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Contains commercial content / What is Cryptocurrency? Crypto Definition & Explanation for July 2024

What is Cryptocurrency? Crypto Definition & Explanation for July 2024

Alexander Foster
Alexander Foster
Last Updated on 07/07/2024

Crypto Trading Tips – The best way to use crypto Australia has to offer

So you’ve read our crypto reviews and want to get started with your trades? Be sure to use these tips so that you don’t let your cryptocurrencies go to waste.

Get a secure crypto wallet

You’ll obviously need a wallet to store the private keys of your cryptos. Don’t settle for some cheap web-based wallet. Doing so could leave your cryptos vulnerable to all manner of malware and virus attacks. Instead, we’d recommend investing in a crypto wallet with better security. Most wallets have software you can download to your computer or mobile, and many of these come with two-factor authentication. However, some hard wallets take the next step and are only connected to your computer via a USB cable. This makes your wallet almost 100% hack-proof.

Understand the volatility of cryptocurrencies

Cryptocurrencies are notorious for their volatility. This basically means that the value of crypto could skyrocket or sink like a stone. As such, by buying a crypto Australians could possibly make massive profits or huge losses. As long as you’re aware of the negative side of this and limit your investing accordingly, you’ll be fine.

Diversify your portfolio

You might be a big fan of Bitcoin. But remember that the value of Bitcoin dropped by 45% one fateful day in 2017. So try investing in a few different cryptos like Bitcoin, XRP and Ether rather than just one cryptocurrency. This means that if one crypto tanked, you’d still be left with something in the bank.

The Best Crypto Strategies – How to use the best crypto platform Australia has to offer

We can’t just give you our crypto reviews without giving you a helping hand with your trades. Take a look at the following strategies to take your crypto trading up a level.

Be in it for the long haul

You’ll know that the value of even the biggest cryptocurrencies can rise and fall dramatically. As such it can be hard to know when you should sell your crypto or keep your investment as it is. However, it’s important to know that the majority of cryptocurrencies have enjoyed sustained growth since their inception. This might not help you make those spectacular profits, but at least you won’t be throwing your money away.

Try not to follow the crowd

If you’re reading this, the chances are you’ve heard about somebody making money with Bitcoin and you want to do the same. While this sounds easy enough, trading can often work better when you try and do the opposite of what the crowd thinks. After all, if you know the phrase ‘buy-low, sell-high’, you’ll see how it could apply to your crypto Australia trades.

Put a limit on your investments

OK this might not sound like the kind of thing that you want to hear. But it’s important to note that most people lose money when they invest in cryptocurrencies. Plus we aren’t actually regulated to offer investment advice. As such the best thing that we can really say is to invest sensibly, and be aware that it’s easier to lose money than it is to make it.

Crypto and forex trading – Selling AUD for BTC

When you go to any decent crypto platform Australia has at the moment, you won’t just be able to trade cryptocurrencies. This is because many of these trading sites will also allow you to buy and sell fiat currencies. Just so you know, fiat currencies refer to regular money like Australian dollar, US dollars, British pounds and the euro.

This means that you might be able to visit a crypto trading site and enjoy much more flexibility in what you buy and sell. For example, you might want to sell some Bitcoin and buy US dollars. Or you might even want to sell your Australian dollars and invest in some XRP instead.

All of this can be a decent way to build up a more diversified investment portfolio. After all, cryptocurrencies can be notoriously volatile. So if you invest in a variety of different cryptos and fiat currencies, you could get the best of both worlds.

Our criteria for crypto broker reviews – Find Australia’s top crypto broker

We wanted to be as fair as possible when we reviewed each crypto broker site. Here are the test criteria that we used to judge Australia’s best cryptocurrency brokers:

  1. Cryptocurrencies – Which cryptos can you buy and sell at the online broker?
  2. Jurisdictions – Is the broker allowed to operate in Australia?
  3. Fees – What are the fees for making payments and transactions?
  4. Usability – Is the broker site easy to use on a computer or mobile device?
  5. Payments – What payment methods can you use to buy cryptos on the broker’s site?
  6. Customer Service – How good is the broker’s customer support and how can you get in touch with the brand?
  7. Licensing – What kinds of licensing and regulation does the broker have?
  8. Trading Guide – Our step-by-step guide that shows you how to trade at the crypto broker site.
  9. Reputation – Does the broker have a good reputation or has it been the victim of scams and hacks?

You’ll probably know that there are hundreds of cryptocurrencies out there. But which cryptos should you be investing in? Here’s a quick rundown of some top cryptocurrencies to consider:

Bitcoin (BTC)

The biggest and perhaps best crypto. Bitcoin was the cryptocurrency that started the ball rolling way back in 2009. While the price of Bitcoin has risen and fallen dramatically over the past few years, it has shown incredible growth rates in just over a decade. As such, all crypto brokers will give you easy ways to buy Bitcoin,

Ether (ETH)

This is the second most popular cryptocurrency which is interesting as Ether wasn’t designed to be competition to Bitcoin. Instead, Ether was created to power transactions on the Ethereum network – an open-source blockchain that has smart contract functionality. This hasn’t stopped it becoming a hugely popular crypto to trade.

Ripple (XRP)

This popular cryptocurrency is well known for having much faster transaction times than Bitcoin. But it’s the fact that its parent network – Ripple – is widely used by the majority of global banking firms that gives stability to the XRP coin. As such, you should find easy ways to trade XRP at all good crypto brokers in Australia.

Litecoin (LTC)

Like trading Bitcoin, but tired of understanding all of the fractions and decimals? Then give Litecoin a try. This was created in a bid to be ‘silver’ to Bitcoin’s ‘gold’. As such, Litecoin is much faster to process and often has lower transaction costs too. This means that you’ll be able to trade LTC at most crypto brokers.

Bitcoin Cash (BCH)

This was actually created as a ‘fork’ from Bitcoin. Some of the BTC community voiced concerns about Bitcoin’s scalability issues, and created Bitcoin Cash that features a larger block size. This makes BCH faster to use, although the value of this crypto hasn’t quite kept up with BTC. Despite this, it’s still worth a trade at all good Australian crypto brokers.

Binance Coin (BNB)

OK so Binance Coin is a little different from most cryptos, but it’s no less valuable. This is because you use BNB as a way to get reduced trading costs on the Binance exchange – the world’s largest crypto exchange by trading volume.

You should know that trading cryptocurrencies in Australia is perfectly legal. Here are some more answers to some common questions.

Which licenses should I trust?

We would always recommend looking for an ASIC license before signing up to any crypto broker.

Can I sign up with multiple brokers?

Yes, there is nothing stopping you from signing up to as many brokers as you please.

How can I decide which broker is best for me?

See what cryptos it features and how user-friendly its website is to use.

What are the signs of a good crypto broker?

We like a broker that is licensed, has a secure site and operates a professional customer support team.

Which payment methods can I use?

You should be able to use cards, bank transfers and cryptos to buy cryptocurrencies at all good crypto trading sites.

Crypto Reviews FAQ

❓What is the current cryptocurrency Australia regulation?

Like most countries, Australia was caught unawares by the rapid growth in popularity of cryptocurrencies like Bitcoin. However, the nation’s government has now implemented a variety of laws that aim to keep people safe when they use any legal crypto platform Australia has to offer. Read our crypto reviews to see which sites offer you a fully regulated way to enjoy crypto trading.

💰Is there any kind of crypto Australia tax?

Everything from crypto mining to using Bitcoin betting sites can be used as a way of earning money. So it’s little surprise that many cryptocurrency users would be concerned about the introduction of a crypto tax. This is the kind of thing that we cover in the best guide to using a crypto platform Australia has to offer. Everything you need to know about whether you’ll get taxed on your crypto earnings. 

👀Is Bitcoin safe and legal in Australia?

It’s always best to be careful about using any Bitcoin trading or betting site. After all, you’ll be giving the site access to some valuable deposits along with your personal data. So make sure that you read all of our crypto reviews. These will reveal which sites you can trust to provide a safe and legal Bitcoin betting or trading service. Don’t forget that we can help you find a safe and legal crypto betting site too.

🏅Who has the top crypto Australia exchange?

There are plenty of factors that go into determining which is the best crypto platform Australia has for trading. After all, some sites might give you a decent way to buy cryptocurrency online for the likes of Bitcoin, but not for XRP or Ether. So this is why we’ve carried out a series of comprehensive crypto reviews. The overall scores of these reviews are used to rank the best crypto exchanges in Australia.

💵 Where can I find the best Australia crypto wallet?

There are many different factors that go into picking your perfect crypto wallet. Some people opt for the wallet with the greatest amount of security, while other people prefer a crypto wallet that gives them more in the way of convenience. Take a look at our guide to crypto wallets for more about this. The best ways to store your crypto Australia has to offer.

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