How to buy Phantasma (SOUL) in Australia
Learn how to buy Phantasma (SOUL) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy Phantasma
1. Compare crypto exchanges
The easiest way to buy Phantasma 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 Phantasma
You can now exchange your funds for Phantasma. 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 Phantasma to your personal wallet.
Where to buy Phantasma in Australia
Find an exchange to buy, sell and trade SOUL 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 Phantasma
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Phantasma.
- Compare cryptocurrency exchanges that support SOUL.
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 Phantasma.
- Buy Phantasma.
Complete your Phantasma purchase and then find the best wallet to store SOUL.
What to consider when buying Phantasma
Altcoins can be extremely risky investments. As a result, all aspects of both the cryptocurrency and associated protocol should be thoroughly evaluated. Here are a few important considerations to take into account before investing in SOUL:
- Staking to earn free transactions: Token holders can stake SOUL to earn rewards paid in KCAL. This enables holders to earn passive income on top of speculating on the price of the asset. Accumulating KCAL also means that all transactions completed within the ecosystem become free. Innovatively, Phantasma also has a unique staking feature that allows users to direct staking rewards to a different wallet, thereby enabling people to easily introduce their family and friends to the ecosystem.
- Inflation: SOUL has a yearly inflation of approximately 4.5%. This includes a yearly 3% inflation plus 125,000 SOUL that are distributed as monthly rewards. Interestingly, the token’s entire supply is already circulating, which reduces the risk of a large volume of tokens hitting the market in the future. Additionally, the inextricable link between Phantasma’s two tokens prevents devaluation, as the supply of KCAL is correlated to the number of SOUL stakers (network participants) in the ecosystem.
- Small ecosystem: While the protocol was launched in 2018, the ecosystem has not experienced as many users and developer adoption as other competing layer-1 blockchains. However, this also means that there could be a high potential for growth.
- Decentralised storage: As part of Phatasma’s decentralised storage solution, token holders are granted 40 kilobytes worth of storage for each SOUL staked within the ecosystem. Staking SOUL token is the only way to access decentralised storage on Phantasma. While not a requirement for everyone, having access to decentralised storage is an additional perk not offered by many other competing layer-1 blockchains.
- Multi-chain support: The Phantasma protocol is compatible with Ethereum, Neo, and the Binance Smart Chain. SOUL and other Phantasma-native tokens can be transferred to these blockchains to leverage the larger ecosystems that they host. This enables Phastama users to participate and enjoy the benefits of decentralised finance (DeFi) and other crypto-related decentralised applications (dApps).
- Scalability: In addition to interoperability, the Phantasma Chain can process 5,000 tps, which is approximately 333 times faster than Ethereum. High transaction throughput is attractive to both users and developers looking to build dApps within the ecosystem. The more dApps built within Phantasma, the higher the demand will likely be for SOUL.
- Security:The network has, so far, not suffered a security breach, which is encouraging to see. However, Phantasma’s network is relatively small in comparison to giants like Ethereum, Solana, and Cardano, which could make it easier to perform a 51% attack. Furthermore, it utilises oracles to bridge to different networks, which could pose additional vulnerabilities.
How to sell Phantasma
You can cash out your SOUL with the same exchange you bought it through:
- Sign in to the exchange you have SOUL on.
If you store your Phantasma in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SOUL you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Phantasma.
Disclaimer: Cryptocurrencies, including Phantasma, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SOUL 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 Phantasma or any other cryptocurrency discussed.
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