There are many trading platforms you can choose from when purchasing Ethereum in Australia, and to aid you in selecting the most suitable option, bear these aspects in your mind:
Security.
Check out the security features the platform offers, such as 2-factor authentication and encrypted emails using PGP. Storage user funds in cold storage are considered standard in the industry. However, insurance funds are less widespread and are a sign of good security practices.
Where is it registered?
Making use of a local exchange is a smart idea. It will most likely take Australian dollars and local payment methods, such as BPAY. This helps to in avoiding foreign exchange costs.
Selecting an exchange based in Australia implies that it will most likely be listed with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which means it will have to adhere to the laws of Australia.
Other features of the platform.
Look for additional options to meet your trading or investing needs. Some exchanges now allow you to gain a return on your investments, and some even provide cryptocurrency debit cards that let you spend your cash.
Fees.
Read the fine print to determine what the transactions will be. Based on the platform you select, they could include spreads as well as trading fees, charges for withdrawals, and deposits.
Read about the experience.
The reviews of Finder’s crypto exchanges include customer comments, which help you get a better picture of the platform’s suitability for users who are just starting, like you.
Using exchanges that are registered with AUSTRAC
There are a variety of locations to purchase Ethereum, and those who reside in Australia can select from the platforms that are registered at home or in other different locations around the globe. Registering locally for an ETH exchange usually offers more ease of use, but it can also be a disadvantage according to your needs.
With these best strategies, you can easily and safely Ethereum buy Australia, protect your investment, and ensure that you have a secure and smooth payment process.
Pros
Exchanges in Australia must comply with AUSTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
- You can typically purchase Ethereum using the currency AUD.
- Exchanges in Australia generally accept local payment options like PayID, POLi, and BPAY.
- It is possible to get local assistance.
Cons
You’ll have to supply your personal information and evidence of ID. This is not ideal when you wish to do business in anonymity.
The AUD-to-crypto rates are typically more expensive than USD-to-crypto rates, and, in some cases, you pay more for purchasing directly using Australian dollars.
Certain features are not accessible on exchanges registered with AUSTRAC. Examples include Margin trading with high leverage, DeFi features, and some altcoins.
Alternative Methods to Buy Ethereum
Ethereum trading is usually connected with the purchase and sale of ETH through a cryptocurrency exchange. There are, however, a few alternatives to consider if you wish the opportunity to buy ETH.
Contract for Difference (CFD) is one of the most well-known methods to speculate about the price of an asset like wheat, gold, or stocks, as well as crypto. CFDs in ETH can be purchased from a range of traditional brokerages and platforms for trading.
When you purchase the Ethereum ETF, you’ll gain exposure to the value of the actual asset using an ordinary trading account for shares. That means you don’t have to fret about storing your wallet or utilizing a crypto exchange.
Ethereum futures contracts allow you to place bets on the price of the future of Ethereum. Futures contracts in crypto are only suitable for experienced traders due to the higher possibility of losing all your money.
