If you’re based in Australia and wish to buy Ethereum Classic – the process is very simple. All you need to do is find a regulated online exchange that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
Before investing in cryptocurrencies, you first need to research and gain ample knowledge that will help you make the right investment decisions.
Ethereum Classic is one of the most popular cryptocurrencies in the market. The token is renowned for its incredible contributions in decentralized finance, given that it is based on the blockchain network. The major competing tokens for Ethereum Classic are Bitcoin, Ethereum, and Bitcoin Cash.
What’s in this guide?
With this guide, any crypto investor who wants to invest in Ethereum classic will know how to buy, sell, and store ETC tokens. The guide is well-detailed to ensure that even a beginner can understand all the steps involved.
However, if you are unsure of investing in crypto, 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.
- QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN AUSTRALIA
- Where to buy Ethereum Classic in Australia
- A step-by-step guide to buying Ethereum Classic in Australia
- How to sell Ethereum Classic
- Which wallets can I use to hold Ethereum Classic
- How Ethereum Classic works
- Key things to consider before buying Ethereum Classic in Australia
QUICK GUIDE: HOW TO BUY ETHEREUM CLASSIC IN AUSTRALIA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Ethereum Classic.
- Enter how many Ethereum Classic ETC tokens you want to buy.
- Check the details and confirm your purchase.
Where to buy Ethereum Classic in Australia
If you want to buy Ethereum Classic 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 Ethereum Classic and AUD.
A Step-by-step Guide to Buying Ethereum Classic in Australia
If you want to buy Ethereum Classic, there are two main ways for you to do it:
Buying Ethereum Classic with other cryptocurrencies
The first way of buying Ethereum Classic tokens is by using other cryptocurrencies. All you need is to buy other cryptocurrencies and then exchange them for Ethereum Classic. This option is not available on all exchanges.
For example, if you want to buy Ethereum Classic using Bitcoin, look out for the pair labeled BTC/ETC, and this will exchange your Bitcoin with Ethereum Classic tokens.
Buying Ethereum Classic using fiat currencies
The other way for you to buy Ethereum Classic 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 Ethereum Classic, follow these simple steps:
Step 1: Open an account with an exchange
The first step you need to take is to register with an exchange account. Australia has several crypto exchange companies, and all you need to do is choose the company that best suits your needs and one that supports Ethereum Classic and AUD. Some details will be requested of you 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 Ethereum Classic. 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 Ethereum Classic
The third and most important step is to buy Ethereum Classic now. Now that you have funded your account with either AUD or other cryptocurrencies, you can now exchange them for Ethereum Classic tokens.
If you want to buy using cryptocurrencies, select the pairs matched against Ethereum Classic. These pairs will be listed as ETH/ETC, BTC/ETC, and others. To buy with AUD, you can select the pair written AUD/ETC.
After selecting the pairs you would like to exchange with, confirm your transaction and an email will notify you that the transaction has been processed.
Check Out: How to Trade Ethereum Classic
How to Sell Ethereum Classic
After you have bought Ethereum classic 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 that you have exchanged the tokens for.
If the exchange does not support the exchange of Ethereum Classic to AUD directly, 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 Ethereum Classic?
There are two ways you can hold crypto tokens. One of these crypto 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 Ethereum Classic 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 Ethereum Classic works
Just like other cryptocurrencies, Ethereum Classic 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 easier, cheaper, and fast.
Key things to consider before buying Ethereum Classic in Australia
Some things you should consider before buying Ethereum Classic in Australia include:
The first thing you need to consider is the availability of Ethereum Classic 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.
The best tokens are those that can be used for purposes other than trading. Conduct research on whether Ethereum Classic can support other DeFi projects because this will raise its future value.
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 Ethereum Classic if you are aware of the high risk involved.
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Where can I buy Ethereum Classic in Australia?
The only place for you to buy Ethereum classic is from a cryptocurrency exchange
Are Ethereum Classic tokens volatile?
Just like with the other cryptocurrencies, Ethereum Classic tokens are highly volatile because their prices keep fluctuating.
Can I buy Ethereum Classic with a credit card?
Yes, that is one of the options some exchanges will give you to fund your account.