How to Buy Elrond in Australia

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

5 Min Read
Last Updated July 23rd 2021

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

Elrond is one of the most popular cryptocurrencies in the market. With eGold (EGLD) as its native token, Elrond is a top-rated coin in the crypto market, serving to pay network fees, staking and rewarding validators, among other purposes enabled by its characteristic ability to offer breakneck transaction speeds by using sharding.

The token is renowned for its incredible contributions in decentralized finance, given that it is based on the blockchain network. Some of the tokens that compete with Elrond in the crypto market include ZRX, Holo coin, and AAVE among others. Nonetheless, investors must always research to gain insight concerning the crypto market. The research must be done before they dive in as traders or investors, as this avenue can be very volatile and risky.

What is in This Guide? 

With this guide, any crypto trader who wants to invest in Elrond will know how to buy, sell, and store Elrond tokens. The guide is well-detailed to ensure that even a beginner can understand all the steps involved. 

However, suppose you are unsure of investing in crypto. In that case, you need to first consult with a financial advisor to understand all the stakes involved. To begin with, investing in cryptocurrencies is very risky, and sometimes traders lose their money. 

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

QUICK GUIDE: HOW TO BUY ELROND 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 Elrond
  5. Enter how many Elrond tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy Elrond in Australia 

If you want to buy Elrond in Australia, the only place to do it is from a crypto exchange. There are several crypto exchanges in the country, and you research the ones that support Elrond and AUD. 

A Step-by-step Guide to Buying Elrond in Australia 

If you want to buy Elrond, there are two main ways for you to do it: 

Buying Elrond with other cryptocurrencies 

The first way of buying Elrond tokens is by using other cryptocurrencies. All you need is to buy other cryptocurrencies and then exchange them for Elrond. This option is not available on all exchanges. 

For example, if you want to buy Elrond using Bitcoin, look out for the pair labelled BTC/EGLD, and this will exchange your Bitcoin with Elrond tokens. 

Buying Elrond using fiat currencies 

The other way for you to buy Elrond is by using fiat currency and, in this case, the AUD. As mentioned earlier, before registering with an exchange, ensure that it supports AUD. 

To start buying Elrond, follow these simple steps: 

Step 1: Register with an exchange 

The first step you need to take is to register with an exchange account. Australia has several crypto exchange companies. All you need to do is choose the company that best suits your needs and supports Elrond and AUD. Some details will be requested to open the exchange account, including your name, telephone number, email address, and more. 

Because of compliance measures given to exchanges, you will also have to verify some details you have provided through basic KYC rules. To verify, you will need supporting documents such as a government-issued ID, proof of address, and others. 

When setting up the account, you need to set a strong password and multi-factor authentication to ensure that you keep your account safe from any third-party interference. 

Step 2: Fund your account 

The second step is to fund your account so that you can buy Elrond. To fund the account, link your bank account to the exchange, or you can also link your credit card or debit card. 

Step 3: Buy Elrond 

The third and most crucial step is to buy Elrond now. Now that you have funded your account with either AUD or other cryptocurrencies, you can now exchange them for Elrond tokens. 

If you want to buy using cryptocurrencies, select the pairs matched against Elrond. These pairs will be listed as ETH/EGLD, BTC/EGLD, and others. To buy with AUD, you can select the pair written AUD/EGLD. 

After selecting the pairs, you would like to exchange with, confirm your transaction. An email will notify you that the transaction has been processed. 

How to Sell Elrond 

After you have bought Elrond tokens and want to sell them after some time, you can follow the same process as buying the tokens. 

Sign in to your exchange account and go to the sell section of the exchange. Afterwards, you can select the amount you want to sell and receive funds to exchange the tokens. 

Suppose the exchange does not support the exchange of EGLD to AUD directly. In that case, you can exchange the tokens for other cryptocurrencies that you can later sell for AUD. Once you have your funds back, you can later withdraw them from the exchange account. 

Which Wallets Can I Use to Hold Elrond? 

There are two ways you can hold crypto tokens. One of these wallets is the online wallet that will store your tokens online. Online wallets are also known as hot wallets, and they allow you to withdraw and sell your crypto whenever you want to. 

The other type of wallet is the cold wallet. This allows you to hold your Elrond tokens for a long time without having to sell them. Cold wallets are safe because they store your tokens offline on external devices such as a USB drive. 

How Elrond Works 

Just like other cryptocurrencies, Elrond is based on blockchain. This gives it a decentralized feature that allows it to be bought and sold without an intermediary. 

Decentralization makes financial transactions more manageable, cheaper, and fast. 

Key Things to Consider Before Buying Elrond in Australia 

Some things you should consider before buying Elrond in Australia include: 

Availability 

The first thing you need to consider is the availability of Elrond tokens. You should select the tokens with a high supply circulation in the market because this will enable you to buy and sell at will. 

Usability 

The best tokens are those that can be used for purposes other than trading. Conduct research on whether Elrond can support other DeFi projects because this will raise its future value. 

Volatility 

You also need to check the volatility of the token. Every cryptocurrency is very volatile because its prices will keep changing. You need to invest in Elrond if you are aware of the high risk involved. 

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FAQs 

Where can I buy Elrond in Australia? 

The only place for you to buy Elrond is from a cryptocurrency exchange 

Are Elrond tokens volatile? 

Just like with the other cryptocurrencies, Elrond tokens are highly volatile because their prices keep fluctuating. 

Can I buy Elrond with a credit card? 

Yes, that is one of the options some exchanges will give you to fund your account. 

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