How & where to buy Ethereum (ETH) in Australia
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This guide explains everything you need to know about Ethereum. It looks at how the platform is unique and introduces ETH, how it works, and how to buy it.
What are the best Australian exchanges to buy ETH?Copy link to section
Buy ETH now through one of the crypto brokers below. These are all excellent options with low fees and the option to start with a demo account. Sign up by following a link in the table or read on to learn more about Ethereum first.
How to buy ETH online, a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
An exchange is a crypto marketplace where you can buy Ethereum and get the best prices. There are lots of options if you’re based in Australia, so you have a lot of freedom over which platform to choose. Our favourite option is listed below:
- Binance: Binance’s reputation has been established by years of reliability. It is extremely beginner-friendly and you can buy Ethereum with AUD very easily. Open a Binance account today >
Step 2. Sign up and fund your accountCopy link to section
Exchanges require you to create an account and verify your identity before making any transactions. You have to fill out a form with some personal details, and make sure to have a copy of your driving licence or Australian passport to hand. Both are acceptable forms of ID.
Once your account has been verified, you need to make a deposit. All the leading exchanges, like Binance, accept deposits in Dollars from Australian bank accounts, or via credit or debit card payment.
Step 3. PurchaseCopy link to section
Log into the exchange and search for the ETH/AUD pair. This shows you the value of one ETH in Dollars. Enter how much you want to spend and then execute the transaction.
Step 4. (Optional) Get a suitable walletCopy link to section
If you want to hold onto your ETH to speculate on long-term price increases, an Ethereum wallet is highly recommended. Wallets are an online or a physical storage facility, and they add a layer of security to your tokens. As one of the most popular cryptos, nearly every wallet supports ETH. Below, we have outlined two of the top wallets.
- Trezor: Hardware wallets such as the Trezor wallet offer maximum security. Developed in 2014 as a Czech start-up, Trezor has established a reputation as one of the best hardware wallets around. Get your own Trezor today and store ETH >
- Freewallet: This is an accessible and easy-to-use online wallet that can securely store your investment safely. Freewallet also supports in excess of 100 other cryptos, making it a wallet with flexible applications. If you want to store ETH in an online wallet, consider opening a Freewallet account now >
How to trade Ethereum in AustraliaCopy link to section
Step 1. Find a brokerCopy link to section
If you want to make short term moves rather than speculate on long-term price changes, you need a broker. A broker such as eToro is usually the best places to trade Ethereum in Australia, as it allows you to trade crypto CFDs (contracts for difference).
CFDs offer an easy way to trade because they merely represent the price of the asset. Instead of owning Ethereum, you can buy – or sell – an Ethereum CFD to take advantage of price moves in either direction.
Step 2. Deposit moneyCopy link to section
Crypto brokers allow users to fund their accounts using AUD. You need to create an account first, and then make a deposit via a bank transfer or with a card payment.
Step 3. Decide how you’d like to tradeCopy link to section
Developing a great technical strategy is something that takes time and commitment. Such a strategy will reference key technical indicators, such as support and resistance levels, trading volume, or Fibonacci extensions.
These indicators are what traders use to influence buy and sell decisions. By looking at how the price has moved in the past and by predicting how other traders will react to price changes, you can pick out opportunities to buy or sell Ethereum.
Step 4. Start tradingCopy link to section
If you are new to the market, we recommend starting out with a demo account so you can get the hang of things before putting your money on the line. Once you feel familiar with how the market works and are comfortable with the risks, you can move on to the real thing.
When you make a trade, you can take a long position or a short position. Choosing a long position means buying ETH in the hope it will rise in value, whereas a short position means that you sell it in the expectation that it will fall.
You can also choose to use something called leverage. This is a service provided by a broker that allows you to loan money to make bigger trades. However, whilst this can maximise your profits, it enhances your vulnerability to the market moving against you. If you’re a beginner, we would advise you to steer clear of leverage until you have some more experience.
Still undecided?Copy link to section
It’s a good idea to take some time to think about whether you want to put your money on the line, and that’s especially true for cryptocurrency. Here are some of Ethereum’s pros and cons, followed by a few final questions to help you decide.
ProsCopy link to section
- Prevalently used across a multitude of industries
- Impending ETH 2.0 launch promises significant improvements including a much-heralded shift from Proof of Work (PoW) to Proof of Stake (PoS)
- Ethereum is a well-planned project developed over a number of years unlike some other cryptocurrencies
If you still aren’t ready to invest in Ethereum, here are 3 key considerations.
1. Is now a good time to buy Ethereum?Copy link to section
The answer to this question depends on whether you are a long-term investor or a short-term investor. Investing with an eye on long-term value could prove to be profitable as decentralised finance (DeFi) continues to increase in popularity. Ethereum is already a leading DeFi blockchain, and if the ‘Ethereum merge’, set to take place in 2022, is successful, the price should increase in the long term.
Shot-term investors do not need to pay as close attention to the fundamentals. Instead, you should focus on price charts, trends and indicators to inform your decisions as the market fluctuates. Regardless of your approach, Invezz can help your investment decisions by providing regular analysis. Check out the latest articles below:
2. What problem does Ethereum solve, and what are its investment prospects?Copy link to section
Ethereum removes the middleman from online financial services. No longer does a central governing body preside over transactions; the system works independently and democratically. This is seen as a big win for those who oppose the monopoly that banks have historically held, and also for those who want to hold and exchange assets outside the current financial system.
If its growth is anything to go off, Ethereum’s long-term investment prospects look promising. Crypto is becoming an increasingly popular space, and as Ethereum is at the forefront of it, the price of its token stands to benefit.
To achieve long term success, Ethereum must fend off its competitors, mitigate the impacts of potential regulation and continue to innovate. Check out the most recent news below to keep informed:
3. Do you want to hold ETH for the long term?Copy link to section
You can either hold your coins for the long term or trade them in the short term, and both strategies have different positives and negatives. When choosing one of these strategies, the main considerations that you should make are outlined below.
Considerations for a long term investment strategy
If you expect Ethereum’s growth to continue, get some from an exchange and store your coins in a wallet. See our top picks for the best crypto wallets. When trying to discern if Ethereum is a good long-term investment or not, make sure to conduct some kind of fundamental analysis, similar to how you would analyse a stock.
Considerations for a short term trading strategy
If trading for short-term gains is your priority, sign up to a broker with low trading fees and conduct technical analysis. This will be key to unlocking value. If you spot a pattern, you should be able to make an educated decision about which way the price is likely to move.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >