How Do I Buy Cryptocurrency and Open An account in Australia
Ready, Set, Crypto! How to open your crypto account and get trading.
If you're eager to start buying, selling or trading cryptocurrencies, you'll be pleased to know that it really is very easy to get going.
Cryptocurrency exchanges offer ease of use, customer support and competitive transaction rates. For these reasons and more, traders and investors -- particularly newcomers -- often opt to buy, sell and trade via an exchange.
Once you've settled on your choice of exchange, setting up a crypto account is simple and straightforward, and most exchanges follow a similar process.
Let's look at how to set up a crypto account with Cointree.
1. Sign up
First things first, new users must sign up to the exchange. This triggers the creation of your user account and cryptocurrency wallet to facilitate transactions.
To sign up, Cointree users provide their email address, choose a password and agree to the exchange's terms and conditions of use.
Passwords should be sufficiently strong to ensure that your account information and any coins held in your wallet remain secure. Most exchanges provide tips on choosing a strong password; be sure to follow their advice.
2. Secure your account
Having completed the sign up process, new Cointree account holders should next update their account information in the 'Security' link under 'My Account' to ensure account security.
Enabling email and/or moblie verification for transactions turns on user notifications of account activities. Cointree also encourages its users to enable two-factor authentication. This increases account security by requiring a unique, time-sensitive code (sent to your mobile or email) to be entered each time you log into your account.
3. Verify your ID
Verifying your ID is an important part of the account set up process. Taking a mere five minutes, this step ensures that exchanges comply with local laws. It also protects against fraud and money laundering, keeping exchange costs down for everyone. Cointree uses a trusted online verification service, greenID, to verify account holder identification.
Cointree account holders are required to upload a photo of themselves holding both a current form of photo ID (driver's licence or passport with details clearly visible) and a signed note with the message, 'cointree.com.au, bitcoin purchases'.
Users then complete their ID check by entering the information found on their photo ID and verifying their address. Australian account holders should enter the address most recently registered with the Australian Electoral Commission (AEC), as addresses are crosschecked against this database.
The ID verification process is then complete. Confirmation of ID verification will generally be provided in 1-2 business days.
4. Link your bank account
Linking your bank account with your Cointree account allows you to sell bitcoin -- as well as make purchases through POLi payments (one of Cointree's three payment methods).
If your bank account is in the same name as your Cointree account, simply enter your account details in the 'Link bank account' section. Cointree will then deposit one cent into your linked bank account to finalise the process.
If you are linking a joint bank account, you will be required to upload a copy of a statement for verification purposes. If your account is in the name of a company, trust, or self-managed super fund, a member of Cointree's friendly Customer Support Team will be in touch.
Again, confirmation of bank account verification will generally be provided in 1-2 business days.
What are you waiting for?
Setting up an account with a cryptocurrency exchange really is a very quick, easy and straightforward process.
If you're ready to step into the cryptocurrency marketplace, why not set up your account today?
Cryptocurrency is an exciting and relatively new kid on the financial block. Currencies as we currently understand them are a way of transferring our efforts into an exchangeable method of trading with others. Once upon a time we traded eggs for brick laying for instance. It became apparent that this was a problematic way of establishing a fair and equitable method of exchange and a coinage or currency system was invented. It was portable, understandable and acquirable. This system of currency - with particular relevance to a particular geographical area - developed into a system of conversions between different currencies and allowed us to trade goods and services to many areas with an agreed upon value.
Fast forward to very recent times. Our invention of digital and computer technology has allowed us to diversify many areas of human endeavour, including financial transactions. We’ve seen a new way of conducting financial transactions and new currencies or money systems emerge in the very recent past. Cryptocurrency is a medium of exchange value (just like ordinary money) that exists in the digital world and relies on encryption to make transactions secure. Cryptography is the process of converting ordinary plain text into unintelligible text and vice-versa. Modern cryptography deals with confidentiality, integrity and authentication. Hence, we can understand cryptocurrency to be a secure, digital, monetary system that allows an exchange for value.
Cryptocurrency is an alternative financial system that, because of the technology behind it, allows person to person transactions that don’t need a third party, like a bank, to facilitate the trade. There are many exciting ways this can be applied. For instance, you can send money back to your family without incurring hefty international fees if you’re working a different country. Merchants no longer have to worry about payment fraud or cheques that bounce because people can only spend what they have in cryptocurrency. This, of course, is only the tip of the iceberg. Of course, you’ll need to know how to buy cryptocurrency in Australia and how to open cryptocurrency account.
In order to participate in this new economic system you need to have crypto ‘dollars’ such as XVG Verge - although, each cryptocurrency will have its own unit or token of currency. To get started you may well ask ‘how do I buy cryptocurrency in Australia’ - you’ll want some local knowledge so you can access support and assistance in your own time zone. Doing the research around ‘how do I buy cryptocurrency in Australia’ you’ll know that you must start with a cryptocurrency account. To open cryptocurrency account it is best to engage the services of a cryptocurrency exchange.
A cryptocurrency exchange will be run by folk who know their cryptocurrency stuff - it’s what they do! There can be a confusing array of options in the cryptocurrency world and exchange staff will be best placed to walk you through the process of ‘how do I buy cryptocurrency in Australia’. They’ll have a list of step by step requirements and actions that will enable you to open cryptocurrency account so you can start on your new financial adventure!
To get you started you’ll need to choose an exchange and sign up. This will trigger the creation of your user account and cryptocurrency wallet to facilitate transactions. You’ll be asked to provide an email address when you open a cryptocurrency account and to verify this email with some type of security verification. And ID! Have your passport or driver’s licence handy so you can prove you’re you! It’s probable that the cryptocurrency exchange must comply with various local laws. And last, but certainly not least, link your bank account.
So ... armed with all this new info on how do I buy cryptocurrency in Australia and how to open a cryptocurrency account you’re ready to go!