Getting Started with Crypto
By Twin · CoinHours Editorial · Maintained by CoinHours Editorial · Reviewed as the market evolves
Getting started in crypto is mostly about avoiding a handful of expensive first-time mistakes: choosing the wrong exchange, leaving large balances on a custodial platform, mishandling a seed phrase, falling for a scam, or building up untracked transactions that turn into a tax nightmare. None of it is technically difficult — but the order in which you do things matters, and the defaults shipped by most platforms are not optimised for your security or your tax position.
These guides walk through the path most Australian investors take: understanding what crypto actually is, picking an AUSTRAC-registered exchange that fits your needs, completing KYC, funding from an Australian bank account, making a first purchase, moving holdings into self-custody, and setting up the record-keeping habits that make tax time straightforward. We also flag the scams and pitfalls that catch first-time buyers most often.
If you've never bought crypto before, work through these guides in order before putting meaningful money on the table — a few hours of preparation saves a lot of regret.
Key Takeaways
- •Start on an AUSTRAC-registered Australian exchange — avoid offshore platforms with unclear regulatory standing.
- •Buy a small amount first to learn the workflow before committing larger capital.
- •Move long-term holdings into self-custody once balances justify it; don't leave everything on the exchange.
- •Set up record-keeping (exchange exports, wallet labels, screenshots) from day one.
- •Assume every unsolicited DM, email, or 'support' message is a scam until proven otherwise.