How to Buy Altcoins In Australia (2024 Guide)

Last Updated on December 24, 2023 by Kevin Groves

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.

Quick Guide: How To Buy Altcoins In Australia

The four steps to purchase Bitcoin and other cryptocurrencies using the CommBank app are detailed below.

Set up a new account with a regulated Australian crypto exchange.
Complete the KYC process by providing an electronic copy of your Australian passport or driver’s licence.
Choose your preferred payment method to deposit AUD.
Select the altcoin to buy, enter the amount of cash to spend, and confirm the purchase.

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Can Australians Invest In Altcoins?

Yes, it is safe and legal to buy altcoins with Australian Dollars. There are several top Australian cryptocurrency exchanges that allow users to buy altcoins for investment and trading purposes, however, you should ensure they are registered with AUSTRAC and licenced by ASIC.

How Australians Can Buy Altcoins: Full Tutorial

Step 1 – Set up your account

Using a cryptocurrency exchange or brokerage that is regulated by AUSTRAC and licensed with ASIC is the safest way to purchase altcoins in Australia. Swyftx is the country’s top cryptocurrency exchange, according to our reviews. Learn why in our in-depth Swyftx review.

You will want a valid email address and password in order to register a new account with Swyftx. By using our Swyftx referral code, you can get $20 worth of Bitcoin if you’re a new customer.

As seen in the image below, click ‘Create Account‘ after entering your email address, phone number, and acceptance of the terms and conditions.

Step 2 – Complete KYC

All Australian crypto exchanges that allow you to deposit Australian Dollars will require you to verify your identity. The Know-Your-Customer (KYC) is a mandatory process that AUSTRAC-registered crypto exchanges are required to satisfy due to the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Swyftx makes it very easy to verify your identity. You can choose from submitting an electronic copy of your Australian passport or driver’s licence which can be done via the Swyftx mobile app on your mobile device. The verification process will only take 3 or 4 minutes to complete. In our experience, we waited about an hour (on a weekday) before we received email confirmation that our identity has been successfully verified.

Setting up 2-Factor Authentication (2FA) is highly recommended to keep your account secure by mitigating unauthorised access from a third party.

Step 3 – Fund your account with cash

Swyftx provides its customers with multiple methods of funding their account wallet with Australian Dollars including bank transfers, POLi, and PayID. Alternatively, the platform also permits the direct purchase of cryptocurrencies using a credit card. All payment methods except credit cards are free to use and no charges will be incurred.

To fund your Swyftx wallet, select ‘Deposit’ on the left-hand navigation panel of the interface. Select your preferred payment method from the options presented. In this tutorial, we have used bank transfers since it is the most popular. Most major Australian banks and financial institutions are supported, which means you can buy crypto with CommBank or other banking apps.

As a note, the minimum deposit amount for bank transfers is $30. Transfers of cash from your Australian bank account to a Swyftx wallet are usually instant and you will be able to see the funds within minutes.

Step 4 – Buy altcoins

Selecting the ‘Trade‘ button on the left-hand navigation panel will show the TradingView charting for cryptocurrencies. From the sidebar, select the crypto asset you wish to buy with AUD by using the search box or browsing the list of supported assets.

You currently have a few options for how you wish to purchase altcoins. Essentially, you can either buy it immediately or apply a trigger order or recurring purchases. Each has there benefits and a brief description is provided as follows:

Instant Buy: This instantly exchanges your cash for the selected altcoin. The coin or token is then transferred to your trading wallet.
Trigger Orders: You can enter a price at which you want Swyftx to automatically buy the altcoin. The transaction will be carried out if the market price hits the requested price.
Recurring Orders: Also referred to as Dollar Cost Averaging (DCA), this allows you to automatically buy altcoins (as long as you have the AUD funds in your wallet) at a schedule that you determine (e.g., daily, weekly, fortnightly, or monthly). This is a beginner-friendly method of gradually building up your altcoin portfolio while reducing the negative consequences of price fluctuation.

Once you enter the amount of AUD to spend, hit ‘Review’. Reviewing the specifics of the transaction is the last step to buy altcoins. The AUD amount spent, the altcoin being purchased, and the trading costs incurred are the details to check. Finally, clicking ‘Place Order’ will execute the transaction.

What Are Altcoins?

Cryptocurrencies other than Bitcoin are referred to as altcoins. The properties of altcoins frequently diverge from those of Bitcoin, and this typically depends on the purpose of the altcoin. Some coins and tokens have the intended purpose of improving the scalability of a blockchain or bettering transaction rates, whilst others offer new or upgraded functionality.

There are tens of thousands of altcoins on the market. Whilst their inherent value is difficult to predict, most altcoins will continue to be traded and invested as long as they provide utility for their respective blockchains. Stablecoins, security tokens, meme tokens, and utility tokens are just a few of the subcategories that can be used to categorise altcoins.

Which Altcoins Can You Buy?

Australians have access to thousands of altcoins. Crypto exchanges such as Binance Australia, Bybit, and CoinSpot offer the widest ranges of coins and tokens for purchase and trading purposes. For a detailed description of how to buy some of the most popular altcoins on the market, you can refer to the guides below.

What is the Best Australian Exchange to Buy Altcoins?

If you value ease of use, low trading fees, and convenience then Swyftx is the best crypto exchange in Australia to buy altcoins with AUD. Swyftx has a supported crypto asset list of over 320 coins and tokens that can be bought using AUD. There are multiple ways to deposit funds (bank transfer, POLi, PayID, and credit/debit cards) on a beginner-friendly interface, and it offers low trading fees of 0.6% per transaction that provide value for money.

Australian Altcoin Exchanges Compared

Based on our review of over 20 trading platforms, these are the best crypto exchanges to buy cryptocurrencies.

The Various Types Of Altcoins

Altcoin is a generic term used to describe digital currencies other than Bitcoin. However, altcoins can be grouped into different categories depending on their properties, purpose, and utility.

Stablecoins: Stablecoins are a class of digital currency that have their value linked to either the US dollar (USD) or the Euro (EUR). This means they have a 1:1 value ratio. Stablecoins such as Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) are frequently utilised as a quick and inexpensive mechanism to exchange value while maintaining price stability.
Utility Tokens: Cryptocurrency businesses and exchanges release utility tokens through an Initial Coin Offering (ICO). Utility tokens’ main goal is to give investors access to specific crypto products and services that the business provides. The expanded use of utility tokens like Basic Attention Token (BAT), Chainlink (LINK), and 0x (ZRX) is well known.
Security tokens: Security tokens are digital currencies that live on a blockchain that provides a level of ownership to relevant parties.
Mining-based: Altcoins that are generated and use a Proof-of-Work protocol to verify transactions on the blockchain. Well-known examples include Litecoin (LTC), Monero (MON), and RavenCoin (RVN).

Storing Altcoins

In Australia, there are two major types of wallets to store altcoins. The first involves the use of the wallet provided by the crypto exchange you bought them from. The second option is to transfer your altcoins from the crypto exchange to an external hardware device or softwallet such as MetaMask, Trust Wallet and Coinbase Wallet.

Although the potential risk of being hacked is minor, hot wallets (connected to the internet) provided by digital currency exchanges are still susceptible to breaches that result in the loss or theft of altcoins. With this in mind, dealers and investors should look for a reliable exchange with a strong track record of security. CoinSpot is a good example of an ISO 27001-accredited crypto exchange that has an unblemished security track record.

A cold-storage wallet is the safest solution to protect altcoins from possible loss or theft. The primary purpose of a cold wallet is to add an additional layer of security between the asset and an internet-connected device (such as a PC). A private key that authorises access to the stored asset will be included in every wallet. In case the wallet is lost or damaged, the majority of wallets often have a number of recovery solutions.

Frequently Asked Questions

Is it legal to buy altcoins in Australia?

The buying of altcoins such as Cardano, Solana, and Tron is legal in Australia. The Australian Tax Office (ATO) regards altcoins as property or assets that can be traded or exchanged with Australian Dollars. Transactions made on crypto exchanges from the trading of altcoins must be reported to the ATO since they may be subject to capital gains taxation.
For more information, you can read our Australian cryptocurrency taxation guide.

Which crypto exchange has the most altcoins?

The crypto exchange that supports the most altcoins is Gate.io. The unregulated trading platform boasts a list of 1,687 altcoins that can be traded across 2,724 markets including spot, margin, leveraged tokens, and futures.

Where is the best Australian place to buy altcoins?

The best cryptocurrency exchange in Australia to purchase altcoins with AUD is Swyftx. The platform supports over 320 altcoins, multiple AUD-friendly payment methods, economical trading fees of 0.6%, and excellent customer assistance. Swyftx is best suited for beginners and novices who are looking to establish their altcoin portfolio with ease.

Warren Wheeler

Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.