The Best Australian Bitcoin Exchange in 2019
You’ve decided to take the plunge and start your exciting cryptocurrency adventure. You’ve done some research and have discovered a whole new language! And you’re going to need to work through the steps in the process to get started.
One such link in the chain is to choose a bitcoin exchange. A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of particular cryptocurrencies.
You’re in Australia so you’d like to choose the best Australian bitcoin exchange to make communication simple, easy and in your time zone. The best Australian bitcoin exchange platforms match buyers with sellers. Buying and selling bitcoins is similar to exchanges and transactions on a traditional stock exchange. Transaction participants can choose to buy and sell bitcoins by inputting either a market order - a request to trade bitcoins for the best available price - or a limit order - a direction to trade coins for a price below the current ask or above the current bid, depending on whether s/he is buying or selling. The best Australian bitcoin exchange will facilitate these transaction requirements on behalf of their members.
Security is essential when transacting bitcoins and you want an Australian bitcoin exchange that considers that an integral part of its business. In order to transact in bitcoin you must register with the best Australian bitcoin exchange and they will have a process to authenticate your identity. The best Australian bitcoin exchange will more than likely ask you to present some photo ID - like a drivers licence or passport - as part of this identification process. Once the authentication is successful the best Australian bitcoin exchange will open an account for you and you’ll be required to transfer funds into this account before you are able to buy coins.
The best Australian bitcoin exchange will present a variety of options for you to use to deposit funds into your bitcoin account. These can include bank wires, direct bank transfers, credit or debit cards, bank drafts, money orders and even gift cards. Simple! You’ve executed some transactions and you’d like to withdraw some money from your bitcoin account. The best Australian bitcoin exchange facilitates these transactions, again, using various options - a bank transfer, PayPal transfer, cheque mailing, cash delivery, bank wire or credit card transfer. The best Australian bitcoin exchange will be flexible and make it as simple and fuss free as possible for you to access your funds while still maintaining the highest standards of accountability and security.
As you would expect, the best Australian bitcoin exchange will charge fees for their services. And this is fair enough! Paying for a sound and competent service, that you would expect from the best Australian bitcoin exchange, is more than reasonable. All the best Australian bitcoin exchanges have transaction fees that are applied to each completed buy and sell order carried out within the exchange.
The fee rate is dependent on the volume of bitcoin transactions that is conducted. As the fee is more than likely a percentage of the transaction rather than a flat fee, the higher the bitcoin transaction the higher the fee. This is standard practice for the majority of bitcoin exchanges.
The best Australian bitcoin exchange will also provide account holders with a bitcoin wallet - a digital storage service for their members who have bitcoins to store their coins securely. Don’t be surprised, however, if there is another fee for this service!
So ... go forth and choose the best Australian bitcoin exchange for you and get your adventure up and running!