How to Buy and Sell Ethereum in Australia?
A step-by-step guide to buying Ethereum (ETH) in Australia.
Ether (ETH) is the native token of the Ethereum network and one of the most well-known digital currencies. It can be bought and exchanged on a variety of cryptocurrency exchanges or via a broker.
Many Australian investors will likely enter the crypto market for the first time now following Ethereum new all-time highs in 2021. This straightforward and helpful guide has been put together to assist you in doing so safely and securely.
What's in This Guide?
- Quick Guide: How to Buy Ethereum in Australia
- Buying ETH: A Step-by-Step Guide Australia
- Using Fiat Money to Buy ETH in Australia
- How to Sell Ether Australia
- Which wallets are best for buying Ether?
- How does Ether function?
- What to Consider Before Buying ETH?
- Key Points
Quick Guide: How to Buy Ethereum in Australia
- Open an online account with an exchange
- Verify your account
- Deposit funds into your account
- Search for Ethereum coin and click Buy
- Enter the amount you want to buy
- Review the transactions details
- Confirm your order
Buying ETH: A Step-by-Step Guide Australia
When looking to invest in Ethereum in Australia, you can either:
- Purchase ETH using fiat money, such as AUD
- Purchase ETH using another cryptocurrency, such as Bitcoin (BTC) or Ripple (XRP)
Using Fiat Money to Buy ETH in Australia
If you’re looking to buy Ether with fiat currency, such as the AUD, follow these steps:
1. Open an account with a cryptocurrency exchange
Since there are so many exchanges to choose from, compare the usefulness and reliability of those that list ETH before deciding on the best site for your needs.
As one of the most reputable crypto brokerages, eToro makes it simple to buy ETH in Australia.
To open an account with eToro, go to their homepage and click “Join Now”. Then provide them with your name, phone number, email address, and create a password.
Luckily, eToro also allows you to sign up using Gmail or Facebook, if you’re looking to save time.
Following that, you’ll be asked to provide POA (proof of address) or POI (proof of identity) once you’ve been asked to confirm your username.
2. Place a deposit into your account
You’ll be able to fund your account once you’ve finished your profile. To do so, go to the lower-left corner of the screen and select “Deposit Funds”.
Keep in mind that the minimum deposit on eToro is just $200. eToro accepts PayPal, credit and debit cards, as well as UnionPay, as a payment method.
3. Buy Ether
To purchase Ether, select “Crypto” from the “Trade Markets” section of the navigation bar.
The next page will display a list of all cryptocurrencies available on eToro. In this case, we’ll be buying Ethereum (Ether).
Once you have chosen “Ethereum” you’ll have the chance to amend the terms of the trade after hitting “Buy”.
In the upper right corner, you can choose between “Trade” and “Order.” If you choose “Trade”, you will place a business order, which will settle for the best deal available. Otherwise, if you select “Order”, you can choose the price you want to pay.
Once you’re satisfied with all of the settings, select “Open Trade.”
How to Sell Ethereum?
Similar to step 3 above, you can also sell your Ethereum in Australia by following these steps:
- Log into your eToro account.
- Go to “Portfolio” under the “Watchlist”.
- Select “ETH” (Ethereum).
- Click the “Sell” button in red.
Which Wallets are Best to Hold Ether (ETH)?
A very important aspect when buying Ethereum is having a reliable wallet to store your ETH.
A wallet functions in a similar way to a bank account. It allows you to store your Ether, while also sending and receiving it to and from other users.
Choosing the right wallet can seem impossible due to the large variety of options available, but it’s crucial that you use the right one.
That is why we are here to help you. For crypto investments, eToro and its own wallet, eToroX, are both super user-friendly.
When it comes to choosing a digital wallet for your Ether, one of the most important factors is security. Fortunately, ASIC regulates eToro, ensuring the level of protection that a prospective investor would prefer.
How Does Ethereum Function?
But what is Ethereum exactly? To begin with, Ethereum is a public blockchain network. Anyone can enter and add computing power to the network by mining. Miners are rewarded with Ether (ETH), Ethereum’s underlying token, in exchange for supplying network power.
There are many features that come with Ethereum, however, there are two primary aspects to it that are often discussed and are considered unique; smart contracts and decentralized applications (or DApps).
Smart contracts are computer protocols that promote, validate, or implement agreements in a digital format. Without the use of a human intermediary, these activities take place on Ethereum’s blockchain network. Smart contracts are used by governments and banks, among many other industries such as real estate and construction, because of their speed, affordability, security, and reliability.
DApps, run smart contracts. On Ethereum’s blockchain network, anybody can create new applications or digital tokens (ERC-20 tokens). Financial services, games, and even new kinds of tokens may be among these applications.
The Ethereum Blockchain as a Service, or EBaaS, was created as a result of a collaboration between Microsoft and ConsenSys, and provided the foundation for the adoption of Ethereum by numerous global companies.
What to Consider Before Buying ETH?
Choosing what cryptocurrency to invest in can be difficult. There are many things to consider, all of which will ultimately impact your decision.
You’ll want to make a clear evaluation of what makes a cryptocurrency a good investment, taking volatility into special consideration.
Here are some things to consider when it comes to Ethereum before you invest.
According to CoinMarketCap, the circulating supply of Ether is 117,932,835 ETH, at the time of writing.
Unlike Bitcoin, Ether has no maximum supply cap and instead has an annual issuance limit of 18,000,000 ETH per year.
The circulating supply is one of the first considerations for investors when choosing whether or not to buy a cryptocurrency. The creation of coins has a profound effect on a coin’s worth due to supply and demand principles. Ethereum is a coin that does not have a finite supply.
Although there’s no set limit on the total supply and availability of Ether, one way to ensure a shortage is to lower the inflation rate.
Indeed, if you look back at previous ETH projects, you’ll notice that Ethereum was created with the goal of lowering inflation over time. In fact, the supply of Ethereum expands every year. As a result, year after year, average inflation falls.
Ethereum was originally created with a proof-of-work mining algorithm, but will soon switch to a proof-of-stake system as part of the Casper update.
Casper was created to increase scalability and combat centralization, and its success will have a significant effect on Ethereum’s future. According to CoinDesk, the transition to proof-of-stake is expected to lower the annual insurance rate of Ether from around 5% to less than 1%.
The Enterprise Ethereum Alliance (EEA) is a non-profit organization dedicated to accelerating industry adoption of Ethereum’s blockchain technology. If it is effective in increasing the use of Ethereum, this will lead to an increase in ETH demand. The more multinational companies invest in Ethereum, the more confidence is put in its value.
Ethereum is well-known for its numerous partnerships with large corporations, many of which have adopted Ethereum’s technologies into their own activities.
The EEA is made up of all of Ethereum’s partners. Microsoft, JPMorgan, and Accenture are just a few of the many companies within the EEA.
Ethereum currently has the highest profile of any decentralised platform. Ether is the second-largest digital currency in terms of market capitalization, thanks to its first-mover advantage, and the Ethereum platform is synonymous with the development of decentralized apps (DApps).
Check Out: Is Ethereum Worth Buying in 2021?
eToro – The Best Platform to Buy Ethereum in Australia
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
- With Ethereum reaching new all-time highs in 2021, many investors will enter the market for the first time.
- You can buy Ether either with fiat currency such as the Australian dollar or with other cryptocurrencies.
- To buy ETH with fiat money, follow these three steps: 1) find a crypto exchange such as eToro, 2) put money into your account, 3) and buy your ETH.
- The four steps to sell ETH on eToro: 1) log into your eToro account, 2) go to “Portfolio” under the “Watchlist”, 3) select “ETH” (Ether), 4) click the “Sell” button in red.
- Ethereum is one of the most well-known blockchain and cryptocurrency ventures. It has a market capitalization of A$380.431 billion, making it the second-largest cryptocurrency.
- Financial services, games, and even new kinds of digital tokens may be among decentralized applications.
- The Casper upgrade was created to increase scalability and combat centralization, and its success will have a significant effect on Ethereum’s future.
- The Enterprise Ethereum Alliance (EEA) is a non-profit organization dedicated to accelerating industry adoption of Ethereum’s blockchain technology.
Is Ethereum a good investment in 2021?
Ethereum is a great investment because it’s easy for retail traders to invest in and has long-term growth potential.
Is buying Ethereum safe?
Yes, Ethereum is one of the most reputable cryptocurrencies. To make sure your investment is safe, you should use a crypto exchange, such as eToro, since it’s one of the world’s safest, largest, and most trustworthy exchanges.
Is it possible to buy stuff with Ethereum?
Yes, Ethereum may be used to buy goods and services or exchanged for currencies. The number of merchants that accept Ethereum as a means of payment nowadays is growing.
Is Ethereum good for the long term?
Ethereum is considered a good long-term investment. Ethereum is the second most well-known cryptocurrency after Bitcoin, although studies have found that it could be a more stable and a better “safe haven” investment during tough economic times.