Your First $100 in Crypto — A No-Nonsense Guide for Australians
Starting with crypto doesn't require technical knowledge or a large investment. Here's a plain-English guide to making your first purchase safely in Australia.
The most common reason Australians give for not buying crypto is that they don't know where to start. This guide is written for someone who has A$100 to invest, has never bought crypto before, and wants to do it correctly.
Before you buy — three things to understand
1. Crypto is highly volatile. A$100 can become A$200 or A$50 within months. Only invest what you can afford to lose entirely. 2. You don't need to buy a whole Bitcoin. Bitcoin is divisible to one hundred millionth (a "satoshi"). A$100 buys you a fraction based on the current price. 3. The ATO expects you to declare gains. Even on a small investment. When you sell, any gain is a taxable event. Keep records.
Step 1 — Choose an AUSTRAC-registered exchange
For a first purchase, stick to an Australian exchange registered with AUSTRAC. For a first-time buyer with A$100, the most beginner-friendly options are Swyftx (demo mode, clean interface) and CoinSpot (Australia's largest exchange, easy app).
Step 2 — Verify your identity
KYC verification is mandatory. You'll need your driver's licence or passport, date of birth and address, and a selfie for biometric verification. For most applicants using a current Australian document, verification completes within minutes.
Step 3 — Deposit via PayID
PayID is the fastest and cheapest deposit method. Open your banking app, set up a PayID transfer to the exchange's PayID address, and AUD typically arrives within 60 seconds with no fee.
Step 4 — Buy Bitcoin or Ethereum
For a first purchase, Bitcoin (BTC) or Ethereum (ETH) are the most sensible choices — longest track records, deepest liquidity, clearest ATO treatment. Use the Markets interface rather than one-click instant buy if available. It costs 0.1% instead of 1%.
Step 5 — Record what you did
Save a screenshot of: the date, AUD amount paid, quantity of crypto received, and which exchange. This is your cost base record for tax purposes.
What not to do
- Don't invest more than you can afford to lose
- Don't buy a coin because someone in a group chat recommended it
- Don't skip the 2FA setup — enable authenticator app 2FA before depositing
This is general information only, not financial advice.
All 8 AUSTRAC-registered Australian exchanges compared on fees, security, coin selection and user experience.
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