How to Buy Ripple Cryptocurrency in Australia
If you live in Australia, you know the struggle of trying to buy things from overseas and being hit with insane shipping and currency conversion costs. Luckily for you, Ripple cryptocurrency doesn’t have to be delivered, and can be purchased from Australian based cryptocurrency exchanges using Australian Dollars! So if you want to buy XRP while it’s cheap and avoid all of the fees and hassle, follow this handy guide.
CoinSpot – The Australian Cryptocurrency Exchange
One of the most popular and easy to use Australian based exchanges is CoinSpot.com.au. This exchange allows you to instantly buy and sell 65 different types of cryptocurrencies with Australian Dollars. Even better, depositing and withdrawing AUD into/out of your account is free, so you can avoid all of those nasty fees. To buy Ripple XRP, or any other cryptocurrencies on this site, follow these steps:
- Create an account and confirm your email address. After you’ve created your account, I recommend enabling 2-factor authentication in account settings to keep your funds safe.
- Press the “Account” button in the top-right of the screen, then enter the “Verification” section. Here you will need to submit identity documents so that you can buy and sell cryptocurrencies. It is Australian law to collect identity documents for cryptocurrency exchanges, so this process is required on any Australian exchange. Don’t worry though, CoinSpot has many active users, good reviews, and protects your private data.
- After your identity has been verified, you are almost ready to trade cryptocurrencies! Go to the “Dashboard” section of the website and press “Deposit AUD”. This will take you through the steps of depositing money into your CoinSpot account.
- Once the money is in your account, press “Buy/Sell” from the menu on the top of the screen. On this page, simply click “Buy XRP” and complete the checkout process to receive your Ripple cryptocurrency.
After that, the XRP is in your account! You can now do whatever you like with it: send it to your wallet, send it to a different exchange, hold on to it, or sell it back to CoinSpot when the price rises! If you are looking for a wallet to protect your investments in the long-term, I always recommend the Ledger Nano S. This is an offline, hardware-based wallet that will prevent you from losing your money in the case of an exchange getting hacked. And yes, it ships from Europe, but this is one time where the shipping cost is actually reasonable! If you are investing large sums in cryptocurrency, it is well worth the price!
If you are looking to invest in other cryptocurrencies that aren’t available on CoinSpot, I recommend using the Binance Cryptocurrency Exchange. This exchange is easy to use for beginners, while also having more advanced features such as stop-loss orders. On top of this, there is no verification required and low fees on trading. If you’re not sure how to get your cryptos into your Binance account, simply follow Step 2 from this guide.
Due to a large influx of signups recently, ID verification on CoinSpot can take a week. If you want to get Ripple quicker, you can use this guide to get Ripple without wait times (less than an hour), or this guide to get Ripple in less than a day. You will have to pay small currency conversion fees using these sites though, so send in your ID verification today so it’s ready the next time you want to buy cryptocurrency!