A beginner’s guide to the Lisk cryptocurrency and how you can buy it in Australia.
In this guide, we’ll walk you through where and how to buy Lisk (LSK), how the token works and key things you should consider before buying it.
Where can I buy LSK in Australia?
You can buy LSK tokens at various exchanges, using fiat currencies such as US dollars (USD), Australian dollars (AUD) or euros (EUR). Alternatively, you can buy LSK with cryptocurrencies like bitcoin (BTC) or Ethereum (ETH). Some of the exchanges that offer the option to buy LSK tokens are listed below.
A step-by-step guide to buying LSK
Here’s an example of how to buy LSK if you decide to purchase it.
Step 1. Create an account at an exchange listing LSK
The above exchanges list LSK. If you’d like to buy LSK using Australian dollars, you might consider local exchange, CoinSpot. To open an account, sign up on CoinSpot’s website and then log in. You will need to verify your identity by providing the requested identification documents in order to deposit AUD.
Alternatively, as Binance is one of the largest cryptocurrency exchanges by trading volume at the time of writing, we will also use Binance as an example. You can buy LSK at Binance with cryptocurrencies such as BTC or ETH. To open an account at Binance, you need to sign up on the website and follow the instructions you receive to your email. After this, log into your account.
Step 2. Deposit funds into your account
If you’re using Coinspot, click the “Deposit AUD” link from your account dashboard and enter your desired amount.
Binance doesn’t accept fiat currency deposits, so you will first need to own or acquire a cryptocurrency which can be paired with LSK, such as BTC or ETH. If you don't own any cryptocurrencies which can be paired with LSK, our guides can show you how to get started:
Once you have bought cryptocurrency to pair with LSK, log into your Binance account and select the “Funds” button at the top menu. Next, click “Deposits” in the drop-down menu. Select the cryptocurrency you wish to pair with LSK on the next page and Binance will generate a deposit address. If you bought BTC to pair with LSK, you would select BTC. After this, you would transfer your funds by sending your BTC to the deposit address generated by Binance.
Step 3. Buy LSK
- To buy LSK on Coinspot: Simply click the “Buy/Sell” button in the top menu. Next search for LSK and click the “Buy LSK” button. After this, enter either how much LSK you want or how much AUD you wish to exchange for LSK and, after confirming the final transaction amount, hit “Buy”.
- To buy LSK at Binance: Move your mouse cursor over the “Exchange” button at the top menu and click “Basic”. A price chart will appear with a list of currency pairs to the right. Above the list, select BTC or ETH depending on your deposit currency and type LSK in the search tab. Click on the pair, for example LSK/BTC. Below the price chart, you have a “Buy LSK” tab where you can choose from three types of orders: Limit, Market and Stop Limit. If you want to buy LSK right away, click Market and enter the number of LSK you want to buy. Once you are ready, click the “Buy LSK” button. Now you can withdraw the LSK to your wallet, or you can use it to trade other cryptocurrencies. If you decide to withdraw, check Binance’s fees page for detailed information on minimum withdrawal amounts and withdrawal fees.
Exchange-related risks can include hacks, system errors or the site going down, so it’s usually recommended to withdraw your coins from an exchange and store them in a wallet.
How to sell LSK
You can sell LSK tokens on the same exchange where you bought them, or transfer them to another exchange that supports LSK. Similar to Step 3, you will need to pair LSK with either another cryptocurrency or fiat currency such as AUD/LSK or BTC/LSK. After deciding this, you enter the amount of LSK tokens you want to exchange. Once you have entered this number, confirm the final sale value and proceed to sell your LSK tokens.
Which wallets can I use to hold LSK?
You can use the following wallets to store your LSK:
- Lisk Nano. This is the desktop wallet of the Lisk platform that you can use to store LSK tokens, to send and receive transactions on the Lisk network, or you can use it for delegate voting. It works on Windows, Linux and Mac OS X. There is also a web version of the wallet.
- Lisk Core. This wallet is aimed at advanced technical users that want to build on top of the Lisk platform. For that reason, it includes Application Programming Interface (API) for developers.
- Freewallet. This is a mobile app wallet for Android and iOS.
What is the Lisk platform and how does LSK work?
Lisk (LSK) is the cryptocurrency token of the Lisk platform. It is used to pay fees and to grant access to the system. The ticker symbol for the Lisk token is LSK and the algorithm it uses is called Delegated Proof-of-Stake (DPoS). This means that everything related to the network or the addition of new blocks to the blockchain is done by delegate voting.
Anyone can apply to become a delegate and the delegate collects votes from LSK owners. 1 LSK equals 1 vote, so if you have LSK in your wallet you can vote for delegates. The delegates with the most votes start securing the network and they subsequently receive rewards in LSK tokens.
What should I consider before buying LSK?
If you are wondering whether to buy LSK or any other cryptocurrency, you must be fully aware of the risks involved as cryptocurrencies are speculative and volatile. You should take the following points into consideration if you still want to buy LSK:
- Supply. According to CoinMarketCap, the circulating supply of LSK tokens in March 2018 was 102,350,199 tokens out of a maximum supply of 118,528,048 LSK.
- LSK use. LSK tokens can only be used within the Lisk platform to pay fees and to gain access to the platform’s SDK (Software Development Kit). You can also use LSK tokens to trade with other cryptocurrencies.
- Availability. LSK tokens are available for purchase on a number of exchanges where you can buy LSK with fiat money and cryptocurrencies.
- Market competition. Similar platforms to Lisk are: NEO, Cardano, Ethereum and EOS.
By considering the above factors and conducting your own research, you should be able to make a more informed decision about whether you would buy LSK.
Frequently asked questions