WELCOME TO THE WORLD OF CRYPTOCURRENCY!
In order to be able to buy, sell and trade crypto, you will need to open an account on either an exchange or a brokerage site.. The sign up process will involve getting verified. This will involve sending pictures of your drivers license or passport. Verification approval can take up to 2 days. Once you have been verified you will be able to buy, sell and trade crypto.
Buying and selling can be done at a few different places. Below are the most popular.
PLEASE CHECK EACH WEBSITE FOR INDIVIDUAL BUYING AND SELLING FEES.
Swyftx is Australia’s newest cryptocurrency broker with lower fees and smaller spreads than any other platform here in Australia. 30+ coins to choose from including Bitcoin. AUD can be deposited to Swyftx using BPAY and PAYID and traded in real time via instant or triggered orders at pre-determined prices. Accounts can be verified online within 2 minutes using only a driver license.
Coinspot has a large range of coins. Buying and selling available in Australia. Very convenient platform.
Coinbase offers Bitcoin, Litecoin, Ethereum and other coins. Selling is not available in Australia.
Easy to use platform. Low fees and lots of alt coins on offer. Easy registration process and almost instant verification.
This site is one where you can cash out your crypto, in the form of bitcoin, back into your bank account. You can also buy bitcoin on this site.
Once you have bought your coins you can track their prices on an app called Blockfolio. A very good app to check your profits or losses. It can be downloaded from the app store or search the android version of the App Store for it. Another great portfolio app is Delta.
NEVER CLICK ON GOOGLE’S SPONSORED AD’S – They are likely a scam. Always check the website address and ensure they haven’t changed a letter to make it appear as the real site. They will get all of your login details and you will lose your money.
Once you have bought your cryptocurrency, it will be sitting in a wallet on a exchange. Leaving it in that wallet can be risky.
If the site goes down for whatever reason, your funds will more than likely go with it.
There’s a few options what to do with your crypto below.
You can visit the website of the crypto that you hold. For example, if you hold NEO, you can download a wallet from their site and store your crypto in it.
Not all crypto has their own individual wallet so you will have to look for multi crypto supported wallets. Here are a few wallets that are available
While these wallets are considered safer than leaving them online on the exchange, they are still vulnerable to hacks.
Public keys and private keys? These terms you will hear a lot and they are very important to understand.
The public key is the location of your money on the blockchain. This is also your address that you would tell people to send your money to if they are sending you funds.
A private key is essentially a password to unlock your wallet and access the funds. DON’T EVER give anyone your private key. This would be the equivalent of giving someone your online banking password. They will have access to your crypto.
If you lose your private key you might lose your money forever.
Another option is to have a paper wallet. This is a code which can be printed off with all of your information and kept somewhere safe and can be used to reinstate your crypto online at a later time at your time of choosing.
For instructions on transferring funds from wallet to wallet, check out youtube videos. It will take me too long to explain. Make sure you send a little amount first though to test.
Also, make sure you only send the same currency to the same currency. For example, only send Bitcoin to a Bitcoin wallet, Ethereum to an Ethereum wallet, Stratis to a Stratis wallet etc.
ALWAYS HAVE TWO FACTOR AUNTHENTIFICATION (2FA) TURNED ON!
This is the last line of defence to prevent anyone from accessing your accounts.
This will ask for a code when logging in or buying crypto which is generated from an app such as Google Authenticator on your phone or desktop PC.
Never sign up with any group or company that offers you guaranteed returns. These sorts of companies are more than likely a part of a pyramid scheme. They will often ask you to sign up your friends in return for some sort of bonus.
Once these groups make enough money they simply shut everything down everyone loses their money.
You don’t want to be the person who has to explain to your friends that you’re the reason they lost their money.
The safest way to store your crypto is to buy a hardware wallet. These are basically a USB stick, which comes pre-loaded with software and encryption to store all of your crypto offline. They are pin protected. Even if they are damaged, you can still recover your crypto.
Make sure you write down your backup phrase that comes with your device. Don’t show anyone your backup phrase. Below are the 2 most common hardware wallets.
CURRENT COIN PRICES
Shows the prices of all currencies/assets and total market cap of the crypto space. It also shows graphs.
Any other questions you need answered please use the search function on the Crypto Australia facebook page or if you can’t find what you are looking for then feel free to post on the page and hopefully you will get your questions answered. You can also email us directly at firstname.lastname@example.org
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