2021- Remarked as an era in the world of crypto-mania. What if looking at it, a person thoughts of buying cryptocurrency in Australia? You have landed a right place for doing so. Here, you will be guided in a deliberate way about the procedure you to have to undergo.
In case you are new to the crypto world, do not feel agonize. It might feel entangled at first but in actual you need to have done a lot of homework and research before diving into the deep waters of crypto. For assisting you in this perspective, a detailed guidance of buying cryptocurrency will be provided.
What does Forex has to present in this perspective?
To begin with, let us first have an insight into a report presented by Forbes- an American Business Magazine. The report reads that the new divers of the crypto should look for the following steps when decided to invest in the cryptocurrency:
- Select a broker or crypto exchange
- Create your account and verify it
- Deposit cash for the purpose of investment
- Place your cryptocurrency order
- Pick a method of storage
The report also presents a few of the alternatives that can be used for investing in the cryptocurrencies. As purchasing cryptocurrency has become a trend, it has become a volatile option to invest in. If you feel like you do not need a broker, that’s totally fine. You can opt for the alternative options. These include:
- Waiting for the Crypto Exchange-Traded Funds (ETFs)
EFTs is the investment tool that provides you a buying exposure to tens of hundred individual investments in one fell dive. The U.S. Securities and Exchange Commission (SEC) has been appraising three EFT applications of cryptocurrency, which are: Kryptcoin, VanEck and WisdomTree.
- Invest in companies that are connected to cryptocurrency
- Nvidia (NVDA)
- PayPal (PYPL)
- Square (SQ)
A Study Carried by Hilleman and Rauchs (2017) on Global Benchmarking of Cryptocurrency:
- The study highlights the exclusive active users of cryptocurrency wallets and its estimates.
- The lines between the various cryptocurrency industry sectorsgiving rise to an increasing number of universal cryptocurrency companies.
- Average security headcount and costs for payment companies and exchanges as a percentage of total headcount/operating expenses are similar, but significantly higher for wallets.
Cryptocurrency and its Worth:
Before discussing the buying of cryptocurrency in detail let us have an insight into the fact that what cryptocurrency is and its worth. A form of payment that circulates without the assistance of an authoritative body – the Central bank or the government, is referred as Cryptocurrency. These are created by cryptographic techniques which enables their trading successfully. According to CoinMarketCap.com, about 16,000 cryptocurrencies are traded publicly having worth of about $2.3 trillion on Dec.23, 2021.
Top Cryptocurrencies by Market Capitalization:
|Binance Coin||$88.6 billion|
|USD Coin||$42.4 billion|
(Data Current as Dec.23, 2021)
Why is Cryptocurrency so Popular to be Bought?
Investment in cryptocurrency is done for a multiple reasons. Some of which are as follows:
- The supporters of cryptocurrencies view it as the emerging opportunity of the future. They are purchasing it at a wider rate deeming the rise in the value it can experience in the following years.
- For some, it eases them as there is no monitoring authority like the Central bank that leads to the reduction in the value of money via inflation.
- For others, it is a secured method of payment than the traditional ones that has decentralized technology in the form of block-chain.
- They have long-term acceptance with more interest and value.
How can Cryptocurrency be bought in Australia?
Cryptocurrency in Australia can be bought in the following ways:
1- Contrast and pick an online trading platform for buying
For holding the currency, you need to have a ‘wallet’ – an online app. Some exchanges permit you to create an account, deposit fiat money (Australian Dollars) and then buy cryptocurrencies. Others provide you with the option of creating wallet directly and storing cryptocurrency for trading.
Different individuals have multiple preferences of trading that prescript those to indicate the channel they want to adapt for exchange. Some go for the inclusive while others adopt the Australian-based customer support. Some are hunting for the innovative features of trade while others find the relaxed paths of buying and they letting the investment go manifolds.The chief things that should be deemed while opting for the exchange are as follows:
- Haven of platform and validity of company
- Simple usage
- Outspread, actual-fee and hidden charges
- Customer support
- Number of offered coins
- Features of trading
- Educational content
- Payment method
- Aptitude of direct buying of the coins with AUD
The process of buying Cryptocurrency in Australia was a tiring one but it is no more the same. As there are conjoint crypto exchanges – international and Australian, it is prodigious to choose that precise trading option. Signing in with a local exchange is one of the finest ways to move on. It licenses you with direct buying of crypto with AUD without paying the veiled costs. Additionally, in case you are an initiator to the service, ask the exchange via live chat so that you may find the legitimacy of their customer support. Stay on the positive note, have a detailed research, read the reviews of customers and most importantly, find date about an exchange that who they and what they charge.
2- Sign in the Email – Path to Invest in Cryptocurrency
As you have decided the crypto exchange that suits your wants, just go and sign in. Select the username and password and set up the account by filling the required personal information. Secondly, avail the additional layer of security given through factor authentication. Then, swift your identity, provide the proof of residence potentially, by verifying the provided email. This procedure that takes a short span of time is completed by a form of ID or passport.
3- Selecting a Payment Method to Invest via Bank Account
Add a bank account; select the payment method that is preferable to you – Poli and PayID/Osko, and you are all set to go for depositing an AUD to your account.
4- Head towards the Buy Section and Select the Cryptocurrency for Trade
As your account is fueling with funds, you are now ready to buy the cryptocurrency you wish to trade. For it, simply visit the buy or trade crypto section and mark the cryptocurrency that has to be bought.
5- Pierce the Needed Cryptocurrency, Revisit the Details and Endorse the Purchase
You must be pretty excited to finally achieve the objective you have been targeting so far. Enter the amount of AUD you wish to invest or the coins you are willing to buy. Re-check the provided details and authorize your buying. And that is it. You are done.
Buoyantly, the guide might have proved fruitful for you regarding the concern of buying cryptocurrency in Australia. If followed in a right direction you are set to go on your mission.