How to buy LIT (LIT) in Australia
Learn how to buy LIT (LIT) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy LIT
1. Compare crypto exchanges
The easiest way to buy LIT 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.
2. 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.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, bpay, cash and cryptocurrency payments are widely accepted.
4. Buy LIT
You can now exchange your funds for LIT. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your LIT to your personal wallet.
Where to buy LIT in Australia
Find an exchange to buy, sell and trade LIT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy LIT
Look for an exchange that supports both fiat and cryptocurrency to simplify buying LIT.
- Compare cryptocurrency exchanges that support LIT.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy LIT.
- Buy LIT.
Complete your LIT purchase and then find the best wallet to store LIT.
What to consider when buying LIT
LIT is, first and foremost, a utility token, but it is important to evaluate both the platform and the token before making an investment. Here are some factors to consider before purchasing LIT:
- Governance: Holders of LIT will be able to govern certain aspects of the Litentry platform. Decisions may include the development of the network or the slashing of dishonest validators.
- Tokenomics: There is a total supply of 100 million LIT tokens. Of them, 65% will eventually be released to the community. The price of LIT will likely be closely linked with supply and demand. If demand for the token increases due to a spike in users, the price may increase accordingly.
- Use-case: LIT tokens can be used to pay for all network services and are required by Identity Registrars that wish to create an indexed identity database on the platform. Decentralised identifiers are then found within these databases. To become an Identity Registrar, a third party needs to stake a certain amount of LIT. In return for providing data, an Identity Registrar is rewarded with more tokens. Finally, LIT can also be used as collateral on other DeFi platforms.
How to sell LIT
You can cash out your LIT with the same exchange you bought it through:
- Sign in to the exchange you have LIT on.
If you store your LIT in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of LIT you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of LIT.
Disclaimer: Cryptocurrencies, including LIT, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of LIT 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 LIT or any other cryptocurrency discussed.
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