The cryptocurrency company has gained popularity over the last few years. In March 2020, Bitcoin reached the price of $61,000, which made the crypto industry blow up, with more people taking an interest in the subject.
The recommended way to buy Siacoin in Australia is: Swyftx
Like the stock markets, the crypto industry is increasingly becoming popular, and investors are making good money with the new Siacoin cryptocurrency, which recently gained popularity.
Due to their high rates, more people have begun investing in various cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. So what is Siacoin, and how do you buy this trending crypto in Australia?
What is Siacoin?
The Sia website stated that Siacoin is the currency of the Sia server/hosting network. Clients who pay for space from Sia use the hard drive space on the Sia network and pay Siacoin in exchange for storing things. It operates the same as Google Cloud, but with an addition of Blockchain technology.
Clients using Sia are only charged based on the quantity of space they’ve consumed—using a Sia blockchain to measure it. A file contract is a form used by Sia to record all the data (incoming and outgoing) on the servers and their locations.
The reason clients prefer using Sia networks is due to their Blockchain facility that gives excellent privacy and security features. Furthermore, Sia is the first blockchain-secured centrally controlled storage platform.
How To Buy Siacoin: The General Quick Guide
Step 1: Decide if Siacoin is a good fit for You
- Cryptocurrency name: Siacoin
- Cryptocurrency symbol: SC
- Price on date 10/23/2021: $0.01869012
- All-time high cost: $0.11170752
- Lowest price: $0.00001131
- Market cap: $918,581,172.08
- Trading volume last 24h: $18,860,127.29
- Circulating Supply: 49,147,942,992 SC
Step 2: Create an Account on an Exchange Platform—Swyftx
We recommend opening a Swyftx exchange account, the most popular Crypto trading platform in Australia. You have an option for trading Sia with over 500 various cryptocurrencies on Swyfx.
To create an account, visit Swyftx official website, fill in your information, verify your info, and add a payment method to buy Siacoin.
Secure your Swyftx account using a strong password by combining lower and upper case numbers and symbols. Confirm the email you’ve used and add 2FA options, SMS, and authenticator apps to secure your account.
Step 3: Add a Payment Method
Swyftx acknowledges fast PayID, Bank Transfers, and POLi deposits. PayID deposits are fast as long as your bank doesn’t delay the transfer because of their fraud checking; in such cases, the deposit may take up to 24 business hours to appear in your Swyftx account.
We recommend depositing money in your Swyftx account first to buy Siacoin. There are some cryptocurrencies that you cannot buy with FIAT, and so you need to buy Tether USDT (it can accept any crypto).
Step 4: Decide on How Much Siacoin to Buy
Don’t risk more than you can afford to lose. First, conduct some research and know what most crypto enthusiasts always invest before deciding on the amount you want to spend.
Step 5: Start Trading With Siacoin
We suggest opening multiple exchange accounts with Swyftx as your primary exchange, though there are other popular exchanges if you want to buy other cryptocurrencies.
Step 6: Decide When to Sell Your Siacoin
Determine how much money is logical and appropriate for you. Put positions in and wait for the price to rise, then withdraw a percentage of your profits to invest in other coins. Following the news will help you know when it’s time to sell before Siacoin begins to fall.
Top 5 Crypto Exchanges to Buy Siacoin
1. Swyftx—Best for Buying Siacoin
Swyftx is a crypto exchange in Australia that offers the best prices and lowest fees for cryptocurrency trading. Swyftx, founded in 2017 and based in Brisbane, Queensland, provides various tools that can help you trade profitably. Let’s take a look at what you get when you open an account.
This Australian-based crypto exchange safeguards your assets by utilising both cold and hot wallet storage. It employs enhanced security measures such as 2FA authentication, JWT tokens, and session expiry. You also have the option of storing your assets in a separate, offline wallet.
As an AUSTRAC-registered digital currency exchange provider (DCEP), they have strict Know Your Customer (KYC) policies and transaction monitoring programs to help reduce money laundering and counter-terrorism.
Pros
- Its low charges and limited expansion represent excellent value for Australian investors.
- It features modern trading such as demo trading, portfolio tracking, and recurring trades.
- Their platform trades over 270 cryptocurrencies.
- First customer support.
- It accepts various payment methods like debit and credit cards.
- Easy to report profits from cryptocurrency trades to the ATO.
Cons
- Exchanging currencies for AUD incurs high forex fees.
2. Coinspot—for Considerable Choice of Coins
Coinspot is an Australian-based business that allows customers to buy and sell over 100 different digital currencies. Although the platform recognises genuine Fiat stores, it is only available to those in Australia. Non-Australian residents have to fund their Bitcoin accounts.
This Aussie crypto exchange adheres to the new AML/CTF policies to guarantee users’ accounts’ safety. Coinspot also includes a bank-like security feature that ensures your information and money is safe.
Like any other crypto exchange platform, Coinspot also boasts the 2FA security that requires anyone to provide a mobile phone code to help secure accounts and prevent unauthorised access to users’ accounts.
Pros
- Deposit money in AUD using a credit card, and a processing fee applies.
- You can make fast buy and sell trades after you’re verified.
- There’s a significant selection of coins, NFTs, and DeFi when compared to other Australian cryptocurrencies.
- Set up automatic transactions on a weekly, monthly, or daily basis to maximise your dollar-cost averaging.
- It’s easy to switch between the shown value from USD to AUD and vise-versa.
- AUSTRAC-approved and ISO certified.
Cons
- Weekly volume limit, which rises over time.
- Margin trading isn’t an option.
- It’s not possible to pay bills with cryptocurrency.
3. Binance—Best When Looking for Low Fees Options
Binance is a Hong Kong-based cryptocurrency exchange founded in 2017 and has quickly grown to become the world’s largest crypto exchange by trading volume. In January 2018, their initial growth and popularity were so outstanding that they temporarily halted registrations.
Binance has become well-established, offering their customers all over the world over 400+ fiat currencies and 300+ cryptocurrencies with no deposit charges and highly competitive trading fees (maximum 0.1 percent).
This exchange commission structure stands out, with fees usually starting low. Binance employs a volume-based pricing model and offers additional discounts if you use its proprietary cryptocurrency. However, if you’re used to the brokerage pricing, you’ll have to say goodbye to those fantasies here.
The Hong Kong-based crypto exchange also provides a Visa debit card, allowing you to spend your digital tokens in real life. For example, you can withdraw cash from an ATM using a card, trade online, and buy things in-stores.
Its Visa card doesn’t have any fees, which is an added advantage. And the best part is, your cryptocurrency holdings are sold during transactions, ensuring that you don’t lose out on potential capital gains. The debit card also offers a variety of cashback rewards.
Pros
- With over 100 million users, it is the largest cryptocurrency exchange.
- Accepts debit and credit cards, as well as bank accounts
- Supports hundreds of trading pairs
- A low commission rate of 0.1 percent is used.
- Highest-rated mobile application.
Cons
- When you buy cryptocurrency with a debit or credit card, you’ll be charged 1.8 percent.
- They’re being investigated by various financial institutions, including the FCA.
- A lot of its trading instruments aren’t accessible to people of the United Kingdom.
4. CoinJar—for the Best Multilevel Security
Coinjar is a cryptocurrency exchange broker through which you can buy and sell cryptocurrencies. The platform lists explicitly five coins: Bitcoin, Ethereum, Litecoin, Ripple, and Zcash.
The platform allows residents to deposit and withdraw funds using a bank account and is extremely popular in Australia. If you’re not based in Australia, you can only use the CoinJar platform to deposit funds using a cryptocurrency.
The Coinjar team intends to expand its user base to other countries in the future, but no specific date has been set as of this writing.
This exchange platform, in addition to traditional exchange-based services, provides a cryptocurrency index fund. This enables you to bet on the movement of four cryptocurrencies with a single investment.
Coinjar operates the same as most crypto exchanges. Residents who live in Australia have the option to fund their accounts using their local bank account. But if you don’t reside in Australia, you’ll have to make a cryptocurrency deposit. After you’ve funded your account, you’ll be able to trade cryptocurrencies.
You can trade crypto-to-crypto pairs on the Coinjar platform in addition to traditional brokerage services like the real-time technical charts to help you make decisions.
Pros
- Allows buying, selling, and storing digital assets on the same platform
- CoinJar Mastercard and a cryptocurrency spending card will soon be established.
- Makers pay low fees, while takers pay nothing.
- Sophisticated, multilevel security
Cons
- There are no signup bonuses.
5. Coinbase—for Minimal Funding Requirement
With the coin base cryptocurrency app, you can create a cryptocurrency portfolio in a few minutes. In 2012, the company was founded to help people send or receive Bitcoin. Since then, it has evolved into an app that allows more than 56 million verified users to invest, spend, save, earn, and use cryptocurrency.
It’s not a bot advisor or an online brokerage service, so you can’t trade stocks or individual stocks or open an individual retirement account. Also, it’s not a bank, so there are no checking or savings accounts. However, you can use the Coinbase app to trade cryptocurrencies such as Bitcoin, Ethereum, and Litecoin from your desktop or mobile device.
The app is available in over 100 countries, and over $335 billion in cryptocurrency volume is traded each quarter. Cash balances in Coinbase accounts are insured by the FDIC up to $250,000 in total. Therefore if you’re asking, “Is Coinbase safe?” You can be certain that it is.
The Coinbase app is intended solely for crypto trading—you can trade over 50 cryptocurrencies, including Litecoin, Bitcoin, and Ethereum, through the app once you create an account. However, you must first add a payment method, like a bank account, PayPal account, debit card, or Apple Pay wallet, to begin trading.
Signing into your account on a desktop is easy—click Buy/Sell in the upper right-hand corner. Then, in the buy field, select the cryptocurrency asset you want to buy, enter the amount you want to buy, and select your preferred payment method—confirm the purchase, then click Buy to complete it.
Pros
- It’s easy to use
- There are over 30 cryptocurrencies
- Minimum funding requirements for your account are low.
- On Pro accounts, have detailed charting.
Cons
- Fees that are higher than the industry average
- There are a few ways to contact customer service.
- There’s no demo account.
Buy Siacoin in Australia On Swyftx
Swyftx is a secure cryptocurrency exchange with a wide range of security measures designed to keep your assets safe, as well as advice on how to improve your security. Besides, it provides discounts to high-volume traders and has no trading volume limits. And despite its relatively high commissions, the low spreads allow for easy profit, making it one of the best crypto exchange platforms to buy Siacoin in Australia.
