How To Buy Altcoins In Australia In 2023

Altcoins are a popular investment and trading choice for many Australians. If you want to know how to buy altcoins in Australia using Australian Dollars (AUD) then you can read our step-by-step guide below.

We highly recommend using a top Australian crypto exchange to purchase altcoins such as Ethereum, XRP, Cardano, and Litecoin. We have reviewed some of the best places to buy altcoins in Australia by assessing their range of digital currencies, trading fees, and ease of use in purchasing altcoins.

What Are Altcoins?

Altcoins are cryptocurrencies other than Bitcoin (BTC). In many cases, the characteristics of altcoins differ from those of Bitcoin and it usually depends on their purpose. Some altcoins offer new or additional utility and capabilities, whilst others have enhanced scalability or faster transaction speeds. Altcoins can be grouped into different categories including stablecoins, security tokens, meme tokens, and utility tokens.

Types Of Altcoins

Altcoins is a broad term used to describe cryptocurrencies other than Bitcoin. However, there are several types of altcoins.

• Stablecoins: Stablecoins are digital assets that are pegged against the US Dollar (USD) or Euro (EUR). This means that their value is at a 1:1 ratio. Because of this, they are widely used as a low-cost and fast way of exchanging value whilst maintaining price stability. Popular stablecoins include Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI).
• Utility Tokens: Utility tokens are released via an Initial Coin Offering (ICO) by crypto companies and exchanges. The primary purpose of utility tokens is to allow investors the right to use selected crypto products and services that are offered by the company. Utility tokens such as Basic Attention Token (BAT), Chainlink (LINK), and 0x (ZRX) are widely known for their increased functionality.
• 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).

Where Can I Buy Altcoins?

The easiest, safest, and most popular way of purchasing altcoins is from a reliable crypto exchange or brokerage platform. These platforms have been designed for the mainstream audience with aesthetically pleasing interfaces, simple ways to buy cryptocurrencies other than Bitcoin, with tools to then store, track, and manage a cryptocurrency portfolio.

All Australian crypto exchanges and platforms are safe and secure places to start an altcoin portfolio due to their high-grade security measures and protocols. For exchanges to be able to offer crypto products and services, they must be registered with AUSTRAC. This is due to the government enforcement of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) policies, and exchanges are required to verify your identity (Know-Your-Customer) before being able to buy and trade crypto.

How To Buy Altcoins In Australia

Using your cash to purchase altcoins is an easier task than you might think. Most Aussie platforms support a variety of deposit methods to fund your wallet and have streamlined buying panels to make the process visually intuitive. An overview of the steps to buying altcoins in Australia is as follows:

1. Look for a suitable crypto exchange or platform. There is a multitude of crypto exchanges and platforms available to Australians ranging from the locally operated to the global kingpins. Key factors you should consider include the type of deposit methods, fees, ease of use, and the accessibility and responsiveness of customer service.
2. Open an account with a cryptocurrency exchange. Creating an account will typically require a valid email address, phone number, and a strong password. Verifying your identity by providing a driver’s license or passport is a mandatory requirement. Once you have created your account, activating Two-Factor Authentication (2FA) is highly recommended for extra security.
3. Fund your wallet. Most Aussie crypto exchanges will provide a variety of payment methods for you to fund your wallet, including credit/debit cards, direct bank transfer, PayID, POLi, and OSKO to name a few. OSKO and POLi will transfer AUD almost instantly, however, bank transfers may take a few days. The majority of platforms provide streamlined ways of linking a deposit method to your wallet. If you have existing crypto then some platforms will allow you to transfer them into your wallet as an alternative to using fiat currencies.
4. Select the altcoin to buy. After your account wallet is funded, browse the selection of altcoins on offer and select the one you want to buy. Enter in the amount of cash to spend or the amount of the altcoin you wish to purchase.
5. Confirm the purchase. A quote will be presented showing the amount of altcoin that can be bought for the AUD spent. Some platforms will also present the fees Review the transaction details and confirm.

Guide To Buying Altcoins In Australia

Step 1 – Opening An Account With A Crypto Exchange

Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided. 

Once the details are entered, accept the terms and conditions and click on “Create Account”.

Step 2 – Verify Your Identity

Using the new login details, login into your new Swyftx account to commence the ID verification process. Since Swyftx is an Australian-based crypto exchange, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify identities. This important security process must be completed before any AUD can be deposited into your account wallet.

The following will be required to complete ID verification:

• Email – login into your nominated email account and click on the email verification email sent by Swyftx.
• Phone number – Swyftx will send an SMS message to your nominated phone number.
• Identity – Swyftx will require a copy of either your Australian passport or driver’s license.

The ID verification process with Swyftx takes less than 5 minutes to complete.

After the ID verification process is complete, we strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides a basic level of security for the account where two methods of verification are needed to verify the account and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.

We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.

Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.

Step 3 – Deposit AUD Into Your Account

Before altcoins can be purchased, Australian Dollars (AUD) will need to be deposited into your account wallet.

Swyftx offers you the greatest flexibility by supporting several ways to deposit AUD, including direct bank transfer, POLi, and PayID. Credit and debit cards can also be used as payment options for altcoins. Most of these methods will near-instantly deposit cash into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.

Swyftx charges zero fees to deposit (or withdraw) AUD funds into the wallet.

Note, that Swyftx will send an automated email notifying you of the successful deposit of AUD funds into the wallet.

Step 4 – Select The Altcoin & Amount

The buying window can be found under “Trade”. Next, search and select the altcoin you wish to buy. Once you have selected the altcoin, the buy panel will show the following:

• Amount of AUD in the wallet and available to spend.
• The current market price of the altcoin in AUS.
• Several order types (market, limit, stop, and recurring)

The default order type is “Market” which allows you to easily and quickly purchase the altcoin in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review.

You can either enter in the amount of altcoin you want to purchase or the amount of AUD you want to spend.

Step 5 – Review & Confirm The Purchase

After an amount of AUD (or amount of altcoin) is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet. Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.

Best Exchanges To Buy Altcoins In Australia

To get started with altcoins, the best method is to use an Australian-based crypto exchange. The benefits of going local include superior and faster customer service, flexibility with depositing and withdrawing AUD funds, and features that cater to the Australian market.

We have assessed several cryptocurrency exchanges for their suitability as altcoin platforms. In our opinion, the crypto platforms listed below are the best places to buy, trade, and sell altcoins in Australia.

1. Swyftx (best overall altcoin exchange)
2. Digital Surge (easiest to use)
3. Binance Australia (cheapest altcoin exchange)
4. Coinstash (beginner-friendly)

1. Swyftx

BEST OVERALL ALTCOIN EXCHANGE

Read our complete Swyftx Review for an in-depth breakdown of its features and benefits.

Why We Picked It

Swyftx is our best-rated crypto exchange to buy altcoins in Australia because it offers all the elements of a great altcoin platform. Firstly, Swyftx offers you one of the largest ranges of altcoins to buy and trade (312+) with low fees (0.6%). The platform is easy to use and there is the added benefit of the advanced TradingView charting package and altcoin bundles.

What Is Swyftx?

Swyftx is a Brisbane-based cryptocurrency exchange that was founded in 2019. Since its establishment, the platform has seen rapid growth where it now provides over 550,000 Australians with a simple and refreshing crypto buying and trading experience.

Financing your Swyftx account with fiat currencies such as AUD can be done using a variety of payment methods including transfers from bank accounts, PayID, POLi, and credit/debit cards. Depositing AUD (and withdrawing it) can be done free of charge as Swyftx does not charge any fees.

Another advantage of choosing Swyftx is that you will be able to maintain a high level of visibility on your altcoin portfolio. The portfolio management tools including the customizable dashboard are perfect for those who possess several altcoins and want to get a clear understanding of where their portfolio sits.

No other Australian crypto exchange offers a customizable dashboard like Swyftx does.

If you want to extend your altcoin experience past buying and holding, then you can try altcoin trading using the free demo mode that is available. You can either explore the features of the platform or practice trading risk-free using the $10,000 of virtual funds.

If you’re an experienced altcoin trader then you’ll feel right at home using the powerful TradingView package. Additionally, there are a number of limit orders that can be applied, including:

• Limit order
• Market order
• Stop order
• Recurring order

Swyftx also offers its customers the ability to buy crypto in bundles, where several different assets are purchased in a single transaction. The key benefit of this is that it allows you to quickly diversify your altcoin holdings with a minimal number of transactions. This means fewer trading fees are incurred.

Swyftx Pros & Cons

2. Digital Surge

EASIEST TO USE

Read our complete Digital Surge Review for an in-depth breakdown of its features and benefits.

Why We Picked It

The simplicity of the Digital Surge platform is well suited for beginners who are new to buying altcoins. The platform also provides great value for money by offering low trading fees (0.5%) that are very competitive in the Australian crypto market. Digital Surge is a strong option if you want to buy and hold altcoins as a long-term store of value.

What Is Digital Surge?

Digital Surge is a unique cryptocurrency platform that provides Australians with an easy way to acquire and store altcoins. there are over 300 altcoins to buy using AUD including SOL, LUNA, MATIC, AVAX, ATOM, LINK, NEAR, ALGO, and many more.

The Digital Surge platform was designed with beginners in mind. Apart from being aesthetically pleasing, the layout is visually intuitive and you will have a simple time navigating your way through the platform. If you have no cryptocurrency experience then Digital Surge is a suitable choice.

Along with low trading fees (0.5%), excellent customer support, and a variety of other features, Digital Surge is a strong option if you want to buy and hold altcoins as long-term investments.

Digital Surge supports the use of a range of order types to provide you with a level of trading flexibility and utility, including price alerts, trigger orders, and recurring buys (otherwise known as Dollar-Cost-Averaging).

Digital Surge Pros & Cons

3. Binance Australia

CHEAPEST ALTCOIN EXCHANGE

Read our complete Binance Australia Review for an in-depth breakdown of its features and benefits.

Why We Picked It

Binance Australia is a household name in the crypto industry and is well-known for its security, significant liquidity, and crypto features. Binance offers the lowest trading fees of 0.1% (maker) and 0.1% (taker) orders. Whilst the range of altcoins (over 600) is astounding, many of Binance’s features are not available to Australians.

What Is Binance Australia?

The Binance brand reaches crypto users in over 180 countries worldwide and is made up of several subsidiaries with the Australian company operating as Binance Australia. Binance Australia is operated by InvestbyBit Pty Ltd and is registered with AUSTRAC, the government body responsible for the detection, prevention, and mitigation of organized crime in the financial sector including terrorism financing and money laundering.

Depositing AUD into your account wallet can only be done using PayID which is a limitation compared to Swyftx and Digital Surge.

One of the key reasons why Binance has skyrocketed to popularity amongst a wide range of crypto users is its user-friendly trading interface. Binance has done an excellent job designing a highly functional but modern interface.

If you’re an advanced altcoin trader *then you will enjoy and appreciate the TradingView live charting which is seamlessly integrated into the trading interface. The premium charting tool comes complete with all the advanced analytical tools and indicators you need to identify and optimize their trades.

4. Coinstash

Read our complete Coinstash Review for an in-depth breakdown of its features and benefits.

Why We Picked It

Coinstash is a crypto brokerage platform that places an emphasis on ease of use and simplifying the process of buying cryptocurrencies. Its strengths revolve around its incredibly user-friendly interface and hassle-free way of buying altcoins directly with AUD.

What Is Coinstash?

Founded in 2020, Coinstash is a new cryptocurrency brokerage that aims to become Australia’s top all-in-one digital assets platform. Coinstash was established in response to gaps in the Australian crypto market that posed issues to the consumer.

Coinstash is a Brisbane-based platform that has rapidly grown to a user base of over 20,000. Its products and services have also grown with its range of digital currencies and altcoins already over 340.

Some of Coinstash’s key features that make it an attractive altcoin platform include:

• A visually intuitive interface with a streamlined altcoin purchasing process.
• Over 340 altcoins to buy with AUD.
• The ability to buy altcoins in bundles to diversify your portfolio whilst incurring fewer fees.
• Easy transfers of cash from your bank account and into your wallet.

Coinstash trading fees are a flat 0.85% for all buy and sell orders for altcoins. Whilst this is higher than the other exchanges in this list, it is still slightly cheaper than using popular Australian alternatives such as CoinSpot and Coinjar (fees of 1%).

Coinstash Pros & Cons

How To Buy Altcoin Guides

If you’re looking to purchase altcoins such as Ethereum (ETH), Cardano (ADA), Shibu Inu (SHIB), or XRP, then you can read our detailed step-by-step guides below:

• How To Buy Cryptocurrencies In Australia
• How To Buy Ethereum (ETH) In Australia
• How To Buy Cardano (ADA) In Australia
• How To Buy Shibu Inu (SHIB) in Australia
• How To Buy XRP In Australia
• How To Buy Solana (SOL) In Australia
• How To Buy Polkadot (DOT) In Australia
• How To Buy Binance Coin (BNB) In Australia
• How To Buy MATIC (Polygon) In Australia
• How To Buy LUNA (Terra) In Australia

Frequently Asked Questions

Is It Legal To Buy Altcoins In Australia?

Buying, trading, and selling altcoins in Australia is legal. Cryptocurrencies are not regarded as currency by the Australian Tax Office (ATO). Digital assets including altcoins are regarded as property and are subject to capital gains taxation.

For more information, you can read our Australian cryptocurrency taxation guide.

Can I Use My SMSF To Invest In Altcoins?

Your Self-Managed Super Fund (SMSF) can be used to obtain altcoins as part of a long-term store of value. Key legal and regulatory compliance requirements include the creation of a separate wallet that is independent of any personal digital assets, reporting capital gains events for taxation purposes, and achieving the sole purpose test.

For more information on the advantages and limitations, you can read our Australian SMSF cryptocurrency guide.