Swyftx Cryptocurrency Exchange
- 170+ cryptocurrencies
- Fast online ID verification & deposits
- Low fees and spreads
- Demo mode for beginner traders
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Crypto.com (formerly known as Monaco) is a payments and cryptocurrency platform that offers prepaid Visa cards that can be loaded with bitcoin, Ether and a range of fiat currencies. These cards are designed to allow you to hold, spend and exchange multiple currencies using one card as well as provide access to interbank exchange rates and give you the ability to buy, spend and earn cryptocurrencies.
Crypto.com also has a native cryptocurrency token, MCO, which can be earned as cashback at a rate of 2% whenever you use your Crypto.com card. Let’s take a closer look at how MCO functions and how you can buy MCO in Australia.
This is our quick guide to just one way to buy MCO. Compare some other options in the table below.
You can buy and sell MCO on a number of popular cryptocurrency exchanges, including the following:
If you want to buy MCO tokens, here’s what you need to do:
Search for a crypto exchange that lists MCO in one or more currency pairings. Once you’ve found a suitable platform, register for an account. You’ll need to provide an email address and password to sign up, while some exchanges may also require your full name, contact details and proof of ID before allowing you to trade.
Don’t forget to also enable two-factor authentication on your account before making any deposits.
At the time of writing (January 2018), no crypto exchange allows you to exchange Australian dollars (AUD) for MCO directly. As a result, you’ll have to first acquire a currency that’s available in a pairing with MCO, such as bitcoin (BTC) or Ethereum (ETH), before you can exchange it for MCO.
To deposit funds, log in to your account and click on the “Deposit” button to generate a wallet address. You can then transfer funds into your trading account from whichever exchange or wallet is holding your coins.
The final step is to exchange your BTC, ETH or other cryptocurrency for MCO. The buying process varies between exchanges, but you’ll usually have to search for your chosen pairing (such as BTC/MCO) and then click on “Buy MCO”. After entering the amount of MCO you want to buy, review the full details of the transaction and finalise your purchase.
If you want to sell your MCO tokens, you can do so by essentially following the same process as outlined in step 3, except in reverse. However, it’s worth remembering that crypto exchanges don’t list every possible currency pairing, so it often won’t be possible to directly exchange MCO for the currency you want.
For security purposes, you should never store cryptocurrency holdings on an exchange; you’ll need to find a secure wallet you can use to store your MCO. As MCO is an ERC20 token on the Ethereum blockchain, you’ll need to choose an Ethereum-compatible wallet such as one of the following:
Based in Hong Kong and founded in June 2016, Crypto.com aims to help bring cryptocurrency into the mainstream. It does this by providing prepaid Visa cards that can be topped up with BTC and ETH as well as fiat currency that can be used anywhere Visa is accepted.
The card can be topped up via bank account transfer, bank account linking, credit/debit card or cryptocurrency transfer. Crypto.com says it offers the following benefits to users:
There are four different cards available:
Crypto.com has plans to roll its cards out globally; Asia is the first step, followed by Europe and then North America. An MCO token sale was held in May and June 2017, raising US$26.7 million in funds.
Crypto coins and tokens are complex, speculative and risky, so it’s essential that you thoroughly research any cryptocurrency before buying. If you’re thinking of purchasing MCO, make sure you consider the following factors first:
By taking all of these factors into account, you’ll be able to make an informed choice about whether to buy MCO.
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