Best Cryptocurrency Brokers Australia
Recently spoke to someone who recently invested in Cryptocurrency and made a profit of 40% in just a week? Maybe it is not exactly what happened, but you are interested and might be willing to try trading in the crypto market. But just as you were about to start trading you asked yourself, how do I trade cryptocurrency? Luckily for you, our experts have been spending an insurmountable amount of hours researching the best Cryptocurrency Brokers we could find to give you the best opportunity of making a profit while trading.
Below is a list of the absolutely best Cryptocurrency traders. We recommend that you choose one or more of them when you want to start trading to mitigate the risk of getting scammed.
List Of The Best Crypto Traders In Australia – 2019
- Markets.com – Go to Markets.com
- Avatrade – Go to Avatrade
- IronFX – Go to IronFX
- Plus500 – Go to Plus500
- Etoro – Go to Etoro
Best Crypto Trading Apps – TOP 5
Your Goals With Crypto Trading
Before you start trading anything, not just crypto, you have to ask yourself why you want to trade and what you want to achieve with your trades. You might scoff at this and say that you want to make a profit, of course. But with a large number of individuals trading, there can be many different reasons to trade, especially in the crypto market. Try to find what person you are from the list below to find out how and where you should trade.
Willing to trade anything, as long as there is a chance to make a profit on the relatively short term.
This likely describes most of you, if you find yourself in that description you can either skip the rest of this paragraph or just scroll back up the top list to start trading
Interested in the technology of cryptocurrencies.
There is a possibility that a profit is not what drives you when it comes to crypto. The mere mention of blockchain might be enough to catch your interest, or you could want to try buying a hot dog with bitcoins.
Seeing the purchase of a Cryptocurrency as a long term investment.
Profit is what drives you, but you are not looking for the short term, you are interested in holding onto you cryptocurrencies for years before you sell them.
All of these reasons are valid, especially with such new and exciting technologies as cryptocurrency and blockchain.
Choosing A Broker Or A Marketplace
An important thing to know is if you are going to trade with a broker, or if you are going with a marketplace. There are positives and negatives with both of them, and depending on what your goals are one is better than the other.
Choosing a broker
If you are interested in shorter-term trading and profit making you should go with a regulated broker. The benefits of choosing a broker are plenty. The first and maybe most important reason when trying to make a profit is that they offer leverage, which means that you get a small loan to increase your investment. This is usually required to make a profit if you are unwilling to invest a massive amount of your own money. Another reason to go with a broker is the safety, you are not keeping your own crypto wallet that can be hacked, you are only investing money towards the currency is going up or down. Brokers also offer far superior trading platforms compared to marketplaces, this is a consequence of the brokers already offering great platforms for trading a myriad of other resources.
Choosing a marketplace
If you are to choose a marketplace you would need completely different goals compared to choosing a broker. The purchase of cryptocurrency on a marketplace should be viewed as an investment similar to buying stocks, maybe a house or another large purchase. You should buy a crypto coin with the intent to keep hold of it for a while. The upside of this strategy is that after you have bought the coin, it is yours to do with as you wish. That means that you could buy anything from a hotdog to a house with cryptocurrency. So if you are interested in the technology or want to see the possible future of commerce, this is the way to go. The downside is that because you own the coin, someone else might be interested in taking it from you, a risk you do not have when trading with a broker. You are also much more exposed to downward trends in the market, while trading with a broker you could make money from it.
Best Crypto Brokers Australia
The Best Cryptocurrency trading strategy
So, the question that you and everyone else are asking themselves, what strategy is the best when trading Cryptocurrency? Are you going to be a swing trader, news trader, day trader or use one of the numerous other trading strategies? Ask ten different traders and expect to get ten different answers. The truth is that neither we nor anyone else can answer that question for you, we recommend that you use a demo account to find out what works for you. Whatever you choose you will be glad to know that you can use almost any strategy with our favourite brokers that we have listed above.
What To Look For In A Crypto Broker
Regulations: The first thing that you should look for when choosing a good cryptocurrency broker is if they are regulated by the Australian Securities and Investments Commission (ASIC). If they are then you can feel safe that the broker is not a scam company created to pray on new traders.
Customer support: The brokers do everything in their power to keep you from having any problems while using their service, but unfortunately unforeseen problems can occur. Therefore it is always a plus if the broker offers great customer support, especially when it is your money on the line.
Demo account: Most brokers offer a demo account that you can use to develop the strategy best suited to you, but you can also use them to test the brokers’ platform to see if they offer what you seek.
Offers: Usually, the broker will offer new traders a bonus as an incentive to get you to sign up. This could be a nice benefit if you already wish to use that broker, but it should not be the sole reason.
Reviews: You should always read reviews before choosing a forex broker, you could even scroll up and read our reviews. In the review you can usually find all the information that we have listed here.