How to Buy Internet Computer (ICP) in Australia
A Beginner’s Guide to Buying Internet Computer Cryptocurrency in Australia
If you’re based in Australia and wish to buy Internet Computer – the process is very simple. All you need to do is find a regulated exchange that offers competitive fees, deposit some funds with a debit/credit card, and decide how much you wish to buy.
Internet Computer tokens were launched on May 2021. In terms of market cap, ICP is the 8th largest cryptocurrency in the world. The token was built to process power on the Internet Computer Network. The tokens used on the network are burnet, which makes ICP a deflationary currency.
There are 469 million tokens in supply, with 123 million already in circulation. Because of this high deviation, there is a likelihood that circulating tokens can increase, leading to devaluation. As of May 12, ICP tokens were trading at around $350.
What is in this guide?
This guide will take you through what ICP is and how you can hold and derive value from the token. The guide will guide you through the purchase and sale process. It will also offer insights on some factors to consider before buying ICP tokens.
If you are not a risky trader, cryptocurrencies may not be suitable for you because their prices are very volatile. Cryptocurrencies can easily change in value, which may cause you great losses. Before venturing into this sector, take time to understand the market and seek professional advice before investing.
- QUICK GUIDE: HOW TO BUY INTERNET COMPUTER IN AUSTRALIA
- Where to Buy Internet Computer ICP in Australia
- A step-by-step guide to buying ICP in Australia
- How to Sell Internet Computer ICP tokens
- Which wallets can I use to hold ICP tokens?
- How Internet Computer works
- Key things to consider before buying Internet Computer in Australia
QUICK GUIDE: HOW TO BUY INTERNET COMPUTER IN AUSTRALIA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Internet Computer.
- Enter how many internet Computer tokens you want to buy.
- Check the details and confirm your purchase.
Where to Buy Internet Computer ICP in Australia
You can buy Internet Computer ICP tokens from an cryptocurrency exchange in Australia that supports the token. Research if any exchanges are offering the token. Because ICP is new in the crypto market, not all exchanges in the country support it.
A step-by-step guide to buying ICP in Australia
There are two ways for you to buy Internet Computer ICP tokens. You can use either fiat currency or other cryptocurrencies. If you are selecting an exchange to buy ICP tokens with, ensure they can support AUD or support the exchange of ICP with other coins.
Buying Internet Computer ICP with other cryptocurrencies
If you hold other cryptocurrencies, you can exchange them with ICP tokens. The process for doing this is very easy. Withdraw the tokens you want to trade from your crypto wallet and into the exchange. Exchange the tokens by selecting a pair such as the BTC/ICP pair.
Buying Internet Computer ICP with fiat currencies
This is the easiest way of purchasing Internet Computer ICP tokens and the most ideal for beginners. However, to buy ICP with fiat currency, you need to ensure that the exchange supports AUD. Once you deposit the funds you want to purchase with and confirm your details, you will receive ICP tokens equivalent to that value.
The process of buying ICP tokens with AUD entails the following:
Step 1: Open an online account
After you have researched and settled on an exchange that supports ICP tokens and the AUD, the next step is to create an account. Creating an account is a simple and fast process that will only take several minutes.
You will be prompted to provide several details about yourself when opening an exchange account. These details include your name, phone number, and email address. Depending on the exchange, you will be required to verify the information you have provided using a government-issued ID or any other supporting document.
When creating an account, you need to create a two-factor authentication process that will keep your tokens safe in the exchange.
Step 2: Fund your account
You need funds to purchase ICP tokens. You can use fiat currency to buy your tokens by linking a credit card to the exchange. Most exchanges will guide you on successfully linking your card and using it to make purchases.
Once you have linked your card, deposit the amount of AUD you want to spend on the ICP tokens.
Step 3: Buy Internet Computer ICP tokens
The final step is to buy the Internet Computer ICP tokens. The buy option is usually located at the top part of the exchange page. Once you have the prompt, enter the amount of AUD you want to spend, which will give you ICP tokens that are equivalent to the amount going by the prevailing market rates.
After confirming your transaction, you will receive a notification with details of your purchase. The number of tokens bought will be displayed on your exchange account.
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How to Sell Internet Computer ICP tokens
If you want to sell ICP tokens, you can follow the same process as buying the tokens. Go to your exchange account and the sell option to input the number of tokens you want to sell. The tokens will be sold at the prevailing market price.
You can sell ICP tokens for AUD or trade them for other cryptocurrencies such as Bitcoin and Ethereum.
Which wallets can I use to hold Internet Computer tokens?
If you want to hold ICP tokens, you can do so using a crypto wallet. If you do not want to trade your ICP tokens regularly but only want to HODL, you can choose a cold hardware wallet. The wallet keeps your tokens safe by storing them offline.
If you are a retail trader looking to make quick profits from rapid price movements, you can store ICP tokens on a hot wallet. These are online wallets that are mostly offered by exchanges.
How Internet Computer works
ICP works differently from fiat currency. The token is based on the blockchain decentralised system. This means that they are free from intermediaries such as central banks and governments.
Mostly, people buy ICP tokens for speculation and sell after prices have been appreciated. The tokens can also be used to power the Internet Computer Network and to support other DeFi projects.
Key things to consider before buying Internet Computer in Australia
Some things to put into consideration before buying ICP tokens include:
The first thing you should consider when buying ICP tokens is usability. The tokens should be adaptable on several projects on decentralized networks to push their value.
There is no way to predict a token’s volatility. However, if you are a retail trader, you can check price performance to make trading decisions.
The other factor you need to check is competition. Evaluate the competing tokens of ICP to diversify your portfolio by buying multiple tokens.
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Where can I buy ICP tokens?
You can buy ICP from an exchange in Australia that supports the token
Can I buy ICP with my credit card?
Yes, you can buy ICP with your credit card. All you need is to link the card with the exchange
Is investing in ICP risky?
Investing in all cryptocurrencies can be highly risky because of price volatility. It is advised that you invest with caution.