How to buy Shopping.io (SPI) in Australia
Learn how to buy Shopping.io (SPI) in our step-by-step guide.
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You can buy Shopping.io (SPI) on a cryptocurrency exchange like KuCoin. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Founded in 2020, the Shopping.io platform allows consumers to make purchases using over 100 different cryptocurrencies on ecommerce sites such as Amazon, Walmart and eBay. Here's how to buy Shopping.io.
How to buy Shopping.io 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 Shopping.io 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, PayPal, wire transfer and credit or debit card payments are widely accepted.
- Buy Shopping.io You can now exchange your funds for Shopping.io. 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 Shopping.io to your personal wallet.
Where to buy Shopping.io in Australia
Find an exchange to buy, sell and trade SPI 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 Shopping.io?
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 Shopping.io?
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 Shopping.io.
- 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 SPI 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 Shopping.io with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy SPI 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 SPI 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 SPI by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SPI on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Shopping.io?
The easiest way to buy SPI 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 SPI, 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 Shopping.io has been performing recently.
Best Shopping.io wallets to store your SPI
You can keep your SPI 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 Shopping.io a good investment?Like any cryptocurrency purchase, SPI’s features and risks need to be evaluated. It is an altcoin and, therefore, volatility is inherent. Here are some factors to consider before purchasing SPI:
- Utility token vs investment. SPI is a utility token for Shopping.io. It is designed to give holders access to discounts, free shipping and other benefits when shopping on the platform. It’s important to recognise whether an SPI purchase will be used to access membership benefits or held as an investment.
- Membership benefits. To access membership benefits, such as discounts and free shipping, users need to hold a minimum of US$3,000 worth of SPI. This entitles shoppers to 5% discounts and free shipping within the US. To access up to 10% discounts, users need to hold US$6,000 worth of SPI.
- Partnerships. One of the main benefits of Shopping.io is that users can spend cryptocurrencies to purchase goods from ecommerce retailers. As partnerships in the platform grow, demand for the SPI token could continue to increase. In June, Shopping.io partnered with Kishu Inu coin so that the coin could be used with Amazon, eBay and a few other retailers.
- SPI vs GSPI. There are two tokens associated with the Shopping.io platform. SPI is the utility token used to access discounts. GSPI is the governance token of Shopping.io and can be used to vote on changes to the network.
Additional information about Shopping.io can be found using our SPI analysis tools.
Today's Shopping.io price versus ATH
Compare today's price of Shopping.io ($2.77 USD) against its all-time-high price of $291.68 USD on 31 March 2021. The closer the bar is to 100%, the closer SPI is to reaching its ATH again.
ATH date: March 31, 2021
Shopping.io ATH: $291.68 USD
How to trade, convert or sell Shopping.ioYou can convert or sell your SPI with the same exchange you bought it through:
- Sign in to the exchange you have SPI on.
- If you store your Shopping.io 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 SPI you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Shopping.io.
- Complete your transaction and move your SPI to a wallet for storage.
Disclaimer: Cryptocurrencies, including Shopping.io, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SPI 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 Shopping.io or any other cryptocurrency discussed.
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