How to buy WAX
A beginner’s guide to the WAX cryptocurrency and how you can buy, sell and trade WAX tokens in Australia.
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WAX (Worldwide Asset eXchange) is a decentralised platform designed to allow users to create a fully functioning marketplace for online video game assets. Based on the EOS blockchain, WAX aims to provide a virtual goods marketplace for the more than 400 million online gamers around the world who collect, buy and sell in-game items.
WAX Tokens (WAX or WAXP) are utility tokens that allow virtual goods to be exchanged for cryptocurrency. Let’s take a closer look at how these tokens work and how you can buy WAX in Australia.
Where can I buy WAX?
Find an exchange to buy, sell and trade WAX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How to buy WAX
If you want to buy WAX Tokens, you can do so by following these three steps:
Step 1. Create an account on a cryptocurrency exchange that supports WAX
To satisfy Know Your Customer (KYC) laws, some exchanges will require you to provide additional contact information and proof of ID before you can place any trades. It's also recommended that you set up two-factor authentication on your account, as this provides an extra layer of security.
Step 2. Deposit funds into your account
To deposit the necessary funds, log in to your account and look for the "Deposit" link on your account homepage. Specify the amount you want to deposit and generate a wallet address to transfer your chosen crypto to the exchange.
Step 3. Buy WAX
After entering the amount of WAX you want to buy and reviewing the total cost of the transaction, you can then finalize your purchase.
How to sell WAX
If you want to sell your WAX tokens, the steps you'll need to follow are essentially the same as the buying process outlined in step 3 above, except in reverse. It's also important to be aware that crypto exchanges don't offer every possible currency pairing, so it may not be possible to directly exchange WAX for the currency you want.
Which wallets can I use to hold WAX?
You can hold and transfer WAX tokens with the official WAX Cloud Wallet. Some third party wallets may also support WAX. If you're using a third party wallet, make sure it can hold the latest version of WAX tokens. Consider using:
- Ethereum Wallet
- Ledger Nano S
- Use. As the native token of the WAX platform, WAX Tokens support all activities and functionality. According to the white paper, WAX can be used to list items for sale, transact value between each other, settle the transfer of virtual goods, create and service contracts, and propose and vote for WAX Guilds. WAX Tokens are also used during transactions and messages as a fee for using the network
- The team behind the project. WAX was developed by the founders of OPSkins, an online marketplace for online video game assets.
- Size of gaming community. There are more than 400 million online gamers who buy, sell and trade skins, creating an industry whose total size is estimated to be in the billions of dollars.
- White paper. For a more thorough understanding of how the WAX platform and WAX Tokens work, check out the company’s white paper.
- Commercial partnerships. It’s also important to stay abreast of company news and developments for details of any partnerships that could impact the future value of the WAX Token.
- Competition. Finally, make sure you research competitors that may challenge WAX for a portion of market share. Examples of projects and companies you could look into include GameCredits and Enjin.
How WAX works
Before we can understand how WAX works, it’s first important to introduce the concept of “skins”. Skins are virtual goods that allow gamers to customise how in-game appearances and features, such as characters and weapons, look. In the modern technological world, buying, selling and trading skins is a big business, creating an industry worth US$50 billion a year. WAX aims to tap into this market.
Gamers use centralised online marketplaces to trade these items. One such marketplace is OPSkins, which was also developed by the team behind WAX.
WAX describes itself as a decentralised, peer-to-peer marketplace for the trading of virtual assets, and aim to use blockchain technology and smart contract tokens to allow buyers and sellers to trade skins efficiently and without the need for a middleman. The platform is designed to allow millions of users to create their own virtual stores without having to invest any capital in security, infrastructure or payment processing.
The WAX Token is intended for gamers who want to buy, sell, rent and trade their digital assets on the WAX platform. The tokens allow virtual goods to be tokenised and exchanged for cryptocurrency, with smart contracts used to execute trades and to allow trustless trading.
WAX held its ICO token sale from 15-29 November 2017, raising US$9.6 million in the process. However, an even larger number of tokens were sold prior to that during a pre-sale, which saw the platform raise around US$45.5 million worth of funds.
What to consider if you want to buy WAX
Before you buy WAX or any other cryptocurrency, it’s essential to be fully aware of all the risks involved. Cryptocurrencies are complicated and speculative, so you’ll need to thoroughly research any coin before making a purchase.
If you’re thinking of buying WAX, make sure you take the following factors into account:
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