How to buy MimbleWimbleCoin (MWC) in Australia
Learn how to buy MimbleWimbleCoin (MWC) in our step-by-step guide.
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You can buy MimbleWimbleCoin (MWC) on a cryptocurrency exchange like CoinField. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. MimbleWimble is a blockchain protocol that seeks to help mask the identity of its transactions completely via the use of a novel security framework that is distinctly unique when compared to that of Bitcoin (as well as most other traditional cryptos). Here's how to buy MimbleWimbleCoin.
How to buy MimbleWimbleCoin 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 MimbleWimbleCoin 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 – cryptocurrency, interac e-transfer, wire transfer and credit or debit card payments are widely accepted.
- Buy MimbleWimbleCoin You can now exchange your funds for MimbleWimbleCoin. 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 MimbleWimbleCoin to your personal wallet.
Where to buy MimbleWimbleCoin in Australia
Find an exchange to buy, sell and trade MWC 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 MimbleWimbleCoin?
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 MimbleWimbleCoin?
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 MimbleWimbleCoin.
- 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 MWC 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 MimbleWimbleCoin with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy MWC 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 MWC 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 MWC by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for MWC on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy MimbleWimbleCoin?
The easiest way to buy MWC 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 MWC, 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 MimbleWimbleCoin has been performing recently.
Best MimbleWimbleCoin wallets to store your MWC
You can keep your MWC 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 MimbleWimbleCoin a good investment?Some key aspects related to MimbleWimble that investors should consider include:
- Sophisticated design: According to Binance Academy, the platform makes use of the controversial ‘CoinJoin module’ that makes transactions anonymous by clubbing a number of payments into one data set before relaying them back into the network. The system was devised by Blockstream’s Gregory Maxwell and is considered to be one of the most secure means of transferring confidential data in the world today.
- Compact ledger size: Unlike a number of larger platforms like Bitcoin and Ethereum, MimbleWimble makes use of a technology referred to as “cut-through” which allows the platform to condense all of its in/out transactions into smaller blocks, thus allowing faster throughput rates.
- Ease of use: MimbleWimble offers an extremely high level of transactional ease by allowing its users to exchange/utilize pretty much any crypto in existence today.
- Scalability: Owing to the fact that MimbleWimble’s native block size is much smaller than that of Bitcoin, as well as many other major crypto ecosystems, the platform is able to scale up/down as and when required.
Additional information about MimbleWimbleCoin can be found using our MWC analysis tools.
Today's MimbleWimbleCoin price versus ATH
Compare today's price of MimbleWimbleCoin ($2.17 USD) against its all-time-high price of $714.1 USD on 14 April 2022. The closer the bar is to 100%, the closer MWC is to reaching its ATH again.
ATH date: April 14, 2022
MimbleWimbleCoin ATH: $714.1 USD
How to trade, convert or sell MimbleWimbleCoinYou can convert or sell your MWC with the same exchange you bought it through:
- Sign in to the exchange you have MWC on.
- If you store your MimbleWimbleCoin 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 MWC you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of MimbleWimbleCoin.
- Complete your transaction and move your MWC to a wallet for storage.
Disclaimer: Cryptocurrencies, including MimbleWimbleCoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MWC 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 MimbleWimbleCoin or any other cryptocurrency discussed.
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