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Investing in Ethereum in Australia has never been easier. With Swyftx, you can buy Ethereum quickly and securely. We’re here to walk you through the process of how to purchase Ethereum (ETH) so that you can easily understand how it works.
In this article, we’ll explore where to invest in Ethereum, how to purchase it safely and how the process works on the Swyftx platform.
A common misconception is that you buy Ethereum. This is not actually the case. You buy Ether (ETH), which is the cryptocurrency that powers the Ethereum network.
The Ethereum platform is used to execute peer-to-peer smart contracts. It also provides an environment where you can run decentralized applications on the blockchain without any downtime, fraud or control from a third party.
Ether (ETH) is the native token of the Ethereum blockchain and is used to pay for transactions on its platform. It’s a digital currency, but it can also be viewed as fuel or energy that powers smart contracts within the network. It is currently the second-largest cryptocurrency by market capitalisation, behind Bitcoin.
There are a number of crypto cryptocurrency exchanges that list Ethereum for trading. However, it’s important you choose a cryptocurrency exchange that is suited to your needs and personal preferences.
Other ways to purchase Ethereum in Australia include peer-to-peer and CFD trading platforms. A CFD trading platform list cryptocurrency derivatives, which mirror the price of crypto assets. These platforms can be convenient, however, they may not accept your preferred currency, opting instead for other fiat currencies like USD or GBP.
Generally, crypto exchanges are regarded as the best avenue to buy and sell Ethereum and other cryptocurrencies.
All biases aside, there are reputable services through which to purchase ETH and those that are not-so-reputable.
Things to look out for when choosing an exchange are online reviews, what security measures they have in place, how reputable they are, how much transaction fees will cost you and how intuitive their website is.
Using a crypto exchange that is AUSTRAC registered is highly recommended. This means they have an AML/CTF program (Anti-Money Laundering and Counter-Terrorism Financing) in place.
Swyftx is an AUSTRAC registered exchange with a robust security framework in place to ensure that our users are can invest in Ethereum in a safe environment. Our platform integrates advanced security features including Two-Factor Authentication (2FA), breached password detection and biometric logins.
Each and every platform is different but processes for purchasing should be relatively similar. For the sake of a concise explanation we’re using our platform, Swyftx, to break down step-by-step how to buy ETH.
You can register for your Swyftx account here. You’ll need to provide a few personal details like your name, email address, phone number, as well as creating a secure password.
To activate your account, you’ll need to verify your details.
This can be done from the menu on the left by clicking Profile and then selecting Verification from the drop-down. Apart from verifying your contact details, such as mobile and email, you’ll need to provide proof of ID. This will need to be government-verified identification, such as a Driver’s License or Passport. You won’t have to scan or print any documents. Swyftx has an ID verification system that scans your documents through your computer in minutes.
Before you can purchase ETH you’ll need to have a balance in your Swyftx account. In the left menu select Quick Deposit. It’s actually possible to deposit certain cryptocurrencies by transferring from an external digital wallet. The most common option though is to do an AUD deposit.
Under the Deposit AUD page, you’ll see a range of payment options including Bank Transfer which is virtually instantaneous. You can also use a credit or debit card, however, this can take a little longer to arrive in your account.
On Swyftx there are no fees associated with depositing via Bank Transfer. Simply select your preferred payment method and follow the prompts. Make sure you have your bank account or card details readily available.
Now that your Swyftx account is flush you can invest in your ETH coins.
Hit ‘Trade’ in the left menu and select ‘Buy’ from the dropdown.
A blue search box will appear for you to enter the asset you’d like to purchase. Type in ‘Ethereum’.
When you are selecting which cryptocurrency to buy make sure you have selected ETH (Ether) and not ETC (Ethereum Classic). Similar names, but two different coins.
The price will be displayed in the centre of the page in real-time. The box below stating ‘How much AUD?’ will allow you to enter the amount you wish to purchase in its fiat equivalent. It will also tell you what that equates to in ETH, after taking out Swyftx’s 0.6% fee.
Once you’ve hit ‘Instant Buy’ you’ll be prompted with a pop-up box to confirm your transaction details. If all checks out, simply hit the Confirm button.
Usefully, you won’t need an external wallet to store your ETH. The Swyftx platform holds your Ethereum wallet on the exchange itself.
We’d like to think the article above has given you all the tools you need to get started investing in ETH.
Want to learn more? The ‘Learn’ section of our website is a great place to brush up on your crypto knowledge.