How to buy bZx Protocol (BZRX) in Australia

What is bZx Protocol?

bZx (BZRX) is an ERC-20 Ethereum token used for DeFi margin leverage trading and cryptocurrency lending. The protocol is split into 2 main platforms. Firstly, Fulcrum is its DeFi margin lending and trading product, which allows people to trade or lend cryptos through tokenised loans called iTokens, as well as taking out tokenised positions in the market, called pTokens. The second platform, Torque, offers indefinite-term loans with fixed interest rates. Users can make passive income on the cryptocurrencies that they already hold by placing them in the Torque platform and receiving a fixed annual percentage reward for doing so. Alternatively, through Fulcrum, they can earn interest through iTokens, or take out short and leveraged trading positions to either maximise their gains or use them as collateral for loans. By holding BZRX tokens, users can also vote on governance procedures – for example, making upgrades to the bZx protocol like improved fees, staking and refunds.

bZx Protocol (BZRX) is the 441st largest cryptocurrency in the world by market cap, valued at $83,580,362. The current price of bZx Protocol is $0.271002, which is 3.632% higher than yesterday. Prices have ranged between $0.280828 and $0.261173 over the past 24 hours. All prices are listed in US dollars and accurate as of September 24, 2021 11:09 UTC.

Where to buy bZx Protocol

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Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
Swyftx Cryptocurrency Exchange		Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID	AUD, NZD	284 cryptocurrencies	Finder Exclusive: Receive $10 BTC on Sign up and Verification. Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.	Go to site View details	Compare	loading Fetching your data...
CoinSpot Cryptocurrency Exchange		Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID	AUD	307 cryptocurrencies	CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.	Go to site View details	Compare	loading Fetching your data...
Binance Cryptocurrency Exchange		Credit card, Cryptocurrency, Debit card, Osko, PayID	USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more	271 cryptocurrencies	Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.	Go to site View details	Compare	loading Fetching your data...
Digital Surge Cryptocurrency Exchange		Bank transfer, Cryptocurrency, POLi, Osko, PayID	AUD	276 cryptocurrencies	Finder Exclusive: New members get $10 bonus after verification. T&Cs apply. An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.	Go to site View details	Compare	loading Fetching your data...
Gate.io Cryptocurrency Exchange		Cryptocurrency	USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN	806 cryptocurrencies	Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply. A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.	Go to site View details	Compare	loading Fetching your data...

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How to sell bZx Protocol

You can cash out your BZRX with the same exchange you bought it through:

1. Sign in to the exchange you have BZRX on.
   If you store your bZx Protocol in a digital wallet, compare crypto exchanges to sell it on.
2. Place a sell order.
   Choose the amount of BZRX you'd like to sell.
3. Complete your transaction.
   Confirm the sell price and fees and close your sale of bZx Protocol.

What to consider when buying bZx Protocol

• Low liquidity. bZx is one of the smaller tokens on the market with a market cap of less than $60 million as of July 2021. And while bZx is listed for buying and selling on the largest cryptocurrency exchange by trading volume, Binance, along with well-known exchanges like Uniswap and Gate.io, the token’s own trading volume is rather low, with few buyers and sellers swapping the token back and forth daily. This means that it could be difficult to sell bZx tokens at the price listed, and if traders need to cash in their coins in a hurry, they could be forced to sell at a price point lower than they want.
• Poor security history. bZx was hit by 3 large-scale hacks in 2020. According to CryptoPotato, the DeFi protocol lost $1.6 million in ETH across 2 successful attacks in February 2020, and a third, larger hack saw $8 million in ETH drained from bZx wallets.
• Regulation concerns. DeFi platforms, crypto lending services and major exchanges are all having to accede to tighter regulations at the moment. For example, according to Benzinga, the popular crypto lending service BlockFi has been issued a cease and desist order by the Texas State Securities Board, decentralised exchange Uniswap says it has delisted 100 tokens that could be considered securities, and according to Cointelegraph, the popular FTX exchange has dramatically cut the amount of leverage available for margin trading tokens to a maximum of 20x. It is likely that bZx will be affected by this kind of concern, and as a DeFi and lending protocol, it could face the ire of market regulators if it does not fall in line, with a commensurate effect on the price of the bZx token.

Coins similar to bZx Protocol (BZRX)

Stellar

$0.30

+$0.01 (4.30%)

Serum

$8.47

+$0.33 (4.01%)

PAC Protocol

$0.01

-$0.000017 (-0.15%)

BitShares

$0.05

+$0.0024 (5.53%)

GXChain

$0.66

+$0.03 (4.61%)

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