How to buy ALGO with AUD
You cannot yet buy ALGO directly with AUD, so you'll have to go through another cryptocurrency such as Bitcoin.
The following steps explain how to buy Bitcoin (BTC) with Australian dollars and then how to buy Algorand with Bitcoin. This example walks through buying ALGO with some of the most popular exchanges, but they aren't the only options, so you may want to compare a range of options first.
Step 1: Register for a CoinSpot account
Visit the CoinSpot website and then click "register" in the top right corner of the page. Before you can start purchasing, you will need to verify your identity by providing the following:
- Your name
- Your email address
- Your phone number
- Proof of ID
- Proof of residency
- A photo of yourself holding a signed statement
You should enable 2-factor authentication on your CoinSpot account for extra security before moving on to step 2.
Step 2: Deposit AUD into your account
Once you've logged into CoinSpot and gotten verified, you can click on the "Deposit AUD" button on your account dashboard. This will give you three ways of making a deposit:
- Online via POLi Payments
- Online using BPAY
- In cash at a participating newsagent
Making a POLi payment is the quickest option and doesn't incur any deposit fees.
Step 3: Buy Bitcoin
Once you've made a deposit, you can buy Bitcoin with AUD by clicking the "Buy/Sell" tab at the top of the page.
Select Bitcoin from the list, choose "buy" and then enter the amount you want to purchase.
Double check all the details and the price. If everything is in order, confirm the transaction.
Step 4: Register a Binance account
You can now transfer your Bitcoin to an exchange that supports Algorand. In this example, we'll use Binance – the world's most popular exchange by volume.
To register for a Binance account, visit the site and select "register" from the top bar.
You will be required to enter and verify your email address and choose a password. No other identity verification is required unless you want to raise your withdrawal limits, but 2-factor authentication is strongly recommended.
Step 5: Deposit BTC to Binance
To deposit BTC on Binance, you need to find your Binance Bitcoin wallet address. To see it, go to "funds" and then select "Bitcoin" from the list. It will show you your "public address".
Now, at CoinSpot, go to your Bitcoin wallet and select "withdrawal". It will show you a place to enter a destination wallet address.
Enter your Binance public address in that field then confirm that all the details match. Then confirm your withdrawal.
Step 6: Trade BTC for ALGO
Once your BTC has arrived on Binance, select the Binance "exchange" tab, choose the "Basic" trading view and use the search box to find the BTC/ALGO trading pair.
You can now choose to trade BTC for ALGO with a limit, market or stop-limit order.
If you just want to buy ALGO with BTC at current market prices, choose market order, enter the amount you want to buy, check all the details and then confirm the transaction.