There are many places for trading with cryptocurrencies, but you should look for the best crypto exchanges in Australia. When trading with one of the 15,000 cryptocurrencies, you should be very careful and informed. Choosing the right currency to invest in and a trading platform could be crucial if you want to have a positive return on investment. Although there are many currencies to invest in, people usually choose to invest in the most renowned ones. It is safe and stable but will not bring the high earnings and excitement that other investments can. So, you should inform about it carefully and invest smartly.
Choosing among the best crypto exchanges in Australia is not easy, especially after 2020, the most exciting year for cryptocurrencies. Australians, like people in other parts of the world, are trying to profit from cryptocurrencies after the coronavirus outbreak. Some digital coins have increased their value in less than a week. The growth continued last year but had a drop during this year, though. However, the prices of the stocks and crypto have recovered, and we should expect to be brought back by the end of the next year. Regarding smart investments, Australians have shown that they are informed and well-tailored to become one of the players in this market.
Facts to know about the cryptocurrencies in Australia
Australian investors are increasing, and they have progressively invested in cryptocurrencies in past years. It is not easy to choose one of the most stable currencies to invest in, so deciding where to put your money could be difficult for many people. However, it seems that Australians know all about this market, choosing good investing models and the best crypto exchanges in Australia to invest in. Statista says Australians have learned much about currencies and know to invest in a perfect place.
How Australians invest in crypto
Among many information we know about cryptocurrency, there are many facts about the habits Australians have about investing. Australians are among the smartest and most dedicated crypto traders, and we can learn a lot from them about this. They also know to find the best crypto exchanges in Australia, so they do not have trouble when investing in one of the currencies.
More than 4.6 million Australians own cryptocurrency
According to research, about 4.6 million Australians own cryptocurrency, which is 17.7%. The great news is that Australia has regulated owning and trading with cryptocurrency, which welcomed new currencies and investments. Allegedly, it will raise the number of users, too.
Most popular cryptocurrencies in Australia
As in the rest of the world, Australians mostly invest in Bitcoin, followed by Ethereum and Binance Coin. With 65% investors in Bitcoin and Ethereum, 42% it seems that Australians mostly invest in widely popular crypto coins. In the third place is Cardano with 26% users, followed by Dogecoin with 23% and Binance Coin with 14.6. It is pretty much the same as in the rest of the world.
Although it is not easy to list the most popular coins in Australia, especially after the drop in value at the beginning of the year, we could expect the same data in the future. It is also important to say that among the most performed coins are not quite popular ones, like Cardano and Dogecoin. Bitcoin and Ethereum were not that attractive for investors this year, which was expected to see.
They believe in DYOR
People are usually not sure about cryptocurrencies, defining them as volatile investments, and they do not easily find places where they can learn about crypto. It is also important to check the best crypto exchanges in Australia to find the most reliable places for investing. When it comes to Australians love to rely on the “Do Your Own Research” (DYOR) method meaning that they love to learn alone about crypto. Influencers on social media, family, and friends influence 10%. On the other hand, 52% of Australians do their research when choosing the currency to invest in, mostly on whitepaper and community engagement. They also consider the financial performance of the currency and then social media and influencers.
Australians use hot wallets for storing crypto
About 60% of Australians consider using hot wallets like a free multi-coin wallet to create an account. Researchers found that they mostly love connecting to the wallet online, which is more appropriate and favorable for them. In the second place is a cold wallet, a completely offline method, and in the third place is a hardware wallet. It presumes using the same method as cold wallet, but with much more benefits and user-friendly software. Some of the well-known are Trezor and Ledger. Finally, in the last place is a paper wallet, where the owner has proof of owning crypto on a piece of paper.
They adopted crypto very fast
Finder found out that Australia has the third-highest rate of crypto adoption in the world, which is far ahead of the US. One of the reasons could be much friendlier regulations towards crypto innovation compared to other countries. It could be why Nigeria is in first place among the fastest adopted cryptocurrency countries in the world.
Men are more for crypto than women
Although current information says that men have more cryptocurrencies than women, things change very fast. The number of women crypto holders is increasing, and their number doubled over the year. It could be a thrilling change in the world of cryptocurrency. Women are much better informed and willing to find the best crypto exchanges in Australia to invest in.
How to choose one of the best crypto exchanges in Australia
If you are a newbie in this world, you should be able to find the easiest and smartest way to invest in cryptocurrency. Not only will it save money, but it could also significantly improve your income and spare you from stress. However, you should find crypto exchanges in Australia that are reliable, trustworthy, and friendly, so you can easily trade on them.
Choose an online exchange by compering
If you want to be sure that the exchange you have noticed is good enough for you, the best way is to compare it with the others. You first need to have an app called “wallet,” where you can hold the currency. The best crypto exchanges in Australia will allow you to create an account, transfer one of the fiat currencies (like the Australian dollar) and buy crypto. Good exchanges also have a wide selection of coins, along with the most popular Bitcoin and Ethereum. The platform should be easy-of-use, with no hidden charges, and use many additional useful features like educational content and customer support.
Crypto exchanges will ask for information that can be at risk for fraud and identity stealing. However, good platforms have 2-factor authentication and verification through e-mail and phone numbers. It should provide you with security. After that, you should add your bank account and payment method, which also should be safe. You should upload the deposit through the bank account or credit/visa card and make your first investments.
Now you are ready to choose your first cryptocurrency to trade with. If you have chosen one of the best crypto exchanges in Australia, you will be able to find a long list of offered currencies. Also, most of the good trading platforms are free for new users or have very low fees. Trading should be easy, free, and fast, so you do not lose time on boring and complicated steps.
Finding a place to trade with the currencies is not easy and depends on many factors. You should not be afraid of trading with crypto, though. Australians see slow and steady growth of the crypto, and even 30% are optimistic in that way. They are well-informed and have high investments in this field when it comes to their habits in trading crypto. The country takes third place on the list of the most adopted cryptocurrencies in the world, and the number of investors grows daily. If you are still unsure about investing, choose one of the best crypto exchanges in Australia and rely on their safe and easy-to-use platform.