How to Buy LISK in Australia 

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

Last Updated July 23rd 2021
5 Min Read

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

LISK is a decentralized protocol that is based on the Ethereum network. The LISK exchange has its native token known as LSK and describes a governance token that allows holders to pay for transaction fees on the LISK blockchain. In so doing, the holders become able to table proposals that will create change on the LISK platform. 

What is this guide?

This guide focuses on educating beginners about LISK and how one can buy or sell the token. The guide has been well detailed to ensure that even the freshest minds in the crypto space can understand what the token is and derive value from it. 

Before reading this guide, you need to understand that cryptocurrencies are very risky and volatile. This means that you can lose all your investment by trading with cryptocurrencies. On the other hand, investing in crypto can also be very lucrative. The best way for you to understand this market as a beginner is to consult with a professional and follow renowned investors on Twitter to gain trading insights. 

  1. QUICK GUIDE: HOW TO BUY LISK IN AUSTRALIA
  2. A step-by-step guide to buying LISK in Australia
  3. How to sell LISK tokens
  4. Which wallets can I use to hold LISK tokens?
  5. How does LISK work?
  6. Key things to consider if you are thinking about buying LISK tokens in Australia
  7. FAQs

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

A step-by-step guide to buying LISK in Australia 

Buying LISK is a very easy process that will only take you a few minutes. LISK is only offered on select exchanges to research to know some of the exchanges in Australia that support the token. Once you have found your ideal exchange, the process of purchasing LSK tokens entails: 

Step 1: Open an account on a crypto exchange 

You can only buy LSK tokens if you have an account on a crypto exchange. Opening an account is an easy process. All you need to provide is your name and contact information. However, for exchanges to comply with the set regulations, you will also be asked to verify your identity. The exchange can ask for your government-issued ID, proof of address, or both. 

You also need to follow safe internet practices when opening your exchange account. This involves setting a two-factor authentication process that will protect your account and prevent chances of someone else impersonating you. 

Step 2: fund your exchange account 

After setting up your account, you will need to add funds to it. You can use either your debit card or credit card to fund your account. You can add any amount of funds to your account and buy your tokens depending on LSK’s market value. 

Step 3: Buy LISK tokens

Once your exchange has funds, you can buy LSK tokens. The number of LSK tokens that you buy will be displayed on your exchange account. 

If you do not want to buy the tokens using fiat currencies, you can also buy them using cryptocurrencies. You can exchange LSK tokens for other well-performing cryptocurrencies such as Bitcoin and Ethereum. To do this, you can select the pair that you want to trade for. A pair can be written as LSK/BTC or LSK/ETH. 

As soon as you have bought your crypto tokens, you can either hold them in the exchange or transfer them to another wallet. 

How to sell LISK tokens 

Selling LSK tokens is also quite easy. All you have to do is go to your exchange and select the number of tokens you want to sell. You do not have to sell all your tokens at once. You can select a proportion of the tokens and have some left for further speculation. 

Besides, you also do not have to sell your tokens for fiat currencies. You can sell them to receive Bitcoin or other digital currencies in return. Most time, people sell cryptocurrencies to receive returns. However, one may incur losses if they sold their crypto at a lower value than the one they purchased because of market volatility. 

Which wallets can I use to hold LISK tokens? 

There are two broad categories of crypto wallets, cold wallets and hot wallets.  Institutional investors who buy large amounts of LSK tokens mostly use a cold wallet. The ideal feature of a cold wallet is that it stores your cryptocurrencies offline, and they are hence less susceptible to loss and hacking. 

The other category of wallets is a hot wallet. A hot wallet is like the one where you hold our crypto at an exchange. With a hot wallet, your LSK tokens will be stored online. However, hot wallets are not recommended if you hold large amounts of crypto for a long time. They are suitable for regular trading. 

How does LISK work? 

LISK is a decentralized exchange. It is different from other exchanges because a single entity does not control it. The LISK exchange was launched in 2016 on the Ethereum blockchain

LSK tokens were launched in 2016. They allow holders to have governance rights that enable them to be part of the decision-making process for the company. At the time of creation, LISK developed 1 billion LSK tokens. 

The LSK tokens are different from the normal currencies. The tokens are decentralized as central banks and governments do not monitor them. They are also convenient because foreign exchange rates do not disrupt them. LSK tokens can be easily be exchanged for any cryptocurrency. 

Key things to consider if you are thinking about buying LISK tokens in Australia

Some factors that you need to consider before buying LSK tokens include the following: 

Volatility

You also need to check the volatility of the LSK token before making a purchase decision. While volatility is unavoidable in the crypto sector, you can use the token’s price history to find its lowest values, highest values, and price fluctuations. 

Usability

You also need to assess whether LSK tokens are usable. You can gauge usability by checking whether the token can be used in developing DeFi projects and not just be used for speculation. 

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FAQs 

Where can I buy LISK? 

You can buy LISK from a crypto exchange. There are several crypto exchanges in Australia, so look for the ones that support LSK tokens. 

Can I buy LISK using a credit card? 

Yes, it is possible to buy LSK tokens using a credit card. Just link your credit card details to your exchange account. 

Is investing in LISK risky? 

Just like with other cryptocurrencies, investing in LISK is highly risky because of price volatility.

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