Anyone knows what’s currently the best platform to trade crypto, in terms of any sign up bonus, free coins or low fees etc.?
Current Best Platform to Trade Crypto
ilovefullprice on 10/10/2020 - 00:56
Comments
"avoid their AUD fiat gateway subsidiary."
Tell me more?
Are you saying not to go through binance.com/au?
If you deposit AUD, they have to comply with local AML laws so will hold and release your transaction records to authorities if requested to. You will most likely get a letter from the ATO requesting details of your crypto transactions if you fail to declare details on your tax return (lots of people already got them for last FY).
Also prevents you from trading privacy focused coins like XMR
You will most likely get a letter from the ATO requesting details of your crypto transactions if you fail to declare details on your tax return
Which you would be declaring anyway right, so what's the issue
:)@SBOB: Just putting it out there for the less risk averse folks who may want to engage in questionable behaviour.
As an aside, each crypto transaction is a CGT event so if you're considering trading make sure you keep adequate records for your accountant. Independent Reserve offers a tax statement for something like $30 but their fees and liquidity aren't as competitive as Binance.
Also if anyone wants to get into crypto and needs help with anything, my PMs are open.
OK thanks for that. Yep I got one of those emails even though I had not sold any crypto nor made any profit. I rang the ATO and asked what to do and they said not to worry about it. So I didn't . :)
Are there any exchanges that don't report to aussie authorities and aren't too difficult to get AUD into?
I'll detail the cheapest way to purchase crypto in Australia today, if it seems too complicated just make a BTC markets account and buy through there.
-Sign up for a coinspot account
-deposit AUD
-This is the important part - DONT go to buy/sell - instead go to Markets
-This is where you're buying directly off users. The Buy/sell page incurs a 1% fee per trade whereas using the markets tab this fee is reduced to 0.1% - the lowest fee of any exchange in Australia.
-Compare the markets price to the buy/sell page, if its similar or lower just buy from markets.I would also recommend Binance as the user above does so if you want to send crypto there the cheapest way possible I would purchase NEO or GAS from the markets page as they have no transaction fee. But if you're doing this there are less buyers/sellers as they're not as popular so be very sure you're not paying above market price.
That's if you want to trade of course. If you just want to buy/hold then just do so through Coinspot
Many thanks for this. I am still confused with the difference between BTC markets, Binance and Coinspot? Also, where does Coinbase and Coinbase Wallet sit in all these?
I am thinking of an investment strategy of putting weekly investment into crypto for the medium to long term. Any tips on this would be great!
dont store your coins on exchange, for any significant period of time
For the strategy you've mentioned just make an account on either BTC market or Binance, transfer AUD, buy whatever you want, transfer off exchange to an external hardware wallet.
Look at both and compare fees.. i doubt there will be much difference but Binance will clearly have more alt coin optionsDepending on the amount whether transfer fees might make it more beneficial to move to hardware wallet on larger intervals (eg buy weekly, export off exchange monthly)
Thanks SBOB. Why would storing coins in a wallet be better than the exchange?
Hi
Just wondering if the method you outlined is still the cheapest method to purchase crypto in AU today?
I have tried coinspot, Binance, OKcoin and Swyftx.
OKcoin and Binance are good. Check the latest deal for their free Bitcoin promotions.
Coinspot are thieves in their spreads and fees in general but it is super easy to use. Swyftx is pretty much the same.
What platform do people use for leverage trading now? Binance just took it away for Aussies and FTX only has max 2x leverage.
Why do you need more than 2x leverage? Are you in a hurry to get wicked out?
In certain situations > 2x is useful. Not in current environment but there is a place for higher leverage. Anyway my question isnt to debate why I want higher leverage
The only people that play with leverage on binance are noobs. FTX isn't far behind.
https://www.coinglass.com/LiquidationData
Noobs that don't know risk management should stick to spot or at least learn to make winning trades on low leverage.
Far too many noobs think that they're god tier cranking up the x only to end up 😭 themselves to sleep every month rekt.
@rektrading: Why you trying to start something? I used to use Binance for >2x leverage but now looking for alternative. Some of my best trades had high leverage, dont need a lecture on who should use it.
@krazek: Seeing 200,000 traders rekt and lose $775M makes my coffee taste so much better.
"Bulls make money, bears make money,
pigsnoobs get slaughtered"
The one that doesn’t steal your money.
Binance.
No fake sign up bonus, but they have tiny spreads, and respect your privacy so long as you avoid their AUD fiat gateway subsidiary.