How to Buy Small Love Potion in Australia

A Beginner’s Guide to Buying and Selling Small Love Potion Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and looking to to buy Small Love Potion – the process is very simple. All you need to do is find a regulated exchange, deposit funds, and decide how many Small Love Potion tokens you want to buy.

Investing in cryptocurrencies requires tactic, wisdom and insight, but most importantly, it requires the willingness to take risks. The risk must also be calculated so that they are not detrimental to the investors' financial position. For this reason, an investor should seek the counsel of a professional with enough experience and knowledge to guide you through the process. 

There are many cryptocurrencies in the market today. Other than the more popular ones like Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic, the famous Small Love Potion is abbreviated as SLP. 

Small Love Potion is an ERC-20 token on the Axie Infinity platform used to breed new digital pets (Axies).  The crypto-token operates in the Axie Infinity ecosystem that is minted. The gaming token initially served as a means for powering the breeding of digital pets called Axies. 

This guide will take you systematically over what Small Love Potion SLP is and give you details on how you can buy or sell the token. It will also give you a list of things to consider before buying the token. The guide also answers some questions that people who are just getting started on crypto may have. 

However, if you are a beginner, you need to research more about the crypto market to gain professional insights. The crypto space can be very unpredictable. You need to ensure that you are equipped with all the knowledge you need before venturing into the sector.

What is in this Guide? 

  1. QUICK GUIDE: HOW TO BUY SMALL LOVE POTION IN AUSTRALIA
  2. Where to Buy Small Love Potion (SLP) in Australia
  3. A Step-by-step Guide to Buying Small Love Potion (SLP) in Australia
  4. How to Sell SLP Tokens
  5. Which Wallets can I Use to Hold SLP Tokens?
  6. How does Small Love Potion (SLP) Work?
  7. Key Things to Consider Before Buying SLP Tokens in Australia
  8. FAQs 

QUICK GUIDE: HOW TO BUY SMALL LOVE POTION IN AUSTRALIA

Don't have time to read our quide in full? Below you'll see six quick steps that you need to follow to buy Small Love Potion 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 Small Love Potion
  5. Enter how many Small Love Potion tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy Small Love Potion (SLP) in Australia  

You can buy SLP tokens from a cryptocurrency exchange. There are several crypto exchanges in Australia. You only need to select the one that supports both the AUD and SLP tokens. 

On an exchange, there are two main ways that you can buy SLP tokens. You can either use fiat currency to exchange for the tokens or use another cryptocurrency. However, the latter is only supported by a few exchanges. 

A Step-by-step Guide to Buying Small Love Potion (SLP) in Australia 

Before buying SLP tokens, you need to look for an exchange that can support the tokens. The step of buying these tokens entails: 

Step 1: Open an account on the exchange 

The first step for you towards buying the token is to open an exchange account. Opening an account is a straightforward process. You need your contact details such as the phone number, email address, and your government-issued ID as your proof of identity. 

Step 2: Deposit funds into the account 

The second step is for you to deposit funds into your exchange account. The easiest way to fund your exchange account is by using a debit card or a credit card. Suppose your exchange allows you to buy SLP tokens using other cryptocurrencies. In that case, you can deposit the same from your crypto wallets. To buy tokens using cryptocurrencies, you need to choose your ideal pair, such as a BTC/SLP, ETH/SLP, or more. 

Step 3: Buy Small Love Potion 

The last and most crucial step is to buy Small Love Potion. Once you have selected the amount you want to purchase, confirm your transaction, and your SLP tokens will be added to your wallet. The entire process takes less than an hour. 

How to Sell SLP Tokens 

If you have held your SLP tokens for a while and you decide it is the best time to sell them, you can easily do so directly from the exchange. The sale process is as easy as the purchase process. Choose the number of SLP tokens you want to sell and trade them at the prevailing market prices. You can also set a limit order to sell your tokens as soon as they hit a specific price. 

You can either trade your tokens in fiat currencies or trade them for other competing cryptocurrencies. 

Which Wallets can I Use to Hold SLP Tokens?

There are two main types of exchange wallets in Australia - hot and cold. The first type (cold) is divided into a paper wallet and a hardware wallet. A paper wallet is a physical paper that contains the number of tokens you are holding. However, paper wallets are the least convenient because cryptocurrencies are held on digital platforms. 

The other type of wallet is a hardware wallet where your crypto will be stored offline in an external device such as a USB drive. Hardware wallets are cold wallets ideal for those who do not want to trade their crypto for several months or years. 

An online wallet is usually found on an exchange. Once you have purchased tokens on your exchange account, you can choose to store them there and later trade them when prices go up. Exchange wallets are hot wallets best suited for those who are only holding crypto for short-term speculation. 

How does Small Love Potion (SLP) Work? 

The Small Love Potion network is a decentralized system. This means that users on the platform do not need an intermediary to complete their transactions. Decentralized systems also provide security and lower transaction fees significantly. 

Key Things to Consider Before Buying SLP Tokens in Australia 

Some things you need to consider when buying SLP tokens in Australia include: 

Interoperability

The Small Love Potion network seeks to deal with the scalability issues on most blockchain networks. Small Love Potion is compatible with several blockchain networks such as Ethereum

Usability

Several DeFi protocols are launching on the Small Love Potion network.  

Partnerships

The other thing you also need to consider is Small Love Potion's partnerships since its launch.  

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Virtual currencies are highly volatile. Your capital is at risk.

FAQs 

Is Small Love Potion (SLP) as competitive as Bitcoin? 

All cryptocurrencies have their value. However, Bitcoin is the most popular crypto offered in almost all exchanges. However, SLP also has quite a following, and its popularity is increasing. 

What is DeFi? 

DeFi is short for decentralized finance. It is an anonymous system that is free from government and central bank control. 

How can I buy Small Love Potion (SLP) with a credit card? 

Some exchanges allow you to buy cryptocurrencies using debit cards or credit cards. All you need is to link your card to the exchange. 

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