How Safe is Cryptocurrency Trading in Australia?
As Bitcoin’s popularity continues to grow, cryptocurrency trading is also becoming a new trend in Australia and other countries. Many people start considering the benefits.
As Bitcoin’s popularity continues to grow, cryptocurrency trading is also becoming a new trend in Australia and other countries. Many people start considering the benefits and profits that cryptocurrency has to offer in everyday life. In fact, these days there is a lot of businesses that accept Bitcoin as a payment method in Australia.
Bitcoin and other cryptocurrencies has started to revolutionize our world. And while these new interest in cryptocurrency has been on the rise since its early days, new investors are also jumping in to trade in cryptocurrency and try their best to get some profits.
Now, the question is trading in cryptocurrency really promising?
Why trading in cryptocurrency?
Trading has evolved greatly over the last 50 years, ranging from exchanges between commodities and provisions to digital assets. However, it was the opening of the markets to the public that allowed many to exploit the enormous profit possibilities that existed in these investments. Volume is a fundamental aspect of trading, so liquid markets will ensure that the price fluctuates enough to make a profit.
Although Forex is the most liquid market in the world, cryptocurrencies have also demonstrated exceptional transaction volume and crypto assets often fluctuate hundreds (or thousands, in the case of Bitcoin) of dollars, allowing many traders to profit up to 1000% on investment in some tokens. Cryptocurrency trading is, for many people, the right market for high-sized profits.
Being aware of the profit margin that we can experience in the crypto market (which also includes leverage options) is reason enough to be part of it, so a wave of adoption began worldwide regarding investments in cryptocurrencies., either from spot markets or CFDs (Contracts for difference).
Furthermore, it is necessary to bear in mind that the traditional economic system (which has already proven to fail) is facing an inevitable decline and devaluation of the assets that it currently supports. Governments continue to print banknotes and our long-term investments are not safe if we do not resort to options such as precious metals or cryptocurrencies such as BTC, which was designed with a deflationary structure so that its value increased over time, just like gold.
Is cryptocurrency trading safe?
Cryptocurrencies are virtual currencies that are not regulated by financial institutions or governments. They can be used as a payment method and exchanged but are not linked to the operation of a specific economy nor are they regulated by any monetary authority. This puts cryptocurrencies out of reach of the inflationary phenomenon that plagues central economic systems. On the contrary, it has been shown that investing money in cryptocurrencies in the long term could even double your capital.
Many of the cryptocurrencies protect the anonymity of their owners, so no one has to know specific information about your financial activities. For cryptocurrency trading, there are brokers/exchange companies that even allow anonymous trading through BTC deposits.
In addition, its traceability is unambiguous, and the network acts as a supervisor, ensuring that a bitcoin cannot be spent at the same time in different places, giving rise to possible fraud. They also cross borders and, therefore, facilitate international transactions and ensure these payments at very low costs. Cryptocurrencies are always being traded, as they do not depend on a specific market, but operate all over the world at all hours.
When is the right time to buy cryptocurrency?
Considering that the emergence of the coronavirus had a negative impact on cryptocurrencies, thus causing many prices to plummet and many of these digital assets could be acquired at low prices, this year has been perfect for crypto investment. In addition, the market has started an upward trend for a couple of months that is accumulating a lot of capital, so the crypto community assumes that we will see never-before-seen records, even surpassing Bitcoin at AUD $ 22,000.
It all depends on the asset you want to acquire, since we must thoroughly investigate the project behind the existing cryptocurrency. In theory, all these tokens could double in value over time, but what really makes the difference is the quality of the initiative that this digital asset issues. Innovative and useful projects tend to receive many cases of adoption, which means more capital inflows and ultimately increases in price.
Ultimately, there is no better time to buy cryptocurrencies than today. As investors, we don’t want to be like those who – out of skepticism – refused to buy Bitcoin when it was worth only pennies and lost millions by ditching it or not buying at the right time. However, it is recommended to wait to buy when the asset in question reaches lower highs in its price, in order to obtain a good profit trail.
Where to buy cryptocurrency in Australia?
Access to cryptocurrencies has also become excessively facilitated in recent years, especially since we now have multiple crypto exchange companies in Australia with built-in wallets that allow you to both buy the tokens and save them. In addition, there are several Bitcoin ATMs in Australia, in which we can buy BTC with our debit card or cash (depending on our choice).
However, many users want to learn the experience of buying crypto through exchange platforms but are afraid of risking making a mistake. For first time users there are platforms like Easy Crypto Australia (AU), which only require a quick registration and a KYC verification of the account for buying and trading cryptocurrencies.
Easy Crypto Australia accepts deposits through bank wire transfers or other cryptocurrencies already acquired. You will only have to go to the “Buy and Sell” section to issue your orders and receive your tokens in the wallet that the exchange has for you.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated November 23, 2021