Bitcoin in Australia. Bitcoin in Australia explained by professional forex trading experts the “ForexSQ” FX trading team. What happened to Bitcoin in Australia. One of the more interesting aspects of bitcoin is the global appeal and usage of the virtual currency. Often times, when you’re located in the United States, you encounter people who think that bitcoin is no longer active or that it’s only a resource for ISIS or drug dealers. People will warn me that the United States government will just regulate it and American businesses will control it, so why should I be interested in it? This type of thinking is laughable as the reality is that bitcoin has no national boundaries and its entire structure makes it something that can’t be controlled or owned by one country or one company. This “America focused” thinking will distort one’s understanding of the virtual currency’s impact and promise. This becomes clear when you begin to look beyond American shores and see how other countries are using and addressing bitcoin. Bitcoin in Australia. Some of the more interesting news and trends about bitcoin have been coming from Australia. Like other countries, the history of bitcoin in Australia has had its ups and downs. In October of 2013, an Australian based bitcoin wallet provider lost over $1 million AUD worth of bitcoins. The company, Input.io was hacked with a loss of 4100 bitcoins. This unfortunate incident impacted Australia in much the same way as other countries – government and regulators felt the need to step in and understand how to protect people from these bitcoin related incidents. Australian government agencies have been some of the more active global monitors of bitcoin. Concerns about links between bitcoin and criminal activity have led the Australian Transaction Reports and Analysis Centre (Austrac), to track each conversion transaction conducted regarding bitcoin, into or out of the country. “Australia is very fortunate among its international counterparts, in that we are one of the few countries which currently collects all international funds transfers, into or out of Australia,” John Schmidt, CEO of Austrac, said. Australian banks have also been active in monitoring and regulating bitcoin as evidenced by their recent shutdowns of bitcoin companies. Whether their reasons focus on their concern about competition or potential criminal intent, there have been at least 17 Australian bitcoin companies receiving shutdown letters from banks, with 13 already having their accounts closed. However, the Australian government, to its credit, has not fallen in lockstep with the banks on this matter. In fact, some in the government see this as a blow to competition. Nationals Senator Matthew Canavan is seeking an investigation into the matter as he has concerns that these moves are competing with emerging businesses and impacting their potential economic growth. Subsequently, The Australian Competition and Consumer Commission (ACCC) is investigating why Australian banks are closing the accounts of Bitcoin businesses. The Australian markets have been supportive of bitcoin and in 2014, Australian multi-service bitcoin company digitalBTC made history as the first cryptocurrency-focused company to trade on a major mainstream stock exchange. Besides the many recent political and governmental actions related to bitcoin in the country, it also has an active and knowledgeable user base as seen by activity on message boards, Facebook, and the Bitcoin Association of Australia. Australia is an example that beyond American shores, the world is recognizing the impact that bitcoin can have on business and economic growth. They’re not the only one as we’ll also follow what other countries are doing regarding bitcoin. Trade Bitcoin as a CFD with AxiTrader. BTC/USD symbol available now on MT4. AxiTrader is pleased to welcome Bitcoin CFD trading to our comprehensive suite of products on MT4. Why trade Bitcoin with AxiTrader? No need for a digital wallet. Get the advantages of Bitcoin’s high volatility without the need for a digital wallet, no requirement to purchase physical Bitcoins and without the risk of digital currency theft. Apply leverage for higher returns. Trade up to 10 times more Bitcoin than your initial investment. Fully regulated. Trade with the assurance of full FCA and ASIC regulation. Comprehensive client support. Our award-winning support team is here to help 24 hours a day, 5 days a week. GST free. Unlike physical Bitcoin purchases which carry a 10% GST fee, Bitcoin trading comes with a tax exemption (Australian residents only). Demo or Live trading. The BTC/USD pair is available on both Demo and Live accounts. Automated trading. Bitcoin CFDs can be incorporated by Expert Advisors into automated trading strategies. Trade in either direction. Trade on price movements, not physical currency, to take advantage of the market going up or down. What is Bitcoin? Known as a “ cryptocurrency ”, Bitcoin is a form of digital currency. Since it was created in 2009 it has become an increasingly widely accepted form of international currency, used by everyone from governments to small retail outlets. Unlike traditional forms of currency which rely on banks to facilitate transactions, Bitcoin is part of a decentralised online payment network relying on cryptography to pass securely from user to user using Blockchain technology. As a traded currency, Bitcoin trading works in exactly the same way as any other FX pair. Why trade Bitcoin as a CFD? Because Bitcoin it is not a centralised currency controlled by a single bank or dominated by interbank dealers, the Bitcoin market moves quickly with retail demand and can be subject to significant price swings. Using this high volatility ambitious traders are able to take advantage of large price swings to pursue unique profit opportunities. And you don’t need to own any Bitcoins to profit from it - all you need to do is trade on the price movements, meaning you have the potential to profit from either direction. Is Bitcoin CFD trading regulated? When trading a volatile cryptocurrency like Bitcoin as a CFD, it’s crucial to choose a reputable and accountable broker for your trades. When you trade Bitcoin CFDs with AxiTrader you’ll enjoy the same comprehensive ASIC and FCA regulation you get with all our standard FX/CFD products. Help protect your account and reduce your risk by choosing a trusted, respected and fully regulated broker. Bitcoin CFD trading FAQs. and ends on Friday 23:58, with a break from 23:59 to. 00:01 (MT4 server time) Trading Hours. All times are correct at date of issue. Please refer to the Product Schedule for contract specifications and trading hours. Cryptocurrencies like Bitcoin are extremely volatile and can move or jump in price with no apparent reason due to lack of liquidity and adhoc news. There is little or no fundamental reasoning behind its pricing and as such trading CFDs in Bitcoin pose a significant risk to Retail Clients. While AxiTrader only quotes Bitcoin during the week, it can trade over the weekend, meaning there could be a significant price change between Friday and Monday. 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AxiCorp Financial Services Pty Ltd is an AFMA Member Organisation. © Copyright 2018 AXICORP | Level 10, 90 Arthur Street, North Sydney NSW 2060. Thank you for visiting AxiTrader. Please note that residents in $country_name are not eligible to apply for an account through www.axitrader.com/au. If you reside in $country_name, please visit our $correct_website website where we offer benefits suited to your local region. If you would still like to continue, simply close this window. Bitcoin Australia. Where to buy bitcoin in Australia. Where to buy Bitcoin in Australia. June 29, 2017 admin Comments 5 comments. Where to buy Bitcoin in Australia? If you want to buy Bitcoins or other cryptocurrency in Australia, you can CLICK HERE to go to the shop. I highly recommend it. It is a reputable company with low fees and great support. It is an Australia company which base in Melbourne. You can call them on the phone if you have problems. It is better to buy in Australia than going overseas to buy from someone you don’t know where they are. KuCoin Exchange and KuCoin Shares. January 11, 2018 admin Comments 0 Comment. KuCoin Exchange and KuCoin Shares. Normally, I don’t recommend any coin to my visitors but I found something which is very good and could not resist the urge to tell you about it. I have been trading cryptocurrency for a while now and I have been using Bittrex. They charge 0.25% fee per transaction and I thought it was quite reasonable, but I found a better exchange. This exchange is called KuCoin, the commission fee is only 0.1%. The reason why I want to join another exchange is the coin I want to purchase is not listed on Bittrex. Let me tell you what I learned about KuCoin. KuCoin is an exchange based in Hong Kong. They started just a few months ago in September. Since then their membership has increased dramatically. At the moment, some of the big exchanges (Bittrex, Binance and Cryptopia, etc) have closed their doors for new sign-ups, because far too many people want to sign-up and they cannot handle this big volume. If you want to join an exchange now, KuCoin is a good choice. Besides low fee, KuCoin offers daily dividend for their coin holders. It is called KuCoin Shares. KuCoin Shares has been increasing in value very quickly and is sitting on position 31 on Coin Market Cap. The dividend comes from 50% of their daily earning. It is distributed to the KuCoin Shares holders in coins which is traded on their exchange. The more KuCoin Shares you have, the more bonus you get. Every 100 shares you have, you will get a little bit of each coins in the value of $0.2924. Since you are earning more KuCoin shares each day, so the value is compounding plus increase in value of the coins you are getting. Also, the number of customers are increasing daily, their revenue will increase and more dividend will be distributed. Therefore, it is an excellent coin to hold for the long term. The video below will explain how the KuCoin bonus works. Besides bonus, they have prizes to win. I am no financial adviser, so you need to find out more and decide if this is a good investment for you or otherwise. Click here to visit their website and check them out. Is it too late to buy bitcoin? December 23, 2017 admin Comments 0 Comment. Is it too late to buy bitcoin? As bitcoin price goes up to almost USD$20,000 and you might think “Is it too late to buy bitcoin?”, “Would it go up any further?” You are in luck today as bitcoin drops almost $7,000 from it’s all time high to $13,000. It is a sale day and it is a good time to get into the market. As most of us would know if you have trade shares before that share price goes up and down all the time. More so for the coin market as a 50% drop is not uncommon. The fact is the price of bitcoin always regain it’s value and more after the “crash” or “correction”. Whatever name you want to call it. You can look back at the history of the price of bitcoin. The reason that the price drops so much is because big whales are manipulating the market. It is never too late to buy bitcoin, especially now. Hold you current holding and buy more. It is still early days as bitcoin just started to go mainstream. The market capitalization increased from around $140 billion to current $546 billion. Two of the biggest exchanges in USA, Cboe Futures Exchange and Chicago Mercantile Exchange (CME) have started trading bitcoin since 18 Dec, 2017. More exchanges will follow worldwide. It is still early days and if we use the scale from 1 to 100, from start to when the coin market fully matures. I would say it is about 5 at this moment. There will be more and more money getting into the coin market as time goes by. If you think $13,000 dollar bitcoin is too expensive for you then you can buy and invest in altcoins. There are many good investment at this moment. Besides, you don’t have to buy one bitcoin, you can buy a fraction of a bitcoin. If bitcoin price increase, you will still gain the same percentage whether you hold one bitcoin or a portion of a bitcoin. Some people predict bitcoin price could go up to $100,000 or some said $1 million dollars. We would never know until it becomes reality. The matter of fact is bitcoin will still increase in price short term. If you are going to trade the market, I suggest you brush up on share trading techniques. You don’t want to lose all your hard earn money. Remember, buy low sell high. How to trade Bitcoin and Altcoins? December 10, 2017 admin Comments 4 comments. How to trade Bitcoin and Altcoins? If you are in Australia and you can buy or trade Bitcoin and Altcoins in Coinspot.com using Australian Dollars. Before you can start buying coins, you need to setup an account first. If you want to see a review of Coinspot, click here. The coins currently available at Coinspot are, Bitcoin, Ethereum, Bitcoin Cash, IOTA, Ripple, Litecoin, Dash, Bitcoin Gold, Monero, NEM, Cardano, Ethereum Classic, Stellar Lumens, NEO, EOS, Lisk, Stratis, Zcash, Qtum, OmiseGO, Waves, Tether USD, Nxt, Ardor, BitShares, Bytecoin, Steem, Salt, Ark, Vertcoin, Decred, Komodo, Augur, Dogecoin, Golem, Siacoin, PIVX, MaidSafeCoin, TenX, Walton, Power Ledger, Basic Attention, Kyber, Factom, Byteball Bytes, Raiden Network, Zcoin, GAS, DigiByte, Monaco, GameCredits, FunFair, Nexus, Verge, Ox, Ethos, Civic, Metal, Peercoin, AdEx, Reddcoin, Enigma, Rise, LBRY Credits and Safe Exchange Coin. It is quite an extensive list and it has been growing within the few months when I first joined. There are currently more than 1300 coins on the cryptocurrency market. If there is a coin that you want to buy but not available at Coinspot, then you have to join another exchange. To find out where you can buy that coin, you have to visit coinmarketcap.com. I will use IOTA as an example. When you are in coinmarketcap you will see the screen as below. Coin Market Cap. You have to click the word “Markets” to see which exchange sell this coin. Then you will see a list of exchanges under Source . IOTA is available at Bitfinex and you can visit their website and sign-up an account. I use another exchange called “Bittrex”. Bittrex is a good and popular exchange and I have been trading with them for more than six months. Below is a video to show you how to trade in Bittrex. The different between Bittrex and Coinspot is different. There are few good reasons that I want to use Bittrex. Here is the comparisons. The commission is lower than Coinspot. Coinspot will charge you 5% when you buy using Australia Dollars. When you are swapping between coins, the fee is 1%. For Bittrex the fee is lower, 0.25% per trade. You use Australian Dollars when buying from Coinspot but you cannot use AUD on Bittrex. Bittrex only accept Bitcoins or Ethereum. If you really wants to use fiat dollars, they accept US Dollars and you will have to set up a fund transfer from your bank. There are more coins which are available at Bittrex. You cannot sell Bitcoin for dollars at Bittrex if you don’t have a cash account. So if you want to sell Bitcoin there are 2 alternatives. Send your Bitcoin to Coinspot then exchange for AUD. Buy Tether using your Bitcoin. Tether is a coin which links with USD, the exchange rate is very close to 1 to 1. Sometimes, you can sell Bitcoin when it rise in value to Tether and then buy it back with Tether when Bitcoin drops in value. The main reason that you need to use Coinspot is you can buy and sell Bitcoin or other Altcoins with AUD and send the coins to Bittrex to trade. There are three different markets at Bittrex. Trading Bitcoin with other Altcoins. Trading Ethereum with other Altcoins and Bitcoin. Trading Tether with Bitcoin and other Altcoins. Both Coinspot and Bittrex are trustworthy exchanges. Trading Altcoins with Bitcoin is a very tricky business. You have to understand the relationship between the Dollars, Bitcoin and Altcoins. It is more straight forward to trade Altcoins with your dollars. Here is good video which explains the relationship. The other thing you need know when trading cryptocurrency is the market dynamic of the coin market. I learn these from hard experiences. The coin market is very volatile. A change in value in any coin of up to 50% to 100% is common within a single day. If your are going to buy and hold, you will need to prepare for this swing and not panic when the value of your coin drops significantly. When value of Bitcoin raises more than 10% and bullish, altcoins will drop in value. Especially when you are trading Bitcoin/Altcoin. Because some people will sell their altcoin and buy bitcoin. When value of Bitcoin is trading sideway. Altcoins value will rise. Because most people who trade the coin market have no patience and will buy anything which rise in value. They are looking for huge gains and cannot bear to hold a coin which does nothing. When Bitcoin have a huge correction after a bull run, then all altcoins will shot up in price. Sometimes, every coin will drop in value when there are bad news. Like some time ago China said they will ban ICO and also said they will stop the Chinese exchanges from operation. What I found for people who don’t know how to trade, the best strategy is to buy and hold just bitcoin. The future is bright.