Internet Computer (ICP) is the 33rd largest cryptocurrency by market cap, valued at US$4,261,129,107.
Internet Computer is a highly volatile asset capable of major price swings in a single day. Today ICP is trading for $8.98 USD, which is higher than yesterday's trading price of $8.85 USD. Over the past year, Internet Computer's price has seen an increase of 98%.
So before you buy Internet Computer, 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 Internet Computer.
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 Internet Computer 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 Internet Computer 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 Internet Computer
You can now exchange your funds for Internet Computer. On beginner-friendly exchanges, this is as simple as entering the AUD or ICP amount you want to purchase and clicking "buy".
Secure your Internet Computer
Consider transferring your ICP 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 Internet Computer in
Australia
Find an exchange to buy, sell and trade ICP 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 Internet Computer guide up-to-date
ICP price data is regularly updated through data feeds so you always have the latest information.
What is Internet Computer?
The Internet Computer is a decentralized open network aimed at reversing the monopoly that Big Tech companies, such as Google or Facebook, have over the traditional lnternet. It is run by the decentralized protocol ICP (Internet Computer Protocol). According to ICP documentation, the protocol intends to help developers build directly onto the Internet with the help of autonomous software. Developers can build websites, enterprise IT systems, Internet services and decentralized finance (DeFi) applications. The ultimate goal of Dfinity, creator of the Internet Computer, is to de-privatize the Internet, remove the reliance on centralized servers or commercial cloud solutions, and simplify the infrastructure that runs applications. Internet Computer uses a blockchain called Chain Key Technology (CKT). Unlike other blockchains, CKT does not use older blocks in the chain and therefore operates at a much more efficient web-like speed. ICP is the utility token of the Internet Computer Protocol that allows the community to participate in the governance of the network. The coin can also be staked and "converted into cycles" which are used to run websites, decentralized applications and more traditional, centralized programs.
How do I find the best places to buy Internet Computer?
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 Internet Computer?
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 Internet Computer.
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 ICP 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 Internet Computer?
Once you've created an account, you will need to deposit funds to buy ICP 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 ICP:
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 ICP by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for ICP on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Internet Computer?
The easiest way to buy ICP 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 ICP, 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 Internet Computer has been performing recently.
Best Internet Computer wallets to store your ICP
You can keep your ICP 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 ICP below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Internet Computer a good investment?
Every cryptocurrency purchase carries associated risks which should be evaluated thoroughly. Some key considerations to weigh up before adding Internet Computer to your portfolio include:
Use case. ICP coins are intended to be locked within the Internet Computer network. By locking tokens it creates "neurons" that allow users to vote on protocol and governance proposals. This is similar to other blockchain-based networks. However, ICP tokens are also used in cycle production. These cycles are the power behind the Internet Computer's network and facilitate computation of web services.
Development. Internet Computer's goal is incredibly ambitious. Rebuilding the Internet from the ground up using a blockchain network as the foundation is not an easy task. When complete, anyone will be able to contribute to the Internet Computer. This could be via web pages, building applications or providing services. This begs the question: Is the project too ambitious? The sector is already crowded, with blockchains like Ethereum and Cosmos issuing similar goals. The market share for Internet Computer could be severely diluted. While Internet Computer is off to a good start, tracking the platform's development will be important.
Decentralisation. While Internet Computer's protocol aims to address 2 of the biggest issues facing blockchain networks — scalability and security — it lacks the fundamental decentralised nature that many blockchains strive for. As of May 2021, the majority of the voting power is owned by venture investors and developers. Only 2% of all ICP tokens are available for retail. ICP developers will need to address governance proposals going forward to gain public confidence in their ambitious project.
Today's Internet Computer price versus ATH
Compare today's price of Internet Computer ($8.98 USD) against its all-time-high price of $700.65 USD on 10 May 2021. The closer the bar is to 100%, the closer ICP is to reaching its ATH again.
Internet Computer's price: $8.98 USD ATH date: May 10, 2021
1.28%
Internet Computer ATH: $700.65 USD
How to trade, convert or sell Internet Computer
You can convert or sell your ICP with the same exchange you bought it through:
Sign in to the exchange you have ICP on.
If you store your Internet Computer 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 ICP you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Internet Computer.
Complete your transaction and move your ICP to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Internet Computer, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ICP 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 Internet Computer or any other cryptocurrency discussed.
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