Over the last 18 months, cryptocurrency has emerged as a major new asset class. Because they are based on blockchains – community-run databases, maintained by users and computers all over the world – cryptos are accessible to everyone. Anyone, no matter where they are in the world, can send and receive crypto with no more than an internet-connected device.
However, cryptocurrencies aren’t always easy to buy, because crypto exchanges can be complicated – especially if you’re just starting out. TimeX makes it extremely straightforward for Australian users to buy their first crypto, using Aussie dollars sent from your bank account.
Interested in buying crypto? Here’s a short step-by-step guide on how to get started.
Buy your first crypto for AUD on TimeX
TimeX has a ‘Simple’ mode that takes all the complexity out of crypto exchanges. (If you’re an expert trader who wants to take advantage of TimeX’s order books and charts, you’ll find everything you need under Advanced mode.) The process is as follows:
- Sign up for an account on TimeX if you haven’t already. If you have registered, make sure you’re logged in.
- To buy crypto with dollars from your Australian bank account, you’ll need to complete KYC to Level 4. You’ll need to provide identity documentation (like a passport) and proof of address (such as a recent bank statement). Select the ‘Profile’ menu from the top bar and click ‘Account Verification’ to complete this stage, or click this link.
- When your account is fully verified, click ‘+DEPOSIT’ from the top menu. Select ‘AU Dollar Token’ from the list, click ‘DEPOSIT’, and follow the instructions. (Alternatively, simply click this link to deposit AUD.) All Australian Bank accounts are supported.
- When your deposit has cleared, your balance will be updated. Your AUD will be represented as AUDT, Australian Dollar Token. This is a token that can be freely transferred and traded on the blockchain. AUDT are 1:1 backed by Australian dollars and can be converted back to AUD in your bank account at any time.
- Now, select ‘Convert’ from the top menu to use Simple mode to buy crypto with AUDT.
- Select the cryptocurrency you want to buy. AUDT can be converted to: BTC, ETH, USDT, LTC, XRP, or EOS.
- Enter the amount of AUD you want to spend, or the amount of crypto you want to buy.
- Click the blue ‘GET CRYPTO’ button at the bottom of the form. Assuming you have enough funds in your account, your order will be placed.
- Your crypto balance will be updated.
- You can now trade your crypto on TimeX, or withdraw it to an external account if you are comfortable setting up a crypto wallet. Click ‘Balances’ in the top menu and then ‘Withdraw’ for the crypto you want to send to your wallet.
That’s it! If you have any questions or are uncertain about the process, you can get in touch with our friendly support team using the button in the bottom right of the screen. We’ll respond as quickly as possible to get you started on your crypto journey!
You can also join the TimeX & Chrono.tech Telegram.