The first and perhaps most important part of learning how to invest in cryptocurrency in Australia is the online platform that you choose to complete the process.
To open an eToro account, you simply need to provide some basic personal information and upload a copy of your government-issued ID.
Supported payment methods at eToro include debit and credit cards, local bank transfers, and a number of e-wallets.
Additionally, the platform supports a wide range of leading DeFi coins – such as Curve, 1Inch, Theta, Shiba Inu, Algorand, and Enjin.
And, diversification is even possible if you are on a budget, as the minimum trade size at eToro is just $10.
An additional tool that you might be interested in if you seek passive investment features is the eToro copy trading service.
However, it is important to note that Capital.com does not allow you to directly invest in digital assets.
In a nutshell, CFDs at Capital.com allow you to trade the future value of a cryptocurrency like Bitcoin without owning or storing any tokens.
Spreads are very tight too – especially when trading major markets like BTC/USD.
What we also like about Capital.com is that it offers a range of tools that beginners will find useful.
To get started with cryptocurrency CFDs at Capital.com, you will first need to register an account and deposit at least $20 with a debit/credit card or e-wallet.
And, you can achieve your cryptocurrency investment goals at super-low fees, with Binance charging a maximum commission of 0.10% per slide.
Moreover, if you were to buy Binance Coin and hold the tokens in your exchange wallet, your commission fees will be reduced by a further 25%.
The specific charge is built into your exchange rate at the time of your purchase, so be sure to check this before confirming the investment.
If you seek a decentralized storage option where you control your private keys – Binance is also behind Trust Wallet – which also comes via a mobile app.
However, perhaps the best option is to transfer your digital assets into a Binance crypto savings account.
For instance, not only is Coinbase listed on the NASDAQ exchange but the platform is licensed by the SEC.
However, the main issue with Coinbase is that when you invest in cryptocurrency in Australia, you will face highly uncompetitive fees.
This starts at the very offset when you make a deposit, as debit and credit card payments are charged at almost 4%.
There are no crypto savings accounts offered by Coinbase, but you can generate a yield on your investments through staking.
As we mentioned earlier in our Capital.com review – cryptocurrency CFDs not only permit short-selling – but leverage of up to 1:2.
For instance, all AUD deposits and withdrawals are fee-free, and no commissions are charged when you enter buy and sell orders.
In terms of markets, AvaTrade offers just 13 digital currency CFDs – all of which are paired against the US dollar.
If you wish to trade the future value of the broader cryptocurrency market, AvaTrade offers an index that tracks the performance of 10 leading coins.
On top of cryptocurrencies, AvaTrade also offers an abundance of stocks, ETFs, bonds, indices, metals, energies, and forex – all in the shape of CFDs.
Perhaps the main reason why people in Australia decide to invest in cryptocurrency is because of historical returns.
On the contrary, a large number of other cryptocurrencies have also witnessed similar monumental growth since launched.
The above examples are just two of many.
In the traditional stock trading arena, seasoned investors will typically buy shares in companies from a wide variety of sectors and industries.
This approach to diversification can be replicated with ease when you invest in cryptocurrency in Australia.
And, when you use a budget-friendly broker like eToro to invest in cryptocurrency in Australia – you only need to risk $10 per trade.
If you could turn the clock back to the 1990s and invest in up-and-coming internet stocks like Amazon, you likely would.
This is crucial, as many first-time investors are often reluctant to buy cryptocurrencies because they are concerned about the fundamentals of cashing out.
Therefore, at any given time, you can sell your cryptocurrency tokens back to cash and withdraw the proceeds to your bank account.
However, in the first three months of 2022, BNB has lost 22% in value.
Both of these projects witnessed a rapid increase in value in 2017 – surpassing a market capitalization of a billion dollars.
As such, it is important that you do your own research before you choose to invest in cryptocurrency in Australia.
In this section, we are going to explore what crypto to invest in.
It also has the greatest mass awareness and in comparison to other cryptocurrencies in this market – possesses the least amount of volatility.
Although Bitcoin is one of the most expensive cryptocurrencies to invest in – at a token price in the thousands of dollars, you can risk just $10 when using eToro to complete your purchase.
Ethereum is also worth considering for your portfolio if you are looking to invest in cryptocurrency in Australia for the first time.
Crucially, thousands of other cryptocurrencies are built on top of the Ethereum blockchain – all of which are known as ERC-20 tokens.
The main concept of this project is that it offers a virtual gaming world – whereby players can communicate in the MetaVerse.
In doing so, landowners can build virtual real estate – such as apartments, villas, casinos, malls, and more.
In simple terms, the Uniswap platform allows users to trade digital currencies without needing to use a centralized operator.
Just like Decentraland, Uniswap is yet another cryptocurrency that has chosen to be built on top of the Ethereum blockchain.
You can invest in this project by purchasing Yearn.finance tokens, In a similar nature to Bitcoin, Yearn.finance trades for thousands of dollars per token.
We briefly mentioned earlier that since BNB was launched in 2017, the digital token has witnessed gains of over 630,000%.
It carries several use cases, such as being the primary currency of the Binance Smart Chain – which means that transaction fees are collected in BNB.
Another industry that is in dire need of being revolutionized is that of the global lottery arena.
Lucky Block, on the other hand, is creating an innovative ecosystem that will completely decentralize the global lottery space.
If you have a much higher appetite for risk, you might consider looking at ApeCoin – which was launched as recently as March 2022.
Take note, there is no knowing how long the ApeCoin frenzy will last, so this could be the best cryptocurrency to invest in 2022 for short-term gains.
This project specializes in something known as blockchain interoperability – which allows decentralized networks to communicate and share data.
When you consider how many competing blockchains are now active in this space, demand for Cosmos is only likely to continue to grow.
This blockchain project can facilitate more than 65,000 transactions each and every second – which makes it one of the most scalable in this industry.
And therefore, many market commentators argue that Solana could one day compete with Ethereum as the de-facto smart contract platform.
Make no mistake about it – the only way to invest in cryptocurrency in Australia is to use a regulated broker.
When you deposit AUD into your eToro account, you can choose from a debit/credit card or a local bank transfer.
To invest in cryptocurrency today – you can open an account and deposit from just $50 USD at the ASIC-regulated platform eToro.
This guide reviewed multiple platforms and we found that the overall best place to invest in cryptocurrency in Australia is eToro.
The process of investing in cryptocurrency in Australia has never been easier – even for beginners.
Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain.