Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Spell Token. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a decent number of trusted and regulated cryptocurrency trading platforms, so it’s quite easy finding an exchange that has Spell Token. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Spell Token in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Spell Token in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Spell Token, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Spell Token.
Alternatively, if you want to know more about which exchanges we prefer, read our comparison of the safest crypto exchanges 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 Spell Token, 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 Spell Token
The final step is to go to their asset list, find Spell Token, navigate to the buy section, and then trade your AUD for some SPELL. Once you’ve bought Spell Token, 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 Spell Token (SPELL)
|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 Spell Token
If you’re thinking about selling Spell Token, just follow the steps below.
- Sign in to the crypto trading platform (like Swyftx).
- Click on Spell Token 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 Spell Token for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Spell Token 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 Spell Token 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 Spell Token. Have a look on their site first, you might be lucky.
How to buy Spell Token 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 Spell Token with your credit/debit card.
About Spell Token
Spell Token, a reward token associated with abracadabra.money. This lending platform uses interest bearing tokens (ibTKNs) as collateral to loan a USD-pegged stablecoin called Magic Internet Money. (MIM). Abracadabra uses the Kashi Lending Technology (which was pioneered by SushiSwapâ€™s (SUSHI)), to offer isolated lending markets that allow users to adjust their risk tolerance depending on the collateral they use. Users can borrow MIM against collateral that they have already deposited. Abracadabra also provides yield-farming options. To farm SPELL, users can stake their liquidity provider tokens. This will allow for greater liquidity for certain cryptocurrency pairs. Currently, the following cryptocurrency pairs are available: Ether (ETH),-Spell Tokens(SPELL), and Magic Internet Money (MIM)-LP3pool Curve (3CRV). You can also use MIM to open leveraged farming opportunities.
SushiSwap's Kashi Lending Technology is a great example of decentralized finance (DeFi) lending. A single lending market does not carry the same risk. Users can provide liquidity for any token. Users can provide liquidity to any token. Abracadabra offers a range of pairs that arenâ€™t supported by other decentralized exchanges.
Users can leverage their interest bearing token positions with this technology. Users can borrow against their positions and then again borrow against the borrowed stablecoin. This creates multiple loops which increase the user's leverage. All of this is done in one transaction. Only one fuel fee is required.
Spell Token (SPELL) can be traded by providing liquidity to any of the pools. SPELL tokens are available for stake. The tokens that are steered earn a percentage of platform fees (interest and borrowing fees, as well as 10% of liquidation fees in certain markets), which autocompound.