How to buy WAX
A beginner’s guide to the WAX cryptocurrency and how you can buy, sell and trade WAX tokens in Australia.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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?
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 allows you to trade WAX
Before you can buy WAX, you’ll need to look for a crypto exchange that allows you to trade WAX in one or more currency pairings. To create an account, you’ll need to supply your name and email address and create a password.
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
The final step is to exchange your funds for WAX. The exact buying process varies from one exchange to the next, but you’ll generally need to search for your desired pairing (such as AUD/WAX or ETH/WAX) and click on “Buy WAX”. After entering the amount of WAX you want to buy and reviewing the total cost of the transaction, you can then finalise 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.
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:
- Supply. According to CoinMarketCap, the circulating supply of WAX at the time of writing (26/2/2020) was around 1 billion WAX, out of a total supply of 3.6 billion WAX.
- 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.
More guides on Finder
Finder Daily Deals: The 5 best online deals in Australia today
Today's best Finder Daily deals include: 50% off car essentials at Catch, half-price meat thermometers, eBay Plus tech sale.
Polkadot (DOT) cryptocurrency: How it works and where to buy
Learn more about the DOT cryptocurrency in this beginner’s and buyer’s guide.
Aave cryptocurrency: How it works and where to buy
Learn more about the AAVE cryptocurrency in this beginner’s and buyer’s guide.
Best PS4 headsets in Australia
These are the best PS4 headsets you can get your hands on right now in Australia.
Best toys for 1-year-olds in Australia
These are the 7 best toys you can buy for 1-year-olds in Australia.
Best moisturiser for dry skin in Australia
From the best overall face moisturiser for dry skin to the best body moisturiser, hand moisturiser and tinted moisturiser for dry skin, these are the best 7 moisturisers for dry skin you can buy in Australia right now.
Ethereum price: Upward surge noted but fears of near-term volatility continue to persist
After forging a remarkable comeback over the last 48-hours, Ether may once again be set to test the $1,400 threshold.
Best controllers for PCs in Australia
These are the best PC controllers you can buy right now in Australia.
Best gaming monitors in Australia
These are the best gaming monitors you can buy right now in Australia.
Best 55-inch TVs in Australia
These are the best 55-inch TVs you can buy right now in Australia.
Latest crypto guides
Ask an Expert