How to buy bZx Protocol (BZRX) in Australia
Learn how to buy bZx Protocol (BZRX) on 5+ crypto exchanges in our step-by-step guide.
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You can buy bZx Protocol (BZRX) on a cryptocurrency exchange like Swyftx. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. bZx (BZRX) is an ERC-20 Ethereum token used for DeFi margin leverage trading and cryptocurrency lending. Here's how to buy bZx Protocol.
How to buy bZx Protocol in 4 easy 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 exchangesThe easiest way to buy bZx Protocol 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 depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, credit card, cryptocurrency and debit card payments are widely accepted.
- Buy bZx Protocol You can now exchange your funds for bZx Protocol. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your bZx Protocol to your personal wallet.
Where to buy bZx Protocol in Australia
Find an exchange to buy, sell and trade BZRX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy bZx Protocol?
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 bZx Protocol?
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 bZx Protocol.
- 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 BZRX 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.
Where can I buy bZx Protocol with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy BZRX with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy BZRX on the following exchanges:
- 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 BZRX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BZRX on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy bZx Protocol?
The easiest way to buy BZRX 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 BZRX, 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 Analysis tools to get an idea of how the price of bZx Protocol has been performing recently.
Best bZx Protocol wallets to store your BZRX
You can keep your BZRX 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 learn more about wallets and compare them with our comprehensive guide.
Is bZx Protocol a good investment?Cryptocurrencies are high-risk assets to trade at the best of times, but there are additional risks that users should be aware of with bZx specifically.
- 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.
Additional information about bZx Protocol can be found using our BZRX analysis tools.
Today's bZx Protocol price versus ATH
Compare today's price of bZx Protocol ($0.04160507 USD) against its all-time-high price of $1.64 USD on 31 August 2020. The closer the bar is to 100%, the closer BZRX is to reaching its ATH again.
ATH date: August 31, 2020
bZx Protocol ATH: $1.64 USD
How to trade, convert or sell bZx ProtocolYou can convert or sell your BZRX with the same exchange you bought it through:
- Sign in to the exchange you have BZRX on.
- If you store your bZx Protocol 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 BZRX you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of bZx Protocol.
- Complete your transaction and move your BZRX to a wallet for storage.
Disclaimer: Cryptocurrencies, including bZx Protocol, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BZRX 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 bZx Protocol or any other cryptocurrency discussed.
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