Ethereum is a decentralised, open-source blockchain network that supports smart contracts and is the world’s second-largest cryptocurrency by market cap. It transcends the basic functions of a store of value or medium of exchange, like Bitcoin. Instead, Ethereum serves as a versatile computing platform, enabling developers to build and deploy decentralised applications (dApps) and smart contracts without central authority.
Ethereum has stated that its goal is to become a global platform for decentralised applications. To put this in simple terms, think of Ethereum as the foundational layer for a new digital realm. It’s like a global computer, allowing various applications such as music streaming services, video games, NFT trading and token swapping to thrive.
The Ethereum blockchain was first launched in 2015. Since then, it has paved the way for other decentralised smart contract platforms like Cardano, Solana and Avalanche.
Ether (ETH) is the native cryptocurrency for the Ethereum network and is used to pay for network fees and reward users participating in the Proof of Stake consensus mechanism. You can buy Ethereum and other digital currencies in Australia in just a few clicks with low fees and minimal spreads on the Swyftx crypto trading platform.
Swyftx is an AUSTRAC registered Australian exchange featuring its own user-friendly mobile app and web trading platform where you can easily deposit cash to buy Ethereum in Australia. When you purchase Ethereum and other crypto assets through Swyftx’s trading platform, you will pay some of the lowest transaction fees compared in the country.
With built-in charts for Ethereum's price provided by TradingView, portfolio tracking and market news updates, you’ll never miss an ideal ETH trading opportunity.
If you’re new to cryptocurrency, you can use our demo mode to trade fiat currencies and other digital assets with zero financial risk or effect on your own cryptocurrency portfolio. This allows a place to buy Ethereum and other cryptocurrencies with real-time market data and figures, allowing you to learn and understand the markets in-depth. Then, when you are more confident and ready to trade crypto, you can turn off demo mode and deposit money to purchase cryptocurrencies such as Ethereum with AUD.
Swyftx also has an outstanding customer service team providing personalised, round-the-clock support to all users.
After buying Ethereum or any digital currency on Swyftx, it will be safely stored in your personal wallet with any other ETH holdings. You can track the progress of your ETH investment as well as the other cryptocurrencies own via your dashboard
You can withdraw your ETH to an external hot wallet, cold wallet or etc. via the withdraw tab in the app. Simply scan the QR code for your wallet or paste in the wallet address. It's recommended to send a test amount before sending the whole thing. This is to ensure that your crypto is not lost in the case that you use an incorrect wallet address.
Gas fees are fees paid in ETH for transactions on the Ethereum network. The purpose of gas fees is to compensate Ethereum validators for the computational power used to verify and process transactions on the Ethereum blockchain.
Gas fees fluctuate based on how congested the Ethereum network is. When the network is congested and lots of people are trying to transact on the Ethereum network, gas fees will typically increase.
Proof of Work and Proof of Stake are two different consensus mechanisms used to confirm transactions on a blockchain network.
Proof of Work (PoW) was the algorithm made famous by Bitcoin and was previously used by Ethereum to verify transactions without third party interference. Put simply, this requires computers (known as miners) to compete against each other to verify transactions. This process requires the use of significant amounts of computing power and is therefore costly both financially and environmentally.
Proof of Stake (PoS) is the current model used for decentralised finance by Ethereum, which relieves the need for such high usage of electricity. This method uses an alternative method to verify transactions and reach consensus. While PoW mechanisms reward miners for solving complex mathematical equations in order to verify transactions and create new blocks, Proof of Stake systems select a user to create the new blocks instead.
The best place to buy Ethereum is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Ethereum (ETH). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of ETH is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Ethereum with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy ETH instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
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Easy to use, good fees rates, good support...
Easy to use platform, with great customer support.
Been using this platform the last 2-3 years. It is easy to use and user friendly. Wish they would have more trading pairs like other exchanges.
The platform is both user friendly and un-obtrusive. There are no brokers pressuring you to invest more money and Swyftx has a user friendly interface...
Easy to use reliable platform. Helpful friendly support.