Conflux (CFX) is the 138th largest cryptocurrency by market cap, valued at US$683,429,084.
Conflux is a highly volatile asset capable of major price swings in a single day. Today CFX is trading for $0.147615 USD, which is higher than yesterday's trading price of $0.1400193294 USD. Over the past year, Conflux's price has seen a decrease of -6%.
So before you buy Conflux, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Conflux.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Conflux in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Conflux is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Conflux
You can now exchange your funds for Conflux. On beginner-friendly exchanges, this is as simple as entering the AUD or CFX amount you want to purchase and clicking "buy".
Secure your Conflux
Consider transferring your CFX to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Conflux in
Australia
Find an exchange to buy, sell and trade CFX by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Conflux guide up-to-date
CFX price data is regularly updated through data feeds so you always have the latest information.
What is Conflux?
Conflux Network is a high-throughput blockchain based on a unique Proof-of-Work (PoW) consensus mechanism. The network was created by Turing Award recipient Dr Andrew Yao and is the only state-backed public blockchain operating in China. It was built with the aim of high throughput, fast confirmation and to be utilised by global communities and economies.
The blockchain can process 3,000-6,000 transactions per second (tps), which is a transaction rate much higher than blockchains such as Bitcoin and Ethereum. The PoW mechanism, called Tree-Graph, optimises security and scalability without compromising decentralisation.
CFX is the native token of the Conflux Network and is at the core of the network's ecosystem. The CFX token was designed to provide several economic benefits and promote participation in the network by rewarding behaviours that contribute to optimum functionality. Each token consists of smaller units known as Drips. These are comparable to Satoshis on Bitcoin. Drips are used to pay for transaction fees on the network. Any fees are collected and awarded to miners or those that maintain the Conflux Network.
How do I find the best places to buy Conflux?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Conflux?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Conflux.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing CFX with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Conflux?
Once you've created an account, you will need to deposit funds to buy CFX with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy CFX:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase CFX by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for CFX on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Conflux?
The easiest way to buy CFX is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying CFX, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Conflux has been performing recently.
Best Conflux wallets to store your CFX
You can keep your CFX on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your CFX below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Conflux a good investment?
Cryptocurrency assets can be extremely volatile in price. An investor should become comfortable with all associated risks before making a purchase. Here's what to consider before buying CFX:
Supply: At the time of writing, CFX has a circulating supply of approximately 8.4 billion tokens. There is no cap on maximum supply. The network has a certain level of built-in inflation whereby more CFX is gradually added to the total circulating supply over time.
Staking: The CFX tokens on the Conflux Network are either liquid or staked. Liquid tokens can be transferred and used freely. Staked tokens are locked within the network to assist with validation and security. Staked tokens earn rewards in return for removing them from the liquid market. Staking is required to gain access to voting rights via the community governance protocol.
Scalability: The unique PoW algorithm provides high throughput without sacrificing decentralisation. The 3,000-6,000 tps makes it one of the best blockchains for scalability.
Multi-chain interoperability: There are now multiple blockchains globally. To transfer assets across chains usually requires high gas fees. The Conflux Network provides true multi-chain interoperability, allowing users to convert assets across the Binance Smart Chain (BSC), OKEx Chain and Ethereum. This is facilitated by the network's Shuttleflow service. This also means that the Conflux Network could be applicable to developers looking to create multi-chain decentralised applications.
Today's Conflux price versus ATH
Compare today's price of Conflux ($0.147615 USD) against its all-time-high price of $1.7 USD on 27 March 2021. The closer the bar is to 100%, the closer CFX is to reaching its ATH again.
Conflux's price: $0.147615 USD ATH date: March 27, 2021
8.68%
Conflux ATH: $1.7 USD
How to trade, convert or sell Conflux
You can convert or sell your CFX with the same exchange you bought it through:
Sign in to the exchange you have CFX on.
If you store your Conflux in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of CFX you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Conflux.
Complete your transaction and move your CFX to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Conflux, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of CFX is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Conflux or any other cryptocurrency discussed.
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