How To Buy Verge in Australia
Alright, so you want to buy some Verge. First things first, a quick crash course on buying crypto in general.
Cryptocurrencies are bought through exchanges. Exchanges are platforms you need to sign up for (like forums/apps or any other website with user accounts). Once you’ve signed up, you can log in, deposit credits/money (preferably AUD) into your account. And then you can use that money to buy cryptocurrencies on the platform/exchange.
Buying Verge in Australia has become pretty easy since Swyftx came onto the crypto scene. It used to be the case that you had to buy either BTC or ETH, then transfer that to another exchange like Binance or Bittrex, and then trade them for Verge. To cash out, you’d have to do the whole process in reverse. With Swyftx you can buy Verge with AUD, no need to go through BTC or ETH, very handy!
We’ve laid out the steps on how to get started below!
How To Get Started With Swyftx
Setup Your Account
As mentioned above, Swyftx is our go-to for trading cryptocurrencies in Australia, definitely if you're starting out. It's the most trustworthy exchange available and it makes trading buying, selling and switching coins incredibly easy.
After creating your account the first thing you'll want to do is SETUP MFA (2-factor authentication, adds an extra step for logging in to your account, very easy to setup), you can find this on your Profile page under "Security".
Verify Your Account
Before you do anything on Swyftx you'll have to verify your account. It has the fastest verification process we've tested so it won't take long.
Click in the left navigation bar on "Profile" then the "Verification" tab
You'll have to verify your email, mobile number and identity to begin trading.
You will then have to fill in all of your personal information including documents, don't be alarmed uploading this information, every exchange requires it. It's to ensure your safety and make everyone on the platform accountable.
You'll first need to deposit AUD on the platform so you can buy an sell cryptocurrency. You can also deposit Bitcoin straight into the platform if you already have some and would prefer trading with that.
Click the left navigation on Deposit AUD
You can then either choose BPAY or PayID to Deposit AUD on the platform.
Once your account is verified and you've added AUD or BTC you can start buying and selling cryptocurrency.
Go to Trade
This page lists all the coins that Swyftx has available (which is a lot). You can simply click on any of the cryptocurrencies in the left section under "Assets" or search for your desired cryptocurrency.
Once you've decided what you want to buy you can indicate how much AUD you want to buy of each coin.
Easy as that! You now have bought some cryptocurrency. We highly recommend moving your cryptocurrency to a hardware wallet if you are planning on holding it for a while. If you are planning on day trading, or trading fairly regularly we suggest keeping it on the Swyftx platform.
Where To Buy Verge
We highly suggest using Swyftx to buy and sell Cryptocurrency. We've done a comparison of the top 10 exchanges in the world for Australians to use and Swyftx clearly deserves the top spot.
Swyftx is by far our most recommended exchange for Australians. They have an easy to use platform and an online wallet that makes trading simple for new users. They have a strong sense of community and are constantly posting updates and adding new coins to their portfolio. On top of this they have low fees and are upfront about any transaction fees they do charge whereas some exchanges charge much more in spreads. This is the most trusted exchange in Australia and arguably one of the best exchanges globally.
What Is Verge?
Many enthusiasts appreciate cryptocurrency because of the promise of anonymity and decentralization in direct transactions. But while many cryptocurrencies claim privacy, more and more ways are uncovered to find the users behind transactions.
Verge, however, has found a way to change all of that. Rather than relying on traditional cryptography to provide a level of privacy, Verge is able to completely obfuscate IP addresses and secure its users’ identities. Verge is a digital currency with a heightened emphasis on privacy and anonymity.
Utilizing Tor and I2P architectures, rather than relying on cryptography like most currencies built with blockchain technology, it allows for transparent transactions while completely veiling its users’ IP addresses, protecting both their identities and locations. To date, it is the only cryptocurrency to take protecting privacy this far, and it is definitely a pioneer in the realm of true anonymity.
Additionally, Verge has created a multi-algorithmic mining system that allows a wider variety of hardware to be used for mining and maintenance. This has opened up mining to a larger number of people.
Other unique features that Verge offers include:
- Purported faster sync and transaction speeds.
- Atomic Swaps: a system that allows its users to trade in different cryptocurrencies without having to use a third-party exchange.
- A peer-to-peer instant messaging system and anonymity-centric networks that allow completely private and encrypted communication between users.
- Verge uses the Wraith Protocol, which allows users to choose whether they want to use the public ledger or the private ledger that fully protects anonymity.
The currency does have a cap of 16.5 billion XVG.
History of Verge
Verge was originally created as an open-source crypto project called DogeCoinDark in 2014. However, in 2016, it was rebranded as Verge Currency. Its currency symbol is XVG.
One of its claims to fame, and what attracts many to it, is that it was not created by a centralized team or a coin-offering. It emerged from the combined efforts of literally thousands of interested community contributors. For many who value the concepts of decentralized cryptocurrencies, this is a major plus.
Verge has actually seen a lot of growth in recent months, more than doubling in cost per token in December of 2017. This recent rise is largely due to the launch of the Wraith Protocol, which just occurred in January.
Pros/Cons of Verge
Some of the pros and cons have both already been touched on, but we will lay some additional ones out here:
- Because of Verge’s use of I2P and Tor architectures, and because of their Wraith Protocol, it is the only really anonymous cryptocurrency available.
- It is outpacing other cryptocurrencies, including the original Bitcoin, at performing 5 to 10 transactions per second.
- Trading fees are staying pretty low thus far, coming in at 0.1 XVG (approximately $0.06) per transaction.
- It has developed to the point of enabling wallet access via smartphones, and trading abilities through social media and communication platforms like Twitter, Telegram, and Discord, and soon Slack, Reddit, and Steam.
- As a whole, the currency still lacks a more formal structure that would act as a solid foundation for future development, making its future very much a mystery.
- While it is introducing a lot of great, even revolutionary technologies, these have yet to be really tried and tested by outside parties, so their long-term viability is untested.
- Verge is still quite young and has very few resources in way of collaborators in comparison to its major competitors.
Though it had a somewhat slow start, the Verge price has since then reached new heights. It is gaining increased attention, and it is in the top 30 cryptocurrencies in the world. Especially as word gets out about its superior privacy features as well as its increasingly easy to use and practical applications, it is bound to rise higher still.
Verge, then, has a great deal of potential, but because it is still in many ways in its infancy, caution should be used when investing. Its success is by no means promising.
Buying Verge Using Different Payment Methods
Bank transfers are quite popular with crypto traders around the world. They’re relatively fast and easy to execute, as long as your bank doesn’t have unnecessary geographical restrictions or transaction limits.
You can buy XVG on popular Australian-based exchanges like Swyftx and CoinSpot because they offer the best prices and up to 4x lower spreads. Once you provide them with all your bank account details, the platforms will place your order right away. Bank transfers usually take around 3-6 hours on business days.
BPAY, Osko, POLi, and PayID
You must have heard about online payment services like Osko, BPAY, POLi, or PayID. Traders whose priority is to make instantaneous payments often turn to these payment options at the cost of spending a few more AUD per trade.
Luckily, Swyftx charges zero deposit fees on sums lower than $100,000. CoinSpot only adds a small fee of 0.9% on BPAY transfers.
Credit Card and Debit Card
Even though contactless payment is favored by crypto investors around the world, there’s a lack of Australian Verge exchanges that support this payment method.
Instead, Australian traders can have a go at CoinSwitch, a reliable cryptocurrency exchange aggregator platform that allows users to buy, sell, and trade cryptos with instant verification using their Visa or Mastercard. You can pay with a range of fiat currencies including AUD.
Another option is to use a peer to peer network such as Changelly and look for selling offers that accept credit or debit.
In case you want to purchase a large amount of Verge, i.e. spend more than $100,000 on one purchase, it might be a bad idea to use a regular cryptocurrency exchange to place your order.
First of all, not all of them have enough liquidity, and second, not all of them are safe. Moreover, large purchases can disrupt the market and look suspicious.
For this reason, you need to use a special platform for over-the-counter trading or exchange that has a separate OTC desk. For example, Binance is a famous altcoin exchange where you can buy hundreds of coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Monero (XMR), Litecoin (LTC), etc, including Verge. Binance has its own OTC desk with deep liquidity, market cap, and trading volume.
To use your PayPal balance and buy XVG, you can link your PayPal account to the bank account that’s already linked to your favorite crypto exchange. Direct XVG purchases using PayPal can be found on peer to peer exchanges as some sellers also like this payment method.
You also have an option to exchange crypto for crypto, i.e. sell a crypto asset you already own for Verge. For instance, HitBTC is a decent trading platform where customers can buy XVG with Bitcoin, Ethereum, or Tether (USDT).
How to Store Your Verge
Here are some of the most popular Verge wallets:
Cloud-based digital wallets
Cloud-based or web wallets can be found on cryptocurrency exchanges or third-party wallet providers. They’re user-friendly and perfect for short term storage. An example of a reliable online wallet is the Binance wallet. You simply need to create a Binance account to start trading and activate your wallet.
Software wallets are very similar to cloud-based ones but here you need to download the wallet to your computer or mobile device. The best Verge software wallet is the one designed by the Verge company itself called vergePAY that can be used on Windows, Linux, macOS, iOS, and Android. The only thing to be careful about is protecting your device from cyber frauds and malware.
If you need a wallet that’s secure enough to keep your private key over a longer period of time, investing in a hardware wallet is your best option. These portable devices are disconnected from the Internet which means that the chances of hacking attacks are significantly lower. One of the most sought-after hardware wallets and a good value for money is Ledger Wallet Nano S.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.