How To Buy Ethereum In Australia

Okay, so you’ve heard a lot about Ethereum, and you want to learn how to buy some. Before we get too far along, here’s a quick primer on buying digital currency.

If you want to purchase cryptocurrencies, then more often than not you’re going to go through an exchange or a CFD broker. These platforms are websites that gives you the ability to buy, sell, and trade cryptocurrencies. For most crypto platforms, you’ll sign up, log in, and deposit funds. Once that’s done, you can use your funds to trade crypto, like Ethereum.

There are several cryptocurrency exchanges and CFD brokers available in Australia. However, most of them only support a small number of coins. At the very least, these platforms will support bigger digital currencies like Bitcoin and Ethereum.

For selling and buying Ethereum in Australia, we’ll focus on our two favorite platforms: Plus500 and CoinSpot. These options are easy to use and offer a wide variety of cryptocurrencies available for purchase. Let’s take a closer look at how to buy Ethereum.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, LTC, DODGE, ETH, NEO, GAS, POWR, XRP, TRX, EOS
  • 💰 Deposit Methods: Bank or Newsagent Cash Deposit
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form
  • ❌ Mobile App For iOS & Android

 

Note: 80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Plus500UK Ltd authorized & regulated by the FCA (#509909). You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the Plus500 website.

Where to Buy Ethereum in Australia

Gold Ethereum coin

Contract for Difference

A Contract for Difference (CFD) is a product which gives users the advantages of holding a Commodity, Stock, Option, or Coin, without needing to own it physically. A user will enter into a CFD at a specific price. Then, when the position is closed, the difference between the two is paid out in cash. This is where the term Contract for Difference comes from.

Our favorite CFD broker for Australians is Plus500. On this site, you’ll have an easy way to learn about the price of Ethereum. You don’t have to worry about storage or having limited deposit options, and the site is also fully regulated. With Plus500, you’ll get a simple, innovative, and reliable platform on which to “buy” Ethereum. All this makes Plus500 our favorite way to get exposure to Ethereum.

Standard Crypto Exchange

Using a standard crypto exchange to buy Ethereum in Australia, you’ll need a platform that lets you buy, sell, and trade cryptocurrencies. One of the best options available is Coinspot, as it is an easy to use site which provides an online wallet. The exchange allows users a simple way to buy cryptocurrency, and it’s always adding new coins.


How to Sell or Buy Ethereum Using Plus500

Plus500 Ethereum Australia

Plus500 is a CFD site that provides users with a way to rid the ups and downs of cryptocurrencies without the need to deal with the annoyance of storing them in complicated crypto wallets. To get started buying and selling Ethereum using Plus500, you’ll first need to navigate to the site and create an account. Click on the “Start Trading Now” button on the homepage (80.6% of retail CFD accounts lose money).

How to create Australian Plus500 account

On the next page, choose that you want an account mode using Real Money. You’ll also notice on this page that you can download Plus500 on your Android or iPhone device.

How to create real money account on Plus500

After you choose Real Money, you’ll move on to a page that has a form. Fill out the email address and choose a password, or you can choose to create an account based on your Google or Facebook information. Once that’s done, click “Create Account.”

How to create account on Plus500

Next, you’ll need to provide additional personal information along with some documentation for verification purposes. When that’s complete, your account is activated.

How to verify on pPlus500

Depositing and Buying

After you receive approval for your account, you can begin to deposit your funds. With Plus500, you can buy Ethereum in Australia using Skrill, Paypal, debit cards, credit cards, or via bank transfer.

How to deposit on Plus500

Once the funds arrive in your account, you’re ready to buy Ethereum. On the left side of the screen choose the “Trade” option, then choose “Cryptocurrencies” to see the complete selection of CFDs available.

Using Plus500 is an easy way to buy Ethereum in Australia. It provides a quick and simple method to buy crypto CFDs at the click of a button.

When you’re ready to buy Ethereum, click the “Buy” button. A window will show up on the right which will allow you to set your order parameters. You can specify the profit levels, the stop loss levels, and set the number of contracts. Once you’re satisfied with your choices, click the Buy button.

How to buy and sell Ethereum on Plus500

When your order fills, you’ll get a notification that tells you about your position, which includes the appropriate margin, the funds available to trade, and the profit or loss. Then you’re ready to close. Select the “Close” option that shows up by your position.

How to sell Ethereum in Australia on Plus500


How to Buy Ethereum Using CoinSpot

Coinspot logo

CoinSpot is a cryptocurrency exchange that resides in Australia. Unlike CFDs, CoinSpot is an exchange that lets you buy, sell, and trade cryptocurrencies. Users get a great experience with a platform that is accessible across several different devices.

If you want to start buying Ethereum with CoinSpot, you’ll first have to register with the site. One the main page of the platform you’ll see a “Register” option located in the top right corner.

Register account on Coinspot

The next page has a form you’ll need to fill out to register on the CoinSpot account. Just enter your email address, a password, and a referral code if you have one. If not, let the site know you’re not a robot, then click on the blue “Create Account” button at the bottom of the form.

How to create an account on Coinspot Exchange

You’ll receive an email asking you for verification. Click on the link provided in the message to confirm your account. The link takes you back to the CoinSpot exchange where you’ll verify your identity before funding your account.

Click on “Account” in the top right, then select “Verification.” CoinSpot asks for documentation validating your personal information. This is something the vast majority of cryptocurrency exchanges require, so there’s no need for alarm. These verification steps are also known as Know-Your-Customer (KYC) and are there to provide safety and protection for everyone using the exchange.

How to verify account on Coinspot

We’d also recommend enabling two-factor authentication on your account. This is a method that creates an additional layer of security which helps to protect your funds on the CoinSpot account. This is done either through Google’s Authentication application or through SMS.

Depositing and Buying

Once your identity is verified, you can start depositing AUD into your CoinSpot account. To do this, navigate to the Dashboard and select “Deposit AUD.” Then select the payment option you want to use to fund your account.

The payment option you select will determine whether your funds are available right away or if you have to wait a few days. The CoinSpot site explains how long each payment method will take.

When the funds arrive in your account, you’re now ready to start buying Ethereum. Click on the “Buy/Sell” option at the top of the exchange. Then scroll down until you see Ethereum and click “Buy ETH.”

How to buy Ethereum on Coinspot exchange

On the next screen, you can enter how much Ethereum you want to purchase. You can see the amount in both ETH and AUD. When you’ve entered the amount, click on the “Buy” button at the bottom of the screen.

Buying Ethereum on CoinSpot

A popup will appear asking you to confirm your purchase. Review all the information, then click “Confirm Buy” when you’re ready. Once everything completes, you’ll receive your Ethereum in your wallet. Navigate to the “Wallets” option located at the top of the exchange to view your balance.


More About Ethereum

Not everyone is familiar with Ethereum, so we wanted to give you a better understanding of it. Many people only know that its a popular cryptocurrency, but beyond that have no idea how it works or what it does. Maybe it’s time for you to change that. We’re here to help.

What is Ethereum?

Ethereum is an open-source network which provides developers the ability to create dApps or decentralized applications. Most applications and website are centralized, which means that one person has complete power over the app and any information directly tied to it.

Let’s use Amazon as an example. All users on Amazon rely on the company itself to maintain the site. Users also expect Amazon to protect their information. Credit cards or any other personal information is kept by Amazon on their servers, over which they have complete control.

Ethereum wants to remove this type of client-server relationship we’re all familiar with. Their goal is to create decentralized applications that don’t rely on a single party to have control. Alternatively, the Ethereum network would manage this task.

What is a Smart Contract?

When it comes to Ethereum, you might hear the words “Smart Contract” tossed around quite a bit. But what is a smart contract? What is its purpose? How does it benefit those using the blockchain?

A smart contract is a promising piece of the Ethereum blockchain and the technology behind it. These contracts are disrupting industries throughout the world, including real estate, banking, and health care.

When using a smart contract, parties agree on the parameters beforehand. When these parameters are met, the contract is notified via a piece of code, which then tells it to perform a specific action. For instance, if you’re buying a home, you can tell the smart contract to deposit the funds from the buyer into the seller’s account when all documentation is signed.

The advantage here is that no central party can change or reverse the contract. Once it goes live on the network, a majority of the blockchain is required to change it, which is a challenging thing to do.

Any contract can be created and executed based on the code. You can perform real estate transactions, create a decentralized voting system, or even exchange financial options or equities. These are just a few of the possibilities that exist with Ethereum’s smart contract, which are made available through its blockchain technology.

Who Developed Ethereum?  

While Ethereum is a decentralized platform with no single authority, someone had to develop the network. That someone is Vitalik Buterin. Buterin is the software developer behind the Ethereum network. He was born in Moscow but grew up in Canada. At 19, Buterin already had a deep interest in cryptocurrency and was developing his ideas about Ethereum.

Buterin was given the Peter Thiel fellowship award in 2014, which included $100,000 based on his work on the Ethereum network. Ethereum ranks at or near the list of altcoins available on the market today. This is all a result of the hard work Buterin put into developing the Ethereum platform.

Ethereum Advantages & Disadvantages

ethereum logo

Advantages

One of the biggest benefits of the Ethereum network is that it uses blockchain technology. It is immune to third-party complications or interventions. That means none of the decentralized applications on its network can be controlled by a single entity.

All blockchain platforms use a specific consensus algorithm. As a result, all the nodes within the network must agree before a change can be made. This helps to reduce potential fraud, hacking, and corruption. It also makes the ability to tamper with the network nonexistent.

The entire Ethereum network is decentralized. As a result, it has no single point of failure, which is a flaw in other centralized applications. All applications on the network are always online; they never turn off. Since the network isn’t centralized, Ethereum’s blockchain is protected against potential fraudulent threats or hacks.

Disadvantages

While smart contracts are supposed to prevent error, they are only as good as the developer who wrote the code. Human error is always a possibility, which means a coding mistake could lead to an exploit. The only way to fix this type of error is to gain a consensus and rewrite it. However, this is contradictory to what the blockchain stands for, so changing it would be nearly impossible.

For example, a decentralized autonomous organization, or DAO, was attacked. This resulted in nearly 3.6 million Ether being stolen. The hacker found a bug in the code and effectively took the funds from the DAO.

The resulting fallout was two-fold. First, the DAO lost its funding. Second, trust in the Ethereum blockchain dropped, and as a result, so did the value of Ethereum.

As you can see, there are pros and cons to Ethereum and any cryptocurrency that resides on the blockchain. However, we believe the pros significantly outweigh the cons. Ethereum has a lot of future potential as it continues to disrupt industries and gain mainstream adoption.

Is Ethereum a Good Investment?

No one knows what the future holds for Ethereum from an investment perspective. However, here is some information to bear in mind when you think about purchasing Ethereum:

  • Since its ICO, Ethereum’s price has shown phenomenal growth, which you can check out here.
  • Ethereum is a less risky investment than other coins since it consistently sites at the top of the rankings in market capitalization
  • Disrupting several industries with its Smart Contract capabilities
  • Available for purchase on a large number of cryptocurrency platforms
  • Buy, sell, and trade Ethereum quickly and easily
  • Support from Fortune 500 businesses like JP Morgan, Microsoft, and BP
  • Cryptocurrency funding methods like Binance could put pressure on Ethereum

Remember that cryptocurrency is a highly volatile industry and there are inherent risks associated with this asset class. For more information or analytics on Ethereum, head over to Trading View or CoinMarketCap.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH & IOTA
  • 💰 Deposit Methods: Credit/DebitCard, PayPal, Skrill, Bank Transfer
  • ✅ Regulated
  • ✅ Plus500 is a CFD Broker Which Means No Need To Setup Crypto Wallets
  • 🎧 Support: 24/7 Live Chat & Email
  • ✅ Mobile App For iOS & Android

  • 📈 Trade: BTC, LTC, DODGE, ETH, NEO, GAS, POWR, XRP, TRX, EOS
  • 💰 Deposit Methods: Bank or Newsagent Cash Deposit
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form
  • ❌ Mobile App For iOS & Android

 

80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. 

You can also buy Bitcoin, Ripple and Litecoin in Australia using CoinSpot & Plus500. For more information, check out our guide: How to buy Bitcoin in Australia.

Further Reading At TotalCrypto.io
1) Australia Punches Above It’s Weight In Crypto. However, Want To Learn Which Country Is The King Of Crypto?

2) Need More Information On Ethereum? Our Comprehensive Ethereum Guide Gives You An Extensive Deep Dive Into it.

3) Want More Help On How To Trade On Plus500? We Have You Covered With Our Dedicated Guide.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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