are not as safe as the hardware ones and are prone to internet hackers.
- Buy Ethereum
The next step is to buy Ether from an exchange company. One thing you have to consider is whether you are buying actual Ether or joining platforms which only let you see how the price is performing. If you join the latter, you will not be able to have access to your coins and send them to other people.
If you want to exchange your Australian dollars for crypto, we highly recommend using an exchange called CoinSpot. The beauty of this exchange is that you won’t wait for days for the bank to make a deposit. CoinSpot is a convenient option because you can trade more than 50 coins in one location, which makes it one of the exchanges that allow this in Australia. Because of this, you will pay slightly higher compared to the other markets.
Even though there is no mobile app for CoinSpot, the website works well and is very responsive and fast. It won’t give you a headache when trading. One thing you have to keep in mind is that if someone hacks into your CoinSpot account, it is easy for them to transfer your Ethereum into their account. Security is of utmost importance. When logging in, use a two-step authentication process for your account to verify that you are the owner of the account. Don’t disclose your wallet address to anyone online. It is easy for them to target you by querying your balance.
- Withdraw Ether to Wallet
Once you buy Ethereum, you need to remember to withdraw it into your wallet. This is usually applicable when you use an exchange to buy Ether. The reason for doing this is because, if you don’t move your Ether to your personal wallet, the exchange company can get hacked or go out of business, which would mean that you would lose all your coins and money.