How to Buy 0x in Australia

A Beginner’s Guide to Buying and Selling 0x Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and wish to buy 0x – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many 0x tokens you want to buy.

The 21st Century has seen many investors spread their wings to try and make as much profit as possible while at the same time minimizing losses. The cryptocurrency market provides such an opportunity because it gives investors the chance to spread their financial assets across multiple chains. 

0x, or is natively termed ZRX, an open-source protocol set up on the Ethereum blockchain. The ZRX protocol facilitates a networked kind of exchange for tokens that operate based on the Ethereum blockchain. ZRX tokens are also considered a decentralized exchange (DEX) operating to power the 0x protocol. 

The ZRX protocol is structured to allow for the affordable trading of Ethereum tokens straight from the wallet. The 0x platform provides a means for trading different tokenized assets. The platform strives to foster interoperability among decentralized applications (dapps), including exchange components.

What’s in This Guide?

The following guide is tailored to prepare you to learn the buying, selling and storing practices for the cryptocurrency market. The guide will also help you understand the important considerations when venturing into this market. 

Herein, you will find a well laid out guide to help you make a successful purchase, sale, or storage of your ZRX tokens. Whether you are new to the industry or an armature, this guide will work for you. 

  1. QUICK GUIDE: HOW TO BUY 0X IN AUSTRALIA
  2. Where to Buy 0x Tokens
  3. A Step-by-step Guide to Buying 0x in Australia
  4. How to Sell 0x
  5. Which Wallets Can I Use to Hold 0x Tokens?
  6. How 0x Tokens Work
  7. Key Things to Consider When Buying 0x Tokens
  8. FAQs

QUICK GUIDE: HOW TO BUY 0X IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select 0x
  5. Enter how many 0x tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy 0x Tokens

The most reliable place where you can confidently buy your ZRX tokens is over the exchange account. An exchange account is a platform designed to help any account holder buy or sell their tokens safely, effectively and efficiently, all in one place. When you are choosing an account, it is important to consider the critical consideration that your selected account must be able to support the transactions you intend to perform on the account. 

A Step-by-step Guide to Buying 0x in Australia

This guide is designed to lead you through the whole process of buying, selling and storing your ZRX tokens. By following this material, you will be able to buy ZRX in Australia. However, you must note that there is an openness to buying ZRX tokens using fiat currency or using other cryptocurrencies. 

Buying 0x with other cryptocurrencies

Buying ZRX tokens by exchanging them for other cryptocurrencies at predetermined rates is an easy a straightforward process.  In this transaction, you trade the cryptocurrencies that you possess in exchange for the ZRX tokens. If, however, you do not have any, then you must first buy them before proceeding with the trade. 

Buying 0x with fiat currency 

Using fiat currency to buy the ZRX tokens simply means using the currency of Australia (AUD) to buy the ZRX tokens. As such, buying ZRX using fiat currency necessitates that you deposit AUD into your exchange account before you can buy the cryptocurrency. 

The following steps will guide you through the process of buying ZRX in Australia. 

Step 1: Register an account

The first step is the registration process, easy to get done with a kind of procedure. The account registration process is the first step into owning your own exchange account. There are certain personal details that you must produce in this step, including your official name, phone number, and email address.  In line with set compliance measures, you must verify your identity using a government-issued identity card and a proof of address. 

Step 2: Deposit funds into the account

As part of the second step, you have to deposit funds into this account that will be used to buy the ZRX tokens. Depositing funds is done by linking your credit or debit card to the exchange account or making a direct bank transfer from your bank to the exchange account. 

Step 3: Buy 0x tokens

Now that you are all set and ready to start buying your ZRX tokens, you can decide to use fiat currency or exchange with other cryptocurrencies. Fiat currency entails using AUD to specify the amount of AUD you wish to spend in buying the coins and confirming your intention to move forward with the transaction. 

Alternatively, you can exchange cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and others to trade for ZRX tokens. There are, however, situations where an account does not support the use of fiat currency to buy ZRX. In such a case, you have to use other cryptocurrencies to buy the tokens. Supposing you do not own any other cryptocurrencies. You must first buy them and, after that, trade them for ZRX tokens. 

How to Sell 0x

Selling the ZRX requires that you visit the sell section of the account and enter the amount of ZRX tokens you want to sell. You can either sell them in exchange for other cryptocurrencies. You will later exchange for fiat currency before withdrawing or sell the ZRX directly for fiat currency.

The funds can later be withdrawn directly from the exchange account in the AUD currency. 

Which Wallets Can I Use to Hold 0x Tokens?

You can either use a hot wallet or a cold wallet to hold your tokens. 

Hot wallets store cryptocurrencies online, making it possible for the holder to withdraw easily for trade purposes. Hot wallets are for active traders who frequently use their tokens.

Cold wallets hold tokens offline using external hardware such as a USB drive. Cold wallets are a preferred choice for people who normally hold their tokens for a long time. 

How 0x Tokens Work

The working mechanism of the ZRX token is based on the Ethereum decentralized exchange (DEX) blockchain. ZRX serves to enable trading between assets and cryptocurrencies via smart contracts on the 0x platform. The ZRX platform was established in 2016 to provide a standard protocol on the Ethereum blockchain, facilitating the exchange of any Ethereum token. 

Key Things to Consider When Buying 0x Tokens

Some of the key things to consider include: 

Availability

Availability is a symbol of acceptance. Go for the more available tokens because this means they are accepted by traders. 

History

History can be a good indicator for the future. 

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FAQs

Where can I buy 0x?

You can only buy ZRX tokens from a crypto exchange platform.

Can I buy 0x using a credit card?

Certainly, you can buy ZRX using a credit card that you can link to the exchange.

Are cryptocurrencies risky?

The crypto market is generally risky.

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