Venus (XVS) is in the top 1,000 cryptocurrencies by market cap, valued at US$156,932,925.
Venus is a highly volatile asset capable of major price swings in a single day. Today XVS is trading for $9.93 USD, which is lower than yesterday's trading price of $10.13 USD. Over the past year, Venus's price has seen an increase of 76%.
So before you buy Venus, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Venus.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Venus in 5 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 exchanges
The easiest way to buy Venus 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 deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Venus
You can now exchange your funds for Venus. On beginner-friendly exchanges, this is as simple as entering the AUD or XVS amount you want to purchase and clicking "buy".
Secure your Venus
Consider transferring your XVS to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Venus in
Australia
Find an exchange to buy, sell and trade XVS by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Venus guide up-to-date
XVS price data is regularly updated through data feeds so you always have the latest information.
What is Venus?
XVS is the native governance token of Venus. According to its website, Venus is a DeFi money market protocol launched by Binance on the Binance Smart Chain (BSC). It enables users to generate synthetic stablecoins backed by a basket of BEP-20 tokens to mint VAI, a synthetic stablecoin pegged to the US dollar.
The objective of Binance's open blockchain project is to enable developed and developing nations to mint new currencies. The project enables its users to borrow against collateral at a high speed and to earn interest by lending collateral to the protocol. The collateral provided is represented by vTokens, which you can use to redeem the underlying asset or to borrow against. The protocol allows you to borrow up to 75% of the collateral value available on the protocol as vTokens to mint VAI. You can stake your Binance Coin (BCB), Binance Stablecoin (BUSD) and Swipe (SXP) tokens to different protocols and farm XVS tokens.
How do I find the best places to buy Venus?
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 Venus?
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 Venus.
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 XVS 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.
What are the best ways to buy Venus?
Once you've created an account, you will need to deposit funds to buy XVS with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy XVS:
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 XVS by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for XVS on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Venus?
The easiest way to buy XVS 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 XVS, 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 all-time high tool to get an idea of how the price of Venus has been performing recently.
Best Venus wallets to store your XVS
You can keep your XVS 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 take a look at some of our top hardware wallet picks for self-custody of your XVS below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Venus a good investment?
Below are the aspects you should consider before investing in XVS:
Governance: XVS is essential to the Venus protocol. It is the governance token of the platform and gives users the right to make decisions related to the Venus ecosystem, including changes in platform parameters, rewards, adding new collateral and product improvement. Since there are no pre-mines for developers, founders or the Venus team, it provides XVS token holders with 100% control over the decisions and direction of the protocol. However, the only caveat is that staked XVS holders are ineligible for proposals.
Supply: As per data from CoinMarketCap, at the time of writing, XVS has a circulating supply of 224,433,925 coins.
USP: Venus lets users utilise high-speed transactions at a low cost by leveraging the BSC to lend or borrow collateral, earn interest on that collateral and mint stablecoins. Users with a significant portion of a stablecoin in their portfolio can buy VAI and deposit it in Venus to earn an annual percentage yield of 9.60% at the time of writing.
Hack. Venus protocol was subject to a substantial hack in 2021, with over $200 million in funds removed from the platform.
Today's Venus price versus ATH
Compare today's price of Venus ($9.93 USD) against its all-time-high price of $146.82 USD on 10 May 2021. The closer the bar is to 100%, the closer XVS is to reaching its ATH again.
Venus's price: $9.93 USD ATH date: May 10, 2021
6.76%
Venus ATH: $146.82 USD
How to trade, convert or sell Venus
You can convert or sell your XVS with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including Venus, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XVS 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 Venus or any other cryptocurrency discussed.
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