A Beginner’s Guide to Buying Chainlink Cryptocurrency in Australia
If you’re based in Australia and wish to buy Chainlink – the process is very straight. All you need to do is find a regulated exchange, deposit some funds with a debit/credit card, and decide how many LINK tokens you want to buy.
Chainlink (LINK) is a blockchain platform that uses off-chain resources to link smart contracts. The smart contracts access data, APIs, and traditional banking systems and link them to the blockchain system.
Chainlink also has its native crypto, LINK, traded on major exchanges to enable holders to earn generous profits. The LINK token is similar to Bitcoin, Ethereum and others. LINK is classified among the top ten cryptocurrencies in terms of market cap.
What is in this guide?
This guide will give you all the information you need to know about Chainlink (LINK). If you also want to buy and hold the crypto, the guide will help you with the same process. However, if you are just a beginner, this guide may not give you the extra information you need to understand the blockchain system and how it works.
Before reading this guide, you need to note that investing in cryptocurrencies is a highly risky venture. Whilst you may make massive profits from speculation, you can also make massive losses.
Where to buy Chainlink in Australia
The only place where you can buy Chainlink in Australia is from a cryptocurrency exchange. There are many crypto exchanges in Australia, and they all work similarly. The only difference is the fiat currencies supported and the cryptocurrencies offered. If you are buying Chainlink in Australia, ensure the exchange supports AUD and LINK tokens.
List of the best Exchanges to buy Chainlink (LINK) in Australia:
Looking where to buy Chainlink in Australia right now? Below you will find 4 of the best brokers that allow you to buy Chainlink in Australia.
- eToro - Best broker to buy Chainlink (LINK) in Australia
- Binance - Best exchange to buy Chainlink in Australia for asset diversity
- Coinbase - Best exchange to buy Chainlink (LINK) for beginners
- OKEx - Best broker to buy LINK in Australia for low-cost
A step-by-step guide to buying Chainlink in Australia
You can either buy Chainlink LINK tokens using AUD or using other cryptocurrencies. If you already hold other cryptocurrencies, you can trade them for LINK tokens. However, some exchanges do not support this.
To buy LINK tokens, follow the process below:
1. Open an online account
As mentioned earlier, there are many exchanges that you can choose from. However, ensure that you are creating an account on an exchange that supports LINK tokens. When creating the account, you will be required to provide details such as your name and contact information. You will also be required to verify your identity by providing a government-issued ID. When creating the account, set a multi-factor authentication process to keep your funds and tokens safe.
2. Deposit funds into your account
Once you have opened your exchange account, you need funds to buy LINK tokens. The exchange usually gives you a prompt to select the best way for you to deposit your funds. Most exchanges have a credit card option that allows you to deposit funds directly from your bank to the exchange.
3. Buy Chainlink (LINK) tokens
The last step is to buy LINK tokens with the amount you have deposited. If you hold the cryptocurrencies such as BTC or ETH on the exchange, you can trade these for LINK tokens.
You can either buy LINK tokens at the set market price or set your limit price. With a limit price, LINK tokens will automatically be bought when their value reaches a specific price. The number of LINK tokens you receive will depend on its current market value.
Read More: The 5 Best Ways To Buy Chainlink (LINK)
How to sell LINK tokens
If you want to sell LINK tokens, the process is as smooth as the buying process. You can sell the tokens from the exchange. You can either sell them for fiat currency that you can later withdraw from the exchange. You can also sell it for other cryptocurrencies.
Most people sell LINK tokens to derive quick profits from the sale. You will get profits when the value you are selling is higher than the value at which you purchased the tokens.
Which wallets can I use to hold LINK tokens?
If you do not want to sell your LINK tokens just yet, the best place for you to store them is in crypto wallets.
Crypto wallets can be either hot wallets or cold wallets. Cold wallets store LINK tokens offline, and they are ideal if you are holding large amounts of LINK tokens or do not want to sell them any time soon. Most cold wallets are in the form of hardware wallets stored on external devices such as a USB drive.
You can also store your LINK tokens on a hot wallet, an online wallet mostly found on exchanges. The best thing about hot wallets is that they make it easy and convenient for you to trade crypto any time.
How does Chainlink work?
Chainlink is a blockchain-enabled system. It is a decentralized protocol that has great potential in transforming various systems especially financial systems. Blockchain makes it possible for people to avoid central bank interference. This makes transactions faster and cheaper. Using LINK tokens instead of fiat currency also helps you avoid foreign exchange rates.
Don't Miss: Chainlink Price Predictions
Key things to consider before buying Chainlink in Australia
Below are some factors you should put into consideration before buying Chainlink LINK tokens:
You need to research the number of LINK tokens in circulation. Currently, there are at least 1 Billion LINK tokens, with 365 million of these being in circulation. The availability can help you predict its price movement.
The value of a token also depends on its usability and the token’s potential. Look at the applications of Chainlink to help you decide if it is a great buy.
Also, look at the major competitors of Chainlink. Evaluate their price movement to help you understand where Chainlink’s value stands.
All cryptocurrencies are volatile. However, there are those whose prices do not fluctuate as periodically as others do. Look at Chainlink’s history to understand the level of market volatility. However, you should note that the crypto market is highly unpredictable, and sometimes price movements may go beyond expectations.
eToro – Best Exchange to Buy Chainlink in Australia
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Is Chainlink the same as Bitcoin?
Both LINK and Bitcoin are cryptocurrencies, with the only difference being the platforms they run on. Bitcoin runs on the Bitcoin PoW Blockchain. On the other hand, LINK is powered by the Ethereum Blockchain.
Where can I Buy Chainlink?
You can buy Chainlink on a cryptocurrency exchange that supports LINK tokens.
Can I trade Chainlink for other cryptocurrencies?
You can trade LINK tokens for other tokens such as Bitcoin and Ethereum. However, this is not available on all exchanges.