So you’ve researched the market and decided how much you want to invest (aka, how much you can afford to lose) and want to make your first cryptocurrency purchase. The first thing we need to do is get your money on to an online exchange.
An exchange or broker is an online market where you can buy, sell or exchange coins. There are multiple different types of exchanges or brokers, but we will be starting off using Easy Crypto (www.easycrypto.com.au or www.easycrypto.nz) as an example. You will find it very easy to use. There are other international exchanges such as Binance, Poloniex, Kraken, Bitfinex and Bittrex. They each differ in the type or crypto they allow you to buy/sell between.
The niggly thing about the big international exchanges is that most of them don’t make it easy to transfer AUD/NZD directly to them. This is why we will focus on using Easy Crypto to start with. First of all we need to get your money (also called ‘fiat’ in the crypto world – AUD or NZD) onto an exchange.
Start by creating an account using either your email or a google, twitter or facebook account. Once you have created your account you must go through a verification process. To be able to trade above $1000 you will require government issued identification and a proof of address and/or date of birth. All exchanges in Australia and New Zealand must know details about their customer. This is called KYC (Know Your Customer). If exchanges do not ensure they monitor crypto related activities for signs of money laundering or terrorism financing they can receive large monetary fines or custodial sentences.
Now that we have uploaded our identification the verification is automated by Easy Crypto and once verified you will be able to start buying or selling. If there are any issues with the automated checks, contact support as you may have to go through verification manually. This can happen at times due to government databases not returning correct results, or not being available.
Once verified you can start buying! If you already have a wallet you can use your existing address to send to, or Easy Crypto can create a ‘portfolio’ for you. Which is your own wallet with its own password. Make sure you keep the portfolio and password extremely safe as this is what you need to access your crypto in the future. Now you just have to pick your currency of choice and enter the amount of AUD or NZD you wish to purchase. Click the buy button and it will take you to the payment area. There you can use POLipay to instantly deposit money for your order. This is the quickest way to buy. Once the funds have cleared on the Easy Crypto end your order will be automatically sent to you.