I am interested to know what is the safest place to buy cryptocurrency? What are the risks? Is it best to use an Australian exchange?
What Is The Safest Exchange to Buy Crypto?
BluebirdV on 22/05/2023 - 11:48
Last edited 22/05/2023 - 11:48
Last edited 22/05/2023 - 11:48
Comments
Yep going downhill quickly. First it was the Earn function and now PayID deposits. What’s next?!?
Yeah Binance is no longer viable for Australians. Both of the issues you noted make it difficult to use/recommend.
The issues however were not due to Binance directly, but due to regulation and reliance on others for service.
The Earn function was 'removed' as it was only suppose to be valid for wholesale investors (again the retail investors get shafted).
The PayID issue was due to Westpac banning PayID payments to Binance.
Both of these issues have been reported on (as below):
https://www.reuters.com/technology/australia-cancels-binance…
https://www.afr.com/technology/westpac-places-immediate-ban-…
Binance and store cold . And I mean that company kicks butt of all the others on spreads and fees.
None. None of them are really regulated.
This is the correct answer. The only safe way is to use an exchange as an onramp, then immediately move your crypto to a cold/self-custody wallet. After that you can use defi to do your trading, if you're into that sort of thing.
How does it work?
With great difficulty.
Is there a good link which explains how to move crypto on binance to your private wallet?
Unfortunately Binance has just stopped AUD deposits due to a dispute with their payment provider. I'm now using swyftx to on/off ramp AUD and then Binance/OKX/ByBit for all trading.
Now Binance is forced to stop AUD withdrawals, I’m now thinking about selling my couple of hundred dollars of crypto otherwise I won’t be able to get my funds out.
Safest is keep your money in Aud
Safest in the long term is to keep your wealth in businesses that generate profits, are well managed, and continue to grow over time.
Keeping your wealth in currency (AUD) is a guaranteed way to lose wealth (through inflation).
You should only keep the bare minimum in currency, just enough to cover your expenses for around 6 months. All else should be invested, to either grow, or at least maintain purchasing power.Boring
They are the richest people.
If Donald Trump put his inheritance into the S&P 500 he would have a few billion more.
coinspot.com.au
Literally none of the.m
LOL
Recently took mine out of binance and bittrex
Bittrex recently shut down their US operations.
A few more questions you need to ask yourself:
- Once you have purchased crypto, what are you doing with it (storing it on the exchange, self custody)?
- Is your strategy to buy and hold, or are you trading?
- Which tokens are you going to buy and why (did you receive a hot tip from X/Y/Z, or have you done your own research)?
- Do you know the tax implications of what you are getting yourself into (maintaining records)?
There is more to it than just picking an exchange to buy from.Buy and hold some Bitcoin.
For safest, I would think Coinbase.
It is a listed entity (NASDAQ: COIN), so is much higher regulated than all other exchanges.
I have never used it, so have no experience with it.
I have heard that its fees are much higher than others (so whats more important: safety or cost?)
https://www.finder.com.au/coinbase-exchange-reviewI've used Coinspot without problems. Just be sure to move your crypto off the exchange after purchase. Not your keys, not your coins. Words to live by. Any exchange can get rugpulled or 'hacked' at any moment.
Coinjar is an old one. Been through a lot of peaks and bottoms but still around.
But yeah any exchange could get
Why don't you ask about the safest one to sell for when you need to bail out?
I've used Swyftx and haven't had any issues thus far
Which cold store wallet are people using? Ledger or Trezor ?
Hot wallet. Lazy
Need multiple cold wallets for safety. Ledger is in a world of $&@^ right now. Everyone is moving to Trezor. Ive heard Coldcard is good for bitcoin but do your own research.
I got an email from Coinspot today that someone had successfully logged into my account in the UK. They couldn't get past the 2FA luckily.
how weak or reused is your password :)
30+ char randomly generated password in password manager should be minimum for crypto logins, even with 2fa. Saves one more level of FA :)
Yeah I should have listened to Chrome telling me my the same password I use for other things was in a data breach… oopsie
ha
well, at least 2FA saved you from ending up with sweet FA ;)Use a password manager like 1Password or Last Pass and yep 2FA especially in crypto.
Binance or Swyftx
Independent reserve. I have been using it since 2017. Never had a drama. Also, Australian.
Are there any for gold ?
Safest option is don't touch crypto!
Unregulated=really risky - good luck, you will need it
Mt Gox
Buy crypto in the USA. They are weeding out the scum
https://www.news.com.au/breaking-news/us-steps-up-crypto-cra…
Swyftx
Not Binance - useless exchange