To convert Bitcoin BTC to Australian Dollars AUD, here are the detailed steps:

First, you’ll need an account on a reputable cryptocurrency exchange that supports both BTC and AUD trading. Popular options include CoinSpot, Coinbase though often better for US users, Binance, Kraken, and Independent Reserve. These platforms act as your gateway.

Once you have an account, the process generally follows these steps:

Deposit Bitcoin: Transfer your Bitcoin from your personal wallet if it’s not already there to your exchange wallet address. This is typically found under the “Deposit” or “Receive” section for BTC. Always double-check the address and network to avoid losing your funds.
Sell Bitcoin: Navigate to the “Trade” or “Sell” section of the exchange. Select the BTC/AUD trading pair. You’ll then specify how much Bitcoin you want to sell. You can place a “market order” for an instant sale at the current price, or a “limit order” to sell at a specific price you choose. For instance, if BTC is trading at AUD 90,000, you might sell 0.1 BTC to get AUD 9,000 minus fees.
Withdraw AUD: After selling your Bitcoin, your account balance will reflect AUD. Go to the “Withdraw” or “Send” section and select AUD. You’ll typically be asked to link your Australian bank account details BSB and Account Number. Enter the amount you wish to withdraw, confirm the details, and initiate the transfer.

The funds should arrive in your nominated bank account within 1-3 business days, depending on the exchange and your bank.

Remember that fees apply at each stage – deposit, trading, and withdrawal – and these can impact your final AUD amount.

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Always consider the potential volatility of Bitcoin and only engage in financial activities that align with ethical and permissible principles.

Table of Contents

Understanding the Bitcoin to AUD Conversion Landscape

Converting Bitcoin to Australian Dollars isn’t just about clicking a few buttons.

It involves understanding the underlying financial mechanics, security implications, and the various platforms available.

For anyone looking to realize their digital assets in traditional currency, approaching this with diligence and informed decision-making is key.

Why Convert Bitcoin to AUD?

The primary reason individuals convert Bitcoin to AUD is to “cash out” their cryptocurrency holdings, making them usable in the everyday economy.

Bitcoin, despite its growing adoption, isn’t yet widely accepted as direct payment for groceries or utility bills in Australia. Converting to AUD allows you to: How to convert bitcoin to inr in stake app

Fund daily expenses: Pay for rent, groceries, or bills that require fiat currency.
Invest in traditional assets: Diversify your portfolio by moving funds into stocks, real estate, or other conventional investments.
Take profits: If Bitcoin’s price has appreciated, converting to AUD allows you to secure those gains. For example, if you bought BTC at AUD 40,000 and it’s now AUD 90,000, selling enables you to lock in that AUD 50,000 profit per Bitcoin.
Manage risk: Reduce your exposure to the volatile cryptocurrency market by holding less BTC.

Choosing the Right Cryptocurrency Exchange

Selecting a suitable exchange is arguably the most crucial step in the conversion process.

The “best” exchange often depends on individual needs, including fee structure, security, ease of use, and customer support.

It’s vital to choose platforms that prioritize security and transparency, aligning with principles of ethical financial engagement.

Security Measures: Look for exchanges that implement robust security protocols. This includes two-factor authentication 2FA, cold storage for a majority of user funds meaning assets are held offline, away from internet-connected threats, and regular security audits. For instance, reputable exchanges often boast that over 90% of their digital assets are kept in cold storage.
Fee Structure: Understand all associated fees. These typically include:
- Deposit Fees: For depositing BTC often zero, but check.
- Trading Fees: A percentage of your trade volume e.g., 0.1% to 0.5%.
- Withdrawal Fees: For withdrawing AUD to your bank account can be a flat fee or percentage.
- Spread: The difference between the buy and sell price, which can be an implicit cost.
User Interface UI and Experience UX: For beginners, an intuitive and easy-to-navigate platform is beneficial. More experienced users might prefer advanced charting tools and order types.
Customer Support: Accessible and responsive customer support is critical, especially when dealing with financial transactions. Look for platforms with live chat, email support, and comprehensive FAQs.
Regulatory Compliance: Ensure the exchange complies with Australian regulations. ASIC Australian Securities and Investments Commission and AUSTRAC Australian Transaction Reports and Analysis Centre oversee crypto businesses in Australia. Choosing compliant platforms can offer a layer of consumer protection, though it’s important to remember that crypto markets are inherently speculative and carry significant risks.

Step-by-Step Guide: Converting Bitcoin to AUD

The process, while varying slightly between platforms, generally follows a consistent flow.

Think of it as moving your digital cash through a secure digital vault and then into your traditional bank. How to convert MATIC to wbtc

Account Creation and Verification:
- Sign Up: Provide basic personal information email, password.
- Identity Verification KYC – Know Your Customer: This is mandatory for Australian exchanges to comply with anti-money laundering AML and counter-terrorism financing CTF laws. You’ll typically need to provide:
  - Government-issued photo ID driver’s license, passport.
  - Proof of address utility bill, bank statement.
  - Sometimes, a selfie holding your ID.
- Why KYC? While some may view it as intrusive, KYC is a crucial step in preventing illicit financial activities. For instance, AUSTRAC reported in 2023 that digital currency exchanges are increasingly under scrutiny for financial crime prevention, highlighting the importance of robust KYC.
Depositing Bitcoin into Your Exchange Wallet:
- Locate BTC Wallet Address: On your chosen exchange, navigate to the “Wallet,” “Funds,” or “Deposit” section. Select “Bitcoin” BTC and you’ll be provided with a unique Bitcoin wallet address a long string of alphanumeric characters and often a QR code.
- Transfer from External Wallet: Open your personal Bitcoin wallet e.g., Ledger, Trezor, or a software wallet. Select “Send” or “Withdraw” and paste the exchange’s BTC deposit address. Double-check every character of the address. A single incorrect character can result in irreversible loss of funds.
- Network Confirmation: Bitcoin transactions require network confirmations. This can take anywhere from 10 minutes to several hours, depending on network congestion. Exchanges typically require a certain number of confirmations e.g., 3-6 before the BTC is credited to your account.
Selling Bitcoin for AUD:
- Navigate to Trading Interface: Go to the “Trade,” “Buy/Sell,” or “Exchange” section.
- Select BTC/AUD Pair: Ensure you’re trading Bitcoin against the Australian Dollar.
- Choose Order Type:
  - Market Order: Sells your Bitcoin immediately at the best available current market price. This is the fastest option but might not always yield the exact price you see momentarily due to market fluctuations.
  - Limit Order: Allows you to set a specific price at which you want to sell your Bitcoin. Your order will only execute if and when the market price reaches your specified limit. This gives you more control but can take longer. For example, if BTC is AUD 90,000 and you set a limit order to sell at AUD 91,000, the trade will only happen if BTC reaches or surpasses AUD 91,000.
- Enter Amount: Specify the amount of Bitcoin you wish to sell. The exchange will show you the estimated AUD equivalent.
- Confirm Trade: Review all details amount, price, fees before confirming the sale. The AUD funds will then appear in your exchange’s AUD fiat wallet.
Withdrawing AUD to Your Bank Account:
- Initiate Withdrawal: Go to the “Wallet,” “Funds,” or “Withdraw” section and select “AUD.”
- Link Bank Account: If you haven’t already, you’ll need to add your Australian bank account details Bank Name, BSB, Account Number, Account Name. Some exchanges offer NPP New Payments Platform for faster transfers.
- Enter Withdrawal Amount: Specify how much AUD you want to withdraw.
- Review and Confirm: Double-check your bank details and the withdrawal amount. Confirm the transaction, often requiring 2FA.
- Processing Time: Bank transfers typically take 1-3 business days to process, although NPP can be near-instant for participating banks. It’s worth noting that some banks might flag or hold initial crypto-related transfers for security checks.

Understanding Fees and Exchange Rates

Fees can significantly impact the final amount of AUD you receive. How to convert MATIC to usdt

Being aware of these charges and the exchange rate is crucial for maximizing your conversion.

Trading Fees: These are typically percentage-based, ranging from 0.1% to 0.5% or even higher for smaller volumes or less liquid pairs. For instance, if you sell AUD 10,000 worth of BTC at a 0.2% trading fee, you’ll pay AUD 20 in fees. Some exchanges offer tiered fees, where higher trading volumes lead to lower percentage fees.
Withdrawal Fees: These are often flat fees, ranging from AUD 2 to AUD 20 per withdrawal, regardless of the amount. For example, CoinSpot charges a 0.9% fee for instant buy/sell, and a variable fee for market orders, while AUD withdrawals are often free. Binance, for instance, charges 0.1% spot trading fees and varies for AUD withdrawals.
Spread: On “instant buy/sell” features, exchanges often build a “spread” into the price. This means the price you buy at is slightly higher than the actual market price, and the price you sell at is slightly lower. While not an explicit fee, it’s a hidden cost.
Network Fees Gas Fees: When you deposit Bitcoin to an exchange, a small network fee is paid to Bitcoin miners to process your transaction. This is usually very small and often covered by your sending wallet or factored into the exchange’s deposit process.
Exchange Rate Fluctuations: The price of Bitcoin is highly volatile. The rate at which you initiate your sell order might be different from the rate at which it’s executed, especially with market orders during periods of high volatility. A drop of even 1% in Bitcoin’s price during your transaction can mean a noticeable difference in AUD received. For example, Bitcoin’s volatility typically averages around 5-7% daily swings, meaning a AUD 90,000 BTC could be AUD 85,500 just hours later.

Tax Implications of Converting Bitcoin to AUD in Australia

In Australia, the Australian Taxation Office ATO considers cryptocurrency as a form of property, not currency, for capital gains tax CGT purposes. This means converting Bitcoin to AUD triggers a Capital Gains Tax event. Understanding your obligations is paramount, and it’s always wise to consult a qualified tax professional.

Capital Gains Tax CGT: When you dispose of cryptocurrency e.g., sell it for AUD, trade it for another crypto, or use it to buy goods/services, you trigger a CGT event.
- Calculate Capital Gain/Loss: This is the difference between your cost base what you paid for the Bitcoin, plus associated costs like fees and your capital proceeds the AUD you received when selling.
- Example: If you bought 0.1 BTC for AUD 4,000 and sold it for AUD 9,000, your capital gain is AUD 5,000.
- Discount Capital Gains: If you held the Bitcoin for more than 12 months, you might be eligible for a 50% CGT discount for individuals, effectively reducing your taxable capital gain by half. So, your AUD 5,000 gain would become AUD 2,500 for tax purposes.
Record Keeping: The ATO requires meticulous record-keeping for all cryptocurrency transactions. This includes:
- Date of transaction
- Value in AUD at the time of transaction
- Purpose of transaction
- The parties involved e.g., exchange name
- Wallet addresses
- Transaction IDs TxIDs
- Cost base details purchase price, related fees
- Proceeds of sale sale price, related fees
Taxable Income: While often a CGT event, in some cases, crypto activities can be considered income. If you’re mining Bitcoin as a business, or frequently trading with the intention of making a profit similar to running a business, your gains might be treated as ordinary income.
Don’t Ignore Your Obligations: The ATO has sophisticated data-matching capabilities with crypto exchanges. They can identify individuals who are trading crypto and are increasingly scrutinizing compliance. It’s far better to report accurately than face penalties.

Security Best Practices When Converting Crypto

While exchanges implement security measures, much of the responsibility for safeguarding your assets lies with you.

It is crucial to approach these transactions with utmost caution, understanding that digital asset management requires a high degree of personal responsibility. How to convert MATIC to usdt on binance app

Enable Two-Factor Authentication 2FA: This is non-negotiable. Use an authenticator app like Google Authenticator or Authy rather than SMS-based 2FA, as SMS can be vulnerable to SIM swap attacks. 2FA adds an extra layer of security, requiring a code from your device in addition to your password.
Use Strong, Unique Passwords: Create complex passwords for your exchange accounts that are different from any other password you use. Consider using a password manager.
Beware of Phishing Scams: Always verify the URL of the exchange before logging in. Phishing websites mimic legitimate sites to steal your credentials. Never click on suspicious links in emails or text messages.
Withdraw Funds Promptly: Once you’ve converted your Bitcoin to AUD, withdraw the funds to your bank account as soon as reasonably possible. Leaving large amounts of fiat or crypto on an exchange for extended periods increases your risk in case of an exchange hack or insolvency.
Understand Withdrawal Limits: Exchanges often have daily or monthly withdrawal limits for AUD. Be aware of these limits, as they can affect how quickly you can access your funds.
Monitor Your Accounts: Regularly check your exchange and bank account statements for any suspicious activity.
Due Diligence: While the crypto market is volatile and speculative, it’s essential to apply the same diligence you would to any financial transaction. Understand the risks and only engage with platforms and practices that are transparent and accountable. It is important to remember that engaging in speculative investments like Bitcoin carries inherent risks, and it is always advised to prioritize financial stability through ethical and permissible means.

Alternatives to Direct Exchange Conversion

While using a centralized exchange is the most common method, other options exist, each with its own pros and cons.

It’s always best to consider options that align with sound financial principles and avoid excessive speculation.

Peer-to-Peer P2P Platforms:
- How it Works: Platforms like LocalBitcoins or Paxful connect buyers and sellers directly. You agree on a price, and then you typically transfer Bitcoin to an escrow service, while the buyer transfers AUD directly to your bank account. Once the AUD is confirmed, the Bitcoin is released from escrow.
- Pros: Can offer more flexible payment methods, potentially better rates negotiable, and more privacy than KYC-heavy exchanges.
- Cons: Higher risk of scams if not careful. Requires greater vigilance in verifying the identity and trustworthiness of the counterparty. Fees can also be higher than centralized exchanges.
- Security Tip: Always use the platform’s escrow service. Never release Bitcoin until you have confirmed the AUD has cleared in your bank account.
Bitcoin ATMs BTMs:
- How it Works: Some Bitcoin ATMs allow you to sell Bitcoin for cash. You send Bitcoin to the ATM’s address, and once confirmed, the machine dispenses AUD cash.
- Pros: Instant cash, anonymous often, though some now require ID for larger transactions.
- Cons: Very high fees often 5-10% or more per transaction, limited availability in Australia, and unfavorable exchange rates compared to online exchanges. Not a practical option for large amounts. As of late 2023, there were only around 50 Bitcoin ATMs across Australia, primarily in major cities, highlighting their limited accessibility.
Over-the-Counter OTC Desks: How to convert my MATIC to usdt on bybit
- How it Works: For very large transactions e.g., AUD 50,000+, OTC desks offer a personalized service. You deal directly with a broker who facilitates the trade off-exchange, often guaranteeing a fixed price for large orders, minimizing price slippage.
- Pros: Ideal for large volumes, personalized service, minimal price impact on the market.
- Cons: Not suitable for small amounts, typically higher minimum transaction sizes, may involve more stringent KYC/AML checks. These services are geared towards high-net-worth individuals or institutional clients.

Volatility and Market Timing Considerations

Bitcoin is notorious for its price volatility. A 10% swing in a single day is not uncommon.

This volatility poses both opportunities and risks when converting to AUD.

Impact of Volatility: If you initiate a sell order and the price drops significantly before your order is filled especially with market orders during large price movements, you could receive less AUD than anticipated. Conversely, if the price rises, you might get more.
“Timing the Market”: Trying to predict Bitcoin’s exact price movements to sell at the absolute peak is incredibly difficult and often leads to disappointment. Many experienced traders advise against it.
Dollar-Cost Averaging Out DCA: Similar to dollar-cost averaging in, you can consider dollar-cost averaging out. Instead of selling all your Bitcoin at once, you sell small, fixed amounts at regular intervals e.g., AUD 1,000 worth of BTC every week for a month. This strategy helps to average out your sell price over time, reducing the impact of short-term price swings. For instance, instead of selling 0.1 BTC at once, you might sell 0.025 BTC each week for four weeks.
Set Price Alerts: Many exchanges and crypto tracking apps allow you to set price alerts. You can set an alert to notify you when Bitcoin reaches a certain AUD value, helping you decide when to initiate a sale.
Long-Term Perspective: For those who acquired Bitcoin with a long-term holding strategy, converting to AUD should ideally be done when you have a clear financial need or when the price aligns with your pre-defined profit targets, rather than reacting to daily market noise.

Common Pitfalls to Avoid

Navigating the crypto space can be complex, and several common mistakes can lead to financial loss or frustration.

Avoid engaging in overly speculative or risky practices.

Incorrect Wallet Address: This is perhaps the most common and devastating mistake. Bitcoin transactions are irreversible. If you send BTC to the wrong address, it’s almost impossible to recover. Always double-check the entire address, character by character, and consider sending a small test amount first for larger transfers.
Choosing Unlicensed or Shady Exchanges: Opting for platforms with unclear regulations or poor security records dramatically increases the risk of losing your funds through hacks, scams, or insolvency. Always verify the legitimacy and reviews of an exchange.
Ignoring Fees: Overlooking the cumulative effect of trading, deposit, and withdrawal fees can significantly reduce your final AUD amount. Always factor them into your calculations. A 0.5% trading fee might seem small, but on a AUD 10,000 transaction, it’s AUD 50.
Falling for Scams: The crypto space is rife with scams, including fake investment schemes, phishing emails, and promises of unrealistic returns. Be highly skeptical of anything that sounds too good to be true. Remember, legitimate financial opportunities do not pressure you into quick, high-risk decisions.
Insufficient KYC Documentation: Not completing identity verification fully can lead to delays or even account freezes when you try to withdraw AUD. Ensure all your documentation is up-to-date and matches your profile.
Not Understanding Tax Obligations: Failing to report your crypto gains to the ATO can result in significant penalties, including fines and interest on unpaid taxes. Ignorance of the law is not an excuse.
Impulsive Trading: Making decisions based on fear of missing out FOMO or panic selling during market dips can lead to significant losses. Have a clear strategy and stick to it. Avoid constant checking of prices, as this can lead to emotional decisions.

Frequently Asked Questions

What is the fastest way to convert Bitcoin to AUD?

The fastest way to convert Bitcoin to AUD is typically by selling it on a reputable centralized exchange like CoinSpot or Binance using a “market order,” then withdrawing the AUD via NPP New Payments Platform if your bank supports it.

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NPP transfers can often be near-instant, while traditional bank transfers might take 1-3 business days.

Are there any fees for converting Bitcoin to AUD?

Yes, there are typically several types of fees involved: trading fees a percentage of your transaction volume when you sell Bitcoin, withdrawal fees a flat fee for transferring AUD to your bank account, and potentially a “spread” which is the difference between the buy and sell price offered by the exchange.

Network fees miner fees might also apply when depositing Bitcoin to the exchange.

How long does it take for AUD to reach my bank account after selling Bitcoin?

After selling Bitcoin for AUD on an exchange, the time it takes for funds to reach your bank account varies. How to convert MATIC to zar

If your exchange and bank support NPP New Payments Platform, the transfer can be near-instant within minutes. Otherwise, standard bank transfers EFT usually take 1-3 business days, especially during business hours.

Do I need to verify my identity to convert Bitcoin to AUD?

Yes, absolutely.

All regulated cryptocurrency exchanges in Australia are legally required to perform Know Your Customer KYC verification.

This typically involves submitting government-issued ID like a driver’s license or passport and proof of address before you can trade or withdraw significant amounts of fiat currency.

This is to comply with anti-money laundering AML and counter-terrorism financing CTF laws. Binance how to convert MATIC to fiat

Is converting Bitcoin to AUD taxable in Australia?

Yes, in Australia, the Australian Taxation Office ATO considers cryptocurrency as “property” for tax purposes.

Converting Bitcoin to AUD triggers a Capital Gains Tax CGT event.

You will need to calculate your capital gain or loss and report it in your income tax return.

If you held the Bitcoin for more than 12 months, you might be eligible for a 50% CGT discount.

Can I convert Bitcoin to AUD without an exchange?

Yes, while less common, you can convert Bitcoin to AUD without a centralized exchange. Binance how to convert MATIC to gbp

Options include peer-to-peer P2P platforms where you sell directly to another individual or Bitcoin ATMs that support cash withdrawals.

However, these methods often come with higher fees, increased risk, and less favorable exchange rates compared to reputable exchanges.

What is a good Bitcoin to AUD exchange in Australia?

Several reputable exchanges operate in Australia. Popular choices include CoinSpot, Binance, Kraken, and Independent Reserve. Each has different fee structures, user interfaces, and features. It’s recommended to research and compare them based on your specific needs for security, fees, and ease of use.

What is the minimum amount of Bitcoin I can convert to AUD?

The minimum amount of Bitcoin you can convert to AUD depends on the exchange’s specific trading limits.

Most exchanges have a minimum trade size, which can be as low as AUD 10 to AUD 50. Similarly, there might be minimum withdrawal limits for AUD to your bank account. Always check the exchange’s terms and conditions. How to convert MATIC to usdt on coincola

What happens if Bitcoin’s price drops while I’m converting to AUD?

Bitcoin’s price can be highly volatile.

If you place a “market order” to sell, it will execute at the best available price immediately, which might be lower if the price drops rapidly.

If you place a “limit order,” your order will only execute if the price reaches your specified sell price, meaning it might not fill if the price drops below your limit.

This volatility is a risk inherent in crypto transactions.

Can I cancel a Bitcoin to AUD conversion?

If you’ve placed a “limit order” to sell Bitcoin for AUD and it hasn’t been filled yet, you can typically cancel it from your exchange’s “open orders” section. How to convert MATIC to usdt on crypto.com

However, if you’ve placed a “market order” or the limit order has already been executed, the conversion is irreversible, and the AUD will be in your exchange wallet.

Are there daily limits on converting Bitcoin to AUD?

Yes, most exchanges impose daily, weekly, or monthly withdrawal limits for AUD, especially for unverified accounts or for security reasons.

These limits vary significantly between platforms and usually increase as you complete higher levels of identity verification KYC. For instance, a basic verified account might have a AUD 10,000 daily limit, while fully verified accounts could be AUD 100,000+.

How do I ensure my Bitcoin is secure before converting?

To ensure your Bitcoin is secure before converting:

Use a reputable, secure exchange.
Enable 2FA on your exchange account using an authenticator app.
Use a strong, unique password.
Verify the wallet address when transferring BTC to the exchange send a small test amount first for large transfers.
Be wary of phishing scams by always checking the URL of the exchange.

What information do I need to provide for AUD withdrawal?

To withdraw AUD to your bank account, you will typically need to provide your: How to convert MATIC to zar on binance

Bank Name
BSB Bank State Branch Number
Account Number
Account Holder Name which must usually match your verified name on the exchange account.

Can I convert Bitcoin to AUD using a debit card?

No, you typically cannot directly convert Bitcoin to AUD using a debit card. Debit cards are usually used to buy Bitcoin on an exchange. To convert Bitcoin to AUD, you sell the Bitcoin on an exchange and then withdraw the AUD to your linked bank account via a bank transfer.

What is the difference between a market order and a limit order when selling Bitcoin?

A market order sells your Bitcoin immediately at the best available current market price. It guarantees execution but not a specific price. A limit order allows you to set a specific price at which you want to sell your Bitcoin. It guarantees your desired price but doesn’t guarantee immediate execution it will only fill if the market reaches your price.

How do I track my Bitcoin conversion for tax purposes?

You should meticulously record all your cryptocurrency transactions. Keep track of:

Date of purchase and sale
Amount of Bitcoin bought/sold
AUD value at the time of each transaction
Associated fees
Transaction IDs TxIDs
The exchange used.

Many crypto tax software tools can help automate this tracking and generate tax reports compliant with ATO guidelines.

What if my bank blocks a cryptocurrency withdrawal?

While rare for reputable exchanges, some banks might initially flag or hold transfers from cryptocurrency exchanges due to their internal fraud prevention systems. How to convert to MATIC on binance

If this happens, contact your bank directly to clarify the transaction.

Providing them with details from the exchange can often resolve the issue.

Is it safer to keep my AUD on the exchange or withdraw to my bank?

It is generally safer to withdraw your AUD to your bank account once your conversion is complete.

While reputable exchanges have security measures, they are still centralized entities vulnerable to hacks or operational issues.

Keeping funds in your bank account is typically more secure as banks are heavily regulated and offer various protections. How to convert my MATIC to naira on binance

Can I convert Bitcoin to AUD in cash?

Converting Bitcoin directly to AUD cash is possible but less common and often more expensive.

This can be done via Bitcoin ATMs that support cash withdrawals which charge high fees or through peer-to-peer P2P trades where you meet a buyer in person which carries higher security risks. Centralized exchanges only facilitate bank transfers.

What factors affect the Bitcoin to AUD exchange rate?

The Bitcoin to AUD exchange rate is influenced by numerous factors, including:

Supply and Demand: Basic economic principles.
Market Sentiment: News, events, and investor confidence.
Regulatory Changes: Government policies in major economies.
Macroeconomic Factors: Inflation, interest rates, global economic stability.
Technological Developments: Updates to the Bitcoin network or competing cryptocurrencies.
Liquidity: The volume of trading on exchanges.

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