How to buy Cryptocurrencies in Australia



everyone my name's Bo and welcome to my third video on my youtube channel cryptocurrency Australia so in this video we're going to be covering an introduction to exchanges in particular good exchanges in Australia how to go about creating an account and how you can actually start buying cryptocurrency for the first time so just before we kick off and actually get into the different exchanges and what we can use in Australia what actually is an exchange so exchange is basically an online marketplace where shares or cryptocurrencies are bought and sold so the cryptocurrency exchanges are basically directly analogous to the stock market and the way the stock market works the difference with cryptocurrencies is instead of having to go through a broker you can basically do it yourself and I know there are different different websites that you can trade stocks yourself but cryptocurrencies is essentially completely in the hands of the user of the people who want to actually trade now the value of each particular coin is determined on basic supply and demand principles okay now demand is driven by speculation by hype and other external factors as well as internal factors you'll find the further you get into cryptocurrencies a little bit of news on Bitcoin or a little bit of news on aetherium whether it's positive or negative has a huge impact on the cryptocurrencies in general on all all coins so one that's one thing to be aware of at the very start now what are some different exchanges now we'll cover each of these exchanges in just a moment but there are many different exchanges to use you don't just need to use exchanges in Australia in fact there's plenty of other exchanges based on them in the US which you can use and we'll go over those there are several popular exchanges in Australia the most popular are coin spot independent reserve and coin jar now all exchanges have differing Pro Conn's but I'll talk in particular about coin spot and independent reserve both of which I have used my favorite is coin spot but I've used both and we'll talk about those in in just a second now before we actually go to those websites and look at actually how to start some initial requirements to get started in art we need to obviously make an account using an email address now if you have an email address which has been compromised by a lot of spam or some viruses or in fishing I would suggest you create a new email address completely independent that not many people know about and use that to make these accounts just an add an extra level of security will go through verifying your identity and the requirements to actually upload maybe a copy of a password or a license or a utility bill we'll go through setting up your account using two-factor authentication and how vitally important it is to do this for your own security paper backups and actually backing up your account details on physical paper and additional security some additional security that can be used as such as a private browser antivirus software and some people even have a second secure computer that they use purely for training and logging into these accounts okay guys so we've just gone to coin spot.com da new which is the Australian exchange that I mentioned earlier I will just have a quick look at the website and run over a few things so this is the main page here so here it's showing some popular currencies that are traded which is Bitcoin – theory and litecoin so we're just going to go on to view all coins now here all the coins listed that you can buy on this particular exchange now one issue at the moment is in the cryptocurrency world is different exchanges exchange different coins some have a lot some have a few so this is one problem at the moment how coin spot has quite a few different coins it has all the popular coins and they're adding new coins all the time so if we look here at the moment you see some just some really popular one so Bitcoin obviously being the most popular the by rate is the current price to buy one of that coin at the current market rate in Australian dollars that's why I like this site so much is because everything is in Australian dollars which is very easy for us to understand the value of that rather than trading in Bitcoin or aetherium now the market cap is basically the the overall value of Bitcoin in the marketplace at the moment so 55 billion it's 30 billion above the theorem so it's you know by a long way the most popular will be for a long time now the change in 24 hours is essentially how much the price is fluctuated in the last 24 hours from the time the point of time that you clicked on this website so right now bitcoin has dropped four-and-a-half percent in the last 24 hours whereas litecoin has gone up by one point four eight percent in the last 24 hours so it's also another really good indication on which currencies are doing well and which ones might be good to look out for so here we have an shares that's going up by 0.27% esteems another very popular currency see a coin Doge so you can see there's a lot of different coins here you can buy from coin spot calm so let's actually look at creating an account and how we can actually get started now so if we just go up here to register we'll put in an email okay so create a password obviously be careful if your password make it as complicated as you can but you definitely don't want to get it so let's create a password retype password referred by so obviously inputting a referral I'm not a robot create account okay so the guys the first thing you need to do you don't need to do it you can tell without doing this but I recommend above all else is to enable two-factor authentication it is just imperative it's just an extra layer of security that is just so important that you have so first of all let's click on this enable to f'ing okay and then enable two-factor authentication so the next step you need to do is you need to go to the app store on whatever device you have and you need to download the Google Authenticator app it looks a little something like this I'll show you on my iPhone you can see the Authenticator there down the bottom so you download that up then you scan this QR code and what that'll do is that'll actually bring up a six-digit constantly changing code that you need to put in every time you log in so if your account gets hacked no one can log in without that offender code on your phone so you holding your phone you carry the key you carry the master lock that's why it's so important because it protects you if your email or your account gets hacked ok so after you've downloaded the Authenticator app and you've synced it to that QR code the next thing I recommend you do before you progress to the next step is print this page to a paper copy or a PDF so you have a copy of that QR code somewhere the reason is is if you lose your phone or against damaged and you need to resync the Authenticator with this account you've got a copy about QR code that you can resync it if you don't is going to be a real pain in the neck you'll have to contact coin spot and get them to essentially reset your account or help you get back in because you won't have the Authenticator so print this page print it to other PDF and hide it somewhere on your computer or put it to put it on an account with password-protected or do what I did and print it to paper and store it somewhere safe okay so after you've done that you're putting your token down here you hit submit and then you've enabled to a fail on your account okay guys so the next thing you need to do to get started is you need to verify your identity now don't be afraid of this when I first did it I kept thinking is this a scam it's a phishing email are they trying to not a phishing email phishing site are they trying to steal my identity don't be worried it's actually under Australian law they need to verify your account before you're actually allowed to start trading so it's actually you it's actually an Australian law and that's why they do it so the first step is verifying your email it's pretty straightforward and reminds how to do that step number two is verifying your email are you sorry your mobile phone so putting your number they'll send you a token according the code verify the token third thing this is an optional one you can put in your Facebook profile that allows coins spot staff to go and actually check your account and make sure it's legitimate for thing is your your license so scan your license we'll take a photo of it that's what I did on my phone took a photo and emailed it to myself step number five is a verification photo this one's a little people you do feel like a bit of a bit of a dope doing this but all I had to do it and don't worry it's you know it's perfectly legitimate just do what exactly is this guy did I I had to try a couple of times because the photos I did didn't have the actual writing very clear so make sure the writing is nice and clear just do it exactly like this guy here as well and stepping up number six is a utility bill so gas power water whatever as long as it shows your name your address and the fact that it's a registered account that should be fine now do note that a lot of these I only take a JPEG or a PNG so you'll probably need to screenshot a picture of your bill rather than actually uploading the PDF which is a bit frustrating I don't know why they do that but it's a requirement nonetheless okay guys so once you've uploaded all your verification documents allow a couple of days because there are actually physical human beings they've actually do the verification in your account the support staff very good I'll contact and then before and they're always gotten back to me within a day or two so usually allow about a day or two before you get verify now once that verifications been done if you come over here to your dashboard you will be authorized to deposit money now coin spot at the moment only allows Polly payments which is like a secure transfer system that you login to your bank through another window and you're able to transfer cash directly from your bank into coin spot it's really quick it's instantaneous in fact you don't have to wait I'm not being paid you can't you know you don't the wait a day or two they don't do credit cards at the moment but hopefully they'll be coming soon so put some money in here and you can start to buy so if you come over here to buy and view all coins you can literally start to buy any of these coins as you wish now just a note and we will get into this in later videos but just to try and keep this video short you don't have to buy a whole coin okay so most of the coins are technically infinitely dividable so you can buy five dollars a Bitcoin you can buy a dollar a Bitcoin you can buy a half a light coin so don't be fazed by the Buy rate that's just for one whole coin but as I said technically they're infinitely dividable but what you'll find is the more you divide it the small transaction fees will end up being more expensive than the coin then how much you're buying itself so has to be worth it okay so you've just bought some cryptocurrency you've just bought X amount for X amount of dollars whatever you are comfortable with what happens next and where does it go so at the top right here you're gonna see a little button here a link that says wallets so click on that now here is where the amount of coins you bought for whatever you paid for will be deposited now the wallet is almost like a digital a unique digital repository for that particular currency think of this almost like a bank it's almost like a bank these are different currencies say euros or American dollars or Japanese yen or whatever okay so this is where they'll come and be patient sometimes it takes five ten minutes but they will most definitely show up here okay so the balance column first is the quantity that you bought now the approximate value in Australian dollars is the value of your balance at current market rate so let's just say for example you bought $1,500 of Bitcoin you log in two days later and the markets going up by 10 percent so 10 percent of 1,500 a hundred and fifty dollars so your approximate value will be one thousand six hundred and fifty dollars so if you've got a bunch of different coins here at any given day you can log in and your balance or your total balance will be representative of how the markets gone so if the markets gone down your balance is going to be less marks line up your balance is going to be higher a good way to see a summary is on your dashboard so if you get a dashboard it'll tell you the total value of your wallet okay now a lot of people don't like keeping their currencies on exchanges because there are some exchanges that have actually been hacked in the past and money has been stolen I personally do keep currency on coins but not a huge amount but I do keep some man I trust them but it's all about what your comes with and how much you have on here if I had a lot of money on here I certainly would be transferring it off but in my mind what I have on here I am comfortable to keep on here okay so a good way to see a breakdown summary of what you paid for these currencies at any given time which does get difficult over as you buy more and more and sell over the weeks and the months if you come over to here to account and you go to order history so an order history will be a breakdown of the time and the day you bought the type of currency that you bought the market value the amount you bought the price per coin and the fees you paid so I personally manage my own spread we're a copy and paste this data and then I manipulate it which is a good way to make a little bit more usable but you'll always see a breakdown here okay guys so in later episodes we're gonna get more into the online wallets and how to actually transfer coins in and out but that's for a later episode what are some things to think about to look for and to keep on top of when you're buying cryptocurrencies so look for trends in the market okay so I'll put a link in the description to all these websites but always have coin market cap open as well and there's other websites as well such as Polonius and Beatrix where you can actually look at the current trading volumes of the crypto currencies and we will cover that in detail in later videos research the companies behind these coins imagine the coins are like shares okay so you're buying shares in a company the difference is these coins one day you'll be able to use to actually purchase things okay so try and imagine the coins are shares to psychologically put in your own mind that you're blowing a part in the company so you need to believe what the company is doing has to be a real company and they have to be solving a problem fight off FOMO fear of missing out if you're seeing lots of green and those percentage changes in the last 24 hours maybe it's not a good time to buy if something's just gone up 20 percent in the last 24 hours at some point it's got a dip whenever there's a steep rise that there's always a dip so just keep your eye on the market okay and have a price in your head that your cancel with two buying only invest or you can afford to lose this is so important have a set amount of money aside that you know that think may put in your head and make sure that you know if you lose that money it's not gonna affect your finances it's not going to impinge on your paying a bill it's not gonna stop you from eating okay that is so important because if the market dips you'll be much better prepared to deal with some minor losses while the market goes down start small you notes start with 10 bucks start with $50 start with $100 whatever is small to you with your current budget just start small until you start to learn and you get a feel for the market you only lose money if you sell okay now I started in his game a few months ago I started just as the market was going up I bought a lot of coins too high I learned that lesson and if I had I sold them recently I would have lost a ton of money but I haven't I've kept them and now the markets on the rise you only lose money if you sell them at a loss if you hold them the market will eventually recover and you you will return to being in a positive position join facebook groups and study studies studying read read the white papers get involved in these groups get involved in the conversations because that's what you're going to learn a lot of what you need to know to be a successful investor so look guys thanks for taking the time to watch this video I'll have a lot more coming I'm sorry I didn't cover everything in detail but in later videos we'll cover more exchanges will cover trends and what to look for in the market and good times too boy so thanks everyone have a great rest of the day and I'll see you next time

48 thoughts on “How to buy Cryptocurrencies in Australia”

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  2. I traded my crypto's on coinbase and got slugged with heavy fee's, are the fee's on coinspot alot better than coinbase? could you throw us some numbers? i have heard coinspot is only 1% compared to coinbases 3.99% however is there something im missing?

  3. The last 2 months, I have made over $60,000 from trading bitcoin but my success never started that way as I had made substantial losses before my turning point in the Crypto space. I bought 2Btc last year which quickly rose in the bull run but eventually lost most of it and sold off what was left. That was the last I would ever have to do with bitcoins until I was introduced to Brandon Gaston first of, he asked to know my trade experience. He then gave me a quick insight on what to look out for when choosing a platform and a bunch of other things most experienced traders may never tell you. Most importantly, he introduced me to his specially designed layout and provided me with professional advice and accurate trade signals. With his system, trading has become easy and profitable and I just want to spread the word and thereby help as many that are in my previous unfortunate situation. For all questions, you can reach out for his help on his ([email protected] Com) WhatsApp/Skype 44 7482877027

  4. a couple of questions: Australian Banks are Crypto Friendly, or they hate them as much as American Banks? Can you work with Banks and reieve payments without problems, or you have to ¨masquerade¨ your payments, just like in USA?, I mean: as a legit, legal trader that can proof the origin of the funds that you´re using. Another One: Can you trade wit ha certain security of not being scammed in Australia or it´s like a Pond filled of Piranhas just like in the USA? if an Aussie can answer those questions and help me, I promise Argentinean Wine for him. NO, NOT BEER, WINE, STOP DRINKING BEER AUSSIES, DRINK WINE.

  5. Hi very informative, but I'm an Australian living in Vietnam so all my info like a utility is in Vietnamese, but I do have an Australian bank account, can I still use coins pot cause I was about to use coinbase, what's your thoughts cheers

  6. Ty Beau, you make it sound so easy but why is it that every time I put my password in and click SUBMIT, I get back to the same spot and then have to put in my old password and a new one over and over, around in circles. Is there an easier website where I can open an account? TY peter

  7. what i find challenging is the risk involved with a simple purchase of crypto,the security, issues, i mean to the average person its very complicated. just my opinion as a novice.

  8. Thanks for your video, very informative. I have a question. Although I'm Australian, I currently live overseas and I'm back in Sydney on holidays. Don't have a drivers licence, don't have a utility bill with my name on it. Which would be the best exchange for me? I've got passport and an Australian bank account. Would bank statement work for verifying identity? Cheers!

  9. so why when you want to sell the sell price and buy price remain static to a few cents. price hardly ever rises but the volume increases and the day change being in green goes up but sell prices go down. something fishy is happening

  10. Hi Beau, I really want to trade crypto on GDAX using USD pairings.. is it possible to do this from Australia?

  11. Great intro vid. I notice though that nearly all the wallets in Coinspot do not support sending coins 'into' the wallet. I receive this message e.g. Cardano:
    "We provide a managed wallet for Cardano which you can send coins to anyone at anytime. We don't currently allow sending Cardano into CoinSpot."
    So if I purchase Cardano on the Coinspot exchange where do I have them sent to?
    Or is this because I am waiting on verification?

  12. BTC market is a FRAUD operator!!! Let me explain. After signing up on their system and on my second and bigger transaction, everything went very wrong. On 05/02/2018 I made a market purchase. It executed and my fund had been drawndown, but no record of the transaction appeared in my account. I waited a few days later and contacted them numerous times, only to be ignored by their cut and paste responses which they they avoided answering my concerns. After repetitively asking about the issue, I was told they'd suspended my account and wait till the instruction in the mail to re-activate my. Upon receiving the letter five days later and logging back in to my account, I asked for an update. They brushed off the issue and asked me to re-submit my issue with their online process. I refused to do it because I had emailed them numerous times and many other queries which they ignored (or at least the people answering the messages not seem to know anything). As a result of this, I lost money and the fund in my account. Not only they're aware of my concerns but deliberately ignore all my concerns. This is a SCAM operator, at least to all the new users who haven't been using them long enough to understand when hook people in. I have all the evidence of my BPAY deposits and transactions with them, which they even answer my emails. I even visited their address only to find out it's a coffee shop (WTF!!) .For your safety, please close down any account you have with them IMMEDIATELY, before you loose money. I'm seeing the police and others about getting someone to shut them down.

  13. hi there i think you can only sell 5000 a day on coinspot so if i have a lot of money on the wallet value it will take a long time to sell

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  15. Thank you Cryptocurrency Australia. It's great listening to someone who knows what they are talking about. Finally a trustworthy source thats not trying to flog something!!

  16. so many fees…How ironic that Bitcoin was supposed to solve this problem…theres fees for sending money from bank to exchange to buy bitcoin…then there are sometimes massive fees for sending Bitcoin then theres fees for converting back to fiat and anther fee for sending back to bank! Its actually bullshit !!!!!

  17. Mate, you are awesome in explaining in the simplest form where a novice can understand. New to this and learning and looking forward to follow you. Thankyou!

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  22. Thank great vid. You didn’t cover why you would want to go with binance vs coinspot eg benifits of the crypto to crypto

  23. as a first time investor,i have @20,000,00 to invest and I was thinking about Bitcoin.What do you think about this ? I expect to see the price go up and down all day I am prepared to lose a bit ,but expect to make a fair bit more in a couple of years maybe?

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