Compare The Best Cryptocurrency Trading Platforms in Australia

If you are looking for a way to trade cryptocurrencies you have come to the right place. Here you will find a list of some of the top and ASIC regulated brokers in Australia. In addition, there is information about cryptocurrencies, including what they are and how to effectively trade them.

It is important to remember that if you want to trade cryptocurrencies through a CFD broker, you should do your research. Some things to consider include the number of cryptocurrencies available, spread costs, commission costs, minimum deposit amounts, trading platform quality, and customer support.

Below we have listed some ASIC-Regulated CFD Brokers that offer Crypto Trading

plus500_logo
  • Welcome Bonus:
    Up to $10000*
    Conditions Apply, visit broker for more information
  • Huge Range of
    Cryptocurrencies
  • Available Cryptos
    BTC, ETH, XRP, LTC, NEO, IOTA
  • Standard Leverage:
    200:1
  • Bitcoin spread:
    From 35pts
  • Ethereum spread:
    From 2pts
  • Ripple spread:
    From 1pt
  • Minimum Deposit
    $0
  • Regulated By:
    ASIC
  • Platform
    Cloudtrade
pepperstone_logo
  • Welcome Bonus:
    Up to 10000 Quantas Pts*
    Conditions Apply, visit broker for more information
  • Tight Spreads
    Fast Execution
  • Available Cryptos
    BTC, ETH, LTC, DASH
  • Standard Leverage:
    500:1
  • Bitcoin spread:
    From 10pts
  • Ethereum spread:
    From 4pts
  • Litecoin spread:
    From 1pt
  • Minimum Deposit:
    $200
  • Regulated By:
    ASIC
  • Platform
    cTrader
city_index
  • Welcome Bonus:
    Up to $1000*
    Conditions Apply, visit broker for more information
  • High Leverage
    Up to 500:1
  • Available Cryptos
    BTC, ETH, BCH, LTC, XRP
  • Standard Leverage:
    200:1
  • Bitcoin spread:
    From 70pts
  • Ethereum spread:
    From 6pts
  • Ripple spread:
    From 1pt
  • Minimum Deposit:
    $500
  • Regulated By:
    ASIC
  • Platform
    Advantage Web
markets_com
  • Welcome Bonus:
    Weekly Trade Rebates*
    Conditions Apply, visit broker for more information
  • Ease To Use Platform
    Perfect for Beginners
  • Available Cryptos
    BTC, ETH, XRP, LTC, BHC, DASH
  • Standard Leverage:
    300:1
  • Bitcoin spread:
    From 48pts
  • Ethereum spread:
    From 3pts
  • Ripple spread:
    From 1pt
  • Minimum Deposit:
    $100
  • Regulated By:
    ASIC, FCA, CySEC
  • Platform
    Markets Web Trader

Risk Warning: CFDInvestors contains factual information on a range of online brokers but does not cover every online broker available in the market. The various commission and spread rates and trading account terms & conditions can change and we cannot guarantee our information shows the latest updates. We cannot guarantee the quality of any financial advice or service given by organisations listed on the website. It’s important to conduct your own research or refer to a qualified investment professional before applying for any type of investment account. The risk of loss in CFD, Forex and share trading can be substantial. You should, therefore obtain and read the relevant Product Disclosure Statement (PDS) or other offer documents, and carefully consider whether such trading is suitable for you, or contact a qualified investment professional before applying for any type of investment account. CFDInvestors may receive a commission or benefit for referring you to the services of a 3rd party site.

Understand more about Cryptocurrencies

What is Cryptocurrency?

If you have paid any attention at all over the past year or so, chances are you have heard about cryptocurrency. In 2017, Bitcoin and cryptocurrency are a couple of the most searched items on Google. However, not everybody knows what these terms mean.
Simply put, cryptocurrency is a digital currency that has been created as an alternative form of exchange. Essentially, it is different than the currency that is used for services and goods regularly such as the US or Australian dollar or the Euro.

A sophisticated encryption technique is used in order to create readable information into a code that is almost unbreakable. This ensures a secure transaction and also controls how the currency is used. It also verifies the release so that the same coin or currency cannot be used by the same individual more than once.

Cryptocurrency is not regulated or controlled by an authority or government like other types of currency. There was not an official launch of this type of currency. Cryptocurrency is actually a by-product of attempting to create an electronic cash system from peer to peer. The result was the creation of Bitcoin.

What To Consider When Choosing a Cryptocurrency CFD Broker?

It is important to choose a CFD broker that will meet your particular needs and trading style. It is important to take your time when trying to find the right broker. Here are some things to consider when searching for your CFD broker.

There are several ways that a CFD broker will make money. This includes by charging a commission fee, spread charges, trade losses, overnight financing costs, etc. It is important to find out what your broker charges. Here is a break down of some of the standard costs that brokers will charge.

  • Spread costs: A smaller spread means a lower cost and the higher the chances of making a profit. Find out if the spreads are variable or fixed. Also find out if there are commision charges involved with trading.
  • Overnight financing charges: Is there a fee for keeping a trade open overnight?
  • Inactive fees: There are some brokers that charge fees if you do not make a trade in a certain period of time. Ask your broker about any inactive fees that are charged.

It is important to research CFD brokers before opening an account. Make sure that the broker is regulated by the ASIC. If the broker is regulated by the ASIC they will have a license number from them. This is the AFSL number. This should be noted on the website of the broker. If there is no number listed, call and ask them for it. Do not deposit any money and trade on a site that is not certified.

The advantage of trading with a company that is regulated is that the CFD broker will be monitored by a governing regulation committee and be in compliance with local laws.

It is also a good idea to see what other traders say about the broker. Is the company listed on a stock exchange? How long has the broker been in operation?

It is important to choose a broker that offers a trading platform that is easy to use. It is best to try out the platform before depositing any money. This will help you determine whether or not the mobile applications and trading platform is suitable for your needs.

There are many poor trading platforms available. You should not settle for one of these.

Open a demo account with several brokers and test out the systems before you make a monetary commitment to one of them.

Make sure that the broker that you choose offers the markets that you are interested in trading. Not every broker will offer cryptocurrencies and if they offer some, they may not be the ones that you are looking for. It is important to make sure that you check this out before you open an account.

How Do You Trade (and buy) Cryptocurrencies?

If you want to buy or trade one of the 1400 or so cryptocurrencies available, there are two ways that you can do so.

  • The first is to speculate on the price movements of the currency by using leveraged trading from a CFD broker.
  • The second way is to buy the actual crypto from a crypto exchange such as Kraken or Coinbase.

With the first option you are going to simply speculate on a price movement of the currency. This means that you are betting on the price of the cryptocurrency and you will not actually own any of the currency itself. With the second option you are going to purchase the physical instrument, for example Bitcoin. The hope is that it increases in value so that you can then sell it later for a profit.

If you are planning to purchase the cryptocurrency you will simply register an account with an exchange and then purchase the cryptocurrency that you want and then wait for it to go up in value.

The disadvantage of purchasing a cryptocurrency outright compared to speculating on the movement in price is that you will need to put up the full amount of money in order to purchase it. For example, if you wanted to purchase bitcoin you wild need to have about $11,500 or so for a single bitcoin.

On the other hand, speculating on the price change of Bitcoin would not require you to put up the full amount. You would only need a tiny percentage of the value, typically about five percent. This means that to create a buy or sell trade for Bitcoin you would need around $500 in your account in order to speculate on the price.

With this being said, there is some risk involved with speculating on the price of a cryptocurrency. The reason for this is because these are relatively new products and the prices can change dramatically in a single day.

Trading Ethereum on Markets.com
Trading Ethereum on Markets.com

What are some of the Benefits of Cryptocurrency Trading?

What are some of the Risks of Crypto Trading?

Extreme Volatility

It is fairly common for there to be huge movements in price on cryptocurrencies. This makes it quite risky to bet on the price movement of these markets. If you have thought about trading cryptocurrencies it is important to understand the risks involved and to trade responsibly. Chances are higher for going bankrupt trading these currencies than actually becoming rich.

You can lose more than your deposits

As mentioned, CFDs are leveraged trading products. This means that only a small amount of cash has to be deposited in order to have access to large trades. However, it is important to note that you may be liable to pay your broker more than you actually deposited into your account if one of your trades goes exceptionally bad. Make sure that you understand this risk before you open up a trade account.

Account Security

The security of an account can create more volatility into cryptocurrency trading. You can read more about cryptocurrency hacking here.