Okay, so you’ve heard a lot about Ethereum, and you want to learn how to buy some. Before we get too far along, here’s a quick primer on buying digital currency.
If you want to purchase cryptocurrencies, then more often than not you’re going to go through an exchange or a CFD broker. These platforms are websites that gives you the ability to buy, sell, and trade cryptocurrencies. For most crypto platforms, you’ll sign up, log in, and deposit funds. Once that’s done, you can use your funds to trade crypto, like Ethereum.
There are several cryptocurrency exchanges and CFD brokers available in Australia. However, most of them only support a small number of coins. At the very least, these platforms will support bigger digital currencies like Bitcoin and Ethereum.
For selling and buying Ethereum in Australia, we’ll focus on our two favorite platforms: Plus500 and CoinSpot. These options are easy to use and offer a wide variety of cryptocurrencies available for purchase. Let’s take a closer look at how to buy Ethereum.
Note: 80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.
Where to Buy Ethereum in Australia
Contract for Difference
A Contract for Difference (CFD) is a product which gives users the advantages of holding a Commodity, Stock, Option, or Coin, without needing to own it physically. A user will enter into a CFD at a specific price. Then, when the position is closed, the difference between the two is paid out in cash. This is where the term Contract for Difference comes from.
Our favorite CFD broker for Australians is Plus500. On this site, you’ll have an easy way to learn about the price of Ethereum. You don’t have to worry about storage or having limited deposit options, and the site is also fully regulated. With Plus500, you’ll get a simple, innovative, and reliable platform on which to “buy” Ethereum. All this makes Plus500 our favorite way to get exposure to Ethereum.
Standard Crypto Exchange
Using a standard crypto exchange to buy Ethereum in Australia, you’ll need a platform that lets you buy, sell, and trade cryptocurrencies. One of the best options available is Coinspot, as it is an easy to use site which provides an online wallet. The exchange allows users a simple way to buy cryptocurrency, and it’s always adding new coins.
How to Sell or Buy Ethereum Using Plus500
Plus500 is a CFD site that provides users with a way to rid the ups and downs of cryptocurrencies without the need to deal with the annoyance of storing them in complicated crypto wallets. To get started buying and selling Ethereum using Plus500, you’ll first need to navigate to the site and create an account. Click on the “Start Trading Now” button on the homepage (80.6% of retail CFD accounts lose money).
On the next page, choose that you want an account mode using Real Money. You’ll also notice on this page that you can download Plus500 on your Android or iPhone device.
After you choose Real Money, you’ll move on to a page that has a form. Fill out the email address and choose a password, or you can choose to create an account based on your Google or Facebook information. Once that’s done, click “Create Account.”
Next, you’ll need to provide additional personal information along with some documentation for verification purposes. When that’s complete, your account is activated.
Depositing and Buying
After you receive approval for your account, you can begin to deposit your funds. With Plus500, you can buy Ethereum in Australia using Skrill, Paypal, debit cards, credit cards, or via bank transfer.
Once the funds arrive in your account, you’re ready to buy Ethereum. On the left side of the screen choose the “Trade” option, then choose “Cryptocurrencies” to see the complete selection of CFDs available.
Using Plus500 is an easy way to buy Ethereum in Australia. It provides a quick and simple method to buy crypto CFDs at the click of a button.
When you’re ready to buy Ethereum, click the “Buy” button. A window will show up on the right which will allow you to set your order parameters. You can specify the profit levels, the stop loss levels, and set the number of contracts. Once you’re satisfied with your choices, click the Buy button.
When your order fills, you’ll get a notification that tells you about your position, which includes the appropriate margin, the funds available to trade, and the profit or loss. Then you’re ready to close. Select the “Close” option that shows up by your position.
How to Buy Ethereum Using CoinSpot
CoinSpot is a cryptocurrency exchange that resides in Australia. Unlike CFDs, CoinSpot is an exchange that lets you buy, sell, and trade cryptocurrencies. Users get a great experience with a platform that is accessible across several different devices.
If you want to start buying Ethereum with CoinSpot, you’ll first have to register with the site. One the main page of the platform you’ll see a “Register” option located in the top right corner.
The next page has a form you’ll need to fill out to register on the CoinSpot account. Just enter your email address, a password, and a referral code if you have one. If not, let the site know you’re not a robot, then click on the blue “Create Account” button at the bottom of the form.
You’ll receive an email asking you for verification. Click on the link provided in the message to confirm your account. The link takes you back to the CoinSpot exchange where you’ll verify your identity before funding your account.
Click on “Account” in the top right, then select “Verification.” CoinSpot asks for documentation validating your personal information. This is something the vast majority of cryptocurrency exchanges require, so there’s no need for alarm. These verification steps are also known as Know-Your-Customer (KYC) and are there to provide safety and protection for everyone using the exchange.
We’d also recommend enabling two-factor authentication on your account. This is a method that creates an additional layer of security which helps to protect your funds on the CoinSpot account. This is done either through Google’s Authentication application or through SMS.
Depositing and Buying
Once your identity is verified, you can start depositing AUD into your CoinSpot account. To do this, navigate to the Dashboard and select “Deposit AUD.” Then select the payment option you want to use to fund your account.
The payment option you select will determine whether your funds are available right away or if you have to wait a few days. The CoinSpot site explains how long each payment method will take.
When the funds arrive in your account, you’re now ready to start buying Ethereum. Click on the “Buy/Sell” option at the top of the exchange. Then scroll down until you see Ethereum and click “Buy ETH.”.
On the next screen, you can enter how much Ethereum you want to purchase. You can see the amount in both ETH and AUD. When you’ve entered the amount, click on the “Buy” button at the bottom of the screen.
A popup will appear asking you to confirm your purchase. Review all the information, then click “Confirm Buy” when you’re ready. Once everything completes, you’ll receive your Ethereum in your wallet. Navigate to the “Wallets” option located at the top of the exchange to view your balance.