Australia is one of the well-known countries in crypto space. Around 18.4% of Australians own a cryptocurrency in the country. Several well-known exchanges operate here, including Swyftx Australia.
If you’re looking to buy Ethereum in the country, you may be wondering why you should use a well-known crypto exchange. The following article will explain what crypto-exchanges are and why you should use them for trading in Australia’s cryptocurrencies.
Table of Contents
What Is a Crypto Exchange Platform?
A crypto-exchange is an online platform that allows you to buy, sell or trade digital assets in a secure and regulated environment. Many well-known, trusted crypto exchanges in Australia, with over 100+ altcoins are available to buy, sell, and trade.
Here are the steps to buying and selling crypto coins online.
1) Register and Create an Account
It will take a few minutes, and you will need to provide some personal details like your full name, email address, and phone number. You will also need to create a strong password.
Once an account is created, you will need to verify your identity by providing some documents like your driver’s licence or passport. It is required by Australian law to comply with anti-money laundering and counter-terrorism financing regulations.
After the identity has been verified, you can now deposit AUD into your account using one of the many payment methods available, including bank transfer (POLiPayments), BPAY, and PayID.
Once your account is funded, you can buy and sell Ethereum and other digital assets. It is a user-friendly interface that makes buying and selling crypto easy.
You can also use the platform to trade Ethereum and other digital assets with leverage of up to x100. You can trade with $100 and control $10000 worth of Ethereum.
2) Order Types
When buying or selling digital assets, you can use two order types: market orders and limit orders.
A market order is helpful to buy or sell an asset at the current market price. A limit order can help buy or sell an asset at a specified price. If you want to buy digital assets as quickly as possible, market orders are reasonable.
Benefits of Buying Ethereum from Exchange Platforms
1) Regulated By Government
AUSTRAC regulates all crypto exchanges in Australia. They have to follow stringent anti-money laundering and counter-terrorism financing laws.
Some of the laws include:
- Reporting suspicious activity
- Keeping records of transactions
- Knowing your customer
It ensures that your money is safe when buying Ethereum from a well-known crypto exchange like Swyftx in Australia.
Additionally, all exchanges must comply with the AML/CTF Act and regulations. It includes having an AML/CTF Programme and being a member of a monitoring body.
It is essential only to buy Ethereum from exchanges compliant with these regulations. As a result, you can ensure that your Ethereum will be safe when you purchase it from a well-known crypto exchange in Australia.
2) Security
When choosing a cryptocurrency exchange, security will always be the top priority. After all, you are trusting the platform with your hard-earned money. So, it is essential to make sure that the exchange has robust security measures in place.
One way to gauge exchange security is by looking at its track record. Has the online exchange been hacked in the past? If so, how did it handle the situation?
You should also look at the security features that the exchange offers. Some of them are described below:
- a) Two-factor Authentication: This is an extra layer of security that requires you to confirm your identity with a code sent to your mobile phone.
- b) Cold Storage: This is when the exchange stores the majority of its cryptocurrency in offline wallets, away from the reach of hackers.
- c) Encrypted Communications: Look for an exchange that uses SSL encryption to protect your data as it is being transferred.
3) Accessibility
One of the main reasons to buy Ethereum from a well-known crypto exchange in Australia is accessibility. For example, Swyftx is one of the most user-friendly exchanges available and makes buying Ethereum easy for first-timers.
The platform also has 24/7 customer support, so you can always get help if needed.
4) Improved Liquidity
You’re getting improved liquidity when you buy Ethereum from a well-known exchange. It is because the platform is built on the order book model.
When you place an order to buy ETH, you’re not buying it from the platform. Instead, your order is matched with another user selling ETH at your desired price.
It creates a more efficient market with better prices and higher liquidity.
Final Thought
Ethereum is a decentralised online platform that runs smart contracts: applications that run precisely as programmed without the possibility of fraud or third-party interference.
Ethereum is one of the popular cryptocurrencies, and Australia is one of the best places to buy it.
