How to buy Skycoin (SKY) in Australia
Learn how to buy Skycoin (SKY) in our step-by-step guide.
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You can buy Skycoin (SKY) on a cryptocurrency exchange like Paybis. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. . Here's how to buy Skycoin.
How to buy Skycoin 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 Skycoin 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, neteller and skrill payments are widely accepted.
- Buy Skycoin You can now exchange your funds for Skycoin. 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 Skycoin to your personal wallet.
Where to buy Skycoin in Australia
Find an exchange to buy, sell and trade SKY 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 Skycoin?
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 Skycoin?
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 Skycoin.
- 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 SKY 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 Skycoin with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy SKY 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 SKY 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 SKY by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SKY on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Skycoin?
The easiest way to buy SKY 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 SKY, 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 Skycoin has been performing recently.
Best Skycoin wallets to store your SKY
You can keep your SKY 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 Skycoin a good investment?
Buying cryptocurrency can be a risky endeavor, but there are precautions you can take to help mitigate risk, such as learning more about Skycoin before buying:
- Don't FOMO buy coins: Spend time researching a coin before you decide to invest, particularly if the coin's price is spiking for seemingly no reason.
- Stick with well known exchanges: Unless you're an experienced cryptocurrency trader, stick to more well known crypto exchanges to help avoid the possibility of losing your money in a scam. When possible, store your crypto on a hardware wallet instead of on an exchange.
- Look into the coin's founders and developers: Anonymous teams are often a red flag, so if you can't find details on the creator of the coin you may want to consider investing in a different cryptocurrency.
Additional information about Skycoin can be found using our SKY analysis tools.
Today's Skycoin price versus ATH
Compare today's price of Skycoin ($0.130733 USD) against its all-time-high price of $49.23 USD on 29 December 2017. The closer the bar is to 100%, the closer SKY is to reaching its ATH again.
ATH date: December 29, 2017
Skycoin ATH: $49.23 USD
How to trade, convert or sell SkycoinYou can convert or sell your SKY with the same exchange you bought it through:
- Sign in to the exchange you have SKY on.
- If you store your Skycoin 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 SKY you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Skycoin.
- Complete your transaction and move your SKY to a wallet for storage.
Disclaimer: Cryptocurrencies, including Skycoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SKY 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 Skycoin or any other cryptocurrency discussed.
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