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Our picks for the best places to buy Ethereum Classic
Ethereum Classic (ETC) is the 38th largest cryptocurrency by market cap, valued at US$4,165,466,477.
Ethereum Classic is a highly volatile asset capable of major price swings in a single day. Today ETC is trading for $27.67 USD, which is higher than yesterday's trading price of $24.56 USD. Over the past year, Ethereum Classic's price has seen an increase of 41%.
So before you buy Ethereum Classic, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Ethereum Classic.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Ethereum Classic in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Ethereum Classic is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy Ethereum Classic
You can now exchange your funds for Ethereum Classic. On beginner-friendly exchanges, this is as simple as entering the AUD or ETC amount you want to purchase and clicking "buy".
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Secure your Ethereum Classic
Consider transferring your ETC to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Ethereum Classic in Australia
Find an exchange to buy, sell and trade ETC by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Ethereum Classic guide up-to-date
- ETC price data is regularly updated through data feeds so you always have the latest information.
What is Ethereum Classic?
Ethereum Classic is the original Ethereum blockchain. It's an open-source, peer-to-peer platform where developers can implement dapps and smart contracts.
Smart contracts are decentralised applications (dapps) that are made to run exactly as programmed without downtime or third-party interference, and Ethereum's popularity has seen it become one of the world's largest digital currencies. In June 2016, the decentralised autonomous organisation (DAO), a venture capital fund running on the Ethereum platform, was hacked and more than US$50 million was stolen. However, the Ethereum community was split on how to respond to the attack. Some wished to modify the code and return the ETH to its original owners – however, this goes against the core principle of blockchain immutability. The majority of the community favoured code modification, so Ethereum underwent a hard fork to revert the hack. However, a smaller section of the community decided to keep the main code exactly as it was, with this currency coming to be known as Ethereum Classic.
Ethereum Classic's native token (ETC) is used to fuel transactions on the network and is responsible for governance.
How do I find the best places to buy Ethereum Classic?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Ethereum Classic?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Ethereum Classic.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing ETC with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Ethereum Classic?
Once you've created an account, you will need to deposit funds to buy ETC with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy ETC:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase ETC by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ETC on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Ethereum Classic?
The easiest way to buy ETC is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying ETC, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Ethereum Classic has been performing recently.
Best Ethereum Classic wallets to store your ETC
You can keep your ETC on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your ETC below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $77.20 |
Price (USD) $49.99 |
See more of the best crypto wallets
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Ethereum Classic a good investment?
Before deciding whether or not to invest in ETC, it is vital you understand a few of the factors that may influence the price of the coin:
- Proof-of-work. After the 2016 fork, Ethereum switched to a proof-of-stake mechanism, which involves users locking up tokens on the network to validate transactions. However, Ethereum Classic maintains a proof-of-work consensus mechanism, which works much like mining bitcoin. This means you cannot stake your ETC for additional rewards and that the cryptocurrency places a higher strain on the environment than alternatives.
- Competition with Ethereum. Ethereum Classic exists in a very tight market space, much of which is already taken up by its sibling, Ethereum (ETH). If you do decide to purchase ETC, it is imperative you understand how it differs from Ethereum. Otherwise, it would likely make more sense to invest in Ethereum due to its much higher use-case, adoption and market cap.
- Hacks. After Ethereum Classic split from Ethereum in the first place due to a hack, it has been on the receiving end of a number of other exploits. In the month of August 2020 alone, the network encountered three separate 51% attacks which resulted in hackers making away with millions worth of ETC. A number of exchanges reacted by removing Ethereum Classic from their platforms.
Today's Ethereum Classic price versus ATH
Compare today's price of Ethereum Classic ($27.67 USD) against its all-time-high price of $167.09 USD on 06 May 2021. The closer the bar is to 100%, the closer ETC is to reaching its ATH again.
Ethereum Classic's price: $27.67 USD
ATH date: May 06, 2021
ATH date: May 06, 2021
16.56%
Ethereum Classic ATH: $167.09 USD
How to trade, convert or sell Ethereum Classic
You can convert or sell your ETC with the same exchange you bought it through:- Sign in to the exchange you have ETC on.
- If you store your Ethereum Classic in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of ETC you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Ethereum Classic.
- Complete your transaction and move your ETC to a crypto wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies, including Ethereum Classic, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ETC is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Ethereum Classic or any other cryptocurrency discussed.
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