Ethereum is the second-largest cryptocurrency after Bitcoin by market civilization. It is a decentralized public ledger powered by blockchain technology that is known for its native cryptocurrency Ether (ETH). Today we will explain How to buy Ethereum in Australia, the benefits of buying Ethereum, and much more
People often get confused, technically Ethereum is the blockchain technology behind the cryptocurrency Ether (ETH) which enables you to use smart contracts & decentralized applications. This blockchain technology has now become popular in the cryptocurrency market.
Ethereum’s current price is around 3,956.35 AUD and the venture capitalist and blockchain investors see a bright & long-term future profit in buying ETH. The technology is evolving and it has become relatively easy & simple to buy Ethereum in Australia with the available platforms in the industry. Let us study the step-by-step guide for buying ETH in Australia.
How To Buy Ethereum In Australia? Quick Guide
Ethereum currency has gained hype among potential investors in the cryptocurrency market. Buying Ethereum is no longer a difficult task for investors. The good news is that ‘Binance Australia’ provides a hassle-free process to buy ETH quickly with sophisticated tools. All you need to do is to-
Install the application Binance Australia,
Verify your identity,
Deposit AUD with the payment option either through bank transfer or with a debit/credit card (charge of 2% fee applied)
Where To Buy Ethereum In Australia?
The foremost thing before buying any currency is to look for the best available platforms and the platform that accepts payments in AUD. To buy ETH, make sure to look for the exchange platform which charges low buying & selling fees, zero deposit fees, and minimum charges on withdrawal. The crypto exchange which is available in Australia must be regulated by the AUSTRAC to comply with local laws & rules.
There are platforms in Australia that are popular among investors and known for their user-friendly features & easy to moderate tools suitable for beginners & highly experienced traders.
- Swyftx Currency Exchange is a user-friendly mobile app available for iOS & Android that allows you to buy & sell Ethereum anytime you want.
- A trending Australian exchange that claims to offer the best prices in Australia. The trading fee is 0.6%, no deposit fee on cryptocurrency & AUD, and no withdrawal fee.
- Several payment options: Bank transfer, Credit card, Cryptocurrency, Debit card, Osko & PayID are available on eToro.
- Trade ETH & the other 300+ crypto assets like BTC, BTG, BCH, ADA, ETC, FIL, LTC, NEO, XRP, and as well as UniCoin.
- New users can use the demo account to trade Ethereum with zero financial risk or effect on their own cryptocurrency portfolio and after understanding the crypto market you can switch to a real account & purchase currency with AUD.
- eToro is available as a mobile application with a free demo account for beginners and gives a $100,000 practice amount to deeply understand the crypto market.
- eToro is the world’s biggest platform for social trading & functions in over 140 countries. The Australian operations of eToro are managed by ASIC.
- eToro charges zero commission fee on trading US stocks, however, users need to pay a currency conversion fee of 0.5% for a bank transfer and 1% for other payment options.
- eToro enables users to buy & sell Ethereum & It provides a wide range of stocks for trading & investing like US stocks, market index, commodity & currency CFDs c/a Contract for Differences & cryptocurrencies like Bitcoin & Dogecoin with 100+ more options.
- Binance has over 13.5 million users worldwide & it offers a simple interface application that is available on smartphones & web.
- Binance is an advanced crypto exchange platform with exceptional tools for experienced traders to buy, sell or borrow Ethereum and other 500+ cryptocurrencies like BTC, ETH, XRP, LTC, BCH, EOS, TRX, XLM, NEO, etc.
- Binance charges a 0.01% fee on trading currencies which is relatively the lowest and zero deposit fees. However, the withdrawal fee varies from asset to currency.
- Several deposit methods are provided on Binance like a Credit card, Cryptocurrency, Debit card, Osko, and PayID from over 15 fiat currencies USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more & all the crypto assets.
What Are The Ways Of Buying Ethereum?
There are different ways available to buy Ethereum in the crypto market. Here we will discuss How to buy Ethereum in Australia with different payment methods
Buy Ethereum With PayPal
Australian users can buy ETH in just a few steps with Paypal on the eToro exchange and hold the keys.
- Create your account on eToro.
- Select ‘deposit funds’ showing on the main screen, and then choose from the given payment method by entering the amount you want to deposit.
- After this, click continue.
- Now, you will be redirected to the Paypal page to log in. Login to move further.
- Check the transaction before proceeding.
- Click ‘pay’ to continue.
- In a few minutes, your funds will be showing in your account and you can now proceed to buy Ethereum. Note: There is a limitation on Paypal that is you have to sell ETH back to Paypal and you cannot withdraw the ETH to your wallet or not even transfer it to other users of Paypal. Not all platforms support Paypal.
Buy Ethereum With Bitcoin
- Buying Ethereum with Bitcoin can be possible. You can buy Ethereum with Bitcoin on almost every cryptocurrency exchange platform.
- You just have to choose the platform where you can directly exchange BTH for ETH. A platform like eToro is one of the most popular applications to buy ETH and you can easily sell bitcoin by your existing account or by signing up for a new account.
- Most of the cryptocurrency platforms support buying ETH with Bitcoin. It is because most of the global Ethereum trading volume is realistically done in the ETH & BTC pair, and not the ETH & USD pair or any other pair.
Ethereum Price And Prediction
Price: The current price of Ethereum is $3014.05 ( on 26 April at 5:35 am) with a market capitalization of $482,576,107,234.68. Ethereum is the first cryptocurrency to use smart contracts, coded instructions on the Ethereum blockchain that allow developers to perform financial transactions with certain algorithms. The price of Ether has increased from $0.311 at its launch in 2015 to around $4,800 at its highest in 2021 with maximum volatility.
Prediction: According to experts, the Ethereum prices can grow up to 400% but it is just a prediction. Cryptocurrencies are volatile and if we talk about Ethereum then it has proven to be a highly volatile crypto asset. It is almost impossible to predict the future of Ether. This is due to the coming upgrade in the technology of Ethereum to a less energy-intensive version referred to as ‘Ethereum 2.0’. The experts are waiting for the market investors & companies’ reaction to the Ethereum platform & how they respond to the changes because it will decide whether the ETH prices will become high or go down!
Benefits Of Buying Ethereum
Now that we know how to buy Ethereum in Australia with different payment methods let’s see some of the benefits of buying Ethereum in 2022.
Ethereum came out in 2016 and since then it has gained popularity among quality investors & companies pushing the digital economy. Ethereum is the blockchain technology powering thousands of decentralized applications & NFT tokens. There are exclusively several benefits of buying Ethereum. Below is the list of most important benefits:
1- Smart Contracts: Ethereum is the first one to establish smart contracts (digital agreement) technology which made it popular in the crypto market. Foreign investors and global companies have an option of good investment that has a new & upgraded level of interconnection for business & individual traders around the world.
2- Tokenization: According to the survey- The World Economic Forum (WEF) stated that up to 10% of the GDP will be transacted & stored with blockchain technology. The concept of tokenization on Ethereum any asset can fractionalize previously resembling assets and get bonuses & incentives.
3- Network size: A network with hundreds of nodes that allow millions of users to function altogether on Ethereum technology. Network scale is important for corporate collaborations that are bound to outgrow a few nodes.
4- Private transactions: The private information is encrypted in Ethereum and only shared with those who need to know. Businesses may attain privacy by starting private partnerships with private transaction layers.
5-Performance: Ethereum will be able to boost because of the protocol-level solutions (sharding and off-chain) and as well layer two scaling solutions (plasma & state channels)
Risks Of Buying Ethereum
Risk and cryptocurrencies are two words that have been interlinked since the launch of crypto in the world. There are chances of the high risk involved if we talk about buying cryptocurrency. Now, let’s talk about them.
1- Highly Volatile: Cryptocurrencies are highly volatile, which results in significant gains & losses for potential investors. Investing in Ethereum can be risky like other cryptocurrencies. In the past bubble, the prices of Ethereum have changed which is counted as a major disadvantage for experienced traders & beginners.
2- Challenging programming language: The programming language similar to C++, Python, and Java and in comparison the coding language of Ethereum, may be challenging. It is a drawback for newbies and they need to hire developers.
3- Scaling issues: Ethereum runs on a ledger which is a platform for smart contracts which can be attacked by hackers, leading to errors and malfunctions unlike other cryptocurrencies like bitcoin which has a fixed purpose.
Buying Ethereum From Binance Exchange
Here in this section, we will discuss how to buy Ethereum from Binance Exchange in detail
Choose An Exchange That Sells Ethereum
Buying Ethereum has several benefits and few risks. Choosing the right exchange platform before buying ETH is important by keeping in mind the features, tools, availability of other cryptocurrencies, payment options, and fees on that platform. Binance offers many options to users.
You can easily buy Ethereum (ETH) with the lowest fees and highest security anywhere in the world. Learn how to buy Ethereum (ETH) with the Binance app now.
Create & Verify Your Account
Binance offers you three ways to register your free account- by the Binance app, by the website using your email, or your mobile number. So, before buying ETH you need to create your account with Binance and register yourself.
Next, you need to upload the photograph of your identification document for verification. After this, your account will get verified by the app, and then you can proceed to add a deposit in the next step.
Fund Your Account
Click on the ‘Buy Crypto’ on the top left which will show the available options for Australia & other countries.
Binance offers four payment options i.e – debit/credit card, bank transfer, P2P trading ( buy ETH from other users with a peer-to-peer service) & third party payment ( Osko & PayID ). Choose one option to deposit an amount for buying ETH.
After funding your account now you can successfully buy ETH. Binance allows you to store it in your crypto wallet or simply hold it in your Binance account.
Best Wallet To Keep Your Ethereum Coin In Australia
We have discussed How to buy Ethereum in Australia, now we have to store these coins in a secure place.
Here in this section, we will discuss the best Ethereum wallet in Australia to store your eth coins.
There are many crypto wallets available and Ledger Nano X is the most popular and tops the wallet list in terms of prices & safety.
Ledger Nano X Ethereum Wallet
The most popular crypto hardware wallet that allows you to store your private keys in a physical device, that’s the reason for the hype of Ledger Nano X Wallet. It supports over 1800 coins including Ethereum, Bitcoin, Cardano, Dash, etc.
Beginner & even experienced investors use a hardware wallet for the maximum security of ETH & other cryptocurrencies. Traders consider it the best Ethereum wallet in the market. You can also run third-party apps on Ledger Nano X and don’t require any technical proficiency, making it safe & easy for newbies.
The OS of Ledger Nano X Wallet is BOLOS, which its developers integrate into a secure chip system and makes it secure to store your ETH coin, the main highlight of the wallet. When you open the device, it’ll ask you for the PIN and in case you forgot your PIN it will also provide you with a recovery sheet.
How To Sell Ethereum?
Selling Ethereum coin as simple as buying it. Below we have mentioned simple steps to Sell your ETH for AUD
Choose A Platform
Selling Ethereum requires a crypto exchange platform that supports Ethereum. Look for the available options of platforms and choose wisely by keeping in mind the commission fee & other charges.
Link Bank Account
Connect your existing bank account with the platform to cash Ethereum. Fill in the asked information like name, date of birth, etc, and proceed.
Transfer ETH To The Platform
Send the desired amount of Ether simply from where it’s kept in the new wallet. The transfer will happen almost instantly & spontaneously.
Sell Your Eth Against A Preferred Cryptocurrency
By placing an order on an exchange, Ethereum can be traded just like any other cryptocurrency. Most of the exchanges are done either by placing an order and waiting for other users to accept it or you can opt for an already placed order to fill. The exchange rate is normally calculated automatically by the exchange platform where you’re selling your ETH.
Withdraw Funds Into Your Bank Account
Once the trade is complete the funds will appear in your crypto exchange account. From there now you can withdraw the funds into your bank account. This process may take several business days depending on your bank & platform.
Pay Withdrawal Fee
Withdrawing fiat currency will also charge fees. These fees differ significantly depending on the specific trading platform.
How To Buy Ethereum In Australia: Conclusion
We hope this detailed guide on How to buy Ethereum in Australia will help you in buying ETH coins. Buying Ethereum is simple & convenient and choosing the best platform like Binance makes it easier to use. Binance is a popular application available on the web & apple store & play store.
Binance’s simple user interface attracts investors around the globe. It is already home to millions of investors & traders. The app provides incomparable features which make it possible to buy ETH from Binance.
It is an advanced crypto exchange platform with exceptional tools for experienced traders to buy, sell or borrow Ethereum and other 350+ cryptocurrencies. Binance incurs a 0.01% fee on trading currencies which is relatively the lowest and zero fees on the fiat & crypto deposits.
Payment options like a Credit card, Cryptocurrency, Debit card, Osko, and PayID are available on Binance. People trust Binance and that’s the reason it provides exceptional services in the world.