How To Learn Trading Cryptocurrencies In Australia – A Detailed Guide
Want to learn trading cryptocurrencies in Australia? In this article, we will explain the fastest and best possible ways to learn trading cryptocurrencies in AU.
The launch of Bitcoin in 2009 marks the beginning of the cryptocurrency era. Till then, people would mostly trade stocks or forex. When Satoshi Nakamoto launched Bitcoin back then a small number of people believed in his project. Some did not believe at all, and often cryptocurrencies were called "bubble" or "scam".
Well, that's somewhat understandable as people are commonly pessimistic when new projects or innovations are released. And, a similar thing happened to Bitcoin. However, by and by as new cryptocurrencies started to appear, people began to recognise them also.
The Rise Of Cryptocurrencies
Famous people in the business world, celebrities and influencers started investing in cryptocurrencies as they realised their importance. Innovators like Bill Gates or Richard Brandson praised Bitcoin and cryptocurrencies a couple of times. However, there are yet people that do not believe in cryptocurrencies. Warren Buffet, for example, continues his negative attitude towards cryptocurrencies, saying that they are worthless and that "it is not known how they will end".
Anyways, eleven years after the release of Bitcoin, marking the beginning of a whole new industry, cryptocurrencies' importance cannot be ignored anymore. There is an entire industry around cryptocurrencies and people have made fortunes trading cryptocurrencies. Now, cryptocurrencies are expanding widely and are starting to become an influential component in the financial world.
Why You Should Learn Trading Cryptocurrencies
To tell the truth, although it has been 11 years, it is just the beginning, because whether we like it or not cryptocurrencies indeed will have a more significant impact on our lives in the near future.
Therefore, if you still have doubts or have not participated in any way in cryptocurrencies, then it is time to start now. It is not late at all. As said above, it is just the beginning of a long road.
There are different ways to profit in the cryptocurrency industry, but trading is the best way. We mentioned it above that people have made fortunes in the crypto industry. Moreover, they have done it precisely by trading cryptocurrencies. And, that's why, if you haven't learned yet, you should start to learn trading cryptocurrencies now.
Is The Method You Learn Cryptocurrency Trading A Determining Factor In Your Success?
One might think that learning methods are not too important, but that is a wrong approach. Especially regarding cryptocurrencies as they are relatively new and can be complicated to understand for some people.
There are different methods one person can learn something. There is a wide range of ways an individual can get the hang of something. Some learning strategies work in a way that can be better than others. The main concern is, you can learn anything you want to, including trading cryptocurrencies.
The ability to learn is an excellent source of human power. People are "hostage" to their own ignorance, and those who hesitate will always be lost. The best solution to breaking through and start learning to trade is getting knowledge and information in the right way.
Learning crypto trading basics is crucial to one's success, and we must remember that there are no fixed rules when it comes to trading cryptocurrencies. For example, one source of information can say that you can start trading with $1000 and another one can say you can start at $1500. It does not mean that one is wrong, and the other one is right. But what it means is that the least you can start is $1000, but the ideal would be $1500.
For some people, some learning methods are more effective than others. So, people have their preferred way to learn. For some, listening is the best way or observing, while some others learn best by doing things themselves.
According to experts, the truth is that people need three modalities to really commit information to memory: visual, auditory, and kinesthetic. Simpler said one could learn best by practising all three methods: watching, listening and doing.
In the matter of trading cryptocurrencies, it is vital to listen and observe all the things that are taught very carefully before proceeding to practise things on your own. This applies in particular for beginners. For, those that have no clue what cryptocurrencies are and how they function.
What Are The First Steps To Take To Start Learning To Trade Cryptocurrencies In AU
It might feel intimidating at the beginning to get into the cryptocurrency world, but here are the steps you should take to get more familiar and start your trading journey.
Study Cryptocurrencies and Blockchain Technology
Do your own research regarding cryptocurrencies and Blockchain. There is so much evergreen content on the internet about the crypto sphere. Study Bitcoin, Ethereum and other cryptocurrencies. Try to understand the basics of blockchain technology also.
In sources like Coinmarketcap, you can find almost everything related to cryptocurrencies. Furthermore, here at Trading Education, we provide many articles written by trading professionals and writers, which you can learn a lot from and have an idea of what you are getting into.
Watch The Market
Take time to study cryptocurrencies history, their price movements, good and bad times cryptocurrencies went through. Try to find the reasons as to why their price crashed and why it exploded at some point. Follow, podcasts and live streams on YouTube from famous and experienced traders as they give advice you can benefit considerably from.
Understand Cryptocurrency Regulation And Taxes
Well, Australia has not been neglecting cryptocurrency regulation. Trading cryptocurrencies in Australia is completely legal. However, as a trader, it is good to know that for example, you can practise CFD trading in Australia, but not in the United States as it is not allowed there. You must also understand that cryptocurrencies are taxed in Australia. In 2017 the Australian Government announced that anyone involved in acquiring or disposing of cryptocurrencies needs to be aware of the tax consequences.
Get a Mentor Or A Trading Course
Now, we have to be honest with ourselves; learning everything on our own will be tough. Getting mentored by a trading professional or signing up to a trading course will speed up your learning process significantly. It might look not worthy of you spending money on trading courses, but it will be very profitable in the long term. Or you can sign up for free cryptocurrency trading courses. Here at Trading Education, we have prepared trading courses, where we use all teaching methods to get you started in crypto trading.
Start Practising Trading
After you have done your research and you have gotten an idea regarding cryptocurrencies, you can start practising by actually trading. You can start with small amounts of money; for example, you can start trading with $100. This will help you outstandingly as you will get to see and learn how things work by actually doing them on your own, especially if you are an individual that understands best by doing. So, pick a reputable cryptocurrency broker in Australia, such as eToro and make your first investment. Although, you must know that as a beginner you can't experiment much, so trading in margins doesn't make sense for you as a newcomer. Maybe it is a better idea just to buy your coins, secure them in a safe wallet and hold them for a longer period until you absorb things better.
Learn To Trade Cryptocurrencies In Australia With Trading Education
Most commonly, cryptocurrency trading is learned by taking online courses. There is a mountain of cryptocurrency courses out there. But the real question is: how qualitative they are and do they really commit to teaching you how to trade cryptocurrencies?
Here at Trading Education, we have prepared the best possible platform to teach people like you trading cryptocurrencies, in the fastest and way possible. Our website is very friendly and easy to navigate. Learning to trade cryptocurrencies with Trading Education is the best way to learn while having fun. Here, we believe that everyone can learn to trade, so that's why we deliver an outstanding trading education. Except cryptocurrency trading, we teach stock trading and forex trading also.
Furthermore, as we stated above, different people learn in different ways, so at Trading Education, we use all teaching methods to make learning for you as easy as possible.
Learn To Trade With Free Trading Quizzes
If you like taking quizzes, you can take them on our website. We have prepared quizzes with some of the most interesting questions the answers to which a trader must know!
Trading Cryptocurrencies In Australia Is Easier Than You Might Think
Australia is a cryptocurrency-friendly country. Australian authorities have not tried to put any barriers whatsoever in the way of blockchain technology or cryptocurrencies. As we know by now, cryptocurrencies, have been used as a means to engage in suspicious activities and to profit illegally throughout their short history of existence. There have been many cases when individuals launched scams that looked like real cryptocurrencies. The main worry of the government in Australia is to prevent money laundering using cryptocurrencies.
That’s why cryptocurrencies in Australia have to register with The Australian Transaction Reports and Analysis Centre (AUSTRAC). In 2018 a new law was implemented for digital currency exchanges requiring them to register with AUSTRAC. The law also specified that exchanges must verify and identify users, maintain records, and comply with government reporting obligations. Exchanges that don’t follow these rules are considered to be illegal in Australia.
The Australian cryptocurrency market is one of the most promising ones in the world. Australia is ranked 14th among all countries for Bitcoin volume by currency. Bitcoin remains the top and most preferred cryptocurrency to invest for Australians, although the country has its own cryptocurrencies.
So far Australia has nine cryptocurrencies of its own: Bata, CanYa Coin, Chronobank, Entropy Token, Havven Token, Horizon State, IvyKoin, NOX Token and Power Ledger. It must be said that not all brokers support these cryptocurrencies, but in case they keep developing, they might be more acceptable.
Is Investing In Cryptocurrencies In Australia A Good Idea?
Yes, without any doubt. There was a lot of scepticism about cryptocurrencies at the beginning, but now they are only expanding and becoming a crucial factor in the financial world. When Bitcoin was released in 2009, who would have thought that there will come a time when you can buy things using it, nowadays, Bitcoin plays the role of fiat currency as it can be used to purchase things. There are ATMs where you can pull your bitcoins just like you can pull your Australian Dollars. The first Bitcoin ATM in Australia was established in Sydney’s Pitt Street Mall in 2014.
Cryptocurrencies in Australia are only growing. The Australian Government is strongly supporting cryptocurrencies and Blockchain technology. Recently, the Australian Prime Minister Scott Morrison has announced that the Federal Government has planned nearly A$800 million (US$575 million) to invest in digital technologies as part of its coronavirus recovery plan. In this announcement, Blockchain technology gets a specific mention with a $6.9 million initiative that will see two pilots aimed to cut business compliance costs.
Such news informs us of the importance of blockchain and cryptocurrencies in the eyes of the Australian government. So, it is not wrong to invest in cryptocurrency now in Australia because the benefits can be enormous in the future.
Also, in many other countries of the world, banks and financial institutions have started to offer crypto services in various ways. This shows that cryptocurrencies are here to stay, and their future is bright.
- The launch of Bitcoin in 2009 marked the beginning of the cryptocurrency era.
- There is a whole industry around cryptocurrencies, so people in Australia and worldwide have made fortunes trading cryptocurrencies.
- Trading cryptocurrencies is a great skill one should master, as cryptocurrencies are expected to grow in the near future.
- Cryptocurrency trading in AU can be learned mainly by taking a trading course.
- There are five steps to take to learn trading cryptocurrencies in AU: Study cryptocurrencies & Blockchain, watch the market, understand crypto regulation & taxes, get a mentor or trading course and start practising trading.
- Investing in cryptocurrencies in AU could be enormously profitable in the near future.
- The Federal Government in Australia has planned nearly A$800 million (US$575 million) to invest in digital technologies as part of its coronavirus recovery plan.
- Blockchain technology gets a specific mention on the announcement with $6.9 million.
Trade Cryptocurrencies with eToro Australia
Now, that you have read this article, you have an idea on how to start learning to trade cryptocurrencies in Australia. There are many brokers you could use, but the best one in AU is eToro.
eToro is the top voted broker in Australia since it is effortless to use and it is secure. eToro supports 90+ cryptocurrencies. You just have to visit their website, pick your preferred cryptocurrency and make your investment.
eToro stands out from the rest thanks to its unique features. The most remarkable thing about eToro is the copy trading feature which makes the job easier for you. All you have to do is check out the professional traders on the platform, pick your preferred one and click “Copy trader”.
Furthermore, eToro is regulated by the financial authorities in Australia, and it holds the Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investments Commission.
eToro – The Best Crypto & Social Trading Platform in Australia
eToro have proven themselves trustworthy within the industry over many years – we recommend you try them out.
Cryptocurrencies in Australia - FAQs
Where can I buy a cryptocurrency in Australia?
eToro is the best broker where you can buy cryptocurrencies in AU. There are also other exchanges such as CoinJar, Independent Reserve, CoinSpot, etc.
Is Bitcoin legal in Australia?
In 2013 the Governor of The Reserve Bank In Australia market Bitcoin as legal.
Are cryptocurrencies taxed in Australia?
Yes, cryptocurrencies are taxed in Australia. In 2017 the Australian Government announced that anyone involved in acquiring or disposing of cryptocurrencies needs to be aware of the tax consequences.
How are cryptocurrency exchanges regulated in Australia?
The Australian Transaction Reports and Analysis Centre (AUSTRAC) implemented a law for digital currency exchanges in 2018 obliging cryptocurrency exchanges to register with AUSTRAC, verify and identify users, maintain records, and comply with government reporting obligations.
How to invest in cryptocurrencies in Australia?
Pick one of the brokers that have met the rules set by AUSTRAC and buy your preferred cryptocurrency. eToro holds the licence to operate in AU, by the Australian Securities and Investments Commission (ASIC) and it is a very reputable fintech company.
What is the best crypto exchange in Australia?
The best crypto trading platform in Australia is eToro. Except for trading cryptocurrencies eToro is a brokerage that also focuses on ETFs, CFDs, stocks, indices, and commodities. It includes impressive features like the Copy Trade that watches and imitates the trading practices of other traders to help newcomers plan their own strategies. It’s a real paradise for seasoned traders as it offers margin trading, derivates, and shortings.
How do I buy cryptocurrencies in Australia?
Create an account in one of the brokers such as eToro. Fund your account by connecting your bank account. You can also use online banking or wire transfer. Select your preferred cryptocurrency and click “Buy”. Select the amount you want to invest and click “Open trade”. There you go, now you are an owner of the cryptocurrency you selected.
How do I cash out Bitcoin in Australia?
You can sell your bitcoins for any fiat currency, including Australian dollars (AUD). If your purpose for selling your Bitcoin is to cash out in AUD, here’s what you have to do:
Open an account on a brokerage such as eToro, that supports Bitcoin and Australian Dollars.
Deposit your bitcoins into your account, then sell them. In the end, withdraw your Australian dollars (AUD).
Well, we hope that this article has helped you and has motivated you to start learning to trade cryptocurrencies. Now that you have some information about the cryptocurrency market in Australia and you know the starting steps, things should be easier. If you've liked the article, give us a like and share it in case anyone else wants to know how to learn trading cryptocurrencies in Australia.