Australia is one of the first countries to regulate cryptocurrency trading, and it is poised to become a leader in this industry. With over 20 million people, Australia, with a 17.8 percent rate of crypto ownership, has the third-highest rate of crypto adoption in the world.
Cryptocurrencies are becoming popular, and as a result, the number of cryptocurrency trading platforms is increasing. This can make deciding which platform is suitable challenging.
The following article will discuss the questions to ask a service provider like Swyftx Australia, before trading on crypto. It will provide tips for making the decision process more manageable.
1. What Currencies are Traded on the Platform?
According to a survey conducted in 2020, around 88.8 percent of the respondents in Australia were aware of Bitcoin. Bitcoin is one of the popular cryptos in Australia.
The first question is what cryptocurrencies are available for trading on the platform. Different platforms offer different coins. Some platforms only offer the most popular cryptocurrencies, such as Bitcoin and Ethereum. Other platforms provide a more comprehensive range of coins, including lesser-known altcoins.
The best way to determine what you want is to view the coins available on each platform. You can analyse if they meet your needs and expectations.
2) What Fees are Charged?
Another critical question to ask is what fees the platform charges. It includes both trading and withdrawal fees. The trading fee is the fee charged when you make a trade. The withdrawal fee is the fee that is charged when you withdraw your funds from the platform.
It is essential to compare the fees of different platforms and find one that best suits your needs. Some platforms have meagre trading fees, but they charge high withdrawal fees. Other platforms have high trading fees, but they do not charge withdrawal fees.
Additionally, some platforms offer a rebate on the trading fees when you reach a specific volume. It is essential to factor this into your decision-making process.
3) What is the Trading Platform like?
The third question to ask is about the trading platform. How user-friendly is it? Can you easily navigate through it? Is the interface intuitive and straightforward?
Trading platforms likeSwyftx, Australia, should have a user-friendly interface for easy transactions. It will allow you to make trades quickly and easily. If you find a platform challenging to use, it can lead to frustration and lost opportunities.
4) Is the Platform Licensed and Regulated?
One of the most critical questions is whether the platform is licensed and regulated. If it is not, you are taking on a lot of risks.
A licensed and regulated platform is compliant with the regulatory requirements in the country in which it operates. It has been vetted by the regulatory authority and is considered safe and secure.
Unlicensed platforms are not subject to any regulations. It means that your funds are not protected if something goes wrong. The platform could close down without notice, and you will lose your money.
5) What Payment Methods does the Platform Accept?
The platform must allow you to make deposits and withdrawals using a payment method that you are comfortable with. Some platforms accept various payment methods, such as credit cards and bank transfers. Others only accept a limited number of payment methods. These are some crucial questions to ask when choosing a cryptocurrency trading platform.