How to buy Magic Internet Money (MIM) in Australia
Learn how to buy Magic Internet Money (MIM) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy Magic Internet Money
1. Compare crypto exchanges
The easiest way to buy Magic Internet Money 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 – epay, credit or debit card, sepa and prime x payments are widely accepted.
4. Buy Magic Internet Money
You can now exchange your funds for Magic Internet Money. 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 Magic Internet Money to your personal wallet.
Where to buy Magic Internet Money in Australia
Find an exchange to buy, sell and trade MIM 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 Magic Internet Money
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Magic Internet Money.
- Compare cryptocurrency exchanges that support MIM.
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 Magic Internet Money.
- Buy Magic Internet Money.
Complete your Magic Internet Money purchase and then find the best wallet to store MIM.
What to consider when buying Magic Internet Money
MIM, being a stablecoin pegged to the value of the USD, does not have to face a lot of market volatility, which is in stark contrast to most other cryptos in the market today. Some key aspects of the project worth considering before investing in it include:
- Arbitrage-driven finance model: MIM tokens are designed to remain pegged to USD using arbitrage incentives. For example, whenever MIM’s value dips below $1, arbitrageurs are provided with rewards to accrue the token at a rate lower than its actual value. Similarly, if MIM is trading above the $1 mark, arbitrageurs are given incentives to borrow more MIM and eventually sell it for a premium.
- Control over collateral rates: According to data available onlinedata available online Magic Internet Money’s parent governing platform Abracadabra serves as a lending pool for interest-bearing tokens. As a result, it affords users the ability to have complete control over their collateral rates, especially when compared with traditional lending ecosystems. To elaborate, collateral is first stored on the platform following which its native debt allocation and accrued interest is duly divided amongst its borrowers.
- No details regarding founding team known:A quick look at the official project websitewebsite shows that it’s operations are currently helmed by an anonymous co-founder, who goes by the code-named ‘Squirrel’. Not only that, there are no details available regarding any of the platform’s other core members./li>
How to sell Magic Internet Money
You can cash out your MIM with the same exchange you bought it through:
- Sign in to the exchange you have MIM on.
If you store your Magic Internet Money in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of MIM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Magic Internet Money.
Disclaimer: Cryptocurrencies, including Magic Internet Money, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MIM 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 Magic Internet Money or any other cryptocurrency discussed.
- Sign in to the exchange you have MIM on.
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