Flow (FLOW) is the 87th largest cryptocurrency by market cap, valued at US$958,223,003.
Flow is a highly volatile asset capable of major price swings in a single day. Today FLOW is trading for $0.632074 USD, which is lower than yesterday's trading price of $0.6631270459 USD. Over the past year, Flow's price has seen an increase of 16%.
So before you buy Flow, 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 Flow.
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 Flow 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 Flow 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 Flow
You can now exchange your funds for Flow. On beginner-friendly exchanges, this is as simple as entering the AUD or FLOW amount you want to purchase and clicking "buy".
Secure your Flow
Consider transferring your FLOW 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 Flow in
Australia
Find an exchange to buy, sell and trade FLOW 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 Flow guide up-to-date
FLOW price data is regularly updated through data feeds so you always have the latest information.
What is Flow?
Flow is a social-focused blockchain (gaming and social media) created by Dapper Labs, the team behind CryptoKitties. Due to the scaling problems CryptoKitties had on Ethereum, Flow developers set out to build a highly scalable and user-friendly platform with an eye on consumer markets. Flow reached mainstream success in 2021 through the launch of NFT platform NBA Top Shot, which allows fans to trade digital collectibles. Accordingly, Flow has attracted investment from major firms such as Warner Music, Andreessen Horowitz and Digital Currency Group. The FLOW token is used for payments, gas fees and governance. It operates as a proof-of-stake token to reward validators with additional tokens for confirming transactions and securing the network.
How do I find the best places to buy Flow?
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 Flow?
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 Flow.
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 FLOW 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 Flow?
Once you've created an account, you will need to deposit funds to buy FLOW 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 FLOW:
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 FLOW by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for FLOW on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Flow?
The easiest way to buy FLOW 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 FLOW, 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 Flow has been performing recently.
Best Flow wallets to store your FLOW
You can keep your FLOW 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 FLOW below.
February 2022:Flow has partnered with Chainlink to utilise its cross-chain oracle capabilities. This will allow DeFi projects across multiple blockchains to integrate an accurate price feed of FLOW.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Flow a good investment?
Below are the aspects you should consider before investing in FLOW:
Competition: Flow is yet another unique blockchain competing in an increasingly saturated market. Built to solve the scaling challenge associated with Ethereum, Flow joins a vast number of proof-of-stake networks all attempting to solve the same thing, competing with more established projects like Cardano, Algorand and Polkadot. Fortunately the development team Dapper Labs are off to a strong start with substantial success in both CryptoKitties, NBA Top Shot and impressive VC backing.
Consumer-focused: Flow is a consumer-focused platform striving for mainstream use. To achieve this it tried to make fiat on-ramping (getting dollars onto the blockchain) as frictionless as possible by handling all Flow transactions through a Dapper account. Dapper lets users pay with credit or debit cards as well as leading cryptocurrencies, meaning users don't need to learn how to use a blockchain wallet or first buy cryptocurrency on an exchange to make purchases.
Tokenomics: FLOW is designed to be the chain's native asset central to most, if not all applications. In addition to general payments, it's used to pay gas fees, works as a bridge asset between tokens on the network, and is required to mint new tokens or dapps on the network. The Flow blockchain is designed to let buyers pay in any currency they want (including fiat) and for sellers to receive in any currency they want. As such, there is the potential for FLOW as a unit of payment to be undermined by fiat payments, especially given that it is targeting a mainstream audience.
Today's Flow price versus ATH
Compare today's price of Flow ($0.632074 USD) against its all-time-high price of $42.4 USD on 05 April 2021. The closer the bar is to 100%, the closer FLOW is to reaching its ATH again.
Flow's price: $0.632074 USD ATH date: April 05, 2021
1.49%
Flow ATH: $42.4 USD
How to trade, convert or sell Flow
You can convert or sell your FLOW with the same exchange you bought it through:
Disclaimer: Cryptocurrencies, including Flow, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of FLOW 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 Flow or any other cryptocurrency discussed.
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