Today, one Bitcoin equals 63,464 AUD. The popularity and demand for this industry-leading digital currency are rising steadily in the country. Bitcoin trading has been safe and legal in Australia since the year 2017. An increasing number of organizations in Australia now accept this cryptocurrency as payment.
The popularity of OTC trading desks is also rising. There are several features that a Bitcoin OTC desk in Australia is required to possess. These desks allow buyers and sellers to trade directly in currencies without dealing with restrictions that exchanges impose. Hence, OTC desks help minimize the time and effort involved in crypto trading.
What are Bitcoin OTC Desks?
Bitcoin Over-The-Counter desks are essentially an alternative to exchanges. OTC desks give traders the freedom to trade directly with each other.
Investors can tap into deep liquidity pools by accessing desks. Sellers, miners, ICO advisories, and other authorities can derive several procedural benefits from OTC desks. Traders can place bids and ask for overlaps while trading through them.
Buyers can also post prices that they are willing to pay for different bids. While these trading desks offer liquidity and accessibility benefits, investors also face a fair share of risks. You may note that the payments that form part of these transactions are sent directly from one party to the other.
Hence it’s essential to verify the reliability of the trading platforms you choose before you start trading.
Top-Features You Need in a Bitcoin OTC Desk
Assess reviews and ratings of various trading desks before choosing one. You may also check if the service facilitates safe and easy cryptocurrency trading. Choosing an established, reputed OTC Bitcoin trading service may be your best bet in this case. Top-rated desks usually have the following features:
Deposit and Withdrawal Arrangements
Find out if the trading desk offers a range of options for AUD deposits and withdrawals. The service should allow traders to trade using arrangements like bank transfers, POLi, PayID, OSKO, and other similar services.
Having access to a variety of payment and withdrawal options will make the entire trading process more manageable.
Portfolio Tracking Services
The trading process through a Bitcoin OTC desk in Australia is not as structured as trading through an exchange. So it is best to choose a desk that allows you to track and monitor your trading portfolio.
Portfolio tracking will improve trading efficiency and allow you to view your real-time profits and losses. You may need a trading account with the OTC desk to access these beneficial services.
Automation Level
Assess the automation level of the Bitcoin OTC desk before signing up. If you have recurring investments, deposits, and payments, you should have the option to automate these transactions.
Automated trading features will help save time and help minimize the stress involved in cryptocurrency trading. Some advanced services allow investors to have their recurring deposits split automatically across their range of crypto.
Ongoing Support and Assistance
Cryptocurrency trading experts and beginners require ongoing support and help from the OTC representatives. Hence it is best to go with a Bitcoin OTC desk service that offers customer support via phone and chat.
The OTC desk service representatives should educate you on the trading process and offer virtual demos and other educational features.
Variety of Assets
The Bitcoin OTC trading desk should work as a platform to trade in multiple cryptocurrencies and assets. Check if the service has a good reputation from serving thousands of crypto investors.
Final Thought
Investors should also study the security features, fee structure, and tax reporting features put forward by the service. It should be easy for you to generate and download your trading reports and tax reports online.
Ayesha completed her Doctor of Philosophy in Biochemistry and started her career as a College Lecturer in 2013. Today, she’s a happy mom of 2 Kids in the field of digital marketing. She loves reading books, spending time with her family, and making delicious food for her husband.
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