How to Buy Cronos in Australia – Forbes Advisor Australia
Cronos (CRO) is the cryptocurrency issued by Crypto.com, a popular crypto exchange platform. It was launched in 2016, coinciding with the debut of Crypto.com.
Originally known as “Crypto.org Coin”, the currency was renamed Cronos in February 2021.
Cronos can be used to pay fees on Crypto.com and can also be “staked” on the platform for benefits like discounts on trading fees (allowing users to earn passive income by tying coins to the blockchain support). It is a “smart contract” crypto, meaning that the blockchain it is stored on has its own smart contract network.
A Cronos coin is currently worth around $0.10 as of mid-October 2022, and the currency hit an all-time high of $0.97 in November 2021. According to CoinMarketCap, it has a market cap of $2.6 billion.
After an ad campaign starring Matt Damon, naming rights to Los Angeles’ Staples Center — now the Crypto.com Arena — and sponsorship deals ranging from soccer to Formula 1, Crypto.com has garnered strong investor interest in recent years.
Despite being from Crypto.com, Cronos can be purchased on several other exchanges such as eToro and Huobi.
Four steps to buying Cronos (CRO):
1. Choose an exchange
If you want to buy Cronos (CRO) in Australia, you need to do it through a crypto exchange. This is a website or app that allows you to buy or sell various cryptocurrencies against fiat currency (e.g. AUD).
There are several crypto exchanges that you can choose from. Some of the biggest are Crypto.com, Coinbase Pro and eToro. Local Australian exchanges include CoinSpot and Swyftx.
When choosing an exchange, you should consider the following:
- Which cryptocurrencies are listed? As of 2022, there are an estimated 5000 cryptocurrencies. Some exchanges list more than 600 currencies, while others list around 100.
- How high are the fees? Some exchanges charge fees for using certain payment methods, trading coins, or moving your assets off the platform. Credit card fees are particularly common, typically around 3.99%.
- What payment methods are accepted? Most crypto exchanges allow you to buy coins using debit or credit card deposits and bank transfers.
- Is there an integrated wallet? If you have purchased cryptocurrency, it will be stored in a crypto wallet. Many platforms offer an integrated wallet option.
2. Choose a payment method
Once you’ve decided which crypto exchange to use, you need to decide how you want to pay your Cronos CRO.
Check if there are any fees for payment options before taking the next step. Most exchanges will allow you at least one of the following options: deposit Australian dollars through a bank account, link your account to your credit or debit card for payment, or even transfer cryptocurrency from your wallet or another exchange.
If you buy the currency with a credit card, you may also be faced with a higher interest rate than you would get for a regular purchase.
Issuers tend to treat cryptocurrency purchases as if they were cash advances, which incur a fee once the transaction takes place.
3. To order something
Once you have created and funded an account with your chosen crypto exchange, the next step is to navigate to the Cronos CRO page and enter the amount of money you wish to invest.
4. Choose a storage method
Most crypto exchanges come with a free, built-in wallet that automatically stores your Cronos CRO. However, you may prefer to store your coins in a separate third-party wallet.
You can either use a “hot” wallet, which stores your crypto online, or a “cold” wallet, which stores it on an offline device like a hard drive. Hot wallets tend to be more vulnerable to hackers, but providers will help you regain access if you lose your code.
Cold wallets are more secure as they remove your Cronos CRO from the internet, meaning they cannot be reached by hackers. However, if you lose your cold wallet access code, there is no customer service to help you recover it. This means you could permanently lose access to any currencies you have stored.
frequently asked Questions
Is Cronos a Good Investment in 2022?
According to Crypto.com, its native token CRO is worth $0.1109 at the time of writing, which is a low yield compared to its 90-day high of $0.1592.
One of the advantages of holding CRO is that trading on Crypto.com comes with lower trading fees, making it very attractive to the market. However, in terms of an investment, it is still a cryptocurrency in a volatile market and therefore carries a potentially high risk and low return.
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