Australian crypto exchange Swyftx has launched a portfolio transfer service to make it easier and safer for crypto users at competitor exchanges to move their assets.
The Brisbane-based business said the new service would allow crypto holders to transfer multiple crypto tokens in a single transaction for the first time. Crypto users currently are required to transfer individual assets one by one if they wish to switch platforms.
Chief Operating Officer at Swyftx, Jason Titman, said:
“We’ve seen an uptick in crypto users who want to move their assets to Aussie-owned and regulated platforms in response to FTX, as well as other recent regulatory enforcements.
“We expect crypto switching services to become an industry norm over the next five years as competition hots up. Even if exchanges don’t build them now, it’s likely that eventually they’ll be mandated by competition regulators. Just as we’ve seen in areas like bank account switching and mobile phone transferability between telcos.”
Swyftx Chief Operating Officer Jason Titman
The portfolio transfer feature will initially allow Australian customers at just two exchanges – Binance and Coinspot – to transfer their crypto portfolios across to Swyftx without any fees. Over the next few weeks, the service is expected to be expanded to include local customers at other global exchanges and smaller domestic competitors.
The portfolio transfer service works by using pre-existing APIs to transfer assets across the blockchain from one exchange to another. Swyftx said that the API data would not be stored or managed by the exchange.
Titman said the new service would reduce the risk of people losing crypto by inputting incorrect wallet addresses. It will also mean customers no longer have to transfer crypto one asset at a time.
Aussie crypto exchanges have reported a big increase in new customers following Binance Australia’s suspension of AUD fiat services.
On May 18, Binance Australia told customers that its Aussie dollar services were suspended “due to a decision made by our third-party payment provider”. Meanwhile, the Australian Financial Review reported that Westpac had stopped its customers from transacting with Binance amid concerns over the use of overseas exchanges by scammers.
National exchanges have since reported a significant increase in traffic and downloads across their platforms.
Aussie crypto users move to local exchanges
Jason Titman, chief operating officer at Australian-owned exchange Swyftx, said:
“We’ve just seen a seven-month high in the number of new customer registrations. Aussie crypto users want the peace of mind that comes from dealing with a secure, large national exchange at the moment.”
Binance Australia has told its customers that they can continue to withdraw AUD via bank transfer until June 1. In its latest update, the exchange also said it was “working hard to find an alternative provider to continue offering AUD deposits and withdrawals.”
In a media statement on May 18, Westpac Group Executive of Customer Services and Technology, Scott Collary, said: “Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges.”
New research reveals Aussie crypto users biggest consideration when choosing an exchange
Titman said new Swyftx customer research had shown Australian ownership was now the biggest consideration for local crypto users when choosing an exchange.
“There has been a major shift in sentiment over the last six months and especially since the collapse of FTX, with local crypto users opting for local crypto exchanges.”
“Australians want to trade on secure exchanges that are based in the country and operate to local standards.”
“Swyftx has one of the largest teams in the country and we work closely behind the scenes with banks and law enforcement to keep our customers safe, with around 15% of our team dedicated to security and scam prevention.”
Swyftx is one of the best options on the market for Australian cryptocurrency investors. The platform offers low trading fees (0.6%) and tight spreads, making it a cost-effective crypto exchange for buying, selling and trading digital currencies.
The crypto exchange’s streamlined design, support for recurring buys and live chat make it a comfortable choice for complete cryptocurrency novices.
More experienced users will enjoy a comprehensive earn hub, crypto bundles and a huge range of supported assets.
Advanced derivatives traders may want to look for an alternative exchange, as Swyftx does not offer futures, options or perpetual contracts.
Swyftx is an Australian cryptocurrency exchange headquartered in Milton, Brisbane. The platform was founded in 2017 by Alex Harper and Angus Goldman and has since expanded to service customers from New Zealand. The company also has plans to support customers from the UK and Canada.
Users can buy, sell and trade over 310 crypto assets using the platform’s streamlined yet customisable user interface. The huge variety of digital assets on offer makes Swyftx an excellent choice for both beginner and more experienced investors.
Australian crypto exchanges can be notorious for high, undisclosed spreads, but Swyftx is renowned for its fee transparency. The trading fee is a flat 0.6%, with the possibility of discounts based on high trading volume, and spreads are easily visible
The platform supports a competitive earn hub, SMSF (Self-Managed Super Fund) support, advanced order options and a demo trading mode.
In its relatively short life, Swyftx has established itself as a reliable, cost-effective and secure exchange. Beginners and intermediate investors alike will find themselves at home using the platform, although advanced users wishing to trade derivatives will want to look elsewhere.
Pros and cons
Pros
Cons
Competitive trading fees (0.6%) and transparent spreads, especially for an Australian exchange
Fees are a bit high for day-traders, compared to international trading platforms (like FTX or Binance)
Excellent reputation for security and trustworthiness
No advanced trading options like derivatives
Well-optimised and sleek mobile app
No insurance fund
Wide range of supported cryptocurrencies
Helpful features like earning, SMSF support and tax report generation
Is Swyftx safe?
Swyftx has built a reputation among the Australian community for being a trustworthy and safe exchange. In its 3+ years of operation, the platform has never reported a hack or other compromising event. Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and abides by all Anti-Money Laundering (AML), Know Your Customer (KYC) and Counter-Terrorism Financing (CTF) laws.
The cryptocurrency exchange prioritises the safety of its customer’s assets and utilises a multi-tiered security approach. Swyftx uses industry-standard security measures such as Two-Factor Authentication (2FA), cold storage, penetration testing, data encryption and the least privilege principle. Swyftx also aims to become one of the very few Australian exchanges to receive ISO 27001 certification. This certification is regarded as the international benchmark for security management.
Swyftx does not currently offer an insurance fund for crypto assets and fiat currency held on the platform. This does not necessarily make Swyftx any less safe than alternatives — particularly given its sparklingly clean track record — but it is still worth keeping in mind.
Swyftx customer support
Swyftx has one of the best customer support services for Australians wanting to buy and sell crypto. The platform hosts a comprehensive Help Centre, filled with 100+ helpful articles that walk customers through depositing AUD, placing buy/sell orders or customising the dashboard.
If the Help Centre doesn’t answer the question, Swyftx offers a 24/7 live chat. The support team is Australia-based and responsive, with wait times usually ten to fifteen minutes during work hours.
Swyftx has a 4.7/5 star rating on TrustPilot (from 3,822 reviews) and a 4.6/5 star rating on ProductReview (from 3,686 reviews), demonstrating the team’s excellent customer service.
Swyftx fees
Australian crypto exchange platforms are generally a little costlier than international alternatives, but Swyftx’s competitive trading fees stack up well against its local and overseas competitors.
Overall, Digital Surge is the only Australian exchange that currently has cheaper combined transaction fees and spreads than Swyftx.
Trading fees
Swyftx charges a flat trading fee of 0.6% on all transactions. This includes buying and selling cryptocurrencies with AUD or swapping one coin for another.
Customers can expect around a 1% trading fee on average when using other Australian exchanges, making Swyftx quite cost-effective.
Deposit & withdrawal fees
Fiat
Swyftx does not charge any fees on AUD deposits and withdrawals from an Australian bank account. Free and near-instant fiat transactions are a great feature of the exchange.
The deposit and withdrawal limit for AUD is $50,000 per transaction, per day. However, both of these limits can be extended upon request.
Credit/debit card deposits will incur a 3.6% third-party processing fee from Banxa. The maximum card deposit is $60,000 per month.
Cryptocurrency
Swyftx does not charge any fees for sending or receiving cryptocurrencies to a wallet. However, standard network (gas) fees will apply.
Spreads
Spreads are the difference in an asset’s price between the time an order is placed, and the time it is executed. Spreads are hidden fees that can make trades more expensive than they appear. Those new to trading may not know what spreads are and quickly become confused at the extra costs.
Swyftx hangs its hat on providing some of the tightest spreads in Australia. The platform is transparent with the spreads for each trade, with fees starting as low as 0.45%. The overall average spread of 1.7% is extremely competitive in the Australian market. Some customers have reported Swyftx’s competitors charging very high spreads of over 4%.
Swyftx features
Trading on Swyftx
Swyftx’s trading interface is clean and easy to navigate. Beginners can easily build their portfolio by setting up instant orders for buying or selling cryptocurrency. Finding coins to purchase is easy — users can simply type the coin’s name into the search bar and click “Buy”. Alternatively, customers can sort through the 310+ digital currencies based on recent price movements or market cap.
More experienced traders can set up advanced orders that trigger when an asset hits a specific price (effectively a limit order). This can be used to potentially buy or sell cryptocurrencies at a preferred value, instead of at the current market rate. The Swyftx trading terminal also offers a customisable chart.
It’s worth mentioning that Swyftx lacks several features advanced traders might desire, such as derivatives, market depth and an order book.
Earn
Swyftx supports earn wallets for 20 assets, where customers can lock up their tokens and passively earn returns of up to 65+%. Generally, the earning rates on offer are competitive for a centralized exchange. Although yields typically fluctuate, the APYs for assets like Kusama, Kava and Tron are above average. On the other hand, Ethereum and Solana have lower earning rates than if investors staked them on-chain.
Each asset is divided into three tiers, where the more cryptocurrency a customer locks up, the lower their earning rate. For example, someone staking less than 3 ETH could earn an APY of 2.5%. However, if they are staking more than 6 ETH, that APY drops to just 1.5%.
The Earn program works similarly to a high-interest savings account, where cryptocurrencies locked in an earn wallet are loaned to Swyftx without a minimum period. Swyftx then repays the “at-call” loan with interest.
There are no fees for depositing or withdrawing cryptocurrency from the Earn wallet. Some major digital currencies supported include Solana, Cardano, Ethereum, Cosmos and Polkadot.
In 2022, Swyftx removed four cryptocurrencies from their earn program — TrueAUD, USD Coin, USD Tether and Bitcoin — as a preventive method to ensure customer safety. Unfortunately, these cryptos are typically in high demand for passive earning, so some investors will need to find a suitable alternative.
Demo mode
Demo mode is a fantastic initiative by Swyftx that allows beginners to practice trading cryptocurrency without risking any capital. Swyftx is one of few exchanges that offer crypto demo trading accounts.
Switching to demo mode will provide each account with $10,000 in “mock” currency, which can then be used to build a virtual portfolio. Demo mode is a great way for newcomers to get used to the Swyftx platform, and for experienced investors to test new trading strategies.
Bundles
Swyftx offers nine different crypto bundles for customers to invest in. Bundles are a bit like exchange-traded funds (ETFs), being a curated basket of multiple digital currencies. Bundles are a great way to diversify your portfolio, as they are less exposed to the price swings of a single cryptocurrency.
Bundles range from the simple “Big Two”, which contains only Bitcoin and Ethereum, to the “Staking Coin”, which is filled with ten assets that can all be staked via Swyftx Earn.
SMSF
Swyftx allows eligible Australians to add cryptocurrency to their self-managed super fund (SMSF). This has become increasingly popular due to its tax benefits and the overall performance of cryptocurrency since its inception. Swyftx has partnered with crypto SMSF specialists New Brighton Capital to meet growing demand and address any regulatory risks.
To comply with Australian policies, users must create a separate Swyftx account specifically for trading crypto within an SMSF. To be approved for this account, customers must supply supporting documentation including financial records. For a full list of SMSF requirements, refer to the ATO.
Creating an SMSF can be a convoluted and confusing process, which is why Swyftx offers consultations with their experts.
OTC
High-volume traders, institutions and SMSF accounts can buy and sell over 280+ cryptocurrencies over the counter (OTC). Swyftx’s OTC desk supports trades of over $100,000 AUD and offers global liquidity and lower fees than other Australian competitors.
Affiliate program
Swyftx offers an affiliate program that more than 70,000 crypto investors have used. Customers with a valid Australian Business Number (ABN) will receive a commission for sharing promotional material and registering new users. Affiliates will receive 30% on all fees paid by new accounts that sign up with their unique referral link. Commissions are paid on the first week of every month.
Recurring orders
Swyftx allows its customers to automate investing through recurring orders, also known as dollar-cost averaging (DCA). DCA involves buying a certain amount of one — or multiple — cryptocurrency at regular intervals. This way, investors can ignore the short-term price fluctuations of an asset and continue accumulating.
Recurring orders are a powerful way for beginners to build a long-term crypto portfolio while mitigating the risks of trying to time the market. Swyftx customers can set up DCA orders for all 310+ supported assets, as well as crypto bundles.
Tax reports
One of Swyftx’s most compelling features is the platform’s ability to integrate with useful tax software. The Australian Tax Office (ATO) has cracked down on tax reporting for crypto investors, so Swyftx can help its customers ensure they’re meeting all their obligations.
Swyftx offers a free tax calculator. Using it is simple — customers just enter the value of disposed cryptocurrencies at the time of purchase and sale, as well as their taxable income. The calculator will then estimate the Capital Gains Tax owing come tax time.
Alternatively, Swyftx can be easily integrated with the popular tax reporting software Koinly and Crypto tax Calculator. Users can export a CSV file of their Swyftx trades for a specific timeframe and feed it into the Koinly software. That’s all there is to it — Koinly will then generate a tax report. Koinly can also connect directly to the Swyftx platform via an API key.
Business accounts
Swyftx supports business and trust accounts for professional traders and other crypto-related service providers. Personal, SMSF and entity accounts can all be linked to a single login, making cycling through them quite convenient.
Note: Users are required to create a personal account before they can open an entity account for their business or trust.
Swyftx mobile app
Swyftx offers a clean and responsive smartphone application for Android and iOS devices. The app supports most of the main features found on the desktop platform, including trading cryptocurrency on the go, receiving price notifications and transferring assets to an earn wallet.
The Swyftx mobile app has been generally well-received, with a 4.6/5 star rating and hundreds of thousands of downloads.
How to sign up to Swyftx
As one would expect from a modern, reputable exchange, signing up for a new account on Swyftx is an incredibly simple process.
Step 1
To get started, navigate to the Swyftx platform’s home page. From here, customers can select either the white “Signup” button in the top-right corner, or the large orange “Sign Up Now” button in the middle of the page.
Step 2
Even if you wish to create an entity or SMSF account, you will need to start off by registering a personal account. Continue the signup process by entering your country of residence and email address. Once done, select “Next”.
Step 3
Swyftx will now send a 6-digit verification code to verify the email address entered in the previous step. Input the numbers to complete email verification.
Step 4
Next, enter your first and last name, along with a mobile number. Swyftx will then require you to enter another 6-digit code, this time verifying the mobile number provided.
Step 5
Finally, new accounts must pass Know Your Customer (KYC) verification before they can start depositing AUD and trading cryptocurrency on the Swyftx platform. This is due to the Australian government’s AML and CTF policies.
To pass this process, you must have access to some form of government-issued identification, such as a driver’s license, passport or identity card. Take a photo (using a smartphone to do this is advisable) and upload them to complete verification. Once verified, the account is registered and ready to begin trading cryptocurrencies! The verification process usually takes a couple of minutes.
Although not a requirement, it is always recommended that new accounts enable Two-Factor Authentication (2FA) before doing anything else.
Frequently asked questions
Is Swyftx legitimate?
Yes, Swyftx is a legitimate cryptocurrency exchange that was founded in 2017 and has been servicing customers since 2019. Swyftx is headquartered in Brisbane, Australia and licensed as an Australian business.
Is Swyftx safe?
Yes, Swyftx is one of the safest exchanges on the market. The platform is dedicated to protecting its user’s assets, employing industry-standard security measures such as hot/cold wallet storage, data encryption and 2FA. The exchange has never experienced a hack or other form of public attack.
Is Swyftx a wallet?
Swyftx itself is not a wallet, however, the exchange does support storing over 310 cryptocurrencies on the platform. Additionally, Swyftx supports 15+ Earn wallets for customers to passively earn income on assets like Tron, Cardano and Ethereum. Although Swyftx’s wallets are safe, it is typically recommended to withdraw cryptocurrencies from exchange wallets to a third-party hardware wallet.
Can Swyftx be trusted?
Yes, Swyftx is one of the more reputable exchanges available to Australian investors. The company has an Australian-based support and development team and is registered with the relevant government agencies. Additionally, Swyftx has garnered impressive ratings of 4.5+ on Australian review websites such as TrustPilot and ProductReview.
Is Swyftx regulated?
Yes, Swyftx is registered with and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). It is advised that crypto beginners stick to regulated exchanges, making Swyftx a solid option.
If you’re curious about crypto but slightly overwhelmed by the possibilities of the market, a crypto demo account can be the perfect starting point. Demo trading, also called paper trading, is the practice of utilising simulated funds to try your hand at cryptocurrency trading without the attached risk from a real transaction.
Jumping headfirst into crypto trading, as a beginner, can significantly increase your chances of losing money. Therefore, it is imperative that every trader is aware of the risks associated with the market, and that they are prepared to make smart financial decisions. With the crypto market known for its volatility, a crypto demo account provides the perfect ‘safe space’ to learn crypto trading and experiment with different trading strategies.
There are multiple demo crypto and bitcoin trading accounts on offer for those looking to experience the market. This page will cover the tips, tricks, and benefits of demo trading, alongside an introduction to some of the best crypto demo accounts in circulation.
What is crypto demo trading?
Crypto demo trading is an exercise designed to offer a trader the opportunity to gain exposure to market conditions and practice trading without risking their own money. When you begin your demo, you will receive a sum of artificial money that you can put towards buying, selling, and trading cryptocurrency. A virtual account is typically linked to real market data, meaning that not only can these accounts be useful for crypto beginners, but they also provide the perfect opportunity for more experienced traders to try various strategies.
Demo accounts can be found on numerous trading platforms and crypto exchanges. Not all crypto practice accounts are available for free; however, most will be. Each platform will vary in terms of usability, available trading tools and crypto pairs, and beginner-friendliness.
Benefits of Crypto Demo Trading
There are several benefits associated with demo trading. Not only are these practice accounts excellent for helping beginner investors find their feet within the market, but they also provide the perfect environment for experienced traders to trial trading strategies. Put simply, the benefits of crypto demo accounts are that they can be:
Great for beginner traders,
Helpful for the development of trading strategies, and
Ideal for building skills that may reduce financial risk.
Access to advanced trading tools
Important to remember: Experimenting with a free demo account does not substitute thorough investment research. These accounts serve to allow traders to put their research to the test. Ensure you are knowledgeable about the trading you wish to partake in, and then utilise a demo account to build on this.
Best crypto demo accounts
Unfortunately, most crypto exchanges and trading platforms don’t offer a demo mode. However, there are still several options available to Aussies. The following will be a comprehensive list of all the best demo accounts, to help simplify your decision.
1. Swyftx
Swyftx demo mode is beginner-friendly, prioritising ease of use and allowing traders to imitate most of the trading features Swyftx has to offer. Swyftx demo mode is quite intuitive and designed to mimic its real-world trading platform. Therefore, any potential confusion a trader might experience when switching Swyftx’s actual trading platform is removed. As the demo platform is aligned with the live platform, users can access features such as:
Price alerts,
More than 310 tradable assets,
Market depth and global liquidity,
Portfolio progress tracking,
Mobile and desktop applications, and
Live market trends
Every Swyftx demo account is credited with $10,000 USD of virtual funds, called ‘Mock Currency’. The balance cannot be added to once the account is opened; however, the customer support team can reset your Swyftx demo trading mode upon request. These funds can be used to buy, sell and trade BTC, ETH, XRP, DOGE, ADA and hundreds more.
Swyftx demo. Source: Swyftx
Creating a Swyftx demo trading account
It couldn’t be easier to get started with a Swyftx crypto demo, all you need to do is:
Create a Swyftx account: Sign up to the exchange using your name, email address, and phone number.
Switch your account to ‘demo mode’: You’ll find the switch at the top right side of your screen. Once you switch, a yellow banner will show at the top of your screen to indicate that you’re in demo mode.
Begin trading: Your mock currency will be credited, and you are then ready to start experimenting with the market.
It is important that you see the yellow banner if you are intending to trade crypto using the demo mode. If you’d like to trade with real-market data and zero financial risk, a Swyftx demo account might be right for you.
2. eToro
Trading platform and global financial brokerage, eToro, offers one of the more comprehensive demo accounts. Notably, the eToro demo mode permits its users to trade across a much broader range of markets, including stocks, commodities, currencies, indices, ETFs, and crypto. eToro’s demo crypto trading account grants traders $100,000 in artificial funds to put towards the development of a virtual portfolio.
Aside from Bitcoin demo trading, eToro allows users to select from 15 other cryptocurrencies for their mock transactions. Additionally, a standout feature for the eToro demo is the ‘social trading news feed’. This is the perfect space for interaction with other traders, offering you the opportunity to share your strategies or learn from others. Whilst you should not blindly follow a strategy without conducting your own research, this can be a great way to learn from more experienced traders. This social platform can be sorted by ‘popular investors’, thereby giving you direct access to the strategies of successful traders.
2. Access your ‘Virtual Portfolio’: Under your username, you will be presented with a dropdown. Click ‘Virtual portfolio’ which will take you to your demo account.
3. Begin trading: Your artificial funds will be deposited, and you are ready to begin to practise trading with real-time market data.
The eToro demo account enables traders to follow each investment’s real-time trends thanks to advanced analysis tools. Traders can also experiment with applying leverage, Stop Loss, and Take Profit features. eToro also lets its customers access ready-made thematic portfolios for further ease of use.
3. Binance
Crypto’s biggest exchange, Binance, calls its demo trading account ‘Mock Trading’; this can be found under Binance Futures trading. Futures is a more speculative trading style that involves trading derivative contracts at a set future price and date. The simulation trading platform is less accessible than other demos; however, as Futures trading is quite risky, learning without financial commitments can be very valuable.
Once you open your Binance Futures testnet (demo) account, you are credited 3000 USDT which is the equivalent of $3000 USD. Your virtual portfolio will permit you to utilise up to 25x leverage, place stop-losses, and take profit orders. The testnet also allows traders to adjust the risk level, providing an opportunity for investors of all calibres to grow. This demo account can additionally be accessed on mobile. Note that the Mock Trading environment’s candlestick charts and prices may differ from the market value.
Confirm a Binance Futures account: Under the profile icon in the top right corner, click ‘Mock Trading’ and confirm your intentions to make a Binance Futures testnet account.
Start trading: Experiment with trading futures.
Note that one negative aspect of the Binance demo account is that it does not cater to spot trading.
4. TradingView
The charting and social networking site, TradingView, was initially focused on stock scanning and charting. However, the site recently bridged into cryptocurrency and now monitors the historical prices of trading pairs across a variety of markets. Studying historical prices and conducting technical analysis can be useful for identifying patterns that may translate to the future price movements of assets. TradingView is not an exchange; therefore, users cannot deposit and trade with real currency. However, TradingView does offer demo crypto trading, permitting its users to learn from its advanced charting system.
TradingView calls its demo crypto account ‘Paper Trading’ and primarily caters to more advanced traders who seek to utilise a variety of charting tools to expand on their existing knowledge. Some of the key features of a TradingView crypto demo include:
Real market data from multiple exchanges
Price alerts and other indicators per chart
Trading strategy simulations and result measurements
Hundreds of trading pairs
Creating a TradingView demo trading account
Create an account: Once you have an account with TradingView, select ‘Paper Trading’ under the trading panel.
Start trading: To get started all you need to do is right-click on your chosen chart, hover your cursor over ‘Trade’, then click ‘Create New Order’ and you are ready to begin.
5. Plus500
Plus500 is notably one of the top-performing Contract for Difference (CFD) trading platforms. CFD means that traders are investing in financial products which track the prices of assets such as stocks, indices, Forex, ETFs, and cryptocurrencies. Due to this, any funds you invest in crypto, cannot be withdrawn to an external wallet. Plus500 is especially good for beginners, as it can teach aspiring traders the ropes. The interface is easy to use, and the ‘order entry window’ summarises useful trades for beginners using the demo crypto account.
Demo users can trade their CFDs with up to 30x leverage and can use artificial funds to trade with 17 different cryptocurrencies. Thanks to its functionality, Plus500 allows seasoned traders to practice high-risk trades. Tutorials can be accessed to guide beginner traders, and customer service is available at any time. Once you feel that you have had enough practice under your belt, the process of switching back to live trading is simple.
Creating a Plus500 demo trading account
Activate a demo crypto account: You do not need to open a real trading account to begin a demo; instead, when you reach the registration window click ‘Select Account Mode’ and sign up for the Demo Mode.
Complete the tutorial: The tutorial will guide you through the functionalities of the platform and teach you how to place trades.
Note that if the sum of your artificial funds drops under $200, your balance will be reset.
6. BitMart
BitMart is known for its multiple interesting features, including trading futures, crypto lending, and staking. Its demo crypto account interface almost perfectly matches its live trading interface and gives users access to integrated TradingView charts, which offer a range of technical indicators to assist with trading strategies. The user interface does have some slight variations in appearance for its futures markets, as to include the leverage options.
The practice account supplies a practice amount for the purchase of cryptocurrencies. And, whilst most live features can be accessed on the demo, switching to live trading offers multiple features, including:
Futures market trading with leverage up to 100x
Spot market trading with more than 90 crypto pairs against BTC, BMX, USDT, and ETH tokens
Lending on digital assets, with the potential to earn crypto interest up to 6.25% APY
Mobile app access for trading and monitoring your portfolio.
7. Bitsgap
Bitsgap is a trading platform with several valuable features, such as allowing users to manage multiple portfolios, trade multiple digital assets, and access trading bots. Integrated with 25 of the biggest global cryptocurrency exchanges (such as Kraken and Coinbase Pro), Bitsgap’s demo account (https://bitsgap.com/demo-trading) has access to all the features on its live trading platform. The demo account operates by replicating its supported exchange’s order books, offering traders the opportunity to:
Utilise the Smart order options and risk management tools to create safe investment strategies
Allow trading bots to trade for you when offline
Practice trading with multiple order types
Monitor portfolio profits and losses
Creating a Bitsgap demo account
Sign up or log in: The Bitsgap site can be easily navigated to register or log in.
Switch to the demo: You can enable Demo mode under your profile in the top right corner of your screen. You must make sure that the status is changed to ON.
Try it out: The Bitsgap Demo FAQ section provides a list of things it recommends beginners try if you aren’t sure where to begin.
Once your account is up and running you will receive 10 (demo) Bitcoin. This Bitcoin demo trading will help you to polish your trading skills at your own pace.
Tips to make demo trading more realistic
The primary aim of utilising demo trading is to learn in the most realistic scenario imaginable, without the attached financial risk. Therefore, to ensure you achieve this goal, we have compiled some tips to make sure your experience is as practical as possible.
1. Pretend it’s real money
If you can successfully disassociate from the notion that demo trading is fake, and instead pretend the funds you use are real, you are more likely to learn from the experience.
Moving into a demo experience fully committed to the concept that you are using real money, limits the chances of you making reckless decisions you might otherwise avoid. The downside of a demo account is that, for some, removing the risk also removes the commitment to learn the basic fundamentals of crypto trading. Therefore, pretending that all the financial risk remains, will likely prompt you to make smarter decisions, and you will thereby take more from the opportunity.
2. Account for slippage
The difference between the value of an asset when an order is placed, and its value when the order is fulfilled, is called slippage. Slippage can result in either a loss or a gain, and it is imperative that you take this into account in both a crypto demo and live trading.
You can work on accounting for slippage in your demo trading by:
Utilising a limit order
Determining your slippage tolerance
Using strategies (i.e. dividing one large order into multiple smaller ones)
Consider slippage when choosing the exchange you will eventually live trade with, as some exchanges have more features to aid with this than others.
3. Make high-volume trades that you wouldn’t normally make
Whilst you should do your best to pretend that your demo crypto account trading is real, don’t neglect the fact that you can experiment with the volume of your trades. Making higher volume trades that you might traditionally avoid in the real market is a great way to play with the concept of risk and reward.
At the end of the day, demo accounts create a safe environment for you to test your ideas and develop new strategies!
4. Research an asset before investing
Just because you have experimented with the best crypto demo accounts, and the real assets that you are interested in, does not mean you won’t require further research. Any investment you make, whether crypto-related or not, should be supported by in-depth research and understanding.
Once you switch to live trading the risk is real and making reckless trades without conducting thorough research can end up costing you.
Key Takeaways: Simulated trading is designed to offer you the opportunity to experiment with the market without fear of financial loss. There are multiple demo accounts on offer to suit traders of all experience levels. You can utilise these accounts to learn or test strategies; however, demo experimentation will never substitute quality investment research.
Cryptocurrencies are also called “cryptos” or “alt coins”.
They are referred to as alternative coins because many cryptocurrencies are copies of Bitcoin. In each case people literally copied the computer program code, changed a few things and renamed it as a new coin.
Some alternative cryptos are actually trying to improve Bitcoin’s code and develop new features. However, many of these new cryptos are meaningless and have no value, some are even known and proved to be scams.
There are currently over 5,000 of these cryptos on the internet, and more are being created every day.
Usually you need to buy Bitcoin first, and then trade that Bitcoin for the cryptocurrencies you want. However, some crypto exchanges provide means of buying the most popular cryptocurrencies directly without buying Bitcoin first.
The words Crypto and Coin can be interchangeable. They mean the same thing.
Crypto Tokens, however, are different, as they are usually issued by a crypto company. You can trade tokens for goods and services.
For example, crypto tokens could be issued in loyalty programs for discounts or offered to represent ownership, in full or part of a digital asset.
The most common tokens are ERC20, provided by Ethereum. These smart crypto tokens often serve as the transaction units on the blockchain and introduce the concept of smart contracts.
Bitcoin has experienced a massive surge in value over the last couple of years, reaching an all-time high of 90,000 AUD in 2021 and catapulting cryptocurrency into the mainstream media. Despite this dramatic increase in popularity and adoption rates, there are still many issues left unresolved with the Bitcoin network.
While Bitcoin may be the undisputed champion of the cryptocurrency arena, there are more than 1,300 different digital currencies, crypto coins and tokens that are currently being traded on the cryptocurrency markets. While most of these altcoins are either redundant or highly niche-specific, there are few key cryptos that present cryptocurrency investors with viable and potentially promising Bitcoin alternatives.
What’s Going Wrong With Bitcoin?
Satoshi Nakamoto, the mysterious creator of Bitcoin, originally devised the cryptocurrency as a “peer-to-peer electronic cash system” that would revolutionise, democratise, and decentralise the current international financial paradigm. The massive increase in popularity and value that Bitcoin has experienced over the past year, however, has left the Bitcoin network slow, unwieldy, and far from this original objective.
The core issue with the Bitcoin network at this point in time is a specific parameter called “block size limit”. The “block” in “blockchain” refers to a cryptographically encoded list of all transactions that have occurred over the network in the previous 10 minutes. In 2010, the size of each block was limited to 1 megabyte in order to prevent hacking attacks, but with the massive increase in transaction frequency that has occurred recently, this block size limit is now crippling the Bitcoin network.
The 1 megabyte block size limit means the Bitcoin network can only support a potential maximum of seven transactions per second, which means transactions can sometimes take as long as 24 hours in average transaction times or longer to complete during peak periods.
Bitcoin network participants that help process transactions will treat transactions with higher fees as high priority, resulting in transaction fees as high as $55 USD in January 2017. There are a number of solutions that aim to solve these issues, such as the Lightning Network layer, but these developments present their own unique issues.
The birth of the Lightning mainnet can be viewed live as a new layer grows organically on top of the Bitcoin network. For comparison, it’s possible to view a 3D live visualisation of the current Bitcoin Network on Bitnodes. The nature of the Lightning Network solution, however, means that the network will be centralised around major hubs as illustrated in the visualisation below:
Lightning Network Testnet Visualisation Courtesy of Steven Roose.
Centralisation is antithetical to the core tenets of blockchain technology, so there is an understandable amount of controversy within the Bitcoin and blockchain community as to whether the Lightning Network will solve the issues that plague the Bitcoin network at this point in time.
The high value of Bitcoin has also led many investors to “HODL”, a humorous acronym derived from a typo in a Bitcointalk Forum post in 2014 that refers to “holding on for dear life”. Many investors purchase Bitcoin in order to use it as a method of storing value, not for use as currency, promoting hoarding.
Lastly, the extreme surge in Bitcoin popularity has captured the attention of regulatory bodies around the world. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has recently been provided with new powers to investigate Bitcoin traders, while new legislative amendments force crypto exchanges to disclose user information. As a result, more Australian crypto traders are seeking privacy-focused cryptocurrencies.
Fortunately, there are many highly innovative high market cap cryptocurrencies that have the potential to challenge Bitcoin as the de facto king of cryptocurrency. We’ll now proceed to examine the best Bitcoin alternatives for 2018 and find out what makes them prime competitors:
Litecoin is a rising star in the cryptocurrency ecosystem and is focused heavily on facilitating seamless day-to-day payments. Created by Charlie Lee, a former Google thought leader, Litecoin has dramatically increased in popularity since the third quarter of 2017.
Litecoin has maintained a position in the top 10 highest market cap cryptocurrencies for several months now, and is designed with practicality in mind. Lee, speaking at a Coinbase talk in March 2017, elaborated on his vision for Litecoin:
“Bitcoin can be used for like moving millions of dollars between banks, buying houses, buying cars. It’s really secure … Litecoin can be used for cheaper things.”
The technological architecture behind Litecoin allows it to offer significantly faster transaction times than Bitcoin – more than 400% faster. Litecoin also offers a total cap of 84 million individual coins, which makes it more viable as a daily payment system.
One of the most important differences between Litecoin and Bitcoin is the hardware required to participate in mining. Litecoin implements the Scrypt algorithm for cryptographic encryption, which requires less specialised hardware than Bitcoin’s SHA-256 algorithm. This difference could draw more network participants in assisting with network maintenance, speeding up overall growth.
Why buy Litecoin?
With a lower barrier to entry for mining, faster transaction speeds, and a lower per-unit cost, Litecoin is a solid alternative to Bitcoin. With Charlie Lee announcing an upcoming marketing campaign, now could be the ideal time to get on board the Litecoin hype train.
Where to Buy Litecoin:
Swyftx makes it possible to purchase Litecoin via POLi, BPAY and Cash.
Bitcoin Cash is a “fork” of the original Bitcoin blockchain ledger. Launched in July 2017, Bitcoin Cash was created when a team of developers decided they would improve upon the Bitcoin core by increasing block size and implementing a number of other changes. This split is referred to as a fork in the blockchain ecosystem.
The primary goal of Bitcoin Cash is to improve transaction times and lower transaction fees by increasing the size of each block to 8 megabytes instead of just 1. Bitcoin Cash, or BCH, has been a highly successful cryptocurrency since launch. The price of BCH jumped dramatically to around $2,000 in November 2017 when a proposed fix called “SegWit2x” that was intended to resolves issues in the core Bitcoin blockchain failed.
The value of Bitcoin Cash almost doubled to $4,000 in December 2017 when highly popular platform Coinbase announced its support of the coin. Vinny Lingham, who is referred to as the “Bitcoin Oracle”, has stated that he believes Bitcoin Cash will surpass Bitcoin as the number one cryptocurrency:
“The one need is global fast cheap payments … When I look at it from a products standpoint I think the greater demand is for peer-to-peer cash than for digital gold.”
The higher block size of Bitcoin Cash allows the network to resolve more than 50 transactions per second, which dominates the 7 transaction per second limit in place with Bitcoin. Bitcoin Cash transaction fees are also significantly lower, with fees averaging around $0.001. Transactions on the Bitcoin Cash network are currently taking just 10 minutes to resolve.
Why Bitcoin Cash?
Bitcoin’s Lightning Network layer may claim to provide faster transaction times and lower fees, but Bitcoin Cash is already delivering on these promises. If the Lightning Network layer fails to succeed in addressing the issues that plague Bitcoin, then it’s likely Bitcoin Cash could depose Bitcoin as king of the digital currency world.
Where to Buy Bitcoin Cash:
Swyftx allows Australian traders to purchase Bitcoin Cash with credit and debit cards.
Ethereum is the second-largest cryptocurrency by market capitalization, and is vastly different to Bitcoin in many ways. Created by Vitalik Buterin in 2013, Ethereum has exploded over the past year, increasing in value by more than 12,500 percent.
While both Bitcoin and Ethereum are based on blockchain technology, Ethereum is far from a simple cryptocurrency. Ethereum is a blockchain platform, using “Ether” as a currency token. Ethereum is designed to function as a blockchain platform that enables the creation and execution of “smart contracts”, which are immutable programs executed on Ethereums blockchain networks that control the transfer of cryptocurrency or other digital assets.
Ethereum is often described as the “World Computer” – it can be used to create decentralised applications that manage energy distribution, decentralise digital marketing, or even allow users to share their computer’s processing power in a vastly distributed supercomputer.
Ethereum creator Vitalik Buterin has elaborated on the highly flexible and scalable nature of the Ethereum blockchain:
“You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top.”
The Ethereum network is currently able to handle around 15 transactions per second, or TPS. Recent comments made by Buterin, however, reveal that the Ethereum blockchain will soon rival Visa, at around 2,000 TPS.
Ethereum is a highly flexible, dynamic and intelligent blockchain platform that is far more functional than Bitcoin, and is currently the driving force behind the most disruptive blockchain-based projects currently under way.
Why Ethereum?
Bitcoin may be the highest-value cryptocurrency, but Ethereum is most definitely here to stay. Ethereum-standardised tokens, or “ERC20” tokens, are used in most initial coin offerings – a technique used by blockchain startups to generate seed capital outside of traditional VC sources.
Ethereum is also set to switch from the energy-intensive “proof of work” consensus method that is currently used in Ether mining to a faster, cheaper and more accessible “proof of stake” method.
Stellar Lumens is a blockchain network that is specifically about “cross-asset transfers of value”. Simply put, Stellar is focused on lowering the cost of transferring assets, such as currency, between individuals.
While Bitcoin has the same fundamental purpose, Stellar is a decentralised, hybrid blockchain that is geared towards streamlining monetary transactions. Stellar Lumens, or XLM, make transactions cheaper, faster and more reliable. However, XLM offers less functionality as a method of storing value when compared to Bitcoin.
Stellar Lumens addresses three primary issues with the current asset transfer paradigm – high transaction costs, slow settlement times, and a lack of liquidity in lesser-used currencies. Stellar Lumens solves these issues by charging a fee of 0.00001 XLM for each transaction. At current market rates, it would be possible to process 100,000 transactions for just under $0.50 USD.
Stellar network transactions are processed within less than 4 seconds, which makes it the fastest network online. As XLM can be used as a bridging currency, it dramatically increases liquidity and makes exchanging lesser-known currencies cost-effective and easy.
Why Stellar Lumens?
Stellar has recently announced partnerships with IBM, Deloitte, and Stripe, making it a highly attractive cryptocurrency to those interested in tokens that integrate with existing financial systems.
Where to Buy Stellar Lumens:
Buying XLM can be a little trickier than purchasing other cryptos in this list. You’ll need to obtain some cryptocurrency to trade for XLM, or get started with an exchange that supports fiat deposits.
Swyftx is one of Australia’s top crypto exchanges with over 300 available cryptocurrencies including XLM. Check out our Australian Exchange Guide to learn more about Swyftx and other Australian exchanges.
Dash is another top ten market cap cryptocurrency and, like Litecoin, is focused on addressing the issues of scalability that are currently troubling the blockchain network. Dash is the brainchild of Evan Duffield and is a Bitcoin fork, but unlike Bitcoin Dash it is heavily focused on protecting the privacy of users.
Since launch in 2014, Dash has experienced a dramatic increase in value. If you invested just $1,000 in Dash at the 2014 price of $0.03, you’d now be sitting on a wallet holding more than $25 million USD worth of the privacy-focused cryptocurrency.
On the Bitcoin blockchain, it’s possible for anybody to see which wallets are sending how much Bitcoin and where. Dash uses a complicated anonymisation strategy called coinjoin mixing that obfuscates transaction ownership by processing the transactions of multiple parties as one single transaction. This process makes it impossible to determine who received funds, who sent them, or the amount transferred.
This anonymisation technique does slow down transactions per second rates somewhat but still allows Dash to process around 48 TPS, which is 7 times faster than Bitcoin. Dash also offers a much more attractive transaction fee, with an average of $0.10 per transaction.
Why Dash?
The highly secure, private and anonymous nature of Dash could make it a major competitor to Bitcoin as regulatory authorities around the world and within Australia tighten their grip on the explosive cryptocurrency market.
Where to Buy DASH:
You can use Swyftx Crypto Exchange to purchase Dash by funding your trading account with AUD via bank transfer, and credit/debit card payments.
Final Thoughts
Bitcoin may be struggling through some growing pains as the network matures, but it’s still the most valuable and widely used cryptocurrency in the world. The upcoming Lightning Network implementation may provide Bitcoin users with a solution to Bitcoin’s scalability issue.
However, it is always important to diversify your portfolio when cryptocurrency investing to increase your exposure in the crypto market. That is why it is important to gain an understanding of other alternatives to bitcoin.
This is a simple beginner’s guide for people who haven’t bought cryptocurrencies before and are interested in learning about how and where you might buy and store them safely within Australia.
Sign up for a Free Swyftx Account: In just a few clicks, you can Sign up to Swyftx and create your account. You should get a confirmation link to your email once you’ve registered.
Get Verified for Crypto Purchases: Before you can buy cryptos, you’ll need to verify your account. How? Simply upload your passport/drivers licence, or other ID documents.
Deposit Funds: Deposit Australian dollars into your Swyftx using PayID, Bank Transfer, OSKO or BPAY from your bank account.
Purchase Crypto: Now you can buy cryptos instantly.
About Swyftx
Buy, Sell and Trade over 100 Crypto-Assets on Australia’s most progressive Cryptocurrency Exchange. Swyftx is an AUSTRAC registered Australian cryptocurrency exchange and trading platform with tiny spreads, low fees and non-inflated market prices. Trade with stop losses, take profits and triggered orders on a mobile and desktop-ready modern web-based cryptocurrency exchange.
Need more help? Get personal support from the Swyftx support team. For a list of the supported cryptocurrencies and more information, please read our Swyftx review.
Sign up for a Free Binance Account: In just a few clicks, you can Sign up to Binance and create your account. You should get a confirmation link to your email once you’ve registered.
Get Verified for AUD Deposit: Before you can trade you’ll need some funds. Simply verify your account by uploading your passport/drivers licence, or other ID documents. Once approved, you are free to deposit funds through your bank using PayID.
Start Trading: Once you have funds you can now start trading your favourite cryptocurrencies.
About Binance
Binance offers one of the largest cryptocurrency exchanges in the world in terms of trading volume. They support AUD deposits and withdrawals for personal accounts, which are instant and have no fees, through PayID/Osko. For more information, please read our Binance review.
Before buying or trading Bitcoin, you should do research about what and how to do it and the risks involved.
If your Bitcoin is held on a crypto exchange: They essentially hold your “wallet” and if they lose your Bitcoin, it is lost and might never be recovered or reimbursed.
Remember to only trade with what you are prepared to lose. The crypto markets are new, highly volatile, and are not regulated as the stock market is.
Different types of trading?
Trading vs Investing – In simple terms, traders usually are looking to make a quick profit. Investors usually buy and hold for longer-term profits.
“Day trading” – People who try to make a profit with multiple trades during a day.
“Scalping trading” – People who try to make small profits on trades, pennies on the dollar. They get in, they get out.
“Swing trading” – People trying to make profits on price cycles, such as: they see it going up, they buy in and wait until momentum dies and then get out. They could hold for days, weeks or even months before selling.
A blockchain is a distributed database known for its crucial role in the development of cryptocurrencies like Bitcoin and Ethereum. Blockchain technologies primarily maintain the security of transactions made using a decentralised cryptocurrency. To gain a deeper understanding we have put together a list of key facts and details of blockchain technology.
Basic Blockchain Facts
Blockchain technology is not Bitcoin, it is the technology used by Bitcoin.
It exists only on the internet as Bitcoin does.
A blockchain network is simply a chain of digital blocks.
A block contains information about a transaction such as: a) who sent it; b) who received it; c) how much; d) date time.
Distributed ledger technology is a system used for securely recording transactions made within a blockchain.
Blockchain is similar to a database, but it is not stored in one location, it’s stored in multiple locations.
All of the Blockchain data is available to the public. Anybody can read the data but there are no names on it, it’s just human unreadable numbers and letters:
Blockchains can be centralised (owned by someone) or decentralised (owned by nobody).
Bitcoin uses a decentralised blockchain.
Private blockchain networks are peer-to-peer networks run by one governing body.
Public blockchain networks are connected to the internet and used to validate transactions and execute smart contracts.
How does the Blockchain work?
Someone requests a transaction using digital currency (e.g. they want to buy Bitcoin).
The information about the transaction is put into a block (e.g. sender, recipient, amount, price, etc).
The block is given an ID – a long string of numbers and letters known as a “cryptographic hash”, or “hash” for short.
Each new block contains the hash (ID) of the previous block, forming a chain.
Once a block has been added to the blockchain, it is permanent and serves as a point of truth.
Anyone can publicly read the blockchain information to validate a transaction.
In some blockchains, extra information can be stored such as a list of conditions of transactions.
Why do we need to use Blockchain?
Decentralisation – a decentralised blockchain is truly independent and not owned by anybody. This helps prevent the Bitcoin blockchain from being shut down by the government.
Transparency – a public blockchain database can show information about transactions that are publicly available to everyone. This prevents fraud because everything is transparent.
Immutability – blocks on a blockchain are permanent. This prevents people from changing information about transactions after they have happened.
Double spending is when two or more people spend the same amount at the same time so there is no way of knowing which one is the first transaction. A decentralised network such as Bitcoin requires a number of verification confirmations of transactions before they are placed on the blockchain. While this process is happening, a double spend attack could occur.
In the cryptocurrency network only, miners will be allowed to confirm transactions; they do this by solving a cryptographic puzzle. They will spread them across the network when they take the transactions and validate them. After that, all the nodes within the network will be added to its database. When the transaction is successfully confirmed, the miner will receive a reward and transaction. Additionally, once the transaction is confirmed, it will become irreversible and unforgeable.
Principally, every cryptocurrency network is constructed on the absolute consensus of all the participants in regard to the validity of balances and transactions. Although, within the network, if they disagree on a single balance the whole system would basically break. Nevertheless, there are rules programmed within the network to prevent this from occurring.
Cryptocurrency trading platforms are essentially websites where you can buy, sell or exchange cryptocurrencies for other digital currencies or traditional currencies. Trading cryptocurrency has become very well-known activity over the last year with your average mum and dad investor jumping on the trading Bitcoin wagon. There are many beginners that are joining the crypto world every day and while some of them could be joining for an investment opportunity, some may be in it for the technology. So, if you are looking to start trading cryptocurrencies, here is some more information about the best trading platforms.
“A cryptocurrency exchange or a digital currency exchange (DCE) is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for is service or, as a matching platform, simply charges fees.” – Source: Wikipedia (wikipedia.org/wiki/Cryptocurrency_exchange)
Binance
Binance offers one of the largest cryptocurrency exchanges in the world in terms of trading volume. They support AUD deposits and withdrawals for personal accounts which are Instant and have no fees through PayID/Osko. Binance is trusted by many investors and is used by millions of customers globally. Among the features of this platform are that it makes it easy to securely purchase, use, store, and trade digital currency. You can store your Bitcoins and Cryptocurrencies through a digital wallet that is available on IOS and Android.
Coinbase
Coinbase is a worldwide exchange where you can trade with other users by using the company’s Global Digital Asset Exchange (Coinbase Pro) subsidiary. Coinbase Pro currently functions in the UK, US, Canada, Australia, Singapore, and Europe. There are no transfer fees when you move funds from your Coinbase account to your Coinbase Pro account. The main benefits of having Coinbase is that it has a great reputation, high security, affordable fees, is beginner friendly, and the stored currency is covered by Coinbase insurance. On the other hand, the disadvantages of the platform are limited payment methods and limited countries supported.
Kraken
The trading platform Kraken was founded in 2011 and is the biggest Bitcoin exchange in euro volume and liquidity. Kraken is also a partner of the first cryptocurrency bank. This trading platform will enable you to buy and sell Bitcoins and trade between cryptocurrencies and selected traditional currencies. You can also trade with other digital currencies such as Monero, Ethereum, Litecoin, Zcash, Ripple, and more. Additionally, Kraken provides margin trading and a host of other trading features. Kraken trading platform is a great selection for more professional traders. The pros of the Kraken are that it has a great reputation, reasonable exchange rates, it’s seen to be secure, supported worldwide, has low transaction fees, and more. The cons are that it has limited payment options and is not friendly for beginners.
Coinsquare
Coinsquare trading platform is committed to safe and secure trades as you are trusting your money with them. They take this very seriously, so they have a 100% proprietary system. In addition to this, they have also been DDoS tested and they have not lost a single coin to date. Also, they keep a ledger to make sure they know where every coin is at all times. The advantages of using Coinsquare is that it has a fantastic reputation, it’s seen to be very secure, has affordable fees and is relatively beginner-friendly. The disadvantages of Coinsquare are that it has limited payment methods and limited countries supported.
ShapeShift
The trading platform ShapeShift is one of the leading platforms that supports a range of cryptocurrencies, including Bitcoin, Ethereum, Zcash, Monero, and many others. It’s a great option for people who want to make instant direct trades without having to sign up to an account or rely on a platform to hold their funds. However, ShapeShift does not enable users to buy cryptos with debit cards, credit cards or another form of payment system. ShapeShift has a no-fiat policy and will only allow exchange between Bitcoin and other supported cryptocurrencies. The pros of having this trading platform are that it has a great reputation, is suitable for beginners, and has many cryptos available for exchange, quick exchange, and affordable prices. The cons are that it has an average mobile app, no fiat policy, and limited payment options.
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The world of cryptocurrency is constantly changing. You can stay up to date with the latest Australian Crypto news here. Or, if you would like to learn more about digital currencies, then please visit our Guides section for more tips, advice, and information.
