How to buy MultiversX (EGLD) in Australia

MultiversX is a highly volatile asset capable of major price swings in a single day. Today EGLD is trading for $18.98 USD, which is lower than yesterday's trading price of $21.47 USD.

Before you buy MultiversX, 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 MultiversX.

Where to buy MultiversX in Australia

Find an exchange to buy, sell and trade EGLD by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

What is MultiversX?

Elrond (EGLD) is a unique blockchain protocol that has one main goal in mind – speed. According to Elrond documentation, the blockchain network is capable of executing 15,000 transactions per second (tps), which is a significant increase from Bitcoin's 4.6 tps. This efficiency in smart-contract execution is intended to address the issue of scalability for decentralised applications built on top of the network. These speeds are achieved through a blockchain process called “sharding”. Sharding allows for the parallel processing of data using over 2,000 validator nodes. Elrond's network works on a proof-of-stake consensus algorithm and initially operated on the Ethereum blockchain. However, it now boasts its own independent mainnet. EGLD is the native token of the Elrond network and is used for the management and security of the blockchain. Though originally minted as an ERC-20 (Ethereum-based) token, the tokens have now transitioned to the Elrond Mainnet. Holders of the coin can participate in securing the network either as a validator or delegator.

How do I find the best places to buy MultiversX?

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 MultiversX?

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 MultiversX.

• 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 EGLD 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 MultiversX?

Once you've created an account, you will need to deposit funds to buy EGLD 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 EGLD:

• 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 EGLD by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for EGLD on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy MultiversX?

The easiest way to buy EGLD 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 EGLD, 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 MultiversX has been performing recently.

Best MultiversX wallets to store your EGLD

You can keep your EGLD 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 EGLD below.

Recent MultiversX developments

January 2022: Elrond announced it is acquiring Portugal-based crypto payments firm Utrust .This partnership is intended to improve the efficiency and security of payments made on the network.
January 2022: Elrond released its Maiar DeFi wallet, a Chrome extension that offers enhanced interaction with dApps hosted on the protocol.
Novemeber 2021: Elrond's long-anticipated DEX Maiar was made live to the public. Users can stake, swap, buy and sell coins on the platform as well as participate in yield farming.

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is MultiversX a good investment?

All cryptocurrency purchases should be fully evaluated for both risk and potential upside. With regards to Elrond (EGLD), here are a few things to consider:

• Token supply. The maximum circulation is capped at 31,415,926 coins. The circulating tokens have been widely distributed, with 19% sold through private sales, 7% reserved for staking rewards and 19% rewarded to Elrond's founders. Other distributions have also been made.
• Governance. Elrond's roadmap outlined a governance and decentralisation update scheduled for Q4 2020; however there has been no update for the token-led voting system.
• Competition: Blockchains face 3 main issues: security, decentralisation and scalability/speed. These are often referred to as the blockchain trilemma. Elrond has determined that scalability is the most prominent and pressing issue to fix. However, Elrond is not the only blockchain to focus on this issue and is now situated within a saturated market. Solana, Stellar Lumens and Ripple are other prominent blockchains that focus on speed. Although Elrond is faster than these competitors, all three are currently far more popular. It is always advantageous to look for new protocols that match or even usurp Elrond's transaction rate of 15,000 per second.

Today's MultiversX price versus ATH

Compare today's price of MultiversX ($18.98 USD) against its all-time-high price of $545.64 USD on 23 November 2021. The closer the bar is to 100%, the closer EGLD is to reaching its ATH again.