How to buy Lido Staked Ether (STETH) in Australia
Learn how to buy Lido Staked Ether (STETH) in our step-by-step guide.
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You can buy Lido Staked Ether (STETH) on a cryptocurrency exchange like FTX. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. stETH tokens are the basis of the Lido staking solution, which allows users to enjoy the benefits of staking Ethereum 2.0 while still retaining their Ethereum 1.0 holdings. Here's how to buy Lido Staked Ether.
How to buy Lido Staked Ether 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 Lido Staked Ether 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, cryptocurrency, wire transfer and payid payments are widely accepted.
- Buy Lido Staked Ether You can now exchange your funds for Lido Staked Ether. 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 Lido Staked Ether to your personal wallet.
Where to buy Lido Staked Ether in Australia
Find an exchange to buy, sell and trade STETH 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 Lido Staked Ether?
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 Lido Staked Ether?
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 Lido Staked Ether.
- 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 STETH 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 Lido Staked Ether with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy STETH 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 STETH 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 STETH by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for STETH on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Lido Staked Ether?
The easiest way to buy STETH 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 STETH, 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 Lido Staked Ether has been performing recently.
Best Lido Staked Ether wallets to store your STETH
You can keep your STETH 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 Lido Staked Ether a good investment?Ethereum’s upgrade is one of the biggest developments in crypto, and its transition to proof-of-stake is a clear demonstration of where the future of the space lies. However, there are a number of factors that should be considered before purchasing stETH:
- Purpose. All stETH in circulation is created by people using Lido to stake their original ETH. Buying stETH instead of ETH means you won't have access to the rewards from staking. The main purpose of stETH is to allow ETH owners to get more flexibility out of their staked ETH.
- Fees. Commissions are high for delegation of tokens for staking – Lido pockets a cool 20% of your returns.
- Use case of tokens. These coins are not actually ETH, so can’t be used to pay gas fees and your staking rewards are in stETH, not ETH. Returns from staking could balance this out, but this will be a risk factor for some users. Tokens can only be used in DeFi apps that accept stETH.
- Risk. It is always worth considering the risk that the ETH 2.0 project fails or is delayed in some way.
Additional information about Lido Staked Ether can be found using our STETH analysis tools.
Today's Lido Staked Ether price versus ATH
Compare today's price of Lido Staked Ether ($1133.83 USD) against its all-time-high price of $4829.57 USD on 10 November 2021. The closer the bar is to 100%, the closer STETH is to reaching its ATH again.
ATH date: November 10, 2021
Lido Staked Ether ATH: $4829.57 USD
How to trade, convert or sell Lido Staked EtherYou can convert or sell your STETH with the same exchange you bought it through:
- Sign in to the exchange you have STETH on.
- If you store your Lido Staked Ether 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 STETH you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Lido Staked Ether.
- Complete your transaction and move your STETH to a wallet for storage.
Disclaimer: Cryptocurrencies, including Lido Staked Ether, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of STETH 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 Lido Staked Ether or any other cryptocurrency discussed.
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