Buying Cryptocurrency coins can be little complicated when you are new. They are quite a few steps that you need to take to be able to purchase a coin and store them somewhere safe.
If you are living in Australia the first step would be registering yourself in one of the exchanges in Australia. The following are some of the active exchanges that you can use:
CoinBase (Perhaps the most famous Trading platform in the globe – Some user reported having issue with the credit card acceptance.)
- Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin (₿), Bitcoin Cash, Ethereum (Ξ), Litecoin (Ł) and other digital assets with fiat currencies in 32 countries and bitcoin transactions and storage in 190 countries worldwide.
- Usually takes few hours to approve account
2. Independent Reserve Exchange (Exchange ~ 0.5% fee per trade)
- Takes 5-8 days to approve account (verification code sent out via snail mail)
- No fees for depositing via BSB (takes 1-2 days)
3. Coinspot (fastest way to buy alts)
- Probably this is the quickest way to buy many of the alt coins. The list of the coins they support is huge
- Prices are higher than some of other exchanges but it makes it up with the wide range of coin availability.
4. CoinJar (Exchange ~ 1% fee included in market price)
- Takes 2-3 days to be approved (Passport + Drivers License + Selfie Declaration Required)
- Market Rates not the best for buying, good for selling
- On average takes 2-3 days to verify (Passport, Drivers License)
- To complete verification, BTC Markets will mail you a password. This takes up to 7 business days.
- No deposits allowed until account verified
- LocalBitcoins is a P2P Bitcoin exchange. Buyers and sellers agree on trade terms, and LocalBitcoins is used as escrow.
- LocalBitcoins is one of the most private ways to purchase bitcoins
- In some countries it is the only way to buy bitcoins
- It allows you to buy bitcoins with many payment methods
- Fees can be slightly high when buying with cash, since many people are willing to pay extra for the privacy LocalBitcoins offers
- One of the greatest platform if you dont really wanna get involved with the roller coaster ride of cryptocurrency. You can choose a professional trader here and easily copy that person. Perhaps you dont wanna put all your money in Cryptos… Then you can choose profiles with max of 20% crypto trading.
- Perhaps the safest method to trade (while you are not trading yourself)
- Very good for beginners or someone with an experience in commodity.
There are a few things to keep in mind when deciding to purchase cryptocurrency and what exchange to use:
Exchanges don’t generally sell every cryptocurrency available. ( You can exchange the major coins like BitCoin, Litecoin or Ethereum in other coin exchanges.
They charge transaction fees. (As it has lots fluctuation, it is the best to register in few exchanges and check the price before you buy)
Their security isn’t infallible. ( they have been cases of the website being hacked )
Exchanges have daily limits on how much you can buy and sell.
They are not a great place to store your cryptocurrency.
Exchanges have different payment methods such as bank transfer, BPAY, Credit card, Paypal and etc.
So the first step: How to buy coins after choosing an exchange:
- Register with your real name and email
- Confirm the email
- Login with your email
- Verify your mobile number
- Verify your identity ( Passport – Driving licence or another photo ID)
- Choose your ID and follow the steps ( you need to either upload it , or take a real time photo)
- Some exchange ask you to hold a note in your hand saying your name or mentioning their website.
- Verify you Master/Visa Card [Only on Coinbase] (temporary small amount will be deducted from your card so they can verify you)
- Buy coins after receiving the confirmation
- Enable 2-factor authentication on the security page.
Buy the coin from the exchange that you registered and been verified for (Buy the main coins: like BTC, ETH or Litecoin )
Then decide what coins you would like to invest in (if you invest on a right new ICOs, they usually have a higher return.) for example, I have invest on Burst few days ago, and I have just gained 170% in 4 days.
Or when EOS was new in the market I saw the potential in it and invested little bit of money in it. I have gained over 1,500% since 19th of Oct till now (25th Dec). You need to be very careful with these ICOs, lots of them are not what you wanna invest in. The project will fail and your money will be wasted. [There is a higher risk, but then with higher risk, there are always sweeter return].
Some of the exchanges that you might wanna exchange the coins for the ICOs can be these:
https://www.cryptopia.co.nz ( Probably the easiest to register – they are lots of pump is happening in this platform )
Wallets to use:
They are 3 different type of Wallets exist for you to use.
- First and easiest way to store your crypto is using the exchange wallet. [When you purchase a coin it gets stored in the Wallet in the exchange]. This is the most risky method of keeping your asset. Exchange wallets are not as secure as other 2 methods.
- Using a software wallet (Local wallet). This means you download a software/app on your device and you will store the coin locally on the software, they are number of wallets out there. But our recommendation is to use: Jaxx , or Exodus
- The safest method to store your asset is to use physical wallet. They are number of wallets that you can use and I have named them bellow ( information below been collected from https://www.ripplecoinnews.com )
Multi-currency support: This wallet support almost all the popular cryptocurrencies and allow you to store more than one at the same time in the same wallet.
- Built-in Display: This means that you can physically see the transaction for the confirmation and verification purpose because of the LCD screen on the top.
- Easy to operate: While the size of this beautiful hardware wallet is small but still there are buttons to operate which are very easy and comfortable.
- Security: For the security purpose there are multiple options available including the option to lock your wallet with a PIN code.
- Backup and restoration: Do not worry about your cryptocurrency money if you have Ledge Nano S because it comes up with recovery sheet while the restoration process is easy and fast.
- Secure elements: I am sure that you have heard about the dual chip architecture technology. The Ledge Blue is based on that and also integrated with the firmware to protect your digital currencies.
- Malware proof: A device can easily get hacked or its software can be damaged by an online virus but Ledge blue is completely Malware proof which means that it is completely secure from virus and hackers and cannot be exposed to someone else.
- Pin code: Yes, you can set who is allowed to view your wallet by setting the 4 to 8 digit PIN code every time you unlock the wallet.
- Multiple currencies: The Ledge Blue supports more than 1 dozen digital currencies while you can store multiple currencies at a time.
Trezor has almost all the features of Ledger Nano S (supporting fewer coins but more professional looking software). Can say the main difference is that TREZOR is more like a mini computer, while the Ledger Nano S uses a secure chip.
The way they look: