Big News: Australia’s First Spot Bitcoin ETF With Direct BTC Holdings Goes Live Today!

Over the past few years, the crypto market in Australia has witnessed significant growth in terms of ownership and adoption. According to Finder’s Crypto Adoption November 2022 report, Australia emerged as one of the highest rates of cryptocurrency adoption globally, ranking 9th out of 26 countries for crypto adoption.

In 2024, since the approval of spot bitcoin ETFs by SEC in January 2024, regions such as Hong Kong and Australia have signaled huge interests in embracing this products. By the end of April, 2024, Hong Kong had officially given approval to the first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading digital assets hub.

Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly. In April,2024, Monochrome Asset Management applied for approval for spot Bitcoin ETF.

Monochrome disclosed that its Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, June 4, with a management fee of 0.98%. The IBTC’s holdings will be stored offline in a device not connected to the internet to ensure maximum security.

BTCC, one of the longest-running exchanges in the world, offers 300+ virtual currency contract trading pairs with leverage ranging 1Χ to 225Χ.  If you want to start buying and trading cryptocurrencies, you can start by signing up for BTCC.

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‘Australia’s Only Spot Bitcoin ETF’ Commences Trading on Cboe Australia Exchange

The Monochrome Bitcoin ETF starts trading on the Cboe Australia exchange in June 4,2024, under the ticker “IBTC” (CBOE: IBTC).

In April, Monochrome, which initially submitted its application to the ASX in July 2023 with plans for a second quarter 2024 launch, announced it had decided to shift its focus to Cboe.

In a statement issued on its website at the time, the asset manager stated Cboe “aligns more closely with our strategic vision, market reach, and time frame”.

Jeff Yew, the CEO of Monochrome, has asserted that this is Australia’s first exchange-traded fund to hold bitcoin directly. Previously, Global X claimed the “first to market” title for its Global X 21Shares Bitcoin ETF (Cboe: EBTC), insisting it is Australia’s only spot bitcoin ETF.

Significance of First Australia’s Spot Bitcoin ETF Getting Approval

Australia’s spot Bitcoin ETF entry into the market indicates a broader acceptance of Bitcoin as an institutional asset class. Other countries are likely to follow, with major markets now offering spot Bitcoin ETFs. This regulated structure provides legitimacy and gives investors a direct way to gain exposure to Bitcoin.

Just like Jeff Yew, the CEO of Monochrome, said: “We are excited to bring the Monochrome Bitcoin ETF (IBTC) to market.  IBTC holds bitcoin directly – a first in Australia.  This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,”

“IBTC is the first and only exchange traded fund in the market to be authorised under the crypto asset licensing category.  Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset AFS licensing regime,” the firm said.

The Monochrome Bitcoin ETF (IBTC) utilises the CF Benchmarks Ltd CME CF Bitcoin Reference Rate – Asia Pacific Variant as its bitcoin price benchmark. This ensures investors benefit from a transparent and robust pricing mechanism that is resistant to market manipulation as IBTC’s price benchmark adheres to the International Organisation of Securities Commissions (IOSCO) benchmarking standards.

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How to Trade Crypto in Australia?

If you are very interested in crypto trading, we will take a closer look at all the steps involved in your crypto trading journey in Australia.

Step One: Select a Cryptocurrency You Want to Trade

As there are thousands of cryptocurrencies available on crypto market, the most crucial step is to determine which coin you’re going to buy. At the beginning, you may be confused among all kinds of cryptocurrencies. To solve this dilemma, we suggest you to compared coins from the following metrics:

Market cap & trading volume: a coin’s market cap and trading volume can reflect whether it’s a popular investment among other traders. Coins with high market caps and trading volumes, like Bitcoin, Etherium, Cardano, Solana, etc., are often (but not always) considered to be higher-value investments than less popular coins.

Long-term performance: like all investment products, although past performance not guarantee future success, coins with a long history of good performance are less likely to be flat-out scams or pump-and-dump schemes.

Market analysis: with the rapid development of crypto, many experts keep close look at the emerging industry and conduct profound research. You can refer experts’ analysis and price prediction when making a selection.

Step Two: Open a Crypto Exchange Account

Once you decide the cryptocurrency that you want to buy, what you need to do now is open a crypto exchange account. As you can’t simply buy crypto using your bank account, the easiest way is open an account on a crypto exchange.

Nowadays, due to the fast development of crypto market, more and more crypto exchanges emerged. As a beginner, it sometimes may be confusing to select a best exchange among several exchanges with similar features. When compare and select exchange, we advise you to make comparison from the following major metrics:

Security: despite huge potential of high return and rewards, cryptocurrency trading comes with a certain level of risk due to various factors, such as high volatility associated with cryptocurrencies, the lack of regulation, cybersecurity risks, hacking incidents, etc. Thus, whether you are a newcomer or an advanced trader, security must be in your top priority

Fee: even though it is much likely that you may get huge return from crypto tradings, you return might be significantly reduced you choose a crypto exchange with high trading costs and all kinds of hiden fees. Therefore, it is much necessary for you to evaluate how much commission you provide to your crypto exchange when you buy and sell crypto.

Selection of supported cryptocurrencies: the third point that traders need to think about is whether the exchange can offer a large range of cryptocurrencies for your selection. In Australia, some exchanges only offer very limited cryptocurrencies for trade, which greatly hits your trading selection and service experience.

Interface: In terms of interface, it is also an important point traders need to attach great importance to, especially for newcomers.  A intuitive interface usually means simpler and more convenient trading procedures, and better trading experience. For beginners, a user-friendly interface can greatly reduce their time cost for learning.

Customer service: last but not least, whether an exchange can offer satisfying customer service is also important. When traders are confused or meet emergency, timely customer service is much needed. In Australia, some exchanges enjoy good reputation in customer service as they provide all kinds of service methods like 24/7 Live Chat support.

Step Three: Fund Your Account

After you find the best exchange for your demand and open an account on it, the next step is to fund it with fiat currency so that you can buy crypto. Please keep in mind that some exchanges have deposit fees and limitations for certain kinds of payment methods.

There are different deposit methods available on cryto exchange and different method may charge different fee. Therefore, before fund you account, please know the fee charge rules of the exchange you select.

Step Four: Choose the Cryptocurrency to Trade

The most important steps come.

• Go to the official homepageor app of the exchange you choose, log into your account
• Navigate to the trading terminal where you can buy and sell crypto
• Select the crypto you want to buy (e.g., Bitcoin or Etherium)
• Choose the contract trading order type(usually including market orders, limit orders and stop-loss orders)

Market Order: users place orders at the best price in the current market to achieve fast trading.

Limit Order: Limit Order is used to plunge to the top/bottom of the market, which is a user-defined bid/ask price. Once the market reaches the limit price, it can be filled.

Stop Loss Order: Stop Loss Order can be interpreted as a “Breakout Order”, which is an advanced limit order where the user can set a custom bid/ask price. After the market reaches the limit price, it will be closed.

• Adjust the leverage multiple
• Enter your total purchase amount
• Review your order and any applicable fees
• Confirm your payment method
• Press the buy button to finalize your transaction

Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.

Step Five: Store Your Cryptocurrency

Once you confirm your transaction, the crypto that you bought should be available in your account within a few minutes. Then you have successfully bought your first crypto, which just means that you have set a good start in your crypto trading journey.

Now that you own this kind of digital asset, you need to find a way to safely store them. Most exchanges provide what we call a “hosted hot wallet” for free with your account, meaning that your coins are held by the exchange in an online storage system.

Where to Trade Crypto in Australia?

If you want to Trade Crypto in Australia, you can easily start by creating an account with BTCC, one of the longest-running exchange in the world. As a old exchange enjoy good reputation, BTCC is more reliable.

BTCC is among the best and safest platforms to trade crypto in Australia. The reasons why we introduce BTCC for you summarize as below:

Industry-leading security

BTCC attaches great importance on security. Since founded in 2011, BTCC has never been hacked or been a victim of any other kind of successful malicious attack, which fully illustrates its security capabilities. Through measures like segregation of assets, 1:1 storage of users’ assets, money laundering prevention and identity authentication and no collateralising tokens for loans, BTCC enjoys good reputation in asset security.

High Liquidity & Volume

BTCC is ranked top 10 by trading volume on both CoinMarketCap and CoinGecko, the world’s two largest crypto information platforms. BTCC prides itself on providing crypto futures trading services to users worldwide with market-leading liquidity, offering perpetual futures on over 300 cryptocurrencies, including BTC, ETH, DOGE, LTC, SOL, XRP, SHIB, etc.

Extremely low fees

Charging high fees means less return for investors. Compared with other major exchanges, BTCC only charges 0.06% for both takers and makers, which are far below the industry average. According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is 0.2294% and the maker fee is 0.1854%.

High and rich bonus

BTCC holds all kinds of campaigns where investors can participate to win exciting bonus. For example, new users can get rewards up to 10,055 USDT coupon through completing relevant missions, like registration, identity verification, first deposits, cumulative futures trading volume, etc. Besides, becoming VIP also can enjoy rewards like VIP-exclusive perks, including discounts on trading fees, access to exclusive campaigns, BTCC merch, priority customer support, fast withdrawal, and many more.

Excellent customer service

BTCC also gains great reputation in terms of customer support. If you are confused or have problem in the process of trading currencies, you can obtain customer support via email and live chat, BTCC offers 24/7 online customer service for you.

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