Surveys indicate that Australia has one of the world’s highest rates of crypto ownership. Since Australians love to gamble and are extremely savvy in finance, navigating crypto is a smooth sail for them.
There are many places for crypto trading in the country. But if you wish to buy or sell bitcoin in Australia, it is best to look for the best crypto exchanges to get a positive return on your investment and have peace of mind.
But choosing a reliable exchange can be difficult. Following are some things you can consider while shortlisting them.
Check if it offers a wide range of options.
Look for an exchange that offers a wide range of options. While you may be able to find an exchange service with just one or two coins, it’s best to make sure the platform offers at least three or four options to ensure your digital assets are safe and secure.
You should also look for an exchange that offers a range of trading pairs. Some exchanges only allow payments in Bitcoin, Ethereum or Litecoin—but most offer more than just three coins! A good choice would be an exchange with multiple currency pairs, such as USD/BTC and EUR/BTC, so you can easily convert from one currency into another when making purchases on their site.
Look at the trading volume.
About 17.7 per cent of Australians trade in crypto. The numbers are likely to increase since its regulation and the launch of new investments and currencies. With the increased number of users, crypto exchanges also spurred. Hence, to buy or sell bitcoin in Australia, you should look at the exchange’s trading volumes. It can help you determine if an exchange has enough liquidity and reputation, which will affect its security.
You should also consider the number of users on an exchange because they’re likely to be more active than bots or whales. If there’s not much activity from individual users, it may indicate that the platform is not very popular with traders or investors.
Make sure the fees are in line.
Make sure the fees align with what you’re paying in crypto. The first thing to remember is that most exchanges charge a transaction fee, so make sure it’s worth your time and money before signing up. Some exchanges also offer competitive trading rates, saving money on every trade.
Consider security and reliability.
The platform you choose is the essential part of your exchange. A good exchange will use a secure and reliable platform that’s easy for beginners to understand, access, and use. You must consider several things when choosing an exchange:
Are there any security measures in place? If so, what are they? What security procedures do they have to protect users’ funds on the platform (if any)? Are these procedures easy enough for everyone who wants access to them?
Check if there is enough transparency.
As you evaluate crypto exchanges, looking for a company that is transparent about its business practices is essential. You should ask about the company’s transparency in terms of the following:
- How are they conducting themselves in terms of security and regulatory compliance?
- Are they willing to provide information on their customers’ accounts?
- Do they have any policies regarding refunding customer deposits or trading losses?
If you’re looking for an easy time when trading in crypto, you must consider how popular a particular exchange is. More people mean more people using it, and more people using it means it can be a better choice for getting crypto. If you want to buy or sell cryptocurrency, your best bet is to do it in a country where the exchange is available. It will prevent you from using alternative options like a crypto wallet and potentially paying more fees than necessary.