Best time to buy Ethereum in Australia: Ethereum is a popular cryptocurrency that is growing in popularity all over the world. Australians have the opportunity to buy Ethereum and other cryptocurrencies safely and easily using Australian dollars through online exchanges, and there are a number of fast and easy ways to do so. Read on to find out more about the best time to buy Ethereum in Australia, and be sure to take advantage of these great opportunities!
While Bitcoin is the top cryptocurrency based on the value of its coins in circulation, Ethereum is also popular among crypto investors. It’s the second leading form of cryptocurrency and has support from business leaders such as Mark Cuban, the US billionaire entrepreneur, and television personality.
If you invested $US1000 in Ethereum in August 2015, your investment would be worth $US2.23 million almost six years later.
Nevertheless, it has slumped considerably in 2022 alongside other cryptocurrencies and is down more than 70% from its all-time high last year. In June alone, Ether fell 45 percent. As of August 26, the price of Ether was $US1685, with a market cap of $205,869,970,459.
If you do decide to buy Ethereum, proceed with great care: As the Federal Government’s Moneysmart website makes clear, crypto is a volatile asset and is not regulated by the Australian Securities and Investments Commission (ASIC).
If you still wish to buy, here’s how to get started buying Ether, the official name of the token more commonly called Ethereum because of its association with the Ethereum platform that it powers.
Table of Contents
Ethereum: What is it?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third-party interference. Ethereum is unique in that it enables developers to create applications that run on a global, open network. This allows for more creativity and innovation in the field of app development.
The Ethereum network runs on a proof-of-work system, which requires miners to expend resources in order to validate and add blocks to the blockchain. The reward for mining Ethereum is ether, which can be used to purchase goods and services on the Ethereum network. Ethereum is also traded on digital currency exchanges.
Ethereum Wallets
Ethereum is a new and rapidly growing digital asset. It is different from other digital currencies because it runs on blockchain technology. This allows for fast, cheap, and secure transactions. So, now is the perfect time to buy Ethereum in Australia. There are several safe and easy ways to do this.
First, you can buy Ethereum from an online cryptocurrency exchange. This is the most popular way to purchase Ethereum. There are several reputable exchanges available, and you can find out more about them by doing a Google search.
Second, you can buy Ethereum from a cryptocurrency broker. This is a more expensive option, but it allows you to buy large amounts of Ethereum without having to worry about security. You can find cryptocurrency brokers by doing a Google search.
Finally, you can buy Ethereum through a local cryptocurrency trader. This is the least popular option, but it may be the easiest to find. You can find local cryptocurrency traders by doing a Google search.
How to Buy Ethereum
If you’re looking to buy Ethereum, there are a few things you should keep in mind. The best time to buy Ethereum varies depending on the currency and location, but it can be safe, easy and fast. Here’s how to buy Ethereum in Australia:
1. Look for exchanges that offer Australian bank transfers. This is the quickest and most reliable way to buy Ethereum in Australia.
2. Compare prices and fees before buying. Make sure you’re getting the best deal possible by comparing prices and fees across different exchanges.
3. Be patient. It can take some time for the Ethereum price to change, so be patient if you’re waiting for a good price.
4. Read the terms and conditions of the exchange before buying Ethereum. Make sure you understand all the terms and conditions so you’re aware of any risks involved.
5. Make a deposit and buy Ethereum. Once you’ve found an exchange that offers Australian bank transfers, make a deposit and buy Ethereum.
6. Transfer the Ethereum to your wallet. Once you’ve bought Ethereum, you need to transfer it to your wallet.
7. Enjoy your Ethereum! Now that you’ve bought Ethereum, you can start enjoying the benefits of this new digital currency.
Investing in Ethereum may be easier than you think. Here’s how to get started in five steps:
1. Determine Your Level Of Risk
There’s no getting around it – buying Ethereum is a gamble. While all investments have some risk associated with them, cryptocurrencies are especially vulnerable to price fluctuations. Just think about the impact a couple of hundred characters can have on crypto pricing: when Tesla boss, Elon Musk, tweeted last year that his company would no longer accept Bitcoin as payment, for instance, the coin’s value tumbled 15%.
Although Ether has had impressive returns in the past, it’s also had some significant crashes, sometimes in astonishingly short amounts of time. Notably, it went from a high of more than $5000 per coin in May 2021 to less than $2500 a month later, a drop of more than 50%. That’s some pretty extreme volatility.
That’s why it’s important to consider your risk tolerance along with the diversity and stability of the rest of your investment portfolio before buying Ether. Experts recommend that you never invest more in crypto than you can afford to lose.
2. Choose A Crypto Exchange
Buying Ether is more complicated than just buying shares or collective investment funds through your brokerage account. Cryptocurrencies aren’t traded on major exchanges like those of London or New York, and many brokerages don’t offer crypto investing.
To buy crypto, you have to first create an account on a crypto exchange. Practically speaking, it’s just like the brokerage platforms you may be more familiar with: Crypto exchanges allow buyers and sellers to exchange fiat currencies – such as pounds and dollars, for example – for cryptocurrencies such as Ethereum, Bitcoin or Dogecoin.
If you don’t already have a crypto exchange in mind, take a look at our list of best cryptocurrency exchanges to find the one that’s right for you. Though some exchanges’ trading platforms can be complex, most offer a simple purchase interface for beginners, though it may charge higher fees than the main trading platform.
A couple of key points: When choosing an exchange, make sure it offers a crypto wallet to store your investments. The vast majority do, but if yours doesn’t, you’ll need to get one of your own.
You may also choose to buy your crypto on a platform, such as Paypal, though using one of these simplified platforms will mean your crypto can only be traded within the platform you buy it on. So you’d need to cash out of that platform and then re-buy it on a crypto exchange to hold it in a separate wallet.
3. Fund Your Account
Before you can buy Ethereum through a crypto exchange, you have to fund your account. In most cases, you’ll deposit money from a bank account, such as your current account. You can also generally use a debit card or deposit money from a payments provider.
Some providers may allow you to use your card to buy crypto, but beware of any fees they might add to the cost of the transaction.
4. Buy Ethereum
Investors buying shares, collective/pooled funds or exchange-traded funds are limited by market hours. The Australian Securities Exchange (ASX), for example, opens standard trading hours from 10am to 4pm on weekdays. Cryptocurrencies such as Ethereum work very differently: because they’re decentralised currencies, you can buy and sell them around the clock.
To purchase Ethereum, enter its ticker symbol – ETH – in your exchange’s “buy” field and input the amount you want to buy. If you don’t want to buy a whole Ethereum token or don’t have enough money in your account for a full coin, you can purchase a fraction of one. For example, if the price of Ethereum is $2000 and you invest $100, you will purchase 5% of an Ether coin.
5. Store Your Ethereum
After your purchase of Ethereum has been processed, you have to store your cryptocurrency. While some platforms will store it for you, some people opt to store their investments themselves to reduce the likelihood they will lose their crypto to a hack.
This is understandable, but it’s also important to note that most major exchanges do insure their clients’ holdings and often store the majority of their assets offline to prevent massive theft. What’s more, historically exchanges that have been hacked have reimbursed losses.
But if you want peace of mind surrounding your crypto, you can choose to move it to one of two types of third-party wallets:
- Hot Wallet: A hot wallet is connected to the internet and can be accessed from a computer or smartphone. They’re convenient and are usually provided by cryptocurrency exchange platforms at no additional cost, though you can also use your own if you’d prefer having your crypto off of the exchange. However, because they’re still connected to the internet, they’re at a higher risk of security breaches.
- Cold Wallet: Cold wallets, meanwhile, are external devices completely disconnected from the internet. Depending on the type you choose, they usually cost between $US50 and $US150, though there are even more expensive versions available. While cold wallets are less convenient than hot wallets – you have to manually connect them to the internet each time you want to access your crypto – they’re safer and may make sense if you own a significant amount of Ethereum or other cryptocurrencies.
Ethereum Exchange Guide
If you’re looking to buy Ethereum (ETH) in Australia, there are a few things you need to keep in mind. The best time to buy Ethereum in Australia is generally considered to be during periods of stability and low volume. This means that the exchange rates will be more stable and the transaction times will be shorter. Additionally, buying Ethereum during periods of high volume can lead to increased volatility and longer transaction times.
The safest way to buy Ethereum in Australia is through an online exchange. These exchanges have been designed with security in mind, meaning that your coins will be stored offline and not exposed to potential hacks or thefts. The two most popular online exchanges for buying Ethereum in Australia are CoinSpot and Bitfinex.
One important thing to note is that you should never purchase Ethereum if you don’t have access to a wallet where you can store your coins. A lot of people store their Ethereum on an online exchange, but this is not recommended because online exchanges are not immune to hacks or theft. It’s always better to create a wallet where you can store your Ethers securely offline.”
Conclusion
Ethereum is a digital asset that operates on blockchain technology. It has been growing in popularity lately as it offers a number of benefits over traditional currencies, such as transparency and security. The best time to buy Ethereum in Australia is usually during periods of relative calm when the price is lowest and there are no major news events that could impact its value. I recommend using an exchange like CoinSpot to make your purchase. They offer a safe and easy platform to trade Ethereum, and they have an excellent customer service team who can help you with any questions or problems you might encounter.
