The adoption of cryptocurrencies has skyrocketed in the last five years, with the first significant increase occurring in 2017. Anyone who has delved into cryptocurrencies has discovered that there is a high earning potential in this sector and many fortunate people have successfully generated millions from their cryptocurrency investments.  Buying and storing crypto for the long haul is one method to make money, while some choose a faster option which is trading cryptocurrency.

What Exactly Is Crypto Trading?

Buying cryptocurrencies is just like you acquire any other asset i.e. you purchase cryptocurrency by spending your fiat currency (Australian dollars). Selling cryptocurrency entails selling your cryptocurrency (for example, Bitcoin) for Australian dollars. 

Successful Australian traders hold their crypto assets for the long haul to get the most out of their investment. If you also want to get huge returns on your cryptocurrency investment, then you should keep your crypto assets for the long term until and unless you see a rise in the price of your crypto assets. The Crypto market is highly unstable which means that the price of cryptocurrencies fluctuates every second. So, you should stay informed about the market conditions and volatility in order to gain gigantic profits. Also, you should discover the best penny cryptocurrency to invest in 2021 reddit to get more profit. 

If you purchased $1000 worth of Bitcoin in 2018 at a cost of $10,000 per BTC and sold it in 2021 at a value of $80,000, you would have earned an 8x return on your original investment. Your one thousand dollars is now worth eight thousand dollars. You purchase and sell cryptocurrencies in order to profit from price fluctuations.

Can I Earn Profit If I Join the Crypto Industry?

Yes, you can earn income by trading cryptocurrency, but it is extremely tough and hazardous. There are clearly those who earn large gains trading cryptocurrencies, but those who lose money outnumber those who succeed. Skilled cryptocurrency traders typically have prior expertise trading in other capital markets, such as stocks and FX. They are well-versed in the usage of numerous indicators and tools while doing technical and fundamental analyses. If you recently joined the crypto industry or are thinking to do so, then don’t panic. All you need is to do proper research and get enough knowledge about crypto trading before stepping in.  For newbies, a safer choice is to acquire and hold crypto for the long term and even stake your crypto to generate money that will multiply over time.

Cryptocurrency Exchange Platforms In Australia

If you are satisfied with your trading capabilities and have determined to win the game, then you must decide which trading platform suits you the most for trading your cryptocurrency assets. These are our top three suggestions for Australian cryptocurrency traders. Scroll down to get a quick summary of each one and decide which one best meets your trading requirements.

1. Digital Surge

For Australian crypto traders, Digital Surge is the best alternative. It offers a basic format that is simple to use and is ideal for new investors. Digital Surge supports over 300 cryptocurrencies and boasts cheap trading fees of 0.5 percent with narrow spreads. According to this real-world test conducted by leading review site Marketplace Fairness, Digital Surge offers the lowest total costs and spreads. If you have any problems, you can quickly contact customer service by Live Chat or email, which I have found to be really responsive and fast.

2. Swyftx

Swyftx is another excellent cryptocurrency trading exchange for Australians that gives an option to trade more than 320 different cryptocurrencies, Live Chat customer assistance, 0.6 percent trading fees, and a distinctive Demo mode not seen on any other Australian platform. With the Demo mode enabled, you have $10,000 in fake money to test trading. You may execute trades based on real-time cryptocurrency pricing, allowing you to test a strategy and see what performs before investing real money.

5 Genius Tips To Make Profit In Australia 

It is now time to begin trading on your cryptocurrency exchange platform account. This may be both thrilling and intimidating, so I've put up a few pointers to help you get started and possibly make some money. You're off to a nice beginning if you're an experienced stock trader or have a strong history in FX. However, keep in mind that the crypto market performs extremely differently from traditional markets, so if you want to learn how to invest in crypto in Australia, follow these helpful guidelines.

1. Trade Liquid Cryptocurrencies

You should concentrate on trading cryptocurrencies that are more liquid especially when you are just at the beginning. These are the most widely used currencies, such as BTC, ETH, BNB, SOL, and ADA. The more liquid is your crypto asset, the more you can execute buy and sell orders, which is vital for trading in the short term.

2. Purchase Cryptocurrency When Things Are Going Well

Newcomers become more excited and have less patience to wait for the return on their crypto investment, so they're ready to profit from bull markets as short term traders. When a coin's price is rising it is a good moment to sell. Other traders and investors are watching the coin's value rise and are following suit as a result of FOMO. If you're in early enough, you may enjoy the price upward and then sell when you are satisfied with the profits or when the price begins to trend downward.

3. Set Limits for Profits and Losses

Everyone intends to sell at the absolute top of a bull market, but it is hard to predict when that rise will occur. A good trading approach is to decide how much you want to make on each deal and adhere to it. For example, perhaps you want to earn a 10% profit on your deal, or perhaps you want to sell when the coin's value hits a certain level. In any case, remain consistent otherwise you risk losing all of your unrealized profits if the price begins to fall. No one wants to lose money. A desire to cling onto a coin in the expectation that it will eventually reach the original price you paid for it, allowing you to draw sometimes. However, if you made a bad decision and the price is steadily falling, it is far better to leave your position and recoup the leftover amount of money than to lose it altogether. Impose a threshold for yourself, such as selling if you lose 10% of your original investment.

4. Control Your Emotions

This tip is strongly related to #3. Because bitcoin is so volatile, you might see massive profits and losses in a short period of time. Don't allow greed, fear, or rage to influence your trading selections. If you can maintain your discipline and follow advice #3, you will have the patience to deal with your emotions and make wise decisions. If you have suffered a significant loss, do not attempt to recuperate it by taking a higher risk on your next transaction. Instead, it could be a good idea to take a break from trading, turn off the computer or phone, and do something pleasant instead.

5. Manage Your Risk

Trading cryptocurrencies is a high-risk activity, therefore proceed with due care. Set limits on the amount you would like to invest in cryptocurrency trading, and in case of any loss, do not spend more cash to recover that loss. And please remember that it is not wise to invest all your money to trade in a single coin, no matter how certain you are in the conclusion. Crypto markets are incredibly unpredictable which means that no one can forecast what will occur in the next moment. Invest a tiny amount each time you make a transaction, and remember to sell and limit your loss if you made a wrong decision.

Conclusive Remarks

Now, you are familiar with 5 amazing tips and tricks to increase your revenue and got a better idea of how to invest in crypto in Australia. Remember that cryptocurrency trading is a risky thing, and you should only do it if you've done it before or if you feel that you're capable of making wise investment decisions and have good trading strategies. Also, before investing huge amounts of cash, conduct your own study and obtain competent financial counsel.