If you are new to cryptocurrency, finding a broker is the best way to start trading. Otherwise, you would need a supercomputer to mine for Bitcoins.
This article is a guide on how to trade Bitcoin in Australia and where to find the best brokers.
Top 3 Bitcoin Brokers in Australia
HighLow is a popular investment broker that offers a variety of financial assets to invest in. The broker is most famous for CFD trading, but Bitcoins can be traded with them too.
What’s great about HighLow is that it’s an Australian company regulated by local authorities. HighLow is a rare broker that holds an ASIC license for all trades. The company is popular in New Zealand as well.
You can start trading with HighLow for as little as $10. The broker offers an excellent trading platform program. It’s accessible online and via mobile.
The market prices are available in real time. Plus, the trading platform has a demo. Users can familiarize themselves with the platform without actually spending any money.
HighLow is known for offering excellent customer support. Because Bitcoin prices tend to fluctuate wildly, this feature is extremely helpful. You can read our Highlow review.
All in all, HighLow is a reliable and well-designed online Bitcoin brokerage platform. It’s great for both new and experienced Bitcoin traders.
eToro is a world-famous trading platform. It’s popularly used in Europe for CDF, Forex, and similar asset trading. Users can easily trade Bitcoins with them too.
The broker has headquarters in Israel. However, the company has an entity in Australia to service Aussie customers. ASIC regulates this entity. eToro is perfect if you want to buy bitcoin with Paypal in Australia.
The most remarkable feature about eToro is its platform. The broker prides itself on being a social trading network. You can access their software similarly on a desktop or a mobile device.
The biggest appeal of eToro is the social component. Users can copy trades of successful investors and follow others on the platform. Read our eToro review.
The broker offers a free demo version of the software. New users can practice trading Bitcoins without actually spending money.
Plus500 offers a well-regarded CFD trading service to users from around the world. The Israel-based broker has an office in Australia. The broker is regulated under local laws by ASIC.
The broker has a CFD trading platform where you can also trade a number of cryptocurrencies including Bitcoin but also stocks like Tesla. Plus500 offers some of the best leverages on its platform for crypto traders.
The trading software is intuitive to use and offers access to a vast number of markets. The software is mobile-supported on both Android and iOS.
Plus500 is a great broker to choose for quality as well as to gain access to various markets. Their platform is great for transitioning to Bitcoin trading. Read the Plus500 review.
Choose your Bitcoin broker wisely. Consider all the options available before jumping in. Armed with the inofrmation provided by the above guide, you will be a step closer to mastering Bitcoin trade.
What is Bitcoin Trading?
Bitcoin is the best-known cryptocurrency in the world. A cryptocurrency is a form of digital currency. You can trade Bitcoins like real money, but these aren’t actual coins. In that, Bitcoins are not governed by a central bank like non-digital currency.
Products can be purchased online with Bitcoins, but this is largely limited for now. You can also buy and sell Bitcoins as a form of investment. This is the essence of Bitcoin trading. Investors buy Bitcoins and hold it as an asset, much like stock. If the price for the currency goes up in the future, you can sell again and turn a profit.
Bitcoins can be earned by “mining.” It’s a simple term used to denote a process in which powerful computers solve complex math problems to create Bitcoins. Bitcoin mining requires technical know-how and serious computing power. It’s not for everyone. The easiest way to start trading Bitcoins is to buy it.
Bitcoins can be bought directly online. You can also speculate on its price, much like a CFD. Both methods require a broker. Just like a broker is required to buy Forex funds or gold, you will need to go through one to buy Bitcoins.
There is no exchange rate for Bitcoins. But Bitcoin can be traded 24/7, unlike real-world currency. When you have a good broker, you can formulate a trading plan for Bitcoins.
How to Choose a Bitcoin Broker
Thanks to the popularity of Bitcoin, the number of Bitcoin brokers has skyrocketed around the world. If you are looking for a Bitcoin broker in Australia, you need to primarily check their legitimacy.
In other words, the Australian Bitcoin broker you choose must be licensed under ASIC. Bitcoin brokers from overseas companies must follow local regulations through subsidiaries established in Australia.
Remember, Bitcoins don’t have a central exchange. The brokers set up these exchanges. Trust is important here, and you need to establish this first. After that, look at convenience. The Bitcoin broker must offer a user-friendly and convenient trading platform.
You can check out a particular software by using a demo, if offered. It would be advantageous if the trading platform has mobile accessibility as well. You will need to check Bitcoin prices quite regularly. Therefore, pay attention to the mobile-friendliness of any software offered.
You can get more for your commission money with a Bitcoin broker that offers a wide variety of services. In addition to buying the crypto coins, services should allow you to speculate on its value. Social trading platforms are great for these purposes. This is mainly because you can see what top traders are doing and learn from them.
In summation, here are the main qualities you need to look for in a good Bitcoin trader:
- Trustworthy service indicated by appropriate licenses
- Easy-to-use software
- Mobile friendly trading platforms
- Great customer service
- A range of services related to Bitcoins
Don’t forget to seek excellent customer support as well. Bitcoin value tends to fluctuate. A technical problem, thus, could cost you money. You should be able to quickly contact the broker via a customer representative if a problem occurs.