People often ask me how they can get started with Crypto. I do frequently talk about blockchain technology to curious No-Coiners and I am gradually accepting the label of “A Crypto Guy” in Meatspace social circles, so especially now that I am playing Poker regularly and meeting people all the time the question is coming up more and more. I usually just tell people to “Buy a little and play with it” so that they can get first hand understanding and experience with the technology, but the question always comes back “Where do I start?” so this is where I think people should start….
Its not hard to find a shady operator who is willing to take your cash in exchange for crypto (or a promise of crypto) and they often will generously offer to “Hold it for you” too if you’re new to the game, but don’t get sucked in. I’m no fan of big government, but the safest place for a newbie to get started is by using one of the AUSTRAC regulated and ISO27001 certified cryptocurrency exchanges because these represent the lowest likelihood of a newbie getting scammed. In Australia at time of writing there are only a few of them. Here’s a surface level scan of my Top 3 which I’ll be using.
This is where I got started myself back in 2015 and I still use them to this day. They are a bit of a no-frills operator (which I like) and they have only a limited number of trading pairs but you can trade your AUD for the big name cryptos here and that’s where I recommend people start. Many newbies try to pick some obscure or hyped coin and this is nearly always a mistake so with the coins on offer at the Blue Chip end of the market this is a good thing. BTC Markets just trade the big Cryptos and play it pretty safe.
These guys were the first in Australia to get ISO27001 certified and have been around since the early days too. They technically only have a moderate number of trading pairs, but they have an Instant Swap facility where you can buy many more cryptos. What’s happening under the covers here is that they are pushing the trade action onto another site(s) and managing intermediary trades on your behalf. They have slightly higher fees and sometimes a wider spread so it can depend on your order size and what you’re destination coin is intended to be as to whether Coinspot is a good option because true costs can be tricky to calculate if you are using the Instant Swap.
A very polished and professional looking exchange that boasts cheaper trading fees though they typically have a slightly higher spread between buy and sell orders than the other 2 above and they do have a deposit fee of 0.99 AUD on deposits under $100 so for newbies getting started with small amounts the other 2 exchanges are probably slightly better to start with. However, if you’re getting serious about crypto and are considering trading more regularly then the Independent Reserve do look good.
In conclusion - If you’re starting out in Crypto in Australia and want a safe easy way to dip a toe in the water then look no further than these 3 Aussie Dollar exchanges above. There will no doubt be an operator promoting cheaper fees or offer some other lure and I’m sure that “Old mate down the pub” could hook you up too, but this is where the industry is at in this country and you probably won’t do any better without taking on some risk. At the end of the day when it comes to adoption of Crypto, exposing newbies to risk is one of the worst things you can do.
With all the crazy regulations here, I try to stay under the radar more. I had a Binance account years back but closed it out. Not too many trust worthy exchanges here. They are all going under.
Same here. Regulations are starting to get pretty heavy across the world, but its tricky trying to explain to newbies how to stay under the radar so the regulated exchanges are the safest advice for me. In the US I'd probably be sending them to Coinbase. As a listed and publicly traded company they'd have to have a handle on compliance better than most.
2015... Lucky you ;)
On a serious note though it feels amazing to be in crypto for that long.
I rarely get questions regarding how to buy crypto lately, they usually come at the end of the bull markets.
I recommend Binance or a local exchange for the ones willing to dive into this world.
It does, though its also a bit sad. I try to focus on the half full part of the glass but still left wondering what might have been if I hadn't sold at various points. It's also a bit sad seeing the clamps come down in the West and big gov trying to hijack the tech with CBDCs. Gotta believe we can win in the end though.
As for Binance, it's been in the crosshairs here in Australia. I think they are having compliance issues and the banks are starting to block transfers.
I am so glad you have good options for newbies in your country to try their hands on. You truly are the crypto guy and that's amazing. I also support your thoughts about not exposing newbies to risks, they do need to start off on the right foot so they don't get chased away as we never know where the global adoption will come from. thank you for sharing.
It is however a personal choice to choose cryptocurrency as an investment because not everyone has the mindset to be involve but with this sites you shared I believe it will be very useful to them.
😉😂🤙 yes, I have also found that there are many crypto places that will gladly take, hold, even lose and steal for u.. so nice of them! :P
good info for starting ppl here.
As we all know people are waiting for you to put your money in and they will take your money and more and more these days we see hacking methods coming up but this The way you mentioned or is very important to the people coming will avoid it. I will also share your post with people who want to get into it and don't know anything about it yet.
You have got so many ways or options for people who wants to begin cryptocurrency trading or investment
That is a good one
This will really help people to start from somewhere in the country and thanks for sharing every part of it.
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