If you wish to buy crypto in Australia there are certain steps that you need to take and the first of them is to choose a broker or exchange through which you would like to make the purchase. No matter which of these you choose you need to make sure that they are reputable. While it is possible to buy these currencies through both these avenues there are some important differences between both that you need to keep in mind in this particular context. A cryptocurrency exchange is a platform where cryptocurrencies are traded. Cryptocurrency brokers make it so simple for you to buy these by providing you with the easiest user interfaces.
Creating and verifying your account
Once you have decided on the exchange or broker you want to buy your cryptocurrency from you need to sign up to open an account. Now, you might have to verify your identity depending on the amount that you are looking to buy and the platform that you are doing it from. This step is essential to make sure that you can meet the regulatory requirements and prevent fraud in this case. Till you complete this process you may not be allowed to trade these currencies.
Depositing cash for investment
If you want to buy crypto you would have to make sure that you have the necessary money in your account. You can deposit money in your crypto account by linking it with your bank account. You could also make the payment via your credit or debit card. In case, you are using a credit card to make such a payment you need to be wary of high charges being applicable in this case. Now depending on your method of funding as well as the broker or exchange you might have to wait a couple of days before you can use the deposited money to buy crypto.
Placing your crypto order
Once the money enters your crypto account you would be ready to place your first order. There are hundreds of options that you can select from in this context such as famous names like Ethereum and Bitcoin to obscure options such as Holo and Theta Fuel. Once you decide on the currency that you want to buy you have to enter its ticker symbol such as BTC for Bitcoin and the number of coins that you would like to buy.
The final stage of the process is to select a method for storing the currency. In this context, you must know that crypto exchanges are not under any regulation in Australia and this is why some investors have even been subject to criminal activities such as hacking and theft. If you lose or forget the codes to access your account you could lose your entire investment as well. This is why it is so important that you store your cryptocurrencies safely. If you buy them through a broker you would have either no or little choice in storing your crypto which is just the opposite of buying through an exchange.