How to buy Vai (VAI) in Australia
Learn how to buy Vai (VAI) in our step-by-step guide.
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You can buy Vai (VAI) on a cryptocurrency exchange like KuCoin. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. The Venus Protocol, or Venus, is a decentralised marketplace for matching lenders with borrowers. Here's how to buy Vai.
How to buy Vai 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 Vai 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 Vai You can now exchange your funds for Vai. 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 Vai to your personal wallet.
Where to buy Vai in Australia
Find an exchange to buy, sell and trade VAI 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 Vai?
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 Vai?
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 Vai.
- 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 VAI 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 Vai with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy VAI 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 VAI 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 VAI by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for VAI on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Vai?
The easiest way to buy VAI 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 VAI, 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 Vai has been performing recently.
Best Vai wallets to store your VAI
You can keep your VAI 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 Vai a good investment?When buying a stablecoin such as VAI, it’s important to consider all aspects of the associated platform and how the stablecoin intends to keep prices stable. Here are some of the key considerations:
- Price. VAI is a form of stablecoin, which means its value should remain at USD$1. As a result, the coin is not for investors who are looking to buy cryptocurrencies for potential capital gains. Rather, it was designed so that holders of collateral within the Venus protocol could keep that collateral liquid.
- Synthetic stablecoin. VAI is a synthetic stablecoin, meaning there are no underlying fiat reserves that guarantee the value of each token. The underlying value of each VAI token is generated by vTokens, which are distributed to liquidity providers. Users are allowed to deposit 50% of their collateral to mint VAI.
- VAI vs XVS. While VAI is the stablecoin of the Venus Protocol, XVS, or Venus Token, is used for governance. XVS token holders can change the parameters of VAI, such as the maximum supply, interest fees, the liquidation price as determined by the collateral ratio, and the penalty percentage if a loan cannot be repaid.
Additional information about Vai can be found using our VAI analysis tools.
Today's Vai price versus ATH
Compare today's price of Vai ($0.961317 USD) against its all-time-high price of $1.2 USD on 07 February 2021. The closer the bar is to 100%, the closer VAI is to reaching its ATH again.
ATH date: February 07, 2021
Vai ATH: $1.2 USD
How to trade, convert or sell VaiYou can convert or sell your VAI with the same exchange you bought it through:
- Sign in to the exchange you have VAI on.
- If you store your Vai 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 VAI you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Vai.
- Complete your transaction and move your VAI to a wallet for storage.
Disclaimer: Cryptocurrencies, including Vai, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of VAI 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 Vai or any other cryptocurrency discussed.
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