How to buy Altcoins in Australia

Although Australia has a number of great Bitcoin exchanges, there aren’t that many that support altcoins.  But we do have one exchange that allows you to buy all the top altcoins instantly using POLi.  Read on to find out how.

What are Altcoins

Basically any coin that isn’t Bitcoin is considered to be an altcoin.  The idea being it’s an “alternative” coin to Bitcoin.  While some Altcoins are designed to be very similar to Bitcoin, others are completely different.  For example Ethereum, was designed as a platform for running applications, and not just to be a currency.  Monero was built to be private so people can’t trace who’s behind a transaction.   Litecoin is an Altcoin which is very similar to Bitcoin.  But it was built to be a bit speedier.  So that transactions happen in a couple of minutes.

Many Altcoins are very valuable, and add real value to the world.  And others have been launched simply as a way for people to get rich quick.  Figuring out which ones are worthwhile can be tricky.

The best place to buy Altcoins in Australia

In my opinion the best place to buy altcoins is through Coinspot.  They are the number 1 exchange I use to buy altcoins.   I’ve been using them for the past two years with great success.

You can grab a free Coinspot account here.

Why I like Coinspot:

  • POLi Payments – POLi is a payment platform by Australia Post.  It allows you to make instant transfers using your bank account.  Buy cryptocurrencies fast is really important.  And POLi allows for this.
  • Great Interface – Many exchanges have poor interfaces.  Coinspot has a great interface that is easy to use.
  • Secure and Trusted – Coinspot is probably the largest seller of cryptocurrency in Australia.  They’ve been around for a while and have developed a good reputation for being both secure and trustworthy.
  • Great range of Altcoins – Coinspot has a huge range of coins.  In fact they have more than any other exchange in Australia.  And they are constantly adding quality coins.    And they don’t just add the top 100 coins on CoinMarketCap.  I’ve been able to buy coins on Coinspot before they’ve shot up in value and reached the top 100.

How to Buy Altcoins on CoinSpot

  1. Register an Account Here and Setup 2 Factor Authentication
  2. Complete Verification – this process is fairly quick and painless and similar to every other exchange.
  3. Connect your bank account – this is used if you sell your coins back to AUD.
  4. Deposit Funds – before you can buy any coins you’ll need to deposit funds.  I recommend POLi as it’s instant.  You can also deposit via regular bank transfer or in person at various outlets.
  5. Buy Coins – You are now ready to buy coins!  If you’re new to crypto I would recommend starting with some of the bigger altcoins like Litecoin, Ethereum or Ripple.  And then move onto the more obscure ones as you gain more experience.

So there you have it – the easiest way to buy Altcoins in Australia!  Let me know in the comments how you’ve gone with Altcoins.  What are you buying this year?

You can find out more about Coinspot here

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