What Should I Know Before Buying Cryptocurrencies?
IG offers a simple and secure way to invest in digital assets through its partnership with Independent Reserve. The service is designed around three core actions: Buy, Hold, and Sell, providing straightforward access to cryptocurrency investing.
How Do I Set Up My Account?
Step 1: Application Process
Complete the online application via the IG Markets app. You’ll be asked to provide personal information, contact details, employment status, and financial background.
Step 2: Document Requirements
To verify your identity, you’ll need to provide:
Proof of identity (one of the following):
Passport
Driving licence
National identity card
Proof of address (one of the following):
Recent utility bill (issued within the last three months)
Bank statement
Government correspondence (issued within the last six months)
Documents must be clear, legible, and show your full name exactly as it appears on your application.
Note: Incomplete or unclear submissions may delay the verification process.
What Risks Should I Understand?
Cryptocurrency investing involves risk and may not be suitable for all investors.
Key risks include:
High volatility: Cryptocurrency prices can fluctuate significantly in short periods
Total loss potential: Investments may lose all their value
Regulatory uncertainty: Laws and regulations may change over time
Technology risks: Blockchain networks may experience outages, forks, or technical issues
What Protection Exists?
While cryptocurrency is not covered by government-backed compensation schemes, several safeguards are in place:
Customer funds are segregated by Independent Reserve
Professional indemnity insurance coverage is maintained
Operations comply with Australian regulatory requirements
ISO 27001 certification for information security management
How Do I Log In to My Crypto Account?
To log in:
Enter your registered mobile number
Receive a one-time password (OTP) by SMS (valid for 100 days)
Enter your 8-digit PIN to access your account
You can also enable biometric authentication (Face ID or fingerprint) instead of using your PIN.
During the 100-day verification period:
Closing and reopening the app only requires your PIN or biometrics
After 100 days, or if you log out completely:
You’ll need to verify your mobile number again using a new OTP
How Do I Place a Trade?
Log in to the IG Markets app
Select the cryptocurrency you want to trade
Enter the amount to invest in AUD or the number of coins to buy
(fractional coin purchases are supported)
Minimum purchase amount is $2 AUD or the equivalent in coins.Review transaction details, including fees
Confirm your order
What Order Types Can I Use?
Order Type | Best Used When | Execution |
Market order | You want immediate execution | Executed instantly at the prevailing market price |
Limit order | You want to buy at a specific price and price control is more important than immediate execution | Order is placed and will only fill at your specified price or better. If the market does not reach your price, the order remains pending |
Auto Invest order | You want to regularly invest a fixed A$ amount in crypto without manually placing trades each time (min. A$2 per buy) | Executes as a market order at 10am on your chosen recurring date (weekly/fortnightly/monthly). If there's insufficient balance on a scheduled date, that individual order is skipped — the rest of the series continues as normal. |
What Happens After My Purchase?
Viewing Your Holdings
You can view your cryptocurrency portfolio in the IG Markets app, with real-time price updates, performance tracking, and a consolidated view of all holdings.
Managing Your Positions
Your assets are held securely by Independent Reserve as custodian. You can hold your cryptocurrency for as long as you wish or sell it back to AUD at any time. Portfolio performance can be monitored continuously through the app.
Important
Cryptocurrencies are volatile and may lose value. Before investing, consider your investment objectives, financial situation, and risk tolerance.