Is XT.com Legal in Australia? Is XT.com Safe?
Choosing a trustworthy cryptocurrency exchange is crucial as it directly impacts the safety and security of your digital assets. The high risk of scams in this area necessitates extreme caution from users.
Our analysts have noticed a growing interest in XT.com services among users in the Australia. However, questions remain regarding its safety and legal status within the Australia. Traders Union experts have addressed this concern by crafting a detailed review that explores both the pros and cons of using XT.com.
So, let us tell you if XT.com is allowed in the Australia and if it's safe to use for trading.
Is XT.com legal in Australia? Does it have a license?
Currently, the XT.com is not regulated at the government level, which remains a common scenario in the cryptocurrency market. However, such platforms generally fall short compared to exchanges with Tier-1 regulation, which signifies oversight by top-tier financial authorities such as the FCA (UK), SEC (USA), or ASIC (Australia), ensuring strict compliance with security and operational standards. We compared XT.com with two Tier-1 regulated exchanges to help you make an informed choice
| XT.com | Bybit | MEXC | |
|---|---|---|---|
Tier-1 regulation |
No |
Yes |
No |
Government-regulated |
No |
Yes |
No |
Successful hacks |
No |
Yes |
No |
Cold wallet storage |
Yes |
Yes |
Yes |
Investor protection fund |
No |
Yes |
No |
2FA |
Yes |
Yes |
Yes |
Verification (KYC) |
Yes |
Yes |
Yes |
Open an account |
|
|
|
Short summary about the XT.com exchange
The XT.com exchange is a platform for P2P exchange and cryptocurrency sales, including derivatives and margin trading. This is also an exchange for fiat funds. The peculiarity of the cryptocurrency exchange is that it issues its proprietary cryptocurrency and provides users with software for mining. Bitcoin, Ethereum, Litecoin, Tether, Tron, Ripple, and other cryptocurrencies are traded on the website, with over 120 instruments provided here in total. There are tokenized assets. The leverage can be up to 125x depending on the selected asset. Any strategy can be used on the cryptocurrency exchange, including scalping. There are stop loss and profit functions. The storage method for cryptocurrencies is cold. Replenishment and withdrawals are possible from bank cards and accounts to bank cards and accounts. A standard affiliate program and special bonuses for blockchain members are offered.
| 💰 Account currency: | Cryptocurrencies, fiat currencies |
| 🚀 Minimum deposit: | From $30 (depends on the asset) |
| ⚖️ Leverage: | Up to 125x |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
XT.com Pros and Cons
👍 XT.com Pros:
•Cryptocurrencies and other varieties of currencies;
•Replenishment in fiat currencies;
•Favorable trading commissions;
•Leverage is up to 125x.
•Proprietary mining platform;
•Large trading volumes; high liquidity.
•Convenient trading terminal;
👎 XT.com Cons:
•No investment programs (only deposits);
•No training programs or study guides.
Rules and Regulation
Cryptocurrency Regulations in Australia
Australia has established a comprehensive regulatory framework for cryptocurrencies, overseen by agencies such as ASIC and the Australian Transaction Reports and Analysis Centre (AUSTRAC). Cryptocurrency exchanges and other crypto-related businesses are required to register with AUSTRAC and comply with AML and counter-terrorism financing (CTF) regulations. Additionally, ASIC regulates certain aspects of crypto offerings and trading activities to maintain market integrity and protect investors.
Crypto investor protection in Australia
Investor protection in the crypto space is a priority in Australia, with regulatory agencies implementing measures to mitigate risks and enhance transparency. By enforcing compliance with AML and CTF regulations, as well as mandating disclosure requirements and consumer education initiatives, authorities aim to safeguard investor interests. Furthermore, the availability of dispute resolution mechanisms and the existence of industry codes of conduct contribute to fostering a safer environment for crypto investors.
Crypto tax in Australia
Cryptocurrency transactions in Australia are subject to taxation, with the Australian Taxation Office (ATO) providing guidance on tax treatment for various crypto-related activities. Capital gains tax may apply to profits from cryptocurrency investments or trading, while businesses involved in crypto-related activities may be subject to goods and services tax (GST) or other relevant taxes. To ensure compliance, individuals and businesses are advised to maintain accurate records and seek professional tax advice.
Do I recommend using XT.com in the Australia?
The XT.com cryptocurrency exchange can be chosen by clients from Australia, although there are certain nuances. The exchange does not have a financial license, but that is rather because the financial regulator of Australia does not issue the licenses to crypto exchanges in general. There have been certain security-related incidents, but those very singular cases. The reputation of the exchange can be considered standard.
FAQ
Can I work with crypto exchanges considering that they don’t have a license in Australia?
The fact that a crypto exchange does not have a license doesn’t mean that traders from Australia will have problems while working with it. Cryptocurrency exchanges are not subject to licensing in many countries, while there are many exchanges with good reputation. Assess the available information about the exchange and check its reputation.
What security methods for account protection do crypto exchanges employ?
Cryptocurrency exchanges may offer various security methods. These include the two-factor authentication, first and foremost, and also such methods as a security question, additional passwords, etc.
Can an exchange that has had a security-related incident in the past be trusted?
You need to check whether such incidents were regular. If it was one episode several years ago, while the reputation of the exchange is good, you can work with such an exchange.
Should I work with an exchange if I have doubts about its reputation?
No. Always choose the cryptocurrency exchanges that have a good reputation.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.