How to Buy Waves in Australia
A Beginner’s Guide to Buying and Selling Waves Cryptocurrency in Australia
If you’re based in Australia and wish to buy Waves – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Waves tokens you want to buy.
Waves (WAVES) is a decentralized protocol that is based on the Ethereum network. The Waves exchange has its native token known as Waves, a governance token that enables users to create and launch custom crypto tokens. Waves make it possible to create and trade in crypto tokens without the need for extensive intelligent contract programming.
What is This Guide?
This guide focuses on educating beginners about Waves 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.
- QUICK GUIDE: HOW TO BUY WAVES IN AUSTRALIA
- A Step-by-step Guide to Buying Waves in Australia
- How to Sell Waves Tokens
- Which Wallets can I Use to Hold Waves Tokens?
- How do Waves Tokens Work?
- Key Things to Consider Before Buying Waves Tokens in Australia
QUICK GUIDE: HOW TO BUY WAVES IN AUSTRALIA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Waves
- Enter how many Waves tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying Waves in Australia
Buying Waves is a straightforward process that will only take you a few minutes. Waves token 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, there are two ways that you can buy Waves:
Buying Waves with other cryptocurrencies
You can exchange Waves tokens for other well-performing cryptos such as Bitcoin and Ethereum.
Most exchanges in Australia offer Bitcoin and Ethereum. For example, if you have Bitcoin tokens in your wallet, you can deposit them back to the exchange and select the pair you want to trade for. A pair can be written as WAVES/BTC or WAVES/ETH.
Buying Waves with fiat currency
This is the most common way to buy cryptocurrencies, especially if you are a beginner. You need to ensure the exchange can support AUD and then deposit the amount you want to use to trade. The below guide will take you through the process of buying Waves from a crypto exchange.
Step 1: Open an account on a crypto exchange
You can only buy Waves 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 funds to your account and buy your tokens depending on Waves’s market value.
Step 3: Buy Waves tokens
Once your exchange has funds, you can buy Waves tokens. The number of Waves tokens that you buy will be displayed on your exchange account.
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 Waves Tokens
Selling WAVES tokens is also relatively 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 those they purchased because of market volatility.
Which Wallets can I Use to Hold Waves Tokens?
There are two broad categories of wallets, cold wallets and hot wallets. Institutional investors who buy large amounts of Waves tokens 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 lose and hacking.
The other category of wallets is a hot wallet. A hot wallet is like the one where you hold your crypto at an exchange. With a hot wallet, your Waves 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 do Waves Tokens Work?
Waves token is a decentralized exchange. Waves token employ a hybrid consensus mechanism that protects the network. The Leased Proof-of-Stake (LPoS) mechanism employs the best aspects of the PoS network. It goes further to introduce some new protocols to streamline the process. Users stake tokens by leasing them to full nodes that are running the network.
Key Things to Consider Before Buying Waves Tokens in Australia
Some factors that you need to consider before buying Waves tokens include the following:
You also need to check the volatility of the Waves 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.
You also need to assess whether Waves 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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Where can I buy Waves?
You can buy Waves from a crypto exchange. There are several crypto exchanges in Australia, so look for the ones that support Waves tokens.
Can I buy Waves using a credit card?
Yes, it is possible to buy Waves tokens using a credit card. Just link your credit card details to your exchange account.
Is investing in Waves risky?
Just like with other cryptocurrencies, investing in Waves is highly risky because of price volatility.