What is crypto?
Cryptocurrencies (or crypto) are digital currencies secured by cryptography to record transactions and control and verify the transfer and creation of coins. Many cryptocurrencies are decentralised networks (i.e. not reliant on a central authority, government or bank) based on blockchain technology.
Where do I buy crypto?
Investors can buy and sell crypto through an online exchange. Independent reviews have shown the best Australian crypto trading platform for new investors is:
Other options include:
2. CoinSpot - sign up here
3. Independent Reserve
The above exchanges list a number of the major coins. However to access some of the small-cap coins which are yet listed on the above exchanges, a large percentage can be found on:
Please note we may receive commissions for purchases made through the links above. The above is not financial product advice or a recommendation. We have not taken into account any investor's objectives, financial situation or needs. We do not recommend, represent as suitable, or endorse any financial product above. This information is factual only. You should make your own enquiries into the financial products above and read their websites, terms and disclosures before making any decisions as to whether the products are suitable for your needs. We strongly recommend you seek professional advice from a financial adviser (holding an Australian Financial Services licence) before making the decision to invest in crypto. We do not provide investment/financial advice and cannot advise you on whether you should invest in crypto.
How should I store my crypto?
If you have your coins on a centralised exchange (e.g. Coinbase or Binance), there is a saying in the industry "not your keys, not your coins". As a result many investors take their coins off the exchange and move them to cold storage. Cold Storage options include a hardware wallet like Trezor, Ledger Nano, or Coldcard. Those that are technically proficient may instead run their own node.
If you purchase a hardware wallet we recommend you buy it direct from the supplier (not via an intermediary or second-hand), and do not use if the packaging or item has been tampered with when you receive it.
We have found the hardware wallets below to be the best for regular investors. Please note we may receive a small fee from these providers if you sign-up.
1. Trezor - click here to buy
Other options include :
What is happening with crypto regulation in Australia?
As at March 2022, the Australian Government is reviewing the tax treatment of crypto as part of its regulatory agenda to establish the right minimalist policy framework needed for crypto assets. The intention is to encourage further innovation and create jobs in the space.
I heard crypto has no value and is worthless?
Despite the fact many traditional finance parties have labelled cryptocurrencies as worthless, crypto is the future and where the best and brightest in the world are rapidly heading to work.
Web 3.0 will be the next generation of the internet where data will be interconnected and decentralised using blockchain and cryptocurrency technology that leverages machine learning and artificial intelligence. Decentralised finance (DeFi) is one component of Web 3.0 which allows real-world financial transactions (including lending, borrowing, saving, sending money and buying insurance) using smart contracts and cryptocurrencies that require no permission from a central authority. Non-Fungible Tokens (NFT's) and Decentralized Autonomous Organizations (DAO's) will be other prominent use cases.