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An Ultimate Guide for Cryptocurrency Trading in Australia

Currencies / Bitcoin Mar 30, 2021 - 04:42 PM GMT

By: Submissions

Currencies Trading in cryptocurrency means making a profit by buying and selling cryptocurrency. It is done by making assumptions about price changes in the market. At first, this may seem difficult, but once you know how trading is done you’ll earn a huge profit out of it.

Trading of cryptocurrency is usually done through cryptocurrency exchanges. All you need to do is choose a reliable cryptocurrency exchange, create an account and start trading cryptocurrencies.

However, it’s not as easy as it may sound. Cryptocurrency regulation is one of the most talked-about topics in the world. Opinions differ on whether or not cryptocurrencies should be regulated in Australia. There is various news about the Australian government showing some relaxation, but they haven't slowed down crypto regulation.

Australia is one of those countries that raised awareness of this issue. In 2017, the Australian government announced that cryptocurrencies were legal. In their statement, they stated that "cryptocurrencies are evolving rapidly" and that anyone who buys or sells cryptocurrencies should be aware of the tax implications.

In 2018, the Australian Transaction Reporting and Analysis Center (AUSTRAC) passed a new law on digital currency exchange. This law is stricter as the exchange of cryptocurrencies is required to register with AUSTRAC, verify and identify users, maintain documentation and meet government reporting requirements.

If you are new to trading, you must find it hard to do. The term 'cryptocurrency' itself seems strange and confusing to many, as everything happens virtually. However, trading in cryptocurrencies is now easier and anyone can learn to do it with little effort. Choose one of the best trading platforms in Australia to start investing in cryptocurrencies.

Once you set up an account, you can immediately start trading in almost every cryptocurrency using Australian dollar. All you have to do is buy the cryptocurrency of your choice and store it in your favorite wallet.

Some of the cryptocurrencies allowed in Australia are CoinSpot, CoinJar, and eToro.

How to trade cryptocurrency in Australia?

Cryptocurrencies are essentially volatile, so the probability of profit during trading is high. Bitcoin is the preferred cryptocurrency for Australians because it is highly volatile. However, cryptocurrencies are "linked" or rather interconnected.

When the price of Bitcoin rises, so does the price of Ethereum, Litecoin, and other currencies. However, there is always risk involved in investing in digital assets. Predicting price fluctuations is vital to properly investing in cryptocurrencies. Whether you trade manually or use an automated trading program, you always need a trading strategy.

Hodling Crypto

The term "hodling" of cryptocurrencies means keeping them for a long time. Long-term hodlers are mostly beginners who have just begun their journey into the world of cryptocurrencies. They usually buy the currency at a lower price, hold it and wait for the price to rise, and then sell it.

But there is something here with Hodling; patience is needed. Many hodlers don't have patience, so they purposely sell their coins at a higher price thinking they won't go up anymore. Then they end up regretting when the price exceeds their expectations. It isn’t specified how long you can keep these coins but people usually hold them for days, weeks, or even years.

Contract for Difference

CFD stands for contract for difference. This cryptocurrency trading method is a bit difficult, especially for beginners. A CFD is an underlying contract, you never have cryptocurrency in CFD trading. Instead of opening a business, you can think about whether the underlying assets will rise or fall.

CFD trading is regulated in many countries and now fully allows this. Fortunately, the ASIC (Australian Securities and Investment Commission) in Australia has enabled the exchange of CFDs. It's worth noting that Australians were familiar with CFD trading long before cryptocurrencies were introduced. They used CFDs to trade commodities, futures, currencies, stock indices, and individual stocks.

Things to consider

Since the creation of the first cryptocurrency, no financial market has come close to the returns delivered in the region. Cryptocurrencies have evolved from simple exchange to value. You can fulfill your long-lost dream of saving investors from the serious shortcomings of normal behavior.

The value of local currency has depreciated as central banks printed money during a recession, while cryptocurrencies appreciated due to the decentralized nature of their value. Now more and more people are entering this market and trying to protect themselves from the devaluation of their national currency.

Initially, bitcoin and other crypto money were considered to be the target of crime, and their use was largely limited to blind online markets. But little by little, big businesses, large corporations, and even governments have quietly taken a stand on cryptocurrencies and blockchain technology.

Public interest in cryptocurrencies has increased, thus adding fuel to the fire of cryptocurrencies. As with all other asset classes, cryptocurrency prices depend on supply and demand. However, cryptocurrencies remain a new class of financial assets with varied and diversified price factors.

By Web-Bee Suite Team

© 2021 Copyright Web-Bee Suite Team - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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