How to buy Firo (FIRO) in Australia
Learn how to buy Firo (FIRO) on 4+ crypto exchanges in our step-by-step guide.
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You can buy Firo (FIRO) on a cryptocurrency exchange like Binance. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Firo, formerly known as Zcoin, is a digital currency with a focus on setting privacy standards for the cryptocurrency market. Here's how to buy Firo.
How to buy Firo 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 Firo 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 – credit card, cryptocurrency, debit card and Osko payments are widely accepted.
- Buy Firo You can now exchange your funds for Firo. 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 Firo to your personal wallet.
Where to buy Firo in Australia
Find an exchange to buy, sell and trade FIRO 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 Firo?
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 Firo?
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 Firo.
- 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 FIRO 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 Firo with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy FIRO 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 FIRO 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 FIRO by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for FIRO on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Firo?
The easiest way to buy FIRO 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 FIRO, 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 Firo has been performing recently.
Best Firo wallets to store your FIRO
You can keep your FIRO 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 Firo a good investment?Even though the cryptocurrency market has birthed so many new millionaires making it lucrative for new investors, it is important to assess the risks before you allocate funds towards a certain token. Below are the aspects you need to consider before investing in Firo:
- Roadmap: Firo has a clear, well-defined roadmap that updates its stakeholders on the progress of the protocol’s vision and the next steps that the team would execute to achieve the objectives of the protocol. This is indicative of the commitment and clarity of vision that the team has for the protocol’s objective.
- Consensus algorithm: This protocol uses a proof-of-work (PoW) Chainlock consensus mechanism which is a complex governance and security model.
- Mining: The mining algorithm used by Firo is the Merkle Tree Proof (MTP) algorithm, which is a proof of work (PoW) algorithm that depends on memory hardness to make it resistant to ASICs. The protocol will soon move to the FiroPoW, a ProgPoW variant that is made especially for GPU mining and is even more resistant to ASICs and FPGAs to further facilitate the fair distribution of the token.
- 51% mining attacks: The PoW-Chainlock consensus algorithm that the protocol uses also mitigates against 51% mining attacks, as it would need more than half of the network to be affected to disable Chainlock before the 51% mining attack can be executed.
- Anonymous cryptocurrency: As FIRO is a “truly anonymous” cryptocurrency, it can be perceived that it would promote illicit activities. But the protocol believes that the net good that the token’s impact has will far outweigh the bad, as there are already pre-existing methods for transacting funds for illicit activities.
- Supply: The maximum supply of FIRO tokens is capped at 21.4 million tokens and it follows the same halving schedule as that of Bitcoin. The current block reward for mining a block in Firo is 12.5 tokens/block, out of which 50% goes to miners, 35% goes to masternodes and the remaining 15% goes to the development fund of the protocol.
Additional information about Firo can be found using our FIRO analysis tools.
Today's Firo price versus ATH
Compare today's price of Firo ($1.31 USD) against its all-time-high price of $139.77 USD on 26 December 2017. The closer the bar is to 100%, the closer FIRO is to reaching its ATH again.
ATH date: December 26, 2017
Firo ATH: $139.77 USD
How to trade, convert or sell FiroYou can convert or sell your FIRO with the same exchange you bought it through:
- Sign in to the exchange you have FIRO on.
- If you store your Firo 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 FIRO you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Firo.
- Complete your transaction and move your FIRO to a wallet for storage.
Disclaimer: Cryptocurrencies, including Firo, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of FIRO 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 Firo or any other cryptocurrency discussed.
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