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How to buy crypto safely in Australia
From doing your research to using a crypto wallet, it’s easy to invest securely in crypto.
Cryptoassets are known for being volatile, and this can mean some investors don’t want to dip their toe in the crypto waters. However, it’s possible to buy crypto safely and securely, and reap great rewards. Here’s what you need to know about investing in cryptoassets securely:
1.Learn about the crypto market
Like any other investments you make, it’s important to understand the crypto market before you invest. That means doing your research and learning as much as you can. With eToro’s $100,000 virtual portfolio you can try out all your strategies risk-free before investing, so you get a taste of how the crypto market works. You can also watch and copy eToro’s top-performing crypto investors, with their CopyTrader platform. With one click you can copy the best performing investors on the platform without paying any management or hidden fees.
2. Spread your investments
Because cryptoassets are known for being volatile, many investors choose to invest in several different assets so the risk is spread out. At eToro you can invest in a wide range of cryptos, so you have a wide choice of big and small assets. There are also Stop Loss and Take Profit parameters which allow you to automatically protect your investments in a way that suits your personal investment strategy. eToro also offers a CryptoPortfolio investment strategy, which provides some exposure to the market. It’s managed by eToro’s investment committee, and offers several options for people wishing to invest in the crypto market.
3. Keep in touch with what’s going on
It can be hard to keep track of how the market is moving, but eToro gives you free access to the latest crypto market research and news, so you’re across everything you need to be. They also offer social trading features which allow you to connect with other crypto traders so you can chat, share information, and stay on top of what’s happening. You can also create a custom watchlist to stay informed with real-time updates.
4. Buy from someone you trust
It’s essential to buy crypto from a platform you trust. The platform you buy on should allow you access to a good selection of cryptoassets, while paying minimal fees and giving the correct security measures to keep your crypto safe. eToro allows you to buy and sell crypto in an instant.
5. Store your crypto in a wallet
A digital wallet is hardware or software that interacts with the blockchains that store your cryptocurrency. Whenever you buy or sell crypto, it comes out of your wallet, and when you’re not trading it, your digital assets stay safely in your wallet. Lots of wallets also give you an overview of your investments, and offer reporting tools so you can keep track of the market. The eToro Wallet currently supports more than 40 cryptoassets, and security is provided by an unlosable on-chain private key service that allows for quick recovery, backed up by a fully regulated platform, so you know your crypto is safe.
Check out eToro’s entire offering of seamless crypto services. Sign up and open an eToro account for free here.
Disclaimer: Investing in stock markets and cryptoassets involves the risk of loss.
