Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Siacoin. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent number of trusted and regulated crypto exchanges, so it’s quite easy finding an exchange that has Siacoin. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Siacoin in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Siacoin in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Siacoin, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Siacoin.
Or, if you’d like to know more about the exchanges we recommend, look at our list of the best sites to buy bitcoin in Australia.
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 Siacoin, 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 Siacoin
The final step is to go to their asset list, find Siacoin, navigate to the buy section, and then trade your AUD for some SC. Once you’ve bought Siacoin, 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.
Where to Buy Siacoin (SC)
|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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How to Sell Siacoin
If you’re thinking about selling Siacoin, just follow the steps below.
- Sign in to the crypto exchange (like Swyftx).
- Click on Siacoin 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 Siacoin for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Siacoin 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 Siacoin 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 Siacoin. Have a look on their site first, you might be lucky.
How to buy Siacoin 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 Siacoin with your credit/debit card.
Siacoin (SC), Sia's native utility token, is a blockchain-based distributed cloud storage platform. Sia is a trusted marketplace that allows users to rent cloud storage space. Smart contracts can be used to enforce agreements or transactions. Siacoin is the medium of payment for storage on a network. It facilitates transactions and negotiations. The main goal of the project is to become the "backbone storage layer" for the internet.
Sia was announced for the first time in May 2014. The original Sia was announced in May 2014. It was later revised and re-announced again in May 2015. It was officially launched on June 2015
Sia's whitepaper states that its long-term goal will be to compete with existing storage solutions. It sees itself as being in direct competition to cloud storage providers such as Amazon, Google, Microsoft. Because Sia is decentralized, it can offer storage rates that are competitive.
The Sia network allows files to be broken down into 30 encrypted segments. Each segment is uploaded on a different host to ensure redundancy. Smart contracts can be used to enforce agreements between uploaders and hosts. Siacoin is used to pay for the network. Renters pay hosts with SC, and hosts lock SC using smart contracts to protect it.
Skynet, the company behind Siacoin, Siastream and other products, announced a variety of products built on Sia's network. These include SiaStream which is a cloud-based media streaming app and Skynet network, the company's flagship content delivery network.
In several rounds, the company received funding and grants from Paradigm and Bain Capital Ventures. Sianet charges 3.9% for each storage transaction. Siafund holders pay this fee -- Skynet has approximately 85%.