How to Buy Cosmos in Australia
A Beginner’s Guide to Buying and Selling Cosmos Cryptocurrency in Australia
If you’re based in Australia and wish to buy Cosmos – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Cosmos tokens you want to buy.
Cosmos, known for its native token ATOM, is a popular cryptocurrency based on the blockchain network. Cosmos cryptocurrency is a growing ecosystem of conformity and only blockchain apps and services.
The cryptocurrency was built for a decentralized future and is a project intended to enable the creation and structuring of an ecosystem of parallel blockchains that would scale and interoperate together.
Cosmos cryptocurrency is intended to structure an ecosystem of parallel blockchains. Cosmos-based blockchains can now incorporate the recently launched Inter-Blockchain Communication (IBC) protocol.
Among the tokens that compete with the Cosmos, cryptocurrencies include Bitcoin, Ethereum, and Bitcoin Cash. Before investing in cryptocurrencies, you first need to research and gain ample knowledge that will help you make the right investment decisions.
What is This Guide?
This guide focuses on educating beginners about Cosmos and how one can buy or sell the token. The guide has been well detailed to ensure that even the freshest minds in the crypto space can understand what the token is and derive value from it.
Before reading this guide, you need to understand that cryptocurrencies are very risky and volatile. This means that you can lose all your investment by trading with cryptocurrencies. On the other hand, investing in crypto can also be very lucrative. The best way for you to understand this market as a beginner is to consult with a professional and follow renowned investors on Twitter to gain trading insights.
- QUICK GUIDE: HOW TO BUY COSMOS IN AUSTRALIA
- A Step-by-step Guide to Buying Cosmos in Australia
- How to Sell ATOM Tokens
- Which Wallets can I Use to Hold ATOM Tokens?
- How does Cosmos Work?
- Key Things to Consider Before Buying ATOM Tokens in Australia
QUICK GUIDE: HOW TO BUY COSMOS IN AUSTRALIA
- Open an account with an exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Cosmos
- Enter how many Cosmos ATOM tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying Cosmos in Australia
Buying Cosmos is a straightforward process that will only take you a few minutes. Cosmos is only offered on select exchanges to research to know some of the exchanges in Australia that support the token. Once you have found your ideal exchange, the process of purchasing ATOM tokens entails:
Step 1: Open an account on a crypto exchange
You can only buy ATOM tokens if you have an account on a crypto exchange. Opening an account is an easy process. All you need to provide is your name and contact information. However, for exchanges to comply with the set regulations, you will also be asked to verify your identity. The exchange can ask for your government-issued ID, proof of address, or both.
You also need to follow safe internet practices when opening your exchange account. This involves setting a two-factor authentication process that will protect your account and prevent chances of someone else impersonating you.
Step 2: Fund your exchange account
After setting up your account, you will need to add funds to it. You can use either your debit card or credit card to fund your account. You can add any funds to your account and buy your tokens depending on ATOM's market value.
Step 3: Buy ATOM tokens
Once your exchange has funds, you can buy ATOM tokens. The number of ATOM tokens that you buy will be displayed on your exchange account.
If you do not want to buy the tokens using fiat currencies, you can also buy them using cryptocurrencies. You can exchange ATOM tokens for other well-performing cryptos such as Bitcoin and Ethereum. To do this, you can select the pair that you want to trade for. A pair can be written as BTC/ATOM or ETH/ATOM.
As soon as you have bought your crypto tokens, you can either hold them in the exchange or transfer them to another wallet.
How to Sell ATOM Tokens
Selling ATOM tokens is also relatively easy. All you have to do is go to your exchange and select the number of tokens you want to sell. You do not have to sell all your tokens at once. You can select a proportion of the tokens and have some left for further speculation.
Besides, you also do not have to sell your tokens for fiat currencies. You can sell them to receive Bitcoin or other digital currencies in return. Most time, people sell cryptocurrencies to receive returns. However, one may incur losses if they sold their crypto at a lower value than those they purchased because of market volatility.
Which Wallets can I Use to Hold ATOM Tokens?
There are two broad categories of wallets, cold wallets and hot wallets. Institutional investors who buy large amounts of ATOM tokens use a cold wallet. The ideal feature of a cold wallet is that it stores your cryptocurrencies offline, and they are hence less susceptible to lose and hacking.
The other category of wallets is a hot wallet. A hot wallet is like the one where you hold your crypto at an exchange. With a hot wallet, your ATOM tokens will be stored online. However, hot wallets are not recommended if you hold large amounts of crypto for a long time. They are suitable for regular trading.
How does Cosmos Work?
The working mechanism of the ATOM token is based on the ethereum decentralized exchange (DEX) blockchain. ATOM serves to enable trading between assets and cryptocurrencies via smart contracts on the Cosmos platform. The ATOM platform was established in 2019 to create an "internet of blockchains" that resolves both scalability and interoperability issues in blockchains.
Key Things to Consider Before Buying ATOM Tokens in Australia
Some factors that you need to consider before buying ATOM tokens include the following:
You also need to check the volatility of the ATOM token before making a purchase decision. While volatility is unavoidable in the crypto sector, you can use the token’s price history to find its lowest values, highest values, and price fluctuations.
You also need to assess whether ATOM tokens are usable. You can gauge usability by checking whether the token can be used in developing DeFi projects and not just be used for speculation.
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Where can I buy Cosmos?
You can buy Cosmos from a crypto exchange. There are several crypto exchanges in Australia, so look for the ones that support ATOM tokens.
Can I buy Cosmos using a credit card?
Yes, it is possible to buy ATOM tokens using a credit card. Just link your credit card details to your exchange account.
Is investing in Cosmos risky?
Just like with other cryptocurrencies, investing in Cosmos is highly risky because of price volatility.