A Beginner’s Guide to Buying and Selling NEXO Cryptocurrency in Australia
If you’re based in Australia and wish to buy NEXO – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many NEXO tokens you want to buy.
The cryptocurrency market, though very promising, is not a very easy place. For this reason, a wise investor will often take the time to research and find out as much as possible about this agile and dynamic market. NEXO is one of the players in the crypto space and has managed to show significant promise since its inception. The coin is blockchain-based and, therefore, decentralized. As such, you will not need the services of a broker or intermediary before you can sell or buy the coins.
What’s in This Guide?
The following guide takes you step-by-step through the process of buying, selling, and storing the NEXO tokens, ensuring that you get value for your money. The content has been simplified for easy understanding, even for a new market entrant. However, investors are advised to consult with their financial advisor or someone who has some experience in the cryptocurrency market. Doing so will enable you to have knowledge and working strategies when they finally enter this market.
Where to Buy NEXO in Australia
The go-to place for when you want to buy the NEXO token is the crypto exchange account. As Australia offers several exchanges, investors must conduct significant research to determine the exchange that will work best for their situation. For instance, the account must be able to support AUD and the NEXO token in this case.
List of the best Exchanges to buy NEXO in Australia:
Looking where to buy NEXO in Australia right now? Below you will find 4 of the best brokers that allow you to buy NEXO in Australia.
- eToro - Best broker to buy NEXO in Australia
- Binance - Best exchange to buy NEXO in Australia for asset diversity
- Coinbase - Best exchange to buy NEXO for beginners
- OKEx - Best broker to buy NEXO in Australia for low-cost
A Step-by-step Guide to Buying NEXO in Australia
Follow this guide to ready yourself to buy NEXO tokens in Australia:
Buying NEXO with other cryptocurrencies
Traders and investors in the crypto market can buy the NEXO token by exchanging it for other cryptocurrencies. Some of the coins you can use for the exchange include Bitcoin, Bitcoin Cash, or Ethereum. To do so, you must first purchase the other crypto coins and trade them in for the NEXO tokens. While this option is very simple, all the accounts are not offered, hence the need for proper due diligence.
When using this approach, you have to select the pair that matches your intended transaction.
Buying NEXO using fiat currencies
You can also buy NEXO tokens through fiat currency. In this case, the AUD is used. As mentioned earlier, before registering with an exchange, ensure that it supports AUD.
Follow the following procedure to buy NEXO tokens in Australia:
Step 1: Register with an exchange
To start buying the NEXO tokens, you have to open an exchange account. Australia is known to have multiple exchanges. As such, you must do some research to find out the specific exchange account that best aligns with the type of transactions you intend to perform. In this case, the exchange must support the AUD currency and the NEXO token.
During the account registration process, you will be required to provide certain personal details, 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 NEXO. 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 NEXO
The third step is to buy NEXO now. Now that you have funded your account with either AUD or other cryptocurrencies, you can now exchange them for NEXO tokens. To buy using cryptocurrencies, select the pairs matched against NEXO. For instance, ETH/NEXO, BTC/NEXO, and others
To buy using the AUD, you can select the pair written AUD/NEXO.
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 NEXO
Selling the NEXO account is just as easy as it is to buy them. You have to navigate the account's sell section and specify the number of coins you wish to sell. After that, confirm the transaction details and go to your email. You will receive a notification to confirm that the transaction has been initiated.
You can either sell the NEXO tokens for AUD or trade them for other cryptocurrencies. For the latter option, all you have to do is select the pair that matches your intended transaction and later exchange the acquired coin for AUD. Lastly, withdraw the funds for the coins directly from your exchange account.
Which Wallets Can I Use to Hold NEXO?
You can use either the hot or cold wallets to hold your coins after you have bought them. The two wallets are different from each other in several ways. The hot wallet stores your coins online, allowing for fast retrieval when you want to use your coins for your transaction. On the other hand, Cold wallets store the tokens on external hardware such as a USB drive.
How NEXO Works
Just like other cryptocurrencies, NEXO is based on blockchain. A blockchain-based operation makes crypto decentralized an attribute that allows them to be bought and sold without an intermediary. Decentralization makes financial transactions easier, cheaper, and fast.
Key Things to Consider if You’re Thinking about Buying NEXO in Australia
Some things you should consider before buying NEXO in Australia include:
Select the tokens with a high supply circulation in the market because this will enable you to buy and sell easily and fast.
First establish whether the coin has multiple uses other than just trading. If it does, then you are sure its value will increase over time.
Every cryptocurrency is very volatile, and NEXO is no different. You need to invest in NEXO if you are aware of the high risk involved.
eToro – Best Platform to Buy Cryptos in Australia
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy NEXO in Australia?
The best avenue for buying NEXO tokens is from a cryptocurrency exchange.
Are NEXO tokens volatile?
NEXO tokens are highly volatile because their prices keep fluctuating. Volatility is a common feature among all cryptocurrencies.
Can I buy NEXO with a credit card?
Yes, most exchange accounts allow users to use a credit card as one of the ways to fund their accounts.