The concept of the Bitcoin exchange
What is a Bitcoin exchange?
A Bitcoin exchange is a virtual platform, a type of marketplace where traders (sellers and buyers) come together to trade on fiat currencies (AUD, USD or EUR) and cryptocurrencies. The exchange is the intermediary that connects them. If you want to trade on a virtual platform, you would have to open an account and follow the internal rules of the exchange.
The most famous Bitcoin exchanges in the world today are:
A cryptocurrency exchange in Australia
Since the beginning of April 2018, all cryptocurrency exchanges in Australia must register with AUSTRAC. They are also obliged to comply with the anti-money-laundering and counter-terrorism financing (AML/CTF) guidelines. Every Bitcoin exchange has to:
- Implement and sustain a working AML/CTF program to recognise and alleviate money-laundering risks
- Identify and verify the activities of their clients
- Report suspicious activity to AUSTRAC and transactions involving a fiat currency of $10,000 or higher
- Maintain records for at least seven years
The cryptocurrency exchanges in Australia have a grace period of six months to comply with the new legal requirements.
Blockbid – A Bitcoin exchange in Australia
Blockbid is a Bitcoin exchange in Australia that features some of the best fiat currency (AUD, EUR and USD) rates available in the country with only 0.1 percent in transaction fees. The platform supports most of the mainstream fiat currencies and cryptocurrencies, so your trading experience can be diverse, smooth and easy.
The interface is user-friendly and suitable for traders of all levels. You can intuitively navigate through the platform, and if you need any additional clarifications, you can read the Blockbid crypto guide or the official guidelines of the exchange.
One of the best features of Blockbid is that it can facilitate the trading of more crypto-coins on a single platform than any other exchange in Australia. Plus, it can perform up to one million transactions in a second.
If you are wondering about the security characteristics of the platform, they are fully covered by cybersecurity insurance and feature an offline multi-signature hardware vault for 95 percent of the assets.
Blockbid is also fully compliant with Australian law and AUSTRAC guidelines.
Blockbid is also an Etherium exchange
Since Etherium is highly popular in Australia, Blockbid is more than just a typical Bitcoin exchange, but it’s also an Etherium exchange, and it features most of the famous Altcoins on the market. If you want to start trading cryptocurrencies in Australia, Blockbid is an excellent place to start. It’s always advisable to use a local exchange and to trade with AUD.