More and more digital currency exchanges around the world have started to take notice of Ethereum, and some of them have even taken the step of adding an ETH trading pair to their offerings. BTCMarkets, which is an Australian digital currency exchange, has added two ETH trading pairs, one for Bitcoin and one for the Australian Dollar. Another notch in the belt for Ethereum enthusiasts, as this platform is seeing decent trading volume already.
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Trading Ethereum Against Australian Dollar
One thing that will help the decentralization of digital currency trading is having more exchanges support specific digital currencies. Bitcoin can be traded across exchange platforms all over the world, either against alternative currencies or fiat currency. Ethereum seems to be on the right track to achieve this status as well, as the Ether currency can now be traded against the Australian Dollar at BTCMarkets.
When thinking of buying and selling digital currency on an exchange, hardly anyone is thinking of trading against the Australian Dollar. However, the statistics on BTCMarkets indicate there is a clear demand for Bitcoin, as well as other popular digital currencies such as Ethereum.
Although the exchange has only added the two Ethereum trading pairs very recently, there seems to be a decent amount of trading volume already. The ETH/BTC pair has seen 151 ETH in volume so far, whereas the AUD/ETH market has seen over 1,020 ETH change hands. Nothing to brag about just yet, but it is an indication Australian digital currency enthusiasts are looking for more convenient ways to get their hands on some Ether.
The most popular trading pair on BTCMarkets is the AUD/BTC market, with over 300 BTC in 24-hour trading volume. It is important to keep in mind this exchange has slightly higher trading fees – 0.22$ for BTC markets – than most other platforms. Trading against the AUD is subject to a 0.85% fee, which will decrease based on the recent 30-day AUD volume generated by the individual user.
Now that BTCMarkets supports ETH trading, Ethereum enthusiasts have another outlet to trade their digital currency in an attempt to obtain leverage. The most recent ETH trade executed at a price of 0.0364 BTC, which is a lot higher than most other exchanges right now. It will be a struggle to sell at that price, though, as the buy orders are pretty thin right now.
Source: Reddit
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