The best 5 cryptocurrency trading apps for Australians

Cryptocurrency is nothing but a digital payment system enabling easier payments. This investment model has made huge progress in the global market. 

With the growing popularity of cryptos, these tokens have gained immense popularity. Today, cryptos enable easier payments allowing you to buy anything online. Other than being an investment, crypto tokens are used as an alternative to traditional currencies. Major banking institutions, insurance, and real estate companies today accept crypto payments. If you are into Cryptocurrency, you may also consider knowing about (Bitcoin Era)

Regulations around cryptocurrencies

Many economists from across the globe have been showing their concern over cryptos. The token has proven to be a major threat to the economy. The primary reason is the use of the decentralized finance model used by cryptos. 

As we speak, there are more than 14k+ crypto tokens in the investment market. All these tokens are developed on the blockchain network. It is an online ledger enabling users to undertake transactions on the web. Other than banking, blockchain technology is now used in many other fields. There are also major investments in the blockchain sector enabling economic growth. 

Also, all these crypto tokens work on the decentralized finance model. It means regulatory agencies including banks, tax authorities, etc are eliminated. Banking agencies do not track investor transactions. The profits or losses earned during these transactions remain with the investor. 

However, it is important to note that there is a major increase in crypt investments. Today, the market volume of cryptos has increased to $3 trillion. Considering this growth volume, many countries are looking at regulating it. Developed countries including the US, the UK, and India are building regulations in crypto. The recent one to join the list is India with more than 30% tax imposed.

Cryptocurrencies in Australia

Like many other countries, Australia also embarked on a crypto journey. As per a recent survey, one out of four own cryptocurrencies in Australia. The crypto market has also developed significantly giving a major spike in investments. Another survey has also revealed that the younger generation is open to crypto investments. 

Like any other country, Bitcoin holds a major share in Australia as well. Despite the growing inverse, Australia still shows little progress in crypto payments. The country is yet to embark on crypto ATMs and Bitcoin payments. 

Regulations and challenges in crypto investments

Crypto investments are very much legal in Australia. However, the government is yet to provide legal status to cryptos. While the regulations are absent, the country considers crypto under the proper tax. Anyone interested in crypto investments needs to make appropriate tax inputs. Profits made using cryptos are considered crypto gains and treated as trading stocks. 

Cryptos have been included under the anti-money laundering scheme also. Also, any exchanges that need to undertake cryptos have mandatory registration with the government. 

Let us look at the top five exchanges that can benefit Australian investors.

Binance

If you are a crypto investor, then you might be well aware of the Binance app. The application offers various trading options and supports multiple investment options. Both the website and application offer extensive trading features making the interface user-friendly. Investors can easily check their transaction balances, user holdings, and market conditions. 

CoinJar

This is yet another major crypto exchange that you can use in Australia. The platform provides an easy and affordable option to buy crypto tokens. Users can purchase and toggle between 20 crypto tokens in one go. 

Coinbase

This is a globally established crypto exchange. Founded and launched in the US, today the coin base has established its presence. Investors can easily check their holdings one after another from the home page. The application also provides support to check the prices of various other tokens. 

Kraken

Kraken is an innovative platform making a major portion of investments in Australia. The interface makes it easy to track user investments, trading activities, etc. 

ByBit

It ranks as the second most popular token in Australia. The application is capable of handling more than $10 billion in transactions daily. The platform currently supports more than 200 crypto tokens from the global market. 

If you are looking at investing in crypto tokens then it is important to choose the best. You can also look at the size, scale, and turnover as deciding factors.