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Where to buy Ethereum in Australia?
Ethereum may be one of the best-known cryptocurrencies on the market, rivalling Bitcoin in popularity and also offering several other features and benefits. There are several options available for you to start investing in Ethereum, so it’s important to compare your choices.
What is Ethereum?
Technically, Ethereum is the name of the blockchain network, with the native cryptocurrency is named Ether (ETH), though the names are often used synonymously.
Much like Bitcoin and other cryptocurrencies, Ether can be exchanged for selected goods and services, or used as an investment asset, similarly to more traditional currencies.
Additionally, the Ethereum blockchain can be used as a decentralised platform for managing smart contracts, which have a wide variety of potential applications.
Ethereum was first crowdfunded in 2014 and developed by the Ethereum Foundation, a Swiss non-profit. The Ethereum blockchain also serves as a host for several other cryptocurrencies, as well as non-fungible tokens (NFTs).
How can you acquire Ethereum in Australia?
Ethereum works similarly to several other cryptocurrencies, as there are two main ways to own it – mine it, or buy it.
Mining Ether works similarly to minding Bitcoin or other cryptocurrencies, in that you are rewarded for contributing part of your computer’s processing power to work on the cryptographic hashes that maintain the blockchain. But with the rise of professional crypto miners who run specialised mining rigs 24/7, it’s often less practical for everyday Australians to mine Ether from home.
You can also buy Ether at most crypto exchanges – simply sign up with the exchange of your choice and invest as much money as you’re comfortable with into Ethereum. Be sure to compare crypto exchanges before making a choice, analysing their fees, features and benefits, and consider checking if they’re registered with AUSTRAC to ensure they comply with local laws and regulations.
You may choose to keep the digital keys used to access your Ether in an online wallet with the exchange, or you may choose to download them to your own offline storage wallet, such as a portable hard drive. Accessing your crypto online can be convenient, though you may benefits from extra security if you choose offline storage.
What are Gas fees?
Unlike some other blockchains, making transactions on the Ethereum network involves paying a fee, named Gas. A Gas fee is essentially a transaction fee, which helps to compensate Ethereum miners for the computational power used when verifying transactions on Ethereum. Gas fees are separate to any fees that your chosen crypto exchange may charge.
Gas fees are paid in Ether, and their prices are denoted in gwei, which itself is a denomination of Ether. These prices may rise or fall depending on the current level of traffic on the Ethereum blockchain.
Disclaimer
This article is over two years old, last updated on May 18, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent cryptocurrency articles.
Compare cryptocurrency exchanges
Swyftx
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD, NZD
Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume
Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet
Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)
An Australian owned and operated digital currency exchange that allows users to sell, trade and buy Bitcoin, and over 245+ other digital assets, with low trading fees and one of the smallest spreads available.
CoinJar
Cryptocurrencies available: 57
Fiat Currencies Accepted: AUD, GBP
Trading Fee: 0%-1%
Withdrawal Fee: No fee for AUD or GBP withdrawals. Cryptocurrency withdrawal fees are based on blockchain network fees
Deposit Fees: No fees with PayID; 2% fee with credit / debit card, Apple Pay, and Google Pay
Australia's longest-running cryptocurrency exchange with over 500,000 Australian customers and a simple to use app for both iOS and Android.
Digital Surge
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD
Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.
Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.
Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.
Because simplicity makes life better. The easiest way for Australians to buy, sell & store over 245+ cryptocurrencies. Low fees, tight spreads, Aussie-based customer support & an interface that makes crypto enjoyable & easy-to-understand. Simple. Safe. Stress-free.
CoinSpot
Cryptocurrencies available: 263
Fiat Currencies Accepted: AUD
Trading Fee: 0.1% to 1% based on order type
Withdrawal Fee: None for Australian Bank Accounts
Deposit Fees: No fees for POLi, PayID, Direct Deposit and Bank Transfers. 0.9% BPAY fee, 2.5% cash fee
Australia’s most trusted exchange since 2013.
Cointree
Cryptocurrencies available: 280+
Fiat Currencies Accepted: AUD
Trading Fee: 0.05%-0.9%
Withdrawal Fee: No fee with fiat withdrawals. Cryptocurrency withdrawal fees vary.
Deposit Fees: No fee
Buy, sell, trade and pay with crypto. Simple, low fees, easy to use and trusted by 100,000+ members. Enjoy $10 BTC credit after verification with promo code: RATE10
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Product database updated 23 Nov, 2024
