Buy bitcoin australia - The process for buying Ethereum or any other altcoin is the same as the process for buying Bitcoin, but we will use Bitcoin as an example throughout as it’s the most valuable and most widely-held crypto on the market right now.
Here are the steps to get started as a new crypto investor:
1. Choose an Exchange
Bitcoin can’t be purchased through your bank or investing firm yet though some organizations are working toward that possibility in the future. For now, you’ll have to go through a cryptocurrency trading platform to exchange your U.S. dollars for Bitcoin or other digital currencies.
There are hundreds of cryptocurrency exchanges you can use to buy crypto online, but a few of the more popular ones are Coinbase, Gemini, and Kraken. These exchanges are online platforms where you can buy and sell cryptocurrencies.
You can narrow down your search for the right platform based on a few factors:
Cryptocurrency investments are not backed by a central institution like FDIC-insured bank accounts. If your account is compromised, or the platform where you keep your coins is hacked, you could be at risk of losing your investment.
If you plan to keep your crypto on your account with an exchange (rather than move it into your own wallet), make sure you choose an exchange that uses offline, cold storage, and has strong protections against theft. Some exchanges also have independent insurance policies to help protect investors from potential hacking.
Exchange fees can vary greatly, and may be applied as a flat fee upfront or as a percentage of your trades. Fees can be based on price volatility, and many are charged per transaction.
While fees should definitely be a consideration, experts say you also get what you pay for, especially when sticking to the bigger, more established exchanges like Coinbase. If an exchange has more protections, better security, or other important features to you, it may be worth slightly higher fees.
Not all exchanges offer every single cryptocurrency out there.
Popular coins like Bitcoin (BTC) and Ethereum (ETH) are available on most crypto exchanges, while more niche altcoins may only be available on certain exchanges. Since experts recommend sticking with these big two cryptos and more mainstream exchanges like Coinbase, this shouldn’t be an issue for most new investors.
2. Fund Your Account
Depending on the exchange you choose, you may need to provide information like your Social Security number, ID, and your source of income when you create your account.
With most exchanges, you’ll be able to connect your bank account or a debit card to transfer U.S. dollars into your exchange account. There may be different fees depending on which method you use to fund your account — typically, bank transfers will cost less than card options.
3. Place an Order
Once you’ve connected a payment method, you’ll be able to actually place your order for Bitcoin. This process can differ depending on the exchange you use.
4. Practice Safe Storage
Many exchanges allow you to leave your investment within your account, which is easiest for most beginners. But if you want to further secure your digital assets, you can transfer them into a cryptocurrency wallet.
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