How to buy Serum (SRM) in Australia
Learn how to buy Serum (SRM) on 19+ crypto exchanges in our step-by-step guide.
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You can buy Serum (SRM) on a cryptocurrency exchange like Digital Surge. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Serum is a protocol and decentralised exchange (DEX) that has been built atop the Solana blockchain. Here's how to buy Serum.
How to buy Serum 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 Serum 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 – bank transfer, cryptocurrency, POLi and Osko payments are widely accepted.
- Buy Serum You can now exchange your funds for Serum. 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 Serum to your personal wallet.
Where to buy Serum in Australia
Find an exchange to buy, sell and trade SRM 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 Serum?
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 Serum?
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 Serum.
- 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 SRM 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 Serum with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy SRM 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 SRM 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 SRM by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SRM on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Serum?
The easiest way to buy SRM 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 SRM, 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 Serum has been performing recently.
Best Serum wallets to store your SRM
You can keep your SRM 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.
Recent Serum developments
December 2021: Wormhole and Serum announced an upcoming hackathon for developers building projects on the network. It is set to be worth $5 million and the winners will be announced in February.
Is Serum a good investment?Below are the aspects you should consider before investing in SRM:
- High degree of interoperability: The Serum DEX employs smart contracts to help users swap assets between different blockchains – such as ETH for BTC – in a totally trustless manner. That being said, in order to execute such cross-chain swaps, all of the parties involved need to submit a certain amount of collateral.
- Low transaction costs: Serum offers fee rates that are quite low when compared with most other DEXs operating in the market today, with users having to pay just $0.00001 per transaction.
- Elaborate staking system: To become a validator node on the Serum DEX, users are required to stake a total of 10 million SRM, of which 1 million tokens should be submitted in the form of MSRM (1 MSRM token = 1 million SRM). Anyone with enough holdings can become a node with the maximum stake currently capped at 100 million SRM.
- Nodes perform two basic actions within the Serum network. First, they help in the seamless execution of cross-chain swaps, and second, they allow for the manual facilitation of transactions in case any functional issues are incurred. For their efforts, nodes are rewarded, with an annual percentage yield (APY), which is currently set at 2% per year, with additional benefits – of up to 13% – available on the basis of their performance.
- Community: Serum is backed by some of the biggest names in crypto, including Sam Bankfman-Fried, CEO of cryptocurrency exchange FTX and quantitative trading firm Alameda Research, Robert Leshner, founder of algorithmic money-market protocol Compound Finance, and Long Vuong, founder and CEO of scaling oriented proof-of-stake blockchain ecosystem TomoChain.
Additional information about Serum can be found using our SRM analysis tools.
Today's Serum price versus ATH
Compare today's price of Serum ($0.866113 USD) against its all-time-high price of $13.78 USD on 11 September 2021. The closer the bar is to 100%, the closer SRM is to reaching its ATH again.
ATH date: September 11, 2021
Serum ATH: $13.78 USD
How to trade, convert or sell SerumYou can convert or sell your SRM with the same exchange you bought it through:
- Sign in to the exchange you have SRM on.
- If you store your Serum 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 SRM you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Serum.
- Complete your transaction and move your SRM to a wallet for storage.
Disclaimer: Cryptocurrencies, including Serum, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SRM 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 Serum or any other cryptocurrency discussed.
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