Buying Ethereum (Ether – Eth) in Australian Dollars
I’m posting about how to buy Ethereum in Australian Dollars (AUD) because my friends are starting to talk about it. I’ve sunk some money in and so have a few people around me, some that I knew of and some that I found out in conversation. I know this has nothing to do with photography but I don’t know where else to post this.
If you’re just here for this, here is my Independent Reserve referral code: VNEKMG I get a little kickback if you use this, so thanks in advance.
Before you buy Ethereum read this:
Firstly: Why am I telling you about this? Because I don’t want you to tell me later that I should have told you.
Secondly: If you have any insecurities, if you think it’s a scam, if you think it’s a temporary trend… I don’t care. Don’t do it. Makes zero difference to me. 🙂
Ok, so moving forward…
What is Ethereum?
Is it the new bitcoin? Sure. If you want to massively simplify it and miss a stack of amazing and important details then yeah… it’s the new and improved bitcoin that’s growing faster and potentially bigger than bitcoin.
The answer is that it isn’t my job to tell you. Do your own research. It took me a full day of podcasts to get my head around it and I’m on the tech savvy end of the geek spectrum. My advice is to work your way through a stack of videos and articles about it. Here is one to get you started: Video of Ethereum Creator defining Ethereum google “Ethereum news” for mainstream news articles.
Here is a chart showing what the Ethereum price is doing. It’s still early days.
I’m not a financial adviser, I can’t see the future, I’m only moderately risk-averse.
That said… I dunno, man, looks like you should do it.
How do I buy Ethereum with Australian Dollars?
After quite a bit of research, here’s what I found to be the best way:
- Go to Independent Reserve. Create an account. You will need photo ID and a bill with your current address to open an account. Here’s a referral code (it will ask for it on signup) VNEKMG Your account will take a little while (usually a couple of hours) to be approved. I chose Independent Reserve for their good reputation and they’re by far the lowest brokerage fee.
- Once approved log in and click on “accounts” in the main menu. Click on “deposit” in the row for AUD. This will open a window with details for bank transfer. Use these details to transfer your money from your bank account. Transfer will appear in your account the following business day (or it did for me). Don’t invest more than you can afford to lose. Like I said – I can’t see the future.
- Once AUD appear in your account, Click on “trade” in the main menu. Decide whether you want to buy at market rate or if you want to wait to see if the market comes down to a certain amount before you buy.
- If you are super savvy and want to try to day-trade the tempting fluctuations in price, start doing that. Otherwise, you might want to set up a coin wallet. I used Jaxx, which is available as ios and android apps and also as a desktop program. Great to have it backed up in those two places.
- If you aren’t day trading, don’t keep checking the price, it will consume your life. Hold it and go about your life 🙂
See you on the other side!