- Australians can buy Ethereum using their Visa/debit card
- Australians can access a range of exchanges
- The most popular exchanges are Binance, Kucoin and FTX
- You must KYC to buy Ethereum in Australia
Where to buy Ethereum in Australia?
Buying Ethereum with your Visa/Debit card has never been easier thanks to the multitude of exchanges that are now available and that now offer fiat to crypto on ramps. Gone are the days of shady person to person deals to buy your Bitcoin and Ethereum and now are the days of smooth, instant and hassle free purchases through reputable platforms.
In this article I will be covering a handful of the most popular exchanges and how to buy Ethereum through them in Australia. It may be worth nothing that the exchanges I will be covering in this article are centralized so you will be required to KYC. Unfortunately due to the miscellaneous use cases buying Ethereum or any cryptocurrency with your Visa/debit card through a decentralized platform is very hard to do.
The three most popular exchanges to use as an Australian wanting to buy Ethereum are Binance, Kucoin and FTX. All three of these offer the option to buy Ethereum directly with your Visa/debit card. Out of the two Binance and FTX offer the most competitive rates.
How to buy Ethereum in Australia?
To buy Ethereum in Australia you need to sign up to one of the above-mentioned exchanges and begin your KYC process if you have not done it already. The KYC process can be very fast and is all verified via an AI so there is no waiting on a human to verify your information. To KYC for one of the above exchanges you will generally be asked for a photo of your passport or your driver’s license. Once you have completed your KYC you can move on to buying your Ethereum or cryptocurrency.
Now that you are signed up to your chosen exchange you can go ahead and purchase your Ethereum directly with your Visa/debit card. Most exchanges have a very similar layout and quite often use the same provider for the fiat to crypto ramp, once you have figured out one exchange you can use most of them.
Once you are logged in and KYC’d on your Binance account simply hover over the “Buy Crypto” dropdown menu at the top left of your screen, from this drop down menu you will see a “Credit/Debit Card” option. Select this and follow the on screen instructions to buy your Ethereum.
Buy crypto with Binance
Kucoin has a very similar layout to Binance which makes it easy to use. Head over to the top left of the platform and click on the “Buy Crypto” drop down menu, from here simply choose the “P2P” option. You will now be run through some on screen instructions to buy your Ethereum with a Visa/debit card.
Buy crypto with Kucoin
Last but not least FTX, with a slightly different layout than Kucoin and Binance this is my personal favorite centralized exchange to use. FTX is a little different to buy with fiat, first once you are logged into your FTX account you click the “fiat” button on the top menu bar.
Buy crypto with FTX
On the following screen simply select the “Deposit Via Card” button. From here you will be prompted with on screen instructions to run you through deposing fiat into your FTX account. With this fiat you can purchase your Ethereum or any other cryptocurrency that is listed on FTX.
FTX deposit via card
What is Ethereum?
Ethereum is the second largest cryptocurrency by market cap beaten only by Bitcoin. Ethereum is a layer 1 blockchain that allows users to send transactions, build dApps and deploy smart contracts. Ethereum is built using the proof of work consensus mechanism which allows miners to use hardware such as graphics cards to push through users transactions.
Ethereum has many booming ecosystems such as it’s DeFi and NFT ecosystems. As one of the largest layer ones Ethereum has a lot of dApps and protocols built on top of it making it one of the most used blockchains in the space. Due to using proof of work this can cause relatively high gas fees due to the amount of traffic and transactions happening on the blockchain. The Ethereum developers do have plans to make the switch to proof of stake which should lower the gas fees. The developers have deployed this consensus mechanism on the test net which shows they are making good progress.
Ethereum is most well known and respected for its decentralization and security.
Ethereum has its own native token Ether with a market cap of $135 billion it is used to pay gas fees, staking and sending transactions. Tokens and dApps on Ethereum are known as ERC-20 tokens.
Ethereum also has a booming NFT ecosystem which unless you have been living under a rock you’ve most likely heard about. 2021 was very much the year of the NFTs with every man and their dog trying to get in on the action.
Ethereum is the largest blockchain for NFTs and has new collections dropping every day. With the most popular collections being Bored Ape Yacht Club and Crypto Punks.
To wrap things up you can buy Ethereum in Australia using a centralized exchange such as Binance, Kucoin or FTX. To buy Ethereum in Australia you will need to use your Visa/debit card and also KYC with your chosen exchange.
As the crypto space gets bigger and more user friendly, who knows how easy it could be to buy cryptocurrency in just a few years time.