Trading in digital currencies or cryptocurrencies is legal in Australia. For years, people were hesitant about investing their money in Bitcoins and other currencies because there were few controversies regarding the double Australian goods & service tax implemented on its purchase. But today, some new rules and regulations have given legal status to cryptocurrencies in Australia.
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Buying Bitcoin in Australia, trading, and selling cryptocurrencies is legal and the new laws regarding it are progressive. If you earn from digital or cryptocurrencies, it is considered a capital gain, and you are liable to pay the Capital Gain Tax to the Australian Taxation Office.
You need to register your account under the Australian Transaction Reports and Analysis Center (AUSTRAC) concerning AML/CTF 2006 Part 6A Digital Currency Exchange Register. Hopefully, you’ve understood the basics. So without further delay, scroll down to get started.
Search for Trusted Crypto Trading Platform:
There are multiple online platforms that you will come across for conducting trade for cryptocurrencies. On such platforms, you will be directed to create an account where you can transfer AUS$ to buy bitcoins and other digital currencies you are interested in. Considering the reputation and gains Bitcoins have given over the last few years, it is amongst the most popular cryptocurrencies that people invest in.
Once you have set up your account, set your goals before you start investing. You can have a short-term gain goal or a long-term return goal. Depending on how you want to multiply your investment, choose a preferred cryptocurrency after properly researching its potential gains and strengths.
Always verify your identity and email address:
Now that you have selected a cryptocurrency to invest in, you should ensure that your account is verified. You first need to register your email address and other relevant data that acts as identity proof. You must also submit valid documents for residence validation.
Set up your payment method and make your first deposit:
After verifying your account, you can proceed to add your bank account. Select one option from the given mode of payment on your trading platform to make your first deposit. Check the cryptocurrency rates and deposit the required AUS amount to make your purchase.
Buying the Cryptocurrency:
If you are interested in buying Bitcoin in Australia, you select the option from the given currencies. Next, check the trading percentage and choose the amount of currency you want to buy.
Check the total amount that needs to be paid and deposit the required AUS$ to make a purchase. Remember that whenever you want to trade in cryptocurrency, you should thoroughly check the details before you proceed to make a payment.
Also, when you choose a trading platform online, ensure that it is legally registered with the Australian Government. With multiple online options, you can compare different platforms to see which one gives you better insights and suggestions. It would be best to compare the commission charges to see which one charges high commission rates. If you have to pay a little more commission in exchange for smooth and trusted services, it is wise to make. So. do your research and seek help from expert traders to do well in the crypto trading market.
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