Cryptocurrency has gained momentum and gripped everyone around the glove over the past couple of years. Individuals with no background in fintech or financial services are increasingly making an effort to invest in cryptocurrency and to learn the process the best they can. While it may seem daunting at first, with a little bit of research If you are an individual hoping to understand how you can get started in the world of crypto in Australia, this is the guide for you. Keep reading to find a breakdown of the beginner’s guide to buying cryptocurrency in Australia in three easy steps:
1. Choose a crypto trading platform
The very first thing you’d need to do to enter the world of crypto trading is to research, compare and choose a crypto waller that will hold your cryptocurrency. This would involve you settling for a crypto exchange or trading platform, and as a newbie you should choose any one of the best crypto exchanges in Australia best crypto exchanges in Australia based on user rating, popularity, customer service, trading methods, educational content and credibility. These crypto exchanges and trading platforms require you to create an account, and you can then either transfer money directly from yoru bank account to purchase crypto or maintain a digital wallet with funds transferred from yoru bank account.
2. Create an account and verify your identity
Once you have chosen a cryptocurrency platform, the next step is to create an account and verifyign your perosnal identity. This would essentially involve you fillign in yoru personal information and setting up two-factor authentication to ensure added security measures. Next, you’d have to verify your mobile number, email address, and your national identity through either your passport, national ID or any other form of identification. The verifications team of the respective app would then take a few hours to verify your information, and once verified, you would be able to move onto the next steps of inevsting in crypto.
3. Add payment details and buy
Once your account is verified, you’d have to link yoru bank account to your wallet ont he crypto trading platform and successful select a payment method. Two of the most popular payment methods in Australia crypto trade are Pay ID and Osko. You can also directly deposit amount in Australuian dollars to yoru crypto wallet directly. Next, you can access the buy or market section in your respective cryptocurrency app and purchase any cryptocurrency that you wish to purchase. While purchasinng crypto is fairly simplem if your are a newbie it is recommended that you start off small and purchase cheaper cryptocurrencies to gain experience. Once you understand what works and what doesn’t, you would be free to invest in large amounts.
While the space of crypto can be scary for beginners, by doing some research and by learning through trial and error, you would be able to become an expert in no time. By investing an initial amount dedicated to your learning phase, and taking help from online sources, you would be able to make profits in no time and become an expert in a matter of years.