When Bitcoin was launched in 2009 by the mysterious Satoshi Nakamoto, no one could have fathomed that only a decade later, it would be the biggest cryptocurrency by market capitalization and would end up pioneering a market valued in trillions. Indeed, the total crypto market cap has exceeded a whopping $3 trillion nowadays and it is safe to say that these digital currencies have become a force to be reckoned with. Therefore, it is no wonder that countless people are looking to trade cryptocurrencies and there is a huge demand for cryptocurrency exchanges and brokers to help them get started.
However, you have to bear in mind that just like other financial markets, your priority should be to find a broker that’s both trustworthy and reliable. How can you make sure of it? The easiest way to accomplish this is by opting for a broker that has been licensed by a reputable regulatory authority. One of them is the Australian Securities and Investment Commission (ASIC) in Australia, which is recognized as one of the strictest and the oldest regulatory bodies in the financial trading world. As mentioned earlier, it operates in Australia and provides guidelines for ensuring that all aspects of the country’s financial system are working efficiently and effectively.
It oversees financial companies, consumers, investors as well as any other entities that may be part of the financial system. When you are looking for a cryptocurrency broker that you can rely on in the long run, it may be a good idea to consider one that’s regulated by the ASIC. There are a number of benefits that budding crypto traders can enjoy when they decide to use a regulated broker. This is due to the fact that brokers that are regulated by a body like the ASIC are required to meet some standards and requirements before they are considered legitimate.
They have to meet a certain criteria in order to get a license to operate in Australia, while non-regulated brokers do not have to do so. Some of these requirements include having a physical representative office in the country for staying in contact with clients and traders. ASIC-regulated cryptocurrency brokers are also required to maintain a minimum amount of capital for their operations, which ensures that they can survive different market conditions without filing for bankruptcy, as this can affect their clients. Moreover, all crypto brokers that are regulated by the ASIC are also required to be transparent in their financial dealings including sending audit reports regularly.
It is because of these requirements that ASIC crypto brokers are considered some of the most genuine and honest brokers in the world. This helps them in providing benefits to their clients as well. When you choose a crypto broker that’s regulated by the ASIC, you can rest assured that your funds are in safe hands. This is because the brokers are required to keep them in separate accounts and with the leading banks of Australia. Hence, no funds will be improperly handled by the internal employees, or kept in offshore accounts, or end up with third-party operators.
ASIC regulated crypto brokers are also required to remain updated when it comes to giving their clients access to different trading platforms and resources. They also have to provide fair and transparent services, which means that you don’t have to worry about any hidden fees or any other hefty charges that unregulated brokers often spring up on their clients. Moreover, in accordance with the ASIC’s requirements, they also have to provide effective customer service. This means that their priority is to resolve all customer issues immediately and efficiently. They offer world-class expertise as well as transparent transactions.
It is because of these qualities and offerings that people prefer to choose crypto brokers that are regulated by the ASIC because they are aware that a smooth and seamless trading experience will be delivered in the long run.