Following the regulation of crypto exchanges and the digital currencies, the face of this segment has significantly changed over the years since the beginning of the blockchain revolution.
Crypto exchanges and trading platforms in Australia have been evolving over the years. However, it started off from an ecosystem that was not regulated and when you just required minimum information about yourself to start trading to what it is today, a marketplace that is regulated and monitored by AUSTRAC besides few other regulatory bodies.
The crypto marketplace in Australia
These days the Australian traders operate in an environment that offers improved security and reliability. They have access to crypto exchanges, https://swyftx.com/au/ being one of them that provide several benefits, with differing fee structure, methods of withdrawal and deposit, and for supported currencies.
Interestingly, Australia harbors some of the best cryptocurrency exchanges in the world that offers excellent security and service. Moreover, accessing their services means you must provide KYC and AML or Anti Money Laundering information from the users.
What to look for when you are selecting a crypto exchange in Australia?
When you are out there trying to assess the credibility of a crypto exchange, these are the following aspects that you must consider.
- ID Documentation
One good thing about the traders in Australia is that they will be able to access exchanges within Australia and overseas as well. So, you must provide your identity proof and verification document of your address before accessing the services of the crypt exchanges.
Crypto exchanges must abide by the norms that have been set by AUSTRAC and the other regulatory bodies. If you are trading on Australian exchange, you must follow the Australian Law as well.
- Trade Restrictions and Limits
There are many exchanges that will impose restrictions as far as the total amount with which you can trade on a single day restricting the trading volume.
- Fiat Currency
You will come across few crypto exchanges that will not let you trade with Fiat currency, for deposit or withdrawal. So, when you trade on a crypto exchange, make sure that you will be allowed to trade with Australia dollar as well which will make it convenient for you to make withdrawals and deposit the cash too.
- Track record for maintaining security
Crypto exchanges are the hub for hackers and scammers. Those exchanges that you are planning to trade on must have a great credibility as far as its past track record for offering security to traders is concerned.
- Compare services
Not all crypto exchanges will provide the same range or types of services to its traders. So, before you can deposit the money for trading, it is best to compare the services, and know the differences between services offered.
As mentioned above, while few crypto exchanges will accept Fiat currency others may not. But you must choose one where you will be benefited and will have access to your money easily.
Having stated the above aspects, it must be easier for you to zero-in on the right crypto exchange now.