Yo folks, Gurudev here with a quickie geared for newbies who want to trade crypto in Australia. I will follow up with an article on setting up a SMSF (Self Managed Super Fund) soon, so this is a great starting point and it's actually very easy and a nice simple system.
I had a look around online and compared fees of the available Aussie exchanges, and found these folks (INDEPENDENT RESERVE) in the link below to be the best . Their rates are competitive and very similar to CoinMarketCap values ... plus their low fees were the best of the Aussie exchanges ... and they have an easy to use trading platform.
https://IndependentReserve.com
Being an aussie mob, I was very impressed with their impeccable customer service ... I found it fast, human and reasonable.
When setting up your account you can choose between a normal account or a SMSF account. I chose SMSF and eventually set up a SMSF Trust but I suspect you can choose a normal account for SMSF anyways so easy either way.
And of course, get your account verified.
Then, link your bank account. I found transfers from my bank account arrived pretty fast at the exchange but allow a minimum of 24 biz hours (and they don't process on weekends).
Now a cool thing I found is that I can link multiple bank accounts to this exchange account, so I am now using this platform to trade my personal stash of crypto as well as my SMSF so I have 2 bank accounts linked to this exchange account.
The exchange allows for transaction data to be exported to csv format which can then be copied and pasted to an excel worksheet so you can easily track transactions and calculate bookkeeping data and trade history and details.
They only have Bitcoin, Bitcoin Cash and Ethereum for the mo, which is cool, as the main thing is being able to easily convert AUD to crypto... so if you need to buy other coins, just send your purchased BTC to another exchange.
So that's it, simple! I know when I first stepped into trading last year I felt a tad overwhelmed by everything and I did buy some crypto through a friend's exchange which had much higher fees, so it felt really good to have my own portal to crypto land, which felt ethical and reasonable.
Oh and remember to be aware of Aussie tax laws and tax liabilities. The ATO do tend to beat their chest a bit but that said, they are getting very clever at data matching to identify potential taxpayers.
Oh and stay tuned for my SMSF post coming up next which explains how to roll your Aussie Super over to a SMSF and buy crypto with it. It's much easier than you think! Oh and, this is not professional advice, just a sharing of experience, so do your homework and be safe and wise huh?
Happy trading
Bless
@Gurudev
