Can You Buy Crypto on ASX?
Buying cryptocurrency on the ASX (Australian Stock Exchange) is highly possible, but It is not new that the ASX (Australian Stock Exchange) has been hostile to cryptocurrency for several months, resulting in a paucity of new listings and current companies quitting or abandoning cryptocurrency entirely.
You’d wonder why the ASX would be tedious seeing that figures reveal that 18.4 percent of individuals in Australia own bitcoin and government data states that over 54 million non-cash payments are done in Australia every day with almost half the population using their phones to make payments.
ASX Regulations on Crypto
This digital currency, crypto, has become a profitable investment industry in recent years. During the pandemic, the use of crypto and non-cash payments expanded in Australia as people’s lives and businesses shifted online. The number of Australians transacting in cryptocurrency surged 63% in 2020 compared with previous years.
However, with the Australian Stock Exchange becoming more strict on crypto-linked investments, profiting in this field is becoming more difficult. Because of the ASX’s stringent rules, some corporations have joined other exchanges, while others have founded their own.
On the upside, Australia’s regulator has permitted spot exchange-traded funds (ETFs) in the world’s two major cryptocurrencies, Bitcoin and Ethereum, following months of distress. The Australian Securities and Investment Commission (ASIC) has also issued best-practice guidelines and criteria for Bitcoin ETF issuers, with a focus on crypto-asset security and storage.
How To buy and invest crypto in Australia
1. Choose a trading platform
Most online trading applications would have a feature called “wallet.” Like an actual wallet, it is through this feature that you get to hold your currency and use it to buy cryptos such as Bitcoin or Ethereum. Trading platforms help you store and buy and sell crypto on the app.
When choosing a trading platform watch out for the following:
- Compatibility with Australian Dollars
- Authenticity and security of company
- Method of Payment
These three are of necessity when choosing an exchange platform to ensure smooth buying and selling.
Once you get your exchange platform, all that’s left between you and trading is to sign up and verify your identity which is very straightforward.
With the necessary and required ID or passport, you’d be able to sign up, get verified and enjoy your trading experience.
3. Add your bank account
After signing up with a user-friendly trading app, locating where to add your bank details shouldn’t be hard, it might even be the first thing you see. Add your bank account and make an AUD deposit into your wallet.
4. Start trading
People trade for different reasons – the most common of which is to just have their investment grow. Whatever your reason is for trading crypto, do your research on the coin and determine how much of it you want to purchase. Or how much AUD you want to invest into the market. When you do, input your necessary details and confirm your purchase.
Although buying and trading in cryptocurrency in Australia was once difficult due to the ASX’s restrictions, it is no longer as taking and discouraging. The ambiguity may appear confusing but conducting some research to understand how exchanges function will make everything easier.