A Beginner’s Guide to Buying Decentraland Cryptocurrency in Australia
If you’re based in Australia and looking to buy Decentraland MANA – the process is very simple. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many Decentraland tokens you want to buy.
Cryptocurrencies are a very promising investment and hold the potential to multiply very fast. Nonetheless, it is also a very risky investment avenue, hence the need to conduct thorough research to give you the much-needed knowledge and skills for proper decision-making.
Decentraland stands the first and most established coin in the crypto market today. The coin has gained significant popularity and is based on the Ethereum blockchain.
Decentraland is a key player in decentralized finance and has managed to survive and thrive amidst the agility of the crypto market. Users can use the Ethereum-based blockchain platform to buy virtual reality applications, build them, and monetize them. It is also possible to buy virtual land over the platform. This action would make it possible for you to own and control the respective environment and the applications created within the land.
What’s in this guide?
The following guide serves to educate new entrants in the crypto space, focusing on the ones interested in Decentraland. The guide shows the simplest way to sell, buy and store the tokens. The guide will take you through a step-by-step process, ensuring that you transact effectively and efficiently throughout the entire procedure.
While the crypto market offers a promising financial future, it is also a very risky investment avenue, Decentraland included. For this reason, it is important to seek the counsel of a financial advisor to give yourself a chance of gaining and not losing your investment.
Where to buy Decentraland in Australia
The best platform from which you can buy Decentraland tokens is the cryptocurrency exchange account, and Australia offers many of these. However, it is important that you take the time to determine that the exchange you are using supports both the Decentraland token and the AUD currency.
List of the best Exchanges to buy Decentraland (MANA) in Australia:
Looking where to buy Decentraland in Australia right now? Below you will find 4 of the best brokers that allow you to buy Decentraland in Australia.
- eToro - Best broker to buy Decentraland (MANA) in Australia
- Binance - Best exchange to buy Decentraland in Australia for asset diversity
- Coinbase - Best exchange to buy Decentraland (MANA) for beginners
- OKEx - Best broker to buy MANA in Australia for low-cost
A step-by-step guide to buying Decentraland in Australia
There are two main ways that you can use to buy the Decentraland token. They include:
Buying Decentraland using fiat currencies
The first approach you can use to buy Decentraland is fiat currency, which entails using the AUD currency. To use this method, you must first make sure that the exchange account you register with will support the AUD.
Buying Decentraland with other cryptocurrencies
The second approach you can use to buy Decentraland entails exchanging other cryptocurrencies like Bitcoin, Ethereum, or Bitcoin Cash, among others, for the Decentraland token. However, while this option is normally the preferred one, not all exchange accounts support it.
To exchange other cryptocurrencies for the Decentraland coin, select the option that pairs with it, for instance, Ethereum, select Ethereum/Decentraland, and Bitcoin/Decentraland in the case for Bitcoin.
To start buying Decentraland, follow these simple steps:
Step 1: Register with an exchange
Registering for an exchange account is the first step towards buying Decentraland tokens, and Australia is one of the best places to look because they have many exchange companies. For your transaction to be successful, you must choose the exchange that best aligns with the type of transaction you intend to do. The exchange must support Decentraland and AUD.
During the registration process, you will be required to provide the required personal information to complete the process. Some of this information includes your name, telephone number, and email address. You will also have to verify your identity using a government-issued document as specified by the KYC rules.
For security maximization purposes, it is imperative that you set a very strong password, and with it, multi-factor authentication keeps the account safe from unauthorized access.
Step 2: Fund your account
After registration, you have to fund the account before you can begin the buying process. Funding the account is through a direct bank transfer or by linking your credit or debit card to the exchange account.
Step 3: Buy Decentraland
Now that you have registered and funded your account, you can now buy the Decentraland tokens. Purchasing can be facilitated using AUD or by using other cryptocurrencies to trade for the Decentraland tokens. As mention earlier, buying via cryptocurrencies will require that you specify your intended exchange, for example, Ethereum/Decentraland for Ethereum and Australian Dollars/ Decentraland, when you want to use AUD.
Finally, confirm the transaction and check your email, where you will have received a notification that the process has been initiated.
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How to Sell Decentraland
If you already own Decentraland tokens, you can also sell them at your convenience. The following steps will guide you to successfully selling the Decentraland tokens:
Sign in to the exchange account and find the “sell” section of the exchange account. Next, you key in the specific amount of Decentraland tokens you wish to sell or convert into AUD funds.
For exchange accounts that do not support selling the Decentraland tokens for AUD, you can trade them for other cryptocurrencies and exchange these coins for AUD. The funds will, after that, be available for withdrawal from your exchange account.
Which wallets can I use to hold Decentraland?
Once you have already bought your Decentraland tokens, you will need a trustable place to store them. You have to get a crypto wallet where you will either store your tokens online or offline for safety.
Online storage requires a hot wallet, which allows you to store the coins only for a short period as you wait to trade them. Regarding offline storage, you need a cold wallet. Cold wallets are on a hardware device such as a USB drive, and therefore keep your tokens safe from all the vulnerabilities of online storage.
How Decentraland works
The Decentraland token works in the same way as other cryptocurrencies and is based on the Ethereum blockchain. Decentraland is decentralized and therefore applicable for trade even in the absence of an intermediary, a quality that makes the transaction cheaper, faster, and easier.
Read Also: Decentraland (MANA) Price Predictions
Key things to consider if you’re thinking about buying Decentraland in Australia
There are certain factors that you must always consider before buying the Decentraland tokes. These include:-
The availability of the token
The availability of the tokens determines whether they can be sold or bought easily. A high availability score translates into increased value.
Usability of the token
Tokens that have a wide range of applications hold more value compared to those that have few uses.
The volatility of the token
The crypto market is full of volatile tokens, and Decentraland is no exception. Before venturing into Decentraland tokens, you have to know the risks involved and whether you can manage them.
eToro – The Best Platform to Buy Decentraland 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.
Where can I buy Decentraland in Australia?
The ideal place to buy Decentraland tokens is the crypto exchange account.
Are Decentraland tokens volatile?
All cryptocurrencies, Decentraland included, are volatile. For this reason, investors must always research cryptocurrencies before investing.
Can I buy Decentraland with a credit card?
Decentraland tokens can be bought through direct bank transfer, credit card, and debit card or by exchanging other cryptocurrencies like Bitcoin, Ethereum, or Bitcoin Cash, among others, for Decentraland tokens.