Altcoins were made right after Bitcoin (BTC) as an alternative to the most popular cryptocurrency. There are currently over 5,000 altcoins in circulation, representing nearly 80% of the cryptocurrency market. Altcoins allow users to earn high returns, particularly those who understand how to maximise their altcoin earnings. This article will guide you on how to buy altcoins in Australia.
What is an Altcoin?
Alternative coins, commonly known as “altcoins,” refer to all cryptocurrency coins other than Bitcoin (BTC). Altcoins such as Cardano (ADA), Uniswap (UNI), Litecoin (LTC), and Dogecoin (DOGE) have emerged since Bitcoin’s launch in 2009, with more continually sprouting up. They differ from Bitcoin’s consensus system because they add different privacy features, functions, and supply schedules.
Altcoins offer additional features, making them more attractive and valuable to investors than their original counterpart, Bitcoin. Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Uniswap (UNI), and Polkadot (DOT) are some of the most common altcoins in the market currently.
5 Top Crypto Platforms to Buy Altcoins in Australia
Numerous altcoins’ emergence has promoted Bitcoin-altcoin exchange platforms, each with distinctive features. Thus, the optimal altcoin exchange depends on several variables, including consumer preferences. Below are the best platforms to buy altcoins in Australia.
CoinSpot – Overall Best Platform To Buy Altcoins In Australia
CoinSpot, an Australian-based crypto exchange, was established in 2013 with over 2.5 million registered users. It is one of the country’s first major exchanges and a fantastic choice for crypto investors. CoinSpot won two awards in the 2023 Finder Awards for Best for Beginners and Best Value.
Despite smaller platforms like Digital Surge and Swyftx, CoinSpot remains the market leader in Australia. It has over 380 cryptocurrencies, including popular coins like Bitcoin, Ethereum, Cardano, Dogecoin, Solana, Shiba Inu, and low-cap altcoins, with potentially significant gains.
CoinSpot offers a user-friendly interface and an easy-to-use trading platform, making it an ideal option for investors taking their first steps into the crypto world. It supports different ways to pay in AUD, such as POLi payments, BPAY, and PayID so investors can buy things quickly and easily.
The exchange also boasts top-notch security features and advanced support systems. It is Blockchain Australia certified and the only AUSTRAC-registered platform in Australia with ISO 27001 accreditation for information security management systems (ISMS).
From the reviews on Reddit and Trustpilot, it’s clear that CoinSpot has great customer service, which helps new investors buy and sell cryptocurrency. CoinSpot’s fees and instant buy/sell feature make it a breeze for investors to trade on the platform.
Check out our CoinSpot review for further information.
Binance – Best Exchange To Buy A Wide Range Of Altcoins
Binance has become a significant player in the crypto market because it has a wide range of markets and is one of the best peer-to-peer (P2P) cryptocurrency exchanges. Trading fees are incredibly low, starting at only 0.1% per transaction, and users can benefit from reduced fees by holding Binance’s native token, BNB, similar to Huobi and Crypto.com.
Binance has an advanced platform for technical analysis, but it also has a simple interface that lets newcomers buy altcoins with US dollars. Deposit fees are dependent on the payment type chosen. ACH and bank wires are free, while debit or credit card deposits incur a 4.5% fee plus an instant buy fee of 0.5%. Bitcoin deposits typically take 20 minutes to credit to your Binance account.
For storage, Binance offers a decentralised wallet called Trust, which provides access to DApps such as Pancakeswap. Users can also store their altcoins in Binance’s web wallet, protected by two-factor authentication and a whitelist of IP addresses. This increases security checks when logging in from a new location.
Check out our Binance review for further information.
eToro – Best Crypto Platform For Active Users To Buy Altcoins
If you’re looking for a feature-rich and innovative platform to buy and trade altcoins, eToro is an excellent choice. Its Discover tab lets you explore trending altcoins and set up price alerts, and you can add coins to your watchlist to track their performance. The platform also offers news and feed tabs, research, and charts to support your technical and fundamental analysis.
eToro’s platform is user-friendly and straightforward, making it an excellent option for beginners. One unique feature that sets eToro apart from other altcoin exchanges is its CopyTrader tool. It allows you to follow and copy the most successful altcoin traders worldwide based on their stats and risk tolerance.
In addition to over 70 altcoins, you can add other asset types like stocks, ETFs, and indices to your portfolio. eToro offers various payment methods with a minimum deposit of $10, and you can buy altcoins for as little as $10 with a fee of 1% plus the spread. A withdrawal fee of $5 applies.
For more details, check out our comprehensive eToro review.
Crypto.com – Best Crypto Exchange For Crypto-Back Rewards
Crypto.com offers a vast range of over 250 altcoins, making it an excellent option for those seeking the best long-term crypto investments. Verified users can buy cryptocurrency with a debit card, but there is a 2.99% fee. Alternatively, you can save on costs by transferring funds via ACH or domestic bank wire. Trading fees start at 0.40% per slide.
Crypto.com is also known for its popular altcoin – CRO – which can help reduce your trading commissions. This exchange is one of the best places to earn interest on your crypto holdings. It supports dozens of altcoins for its crypto savings accounts. The yields vary based on the duration of the lock-up period, which ranges from one to three months or no lock-up period at all.
Crypto.com also offers crypto loans, allowing you to borrow funds without selling your crypto tokens. This top-rated altcoin exchange also has a safe mobile wallet app and a market for NFTs.
Check out our Crypto.com review for further information.
KuCoin – Best Exchange Platform To Buy Small-Cap Altcoins
KuCoin has more than 700 altcoins, making it a great place to find new cryptocurrencies. With over 70 payment methods accepted in over 200 countries, the minimum deposit is $5, with a 3.8% fee for card payments. Trading fees are competitive, at 0.3% or less. Check out our full KuCoin review for more information.
For those seeking to maximise potential profits with leverage, KuCoin provides margin trading, futures, and a trading bot that enables passive income without constant market monitoring. Once you’ve bought altcoins, KuCoin Earn can help you grow your holdings with savings accounts, staking, and higher-yield promotions. The exchange also supports crypto lending and a token launch platform.
On its blog, KuCoin has much information about altcoins and blockchain, and KuCoin Labs has a lot of market analysis and research. And if you have any questions, customer support is available 24/7.
Check out our KuCoin review for further information.
How to Buy Altcoins in Australia: Complete Tutorial
Buying altcoins in Australia is relatively easy. You need to follow the following steps and quickly get your hands on some altcoins.
Step 1 – Compare The Altcoin Exchanges
The first step is to find a reputable and legitimate crypto exchange that meets your requirements. To begin, you can choose among our 5 best crypto exchanges above. We will use screenshots of the CoinSpot account in this guide on purchasing altcoins in Australia. You can also create a CoinSpot account to make it easier to follow.
If you are still researching the best exchanges to purchase altcoins, refer to this review of the best Australian crypto exchanges. Additionally, if you plan on using your mobile device to buy and sell altcoins, you can read our review of the best crypto apps in Australia.
Step 2 – Register With The Altcoin Exchange
To create an account with CoinSpot, visit https://coinspot.com.au and click on the white “Register” button in the top right corner of the homepage. This will take you to a page where you can enter your email address, create a password, verify that you’re not a robot, and click “Create Account”.
After your account has been created, the next step is verification. After clicking “Complete Verification,” follow the instructions to verify your email, fill out your information, and verify your driver’s license. Verification may take a while, but while you wait, you can explore CoinSpot’s platform and familiarise yourself with how it works.
Step 3 – Deposit AUD Into Your Account
Once you have finished verifying your account, the next step is to deposit AUD into your CoinSpot account. In the top left corner, below the CoinSpot logo, you can find the “Deposit Funds” button. Click on it, and you will be redirected to a page showing different deposit methods, and you can select the one that suits you best.
Most users prefer using POLi as it is convenient, instant, and free of charge. Select the amount you want to deposit, choose your bank, and click “Continue to POLi” to complete the payment.
Step 4 – Purchase The Altcoin You Want
After your funds have been deposited into your CoinSpot account, you can buy your preferred altcoin. To begin, click the “Buy/Sell” option in the top menu, search for your desired altcoin, and select the Buy button. In this example, we will purchase XRP and click the “Buy XRP” button.
On the purchase screen, the price of one coin will be displayed in the centre of the page. Choose the amount of AUD you want to spend on your altcoin, then click the blue “Buy” button.
A pop-up window will appear, showing you the number of coins you will receive, the price per coin, the fee charged, and the total amount to be paid. For example, the pop-up will display this information if you enter $500 worth of XRP. Once you have checked the details, click “Confirm Buy” to complete the transaction.
Step 5 – Store Your Altcoins After Buying
Your altcoins will be automatically stored in your online wallet on the exchange. However, leaving any altcoins there is not recommended since having them in your wallet is less secure. Thus, you can send them from your crypto exchange to your wallet through a hot wallet app or a hardware cold wallet. Hardware wallets like Trezor, BitBox, or Ledger are the most secure option for long-term investors with significant holdings.
Before transferring your altcoins to your wallet, check that your wallet supports the specific coin. Otherwise, you risk losing it forever. For instance, if you have a wallet that can only store Bitcoin and try to send your altcoin to that address, you will lose it permanently without recovering it. There will also be a network/mining fee for transferring your altcoins to your wallet; thus, check the fees on your crypto exchange to be sure of the fees involved.
What to Consider When Selecting an Altcoin Exchange
Altcoins Supported
It is essential to check if certain altcoins are available on a potential platform to ensure you can buy them. If you’re interested in lesser-known coins, you can select a platform with a vast selection, such as Binance, KuCoin or CoinSpot. Meanwhile, a platform with a smaller selection but more features you want may be a better choice if you want to buy more established cryptocurrencies.
To determine a platform’s coin selection, check its website. It’s also advisable to verify which trading pairs are available. Some crypto platforms pair each coin with your local currency, while others let you trade between different types of cryptocurrencies.
Geographical Availability
A broker or cryptocurrency exchange unavailable in your country is pointless. The website contains a list of the countries in which it operates. Some platforms, like Binance and Binance.US, have separate subsidiaries for each country they serve, while others offer different services in each country.
Ease of Use
You must discover a platform with which you are familiar. This may entail a responsive platform with numerous sophisticated tools for seasoned traders. A novice might favour a platform with fewer complex features.
Platforms should provide instructional materials that are easy to understand. If you use a platform that offers a trial account, you can virtually trade without risking any money while you become acquainted with the platform.
Fee Structures
You will want to know what fees you will incur in advance, so read the fine print. Some platforms charge a trading fee for every transaction, whereas others charge a spread and possibly a commission.
You can determine if there are deposit and withdrawal fees. The price may vary based on the payment method you choose. Account management and inactivity fees are possible additional charges.
Payment Options
Most platforms accept bank cards and bank transfer deposits. If you want to use a less prevalent payment method, you might be limited in the platforms you can use. There may be different fees for different payment methods and exchanges, so it is essential to look into this possibility. eToro supports multiple deposit methods and does not charge any deposit fees.
Safety & Security
The security of your assets is one of the essential factors to consider when selecting an altcoin exchange; you do not want to risk having your cryptocurrency stolen. Find a platform that protects account access with features like encryption and two-factor authentication.
You must also have the assurance that your assets will remain secure if someone attempts to infiltrate the cryptocurrency exchange. The best ways to keep your cryptocurrency safe are to store it in offline cold wallets and get crypto insurance.
Regulations
There are currently more than 300 altcoin exchanges, most of which are unregulated by a financial authority. This means you can never be sure that your funds are secure or that you are trading under equitable market conditions. The good news is that several altcoin trading exchanges follow the rules, meaning they are subject to regulatory supervision.
For instance, eToro is licensed by the SEC and registered with the FINRA, or the New York State Department of Financial Services licenses Gemini. And if you buy altcoins from the top crypto exchanges for Australians, you can be sure that they are registered with AUSTRAC to stop money laundering and funding for terrorism.
FAQs
What exchange has the most altcoins?
Binance has the most altcoins of the exchanges we’ve already talked about. It supports 184 different cryptocurrencies and over 500 trading pairs. Other exchanges still cover most of the major market-cap altcoins but only support a limited number.
What are the best altcoins to buy?
There are over 5,000 altcoins, making it challenging to determine the best one. A common strategy is to focus on the most popular altcoins by market capitalisation or popularity, such as Ethereum, XRP, Binance Coin, Solana, Cardano, Avalanche, and Polkadot.
How to buy altcoins with PayPal?
Unfortunately, the majority of Australian cryptocurrency exchanges do not take PayPal deposits. Use a different payment method; CoinSpot accepts bank transfers, POLi, PayID, BPAY, and cash deposits. If you only have access to PayPal and wish to trade altcoins, eToro Australia allows you to establish an account.
How do I buy altcoins instantly?
To purchase altcoins instantly, you can use Easy Crypto Australia, where you can buy altcoins directly from your bank account, and the crypto is sent directly to your wallet. There is no need to deposit fiat currency into the exchange first, and the platform never holds your altcoins, giving you complete control over your fiat and digital assets. If you’re looking for more information, you can read our Easy Crypto Australia review.
Is buying altcoins in Australia safe?
Buying altcoins in Australia is safe if you use a reputable crypto exchange in Australia. The top-rated cryptocurrency exchanges, such as CoinSpot, have multiple layers of security and are registered with AUSTRAC, allowing you to purchase, sell, and trade safely.
Final Thoughts
Numerous altcoins are available for purchase and trading if you want to diversify beyond Bitcoin. After considering the number of altcoins supported, security, regulation, and fees and selecting the best platform, you can follow our guide above to buy altcoins in Australia. But it’s important to remember that the price of altcoins can change quickly, so it’s always a good idea to research the asset you want to buy to ensure it’s legitimate and has a plan.
