Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Frax Share. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a good number of trusted and regulated crypto exchanges, so it’s quite easy finding an exchange that has Frax Share. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Frax Share in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Frax Share, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Frax Share.
Alternatively, if you want to learn more about the exchanges we like, check our comparison of the best cryptocurrency trading platforms.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy Frax Share, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy Frax Share
The final step is to go to their asset list, find Frax Share, navigate to the buy section, and then trade your AUD for some FXS. Once you’ve bought Frax Share, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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If you’re thinking about selling Frax Share, just follow the steps below.
- Sign in to the crypto trading platform (like Swyftx).
- Click on Frax Share in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell Frax Share for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Frax Share in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy Frax Share with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Frax Share. Have a look on their site first, you might be lucky.
How to buy Frax Share with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Frax Share with your credit/debit card.
The Frax Protocol is the first fractional-algorithmic stablecoin system. Frax is an open source, permissionless, and entirely on-chain cryptocurrency. It is currently being implemented on Ethereum. Cross-chain implementations are possible in the near future. Frax is a protocol which provides highly scalable, distributed and algorithmic money to replace fixed supply digital assets like Bitcoin. These concepts are part the protocol.
Fractional-Algorithmic - Frax is a unique stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. FRAX's market price is key in determining the ratio algorithmic to collateralized. If FRAX trades at more than $1, the protocol will reduce the collateral ratio. If FRAX trades are less than $1, the protocol will increase collateral ratio.
Governance-minimized and Decentralized aEUR" Community-governed, emphasizing an algorithmic and highly autonomous approach that does not require active management.
Frax v1 fully-on-chain oracles aEUR Frax v1 uses Uniswap ($ price), and Chainlink ($) oracles.
Two Tokens aEUR FRAX is a stablecoin with a tight band of $1/coin. Frax Shares, the governance token, earns fees and seigniorage revenue, as well excess collateral value.
Previously, stablecoins could be divided into two categories: fiat collateralized with cryptocurrency or overcollateralized with cryptocurrency, and algorithmic without collateral. Frax is the first kind of decentralized stablecoin to classify itself as fractional-algorithmic ushering in the 4th and most unique category.
Frax Protocol is an innovative stablecoin that's community driven. More than 60% of FXS supply are distributed over a time period to liquidity providers or yield farms. It is completely decentralized and has governance onchain. It is also the first and only stablecoin to incorporate the fractional-algorithmic hybrid design at the time of its launch in November 2020.