Cryptocurrency exchange is legal in Australia and the country has been thriving to implement functional digital currency operations. The coins were declared legal in 2017, thus subject to the Counter-Terrorism Financing Act and Anti-Money Laundering. Since then, Australia has grown a significant pattern of proactive digital coin regulations to make trading crypto more operational for business enthusiasts. As one common drawback, Australia suffers from flaws which affect how people comply with crypto regulations in future.
It has gotten potential investors asking whether it is safe to trade on cryptocurrency exchanges in Australia. Despite the many highs and lows, you’ll need information on top of your wild nerves to trade on Australia’s crypto exchanges. That said, here’s how to buy and sell coins on a crypto exchange in Australia:
Choose the Ideal Exchange
Research online for the best cryptocurrency exchange in Australia. While multiple platforms are available, choose a beginner-friendly one if you’re new to crypto. Assie transactions should also be manageable and straightforward for all digital coins.
It would also be best to factor in security, trading charges and features, and payment methods to gain from a quality crypto exchange platform in Australia.
Sign Up for a Digital Wallet
You’ll have to provide vital personal credentials to verify your identity before
trading on Australian crypto exchanges. These include your Identification Card to buy digital coins with Aussie currency.
At this stage, set up a two-factor authentication to secure your account. If hackers steal your coins or debits using your identity, there is little hope of recovering them because all users remain relatively anonymous. You might consider a hot online digital wallet or a cold offline digital wallet to have less security issues.
But Crypto on the Platform
After creating your account, research if the coin you want to trade is offered on that particular platform. Include your bank information to deposit Aussie dollars into your digital account. Also include details of the dollar amount you wish to invest, the crypto coins you want to buy and confirm your purchase.
While at it, one primary fact about crypto currency exchanges in Australia is worth knowing:
Scams are Real
Crypto has failed in the past, making investors lose a lot of money. You’ve seen earlier that you do not have significant protection to recover your money, should your exchange fail or get hacked. You are only safe within Australia’s existing laws and regulations for digital operations, taxes included. Simply out, trading on cryptocurrency exchanges is highly speculative because of scammers.
They use social media to push trading prices up and sell tokens at false prices. Scammers trick investors to put their effort into fake cryptocurrency opportunities in various ways.
With all the speculative aspects surrounding cryptocurrency, many investors in Australia remain hopeful and upbeat that things will get better. You might have the best cryptocurrency exchange platform, but be prepared to lose money because winning is a great gamble. Similarly, being on the good side of Australia’s regulators would give you an upper hand in buying and selling coins on cryptocurrency exchanges.