With more than 1 in 4 Australians currently owning or having owned crypto in the last 12 months, cryptocurrencies continue to gain momentum and popularity as an investment asset for Aussies.
Like any financial product, it’s important to take the time to protect yourself and your investment, which is why bitcoin.com.au – one of Australia’s largest cryptocurrency exchanges - has put together a list of the top 5 things to consider before investing in crypto.
“The best way to protect yourself and your investment is to choose an established online trading platform you can trust,” says Adrian Przelonzy, CEO of bitcoin.com.au.
“A reputable exchange should be transparent about how they manage your trades and store your crypto. It’s important to research things like security, data integrity, cold storage, fees, consumer protection and available coins.
“A crypto exchange with a solid track record that is trusted by many customers and has the right checks and balances in place is your safest bet,” he says.
Top 5 things to consider before you invest in crypto
- Do your research
Understand the market and the risks involved. Familiarise yourself with different cryptocurrencies, what they offer, and their potential for growth. Get different perspectives, including those who are bullish on crypto and those who are sceptical.
- Choose a reliable exchange
Look for a well-established cryptocurrency exchange with a good reputation. You’ll want an exchange that provides transparency about its operations, has a good management team, and handles your assets, cash or crypto, responsibly.
- Take a long-term perspective
Crypto is a volatile asset class that is subject to short-term price fluctuations. Promises of big, quick returns with little risk that sound too good to be true often are. Taking a long-term position to capitalise on future growth may be beneficial.
- Keep your investments secure
Protect your funds from theft, fraud, or other risks by avoiding people claiming to be investment gurus or anyone who suggests they manage your crypto portfolio. Store your crypto in a secure cold wallet or trusted exchange, and always enable two-factor authentication.
- Don’t forget taxes
45% of Australian crypto investors don’t understand how their crypto is taxed. It’s important not to underestimate the importance of tracking every trade, purchase, sale, and transfer of cryptocurrencies to accurately track any profits or losses for tax purposes.
About us:
About bitcoin.com.au
Bitcoin.com.au is Australia's leading cryptocurrency exchange, offering low fees, robust security, and exceptional 24/7 customer support. Bitcoin.com.au’s user-friendly platform makes buying, selling, and storing cryptocurrencies easy for everyone. Learn more at https://bitcoin.com.au
Contact details:
New Romans
Anthony Spargo
0400 688 525