Stacks (STX) is the 35th largest cryptocurrency by market cap, valued at US$2,919,082,217.
Stacks is a highly volatile asset capable of major price swings in a single day. Today STX is trading for $2 USD, which is higher than yesterday's trading price of $1.81 USD. Over the past year, Stacks's price has seen an increase of 190%.
So before you buy Stacks, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Stacks.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Stacks in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Stacks is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Stacks
You can now exchange your funds for Stacks. On beginner-friendly exchanges, this is as simple as entering the AUD or STX amount you want to purchase and clicking "buy".
Secure your Stacks
Consider transferring your STX to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Stacks in
Australia
Find an exchange to buy, sell and trade STX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Stacks guide up-to-date
STX price data is regularly updated through data feeds so you always have the latest information.
What is Stacks?
The Stacks blockchain was designed to bring smart contract functionality and, therefore, decentralised applications to Bitcoin. Based on the Stacks whitepaper, the project believes that Bitcoin will be used as the basis for all future blockchains and dapps.
To facilitate this vision, Stacks works like a layer-2 solution and connects directly to the Bitcoin blockchain to leverage its security and stability. By utilising a Proof-of-Transfer (PoX) mechanism, Stacks is able to provide smart contract functionality without the need to modify Bitcoin.
Stacks 2.0 was released in early 2021 and marked the main launch of the project. The Stacks token (STX) is used in the execution of smart contracts and by Stacks miners to receive BTC rewards.
How do I find the best places to buy Stacks?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Stacks?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Stacks.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing STX with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Stacks?
Once you've created an account, you will need to deposit funds to buy STX with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy STX:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase STX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for STX on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Stacks?
The easiest way to buy STX is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying STX, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Stacks has been performing recently.
Best Stacks wallets to store your STX
You can keep your STX on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your STX below.
February 2022: Using Stacks' architecture, an NFT collection was bridged between and Ethereum and Bitcoin reportedly for the first time. The collection, Satoshibles, was initially launched on Ethereum but is now supported by the Bitcoin blockchain via the Stacks network. October 2021: 12-year-old artist Abraham Finley sold a collection of Bitcoin bird NFTs in under an hour for approximately $8,000 USD on the Stacks NFT marketplace.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Stacks a good investment?
To assess any potential risks, make sure you do your due diligence and research your cryptocurrency token and its associated project before investing, especially if a project is early in its life cycle like Stacks is. Consider the following factors:
Regulation: STX struggled with some regulatory issues in the United States upon its launch, being classed as a security rather than a currency by the SEC. This ruling was reportedly overturned in May 2021 - although this has only been stated by Stacks developers. The SEC has made no official declaration on the matter.
Distribution: During the 2017-2019 ICO of STX, no tokens were made available to the public. They were distributed among unknown private investors and the founders. After a 3-year locking period, those tokens become liquid between January and November 2021.
Adoption: Global adoption of STX mining has been slow. The number of miners on the network is low in comparison to the total number of slots available. The cryptocurrency industry has been moving away from mining consensus mechanisms due to their negative impact on the environment. It's worth performing additional research on the sustainability of STX's mining relative to other eco-friendly cryptocurrencies.
Supply: The future supply of STX is capped at 1.8 billion, with 1.25 billion currently in circulation.
Today's Stacks price versus ATH
Compare today's price of Stacks ($2 USD) against its all-time-high price of $3.86 USD on 01 April 2024. The closer the bar is to 100%, the closer STX is to reaching its ATH again.
Stacks's price: $2 USD ATH date: April 01, 2024
51.81%
Stacks ATH: $3.86 USD
How to trade, convert or sell Stacks
You can convert or sell your STX with the same exchange you bought it through:
Sign in to the exchange you have STX on.
If you store your Stacks in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of STX you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Stacks.
Complete your transaction and move your STX to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Stacks, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of STX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Stacks or any other cryptocurrency discussed.
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