How to buy Rocket Pool (RPL) in Australia
Learn how to buy Rocket Pool (RPL) in our step-by-step guide.
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You can buy Rocket Pool (RPL) on a cryptocurrency exchange like Hotbit. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Rocket Pool is a staking and pool provision service heavily integrated with the Ethereum 2.0 protocol and decentralised finance landscape. Here's how to buy Rocket Pool.
How to buy Rocket Pool 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 Rocket Pool 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 and epay payments are widely accepted.
- Buy Rocket Pool You can now exchange your funds for Rocket Pool. 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 Rocket Pool to your personal wallet.
Where to buy Rocket Pool in Australia
Find an exchange to buy, sell and trade RPL 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 Rocket Pool?
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 Rocket Pool?
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 Rocket Pool.
- 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 RPL 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 Rocket Pool with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy RPL 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 RPL 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 RPL by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for RPL on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Rocket Pool?
The easiest way to buy RPL 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 RPL, 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 Rocket Pool has been performing recently.
Best Rocket Pool wallets to store your RPL
You can keep your RPL 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 Rocket Pool a good investment?Before investing in any cryptocurrency, an assessment of the token and its associated platform should be completed:
- Competition. The biggest factor in RPL’s price going forward will be how popular the platform becomes. As the DeFi ecosystem has expanded, so too have staking solutions for ETH 2.0. Applications continue to pop up that allow users to delegate their crypto assets in exchange for rewards, and Rocket Pool will need to acquire majority market share over many of these if it is to become a less speculative investment.
- Staking. Given the relatively streamlined use case of the RPL token, users will have to consider whether they wish to stake their tokens and the associated risks. While staking can be a great way to earn interest on otherwise idle assets, there are a number of rules that, if broken, can result in tokens being "slashed" (lost).
- Governance. As a decentralised network, Rocket Pool’s governance is determined by the community, as opposed to a singular entity. However, as of July 2021, the DAO (decentralised autonomous organisation) is not yet functional and control of the platform’s development is currently in the hands of its creator.
Additional information about Rocket Pool can be found using our RPL analysis tools.
Today's Rocket Pool price versus ATH
Compare today's price of Rocket Pool ($11.62 USD) against its all-time-high price of $59.46 USD on 09 November 2021. The closer the bar is to 100%, the closer RPL is to reaching its ATH again.
ATH date: November 09, 2021
Rocket Pool ATH: $59.46 USD
How to trade, convert or sell Rocket PoolYou can convert or sell your RPL with the same exchange you bought it through:
- Sign in to the exchange you have RPL on.
- If you store your Rocket Pool 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 RPL you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Rocket Pool.
- Complete your transaction and move your RPL to a wallet for storage.
Disclaimer: Cryptocurrencies, including Rocket Pool, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RPL 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 Rocket Pool or any other cryptocurrency discussed.
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