How to buy Ethereum in Australia

A how to guide for Australian Ethereum buyers

Andrew Butler | 2019

So you want to buy Ethereum in Australia? Well, you have come to the right place, as Ethereum (ETH or Ether) is the second most popular cryptocurrency in Australia and the world.

1. How to buy Ethereum with Easy Crypto Australia

The following animated pictures will show you how easy it is to buy Ethereum in Australia with Easy Crypto.

Step 1


buy ethereum australia step 1

 

Step 2


buy ethereum australia step 2

From here you log in to your bank via POLiPay (or alternatively use a standard bank transfer, using the button below) pay for the transaction and you should have your Ethereum in minutes!


2. What is Ethereum?

Ethereum is a digital currency ecosystem that was inspired by Bitcoin and expanded upon by its well-known founder, Vitalik Buterin. What sets it apart from Bitcoin is the scripting language that it was created with, allowing ‘smart contracts’, ‘dApps’ and other tokens to be built within its ecosystem. A simple example of a smart contract could be as follows:

‘Tina must complete 5 news articles by 1 December; after which she will receive $500’.

The smart contract used to write this will be able to track the results fairly and if required distribute the funds as a cryptocurrency.

Often new users will not be aware that the native digital currency is actually called Ether, not Ethereum. Ether is used to power internal transactions and is what is traded on Digital Currency Exchanges. Often the names Ethereum and Ether will be used interchangeably to speak of the digital currency token itself.

Many other popular cryptocurrency tokens have been built using Ethereum as their base application. For example Maker (MKR) is a top 25 cryptocurrency in market cap and was created using Ethereum’s native token (ERC-20). This has helped drive Ether to be the second largest crypto in terms of market cap in the world.

3. Which digital wallet should I use to store my Ethereum? 

Due to the popularity of Ethereum in Australia and worldwide, there are a myriad of options for storing your Ether.  

See also: Our definitive guide on Crypto Wallets in Australia

The wallets can be broken up into 3 main categories: Desktop, Mobile and Hardware. 

Desktop Wallets 


Exodus 

Exodus is a user friendly, modern and easy to use desktop wallet that supports Ethereum as well as a myriad of other cryptocurrencies.  This wallet allows you to interact with Ether without having to download the entire blockchain.  This is great for newcomers who want to jump straight into purchasing and storing Ether. You can send, receive and monitor your Ether and other crypto easily from you home PC, Mac or as of recently, your mobile phone. 

MetaMask 

MetaMask is a unique type of crypto wallet in that it can be installed as a browser extension in Chrome, Firefox and Brave web browsers.  As with other quality wallets, MetaMask allows backup of a wallet address through a passphrase, has customer support, a simple interface and a strong reputation with over half a million users.  What you must be wary of is the fact it is an online wallet and this comes with some risks you must be aware of and manage. 

 

Jaxx Liberty 

Boasting more than a million downloads and with a user interface that makes it easy to store your Ethereum; the Jaxx Liberty wallet should be a serious consideration for Ether buyers.  Jaxx is also handy if you are looking to purchase other cryptocurrencies, like Exodus, it is a multi-currency wallet.  Upholding its reputation and popularity is its customer service, being one of the first digital currency wallets to roll out support to users. 

Mobile Wallets 


Trust Wallet

Trust Wallet is a downloadable app available for your Android or iOS compatible device.  It has been popular for Australian Ethereum holders and has recently been purchased by Global cryptocurrency Exchange Binance.  Trust Wallet is a simple to use, fast and no-frills digital currency wallet that supports most of the major cryptocurrency assets.  Some of its features include: send, receive, anonymity, backup ability and pin/passphrase security. 

4. Other considerations when buying Ethereum in Australia 

Tax 

When buying Ethereum in Australia you must consider your tax implications with the Australian Tax Office (official Australian Tax Office page here).  In general if you hold cryptocurrencies you must pay capital gains tax.  This is calculated depending on how long you hold your Ethereum. 


Security

Whenever you consider investing in cryptocurrencies such as Ethereum you must ensure you prioritise and understand the security aspects of your digital asset and how to safely use a wallet.  I recommend you always start with a small amount to become familiar with crypto (if it’s your first time), or to become fluent with a new wallet / interface.

Learn more: Password Security

5. Rapid FAQ’s

Q. When was Ethereum created?

A. July 2015.

Q. How much money did Ethereum raise in its ICO?

A. $18.4 Million USD

Q. What is the difference between Ethereum (ETH) and Ethereum Classic (ETC)?

A. Ethereum had a code vulnerability in June 2016 which was exploited. The current Ethereum (ETH) ‘forked’ to fix the code and make transactions during the exploit null and void. Ethereum Classic continued on the old blockchain ledger. Currently Ethereum (ETH) is the dominant of the two.

Q. What is the difference between Bitcoin and Ethereum?

A. Bitcoin was created purely as a peer-to-peer cash system. Ethereum was developed to run decentralised applications with Ether as its internal currency.