Thoughts on Cryptocurrency trading

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Question asked 09/04/2021

Thoughts on Cryptocurrency trading

Hi James et al, Over the last few months you have mentioned both etoro and Coinspot in terms of purchasing cryptocurrencies in this country. Can you pls elaborate on their engagement levels with ASIC and their regulatory compliance levels? Do you have a recommendation, and how/whom do you purchase your personal cryptocurrency through? Cheers Jeff

Answer

Hi Jeff,

eToro holds an Australian Financial Services Licence (AFSL) for their local operations. Aside from that, I don’t have insight into their engagement levels with ASIC or compliance regime. CoinSpot is a certified member of Blockchain Australia, member of the Australian Digital Commerce Association and is registered with AUSTRAC as an Australian Digital Currency Provider. From what I understand, it does not have nor need an AFSL. It was founded in 2013, making it one of Australia’s earliest cryptocurrency exchanges. Personally, I don’t own any crypto (unfortunately). Call me old fashioned, however I prefer stocks, for now at least.

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