Tutorial by Warren Wheeler
If you want to know how to buy altcoins here in Australia then this easy to follow guide will definitely help.
Before you can buy altcoins you are going to need a safe and reputable crypto exchange. We have a list of the top crypto exchanges here and the one I use and always recommend is Swyftx because they are free to join, their fees are low, they take security very serious and is very easy to use.
Swyftx also give their customers $10AUD just for signing up and have a demo account option which is great for practicing. Learn more about their $10 referral bonus here (How to get the Swyftx $10 referral bonus).
Once you have a verified Swyftx account (Or an account with your chosen exchange) you can then deposit AUD and start buying altcoins and it’s not as hard as you think.
Follow along with our guide below to buy your first altcoin…
How To Buy Altcoins With Swyftx
Step 1: Set Up Your Account
Swyftx makes it very easy to set up an account and as mentioned earlier they also give you $10 AUD free so you can start trading right away. You will need to verify your account by following their verification process which is very easy.
This is a must and all exchanges require verification to stay compliant with regulatory obligations within Australia before you can start trading. The information they need are email address, phone number and proof of identification.
I also highly recommend setting up 2-factor authentication to keep your account secure. Using an app like Authy, 2FA Authenticator or Google Authenticator will help keep your account secure.
Step 2: Deposit AUD
Once your account is verified you are now able to deposit funds into your account. You can also deposit Bitcoin if you have Bitcoin already.
You can fund your account with a credit card, POLi, PayID or bank transfer. Swyftx does not charge any fees for credit card deposits directly, however their third-party payment provider and bank may charge additional fees.
Step 3: Buy Altcoins
Now you have an account that is verified with the amount of funds you deposited you can now start buying and selling the altcoins of your choice.
Simply click the Trade tab within the Swyftx navigation to begin.
This page will list all available cryptocurrencies that you can buy. If you already have an altcoin in mind you can use the search bar to search for it. Select the coin you want to buy and then enter the amount you wish to buy.
Once you confirm your purchase the coins will show in your wallet.
That is it, you’re all done and now own altcoin/s. Now that you have done it once it will be much easier for future trades.
What Exactly Are Altcoins?
The easiest way to explain this is to say any cryptocurrency that is not Bitcoin is an altcoin. They are basically an alternative to Bitcoin. So, you have Bitcoin and Altcoins.
There’s thousands of altcoins available such as Ethereum, Solana, XRP, Cardona and Shiba Inu just to name a few that are popular right now. In fact, according to Coinmarketcap there are over 2300 altcoins available.
What is the Best Exchange to Buy Altcoins?
As mentioned above, our favourite place to buy altcoins is on Australia’s most popular crypto exchange Swyftx.
But there are a few trusted and safe places to buy Bitcoin and altcoins here in Australia.
Below is a list of exchanges we recommend…
Tips On Buying Altcoins
Remember, each exchange will require proof of identification to verify your account.
Not all exchanges are created equal. Some have higher fees than others, some have higher deposit limits than others and some will have different deposit methods.
Always do your research and make sure the exchange is the right choice for your needs.
Buying altcoins is easy once you have done it once or twice but always remember to keep your passwords safe, opt in for 2-factor authentication and store your crypto on a hard wallet.
Bitcoin is volatile and altcoins can be even more volatile meaning the price can go up and down very fast. With so many altcoins popping up it is always recommended to do your research on the asset you wish to purchase to make sure they are legit and have a roadmap in place.
If this guide helped you learn how to buy altcoins please consider sharing it on social media to help others.