A Beginner’s Guide to Buying and Selling Decred Cryptocurrency in Australia
If you’re based in the Australia and wish to buy Decred – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Decred tokens you want to buy.
Decred cryptocurrency, short for decentralized credit, was launched on 1st February 2016. Decred coin is powered by its native token, the DCR, and was created on the principle that the community approves all transactions. The community also approves whichever changes are made regarding the protocol. To this end, there is no way for big Decred holders to manipulate the operation of the protocol.
Decred was heavily influenced by Bitcoin and utilized many of the underlying principles of the original cryptocurrency. Built to evolve according to the improvements voted on by the miners and the holders, DCR brings decentralized governance and decision-making to the blockchain.
What’s in This Guide?
The following guide serves to educate new entrants in the crypto space, focusing on the ones interested in Decred. 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, Decred included. For this reason, it is essential to seek the counsel of a financial advisor to give yourself a chance of gaining and not losing your investment.
Where to Buy Decred in Australia
The best platform from which you can buy Decred tokens is the crypto exchange account, and Australia offers many of these. However, you must take the time to determine that the exchange you are using supports both the Decred token and the AUD currency.
List of the best Exchanges to buy Decred (DCR) in Australia:
Looking where to buy Decred in Australia right now? Below you will find 4 of the best brokers that allow you to buy Decred in Australia.
- eToro - Best broker to buy Decred (DCR) in Australia
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- OKEx - Best broker to buy DCR in Australia for low-cost
A Step-by-step Guide to Buying Decred in Australia
There are two main ways that you can use to buy the DCR token. They include:
Buying Decred using fiat currencies
The first approach you can use to buy Decred 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 Decred with other cryptocurrencies
The second approach you can use to buy Decred entails exchanging other cryptocurrencies like Bitcoin, Ethereum, or Bitcoin Cash, among others, for the Decred token. However, while this option is usually the preferred one, not all exchange accounts support it.
To exchange other cryptocurrencies for the DCR coin, select the option that pairs with it. For instance, to buy DCR using Ethereum, select ETH/DCR and BTC/DCR in the case of Bitcoin.
To start buying Decred, follow these simple steps:
Step 1: Register with an exchange
Registering for an exchange account is the first step towards buying Decred tokens. 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 Decred 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, you must set a strong password. 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 Decred
Now that you have registered and funded your account, you can now buy the Decred tokens. Purchasing can be facilitated using AUD or by using other cryptocurrencies to trade for the Decred tokens. Buying via cryptocurrencies will require that you specify your intended exchange, for example, ETH/DCR for Ethereum and AUD/DCR, when you want to use AUD.
Finally, confirm the transaction and check your email. You will have received a notification that the process has been initiated.
How to Sell Decred
If you already own Decred tokens, you can also sell them at your convenience. The following steps will guide you to successfully selling the Decred tokens:
Sign in to the exchange account and find the “sell” section of the exchange account. Next, you key in the specific amount of Decred tokens you wish to sell or convert into AUD funds.
For exchange accounts that do not support selling the Decred 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 Decred?
Once you have already bought your DCR tokens, you will need a trustable place to store them. You have to get a crypto wallet to 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. Therefore, keep your tokens safe from all the vulnerabilities of online storage.
How Decred Works
The DCR token works in the same way as other cryptocurrencies and is based on the Ethereum blockchain. Decred is decentralized and therefore applicable for trade even in the absence of an intermediary. This quality makes the transaction cheaper, faster, and easier.
Key Things to Consider Before Buying Decred in Australia
There are certain factors that you must always consider before buying the Decred tokes. These include:
The availability of the token
A high availability score translates into increased value. The availability of the tokens determines whether they can be sold or bought easily.
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 Decred is no exception. Before venturing into Decred tokens, you have to know the risks involved and whether you can manage them.
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Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy Decred in Australia?
The ideal place to buy DCR tokens is the crypto exchange account.
Are Decred tokens volatile?
All cryptocurrencies, DCR included, are volatile. For this reason, investors must always research cryptocurrencies before investing.
Can I buy Decred with a credit card?
Decred 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 DCR tokens.