A Comprehensive Guide on WINK Crypto in Australia
The cryptocurrency industry in Australia is experiencing a growth spurt, and new altcoins are being listed on popular exchange sites. WINK is one of the new cryptocurrencies and was recently launched.
If you’d like to trade or invest in the WINK crypto, here’s a quick guide on how and where to buy it in Australia.
What Is WINK?
There’s a difference between WINK and the WIN token.
WINK is a decentralized gaming platform that allows users to play and bet on various Bitcoin casinos that accept WIN tokens.
The 3 main principles of this dApp platform are fairness, wealth distribution, and transparency.
WINK encourages users to participate and actively use WIN tokens through various incentives and behavioural mining. It has managed to build an environment where gamers can enjoy a high-quality decentralized experience.
The WIN token, on the other hand, is built on the TRON blockchain and is a TRC-20 utility coin. On the WINK platform, this token is used to encourage users & developers to participate actively on the site.
Some of the core use-cases of the WIN token include;
- Exclusive experiences: WIN users are exposed to opportunities such as the ability to participate in special events like car giveaways and celebrity poker tournaments.
- WinDrop staking: WINK has a staking program among all dApps connected to it. This feature allows them to share some of their profits with users that hold the WIN token.
- WIN airdrops for token holders.
- Token holders are eligible to receive WIN power that allows them to earn by staking their WIN tokens.
- All token holders have governance rights and can influence the direction or development of the WINK platform.
- WIN holders incur low transaction charges every time they use the token on the platform.
- dApps with a high user base and high volume players often receive gameplay bonuses and transactional benefits, which often include high payouts and direct discounts.
How to Buy WINK in Australia
There are 2 most popular Australian platforms that you can buy WIN tokens from; Swyftx and CoinBase.
How to Buy WINK from Swyftx
Swyftx is one of Australia’s most reliable exchange sites and has more than 260 digital assets for you to trade with.
Here’s a step-by-step guide on how to buy WIN from this Swyftx.
Step 1: Create an account.
Account registration is free and only takes around 10 minutes to complete the entire process. Click here to sign up now (You also get $10 worth BTC on sign up for free)
Once you get to the registration page, you’ll be required to provide an email address and a strong password.
A verification link will be sent to your registered email address, after which you can log in to your account and access your trading dashboard.
Step 2: Verify your identity.
All Australian exchange sites have to comply with AML/KYC regulations which is why you need to verify your identity before you can start trading actively. The account verification process on Swyftx is pretty swift and can be done in 5 minutes.
You’ll be required to provide ID documents such as your Australian driver’s license, proof of residence and to verify your mobile number.
Once the verification process is complete, you can start trading!
Step 3: Fund your account:
Since Swyftx was mainly designed for the Australian market, it allows traders to make deposits in AUD.
This option is cheaper as you don’t have to incur any conversion fees. The deposit and withdrawal methods available are convenient for Aussie traders.
Step 4: Buy WIN tokens:
Search for WIN tokens on your trading dashboard and enter the amount of AUD you’d like to spend on them.
Step 5: complete the transaction!
All new users on Swyftx are given a $10 free BTC as a sign-up bonus.
How to Buy WINK from CoinBase
Before you start trading WIN tokens on Coinbase, you have to first buy one of the major cryptocurrencies like Bitcoin and Ethereum.
Here’s a step-by-step guide on how to go about it on this platform.
Step 1: Register an account.
The account creation process is similar to that of Swyftx. You have to provide an email address, and a strong password and a verification link will be sent to you. Once you click on it, you’ll be required to set up 2-factor authentication by providing a valid mobile number.
It’s advisable that you leave this feature on at all times as it adds an extra layer of security to your account and eliminates the risk of unauthorized access.
Step 2: Identity verification.
This process will take you at most 15 minutes, and you’ll be required to upload your identity documents, such as your official ID. Ensure the details on
the ID document matches the ones that you used to register your account, as any inconsistencies could slow down the verification process.
Step 3: Add a payment method.
As soon as the KYC process is complete, you’ll be required to add your preferred payment method so that you can fund your account.
You could either choose bank transfer or use credit/ debit cards. Bank transfers have lower transaction fees, but the funds could take longer to reflect in your account. Debit/ credit card purchases, on the other hand, are instantaneous, but the charges are high.
Step 4: Buy crypto.
Go to the trade section of your dashboard and choose your preferred crypto. Enter the amount you’d like to spend on the coins and make your purchase. You will swap these coins for WIN tokens later on.
Step 5: Send the coins to an alt exchange.
You have to transfer the purchased crypto to an altcoin exchange site on which you can trade WIN tokens. In this case, we recommend that you use Binance.
Step 6: Buy WIN tokens.
Go to your Binance dashboard to confirm that your transaction was successful. As soon as the crypto reflects on your wallet, search for WIN tokens on Binance and buy them.
You can also buy WIN tokens on other exchange sites, including;
- Crypto.com ( Read our Crypto.com review here )
How to Sell WINK in Australia
If you’d like to cash out on your WIN tokens, you should;
- Sign in to your register exchange site.
- Enter the amount of WIN tokens that you’d like to dispose of and place your sell order.
- Confirm that the fees and the listed sale price are acceptable.
- Confirm your transactions.
How to Set a Buy Limit Order for WINK
A buy limit order allows you to set the price at which you’d like to buy WIN tokens at a price that’s below the current market value. To set buy limit orders for WIN;
- Set the price trigger (price at which you’d like to buy your tokens if the value of the coin falls)
- Enter the number of tokens you’d like to purchase and ensure that the available funds are enough to cover them.
- Confirm your buy limit order.
Key Features of the WINK
- Gaming licenses from the most reputable governments, Curacao and Costa Rica.
- A reward mechanism that encourages active participation on the platform and constant use of WIN tokens by users and developers.
- Innovative DeFi integrations.
- APIs and developer tools that make it easy for people to create gaming dApps.
- Investment partnership with TRON.
- WINK’s development team is made up of reputable experts in the gaming industry.
Factors to Consider Before You Invest in the WIN Token
Buying cryptocurrency is always risky, and some of the actions you can take to mitigate the risks include;
1. Don’t give in to the fear of missing out: before you invest in WIN, ensure you conduct your own research to help you determine whether it’s a great investment. The cryptocurrency industry is highly dynamic, and buying coins based on the hype surrounding them can be disastrous.
2. Research the coin’s developers and founders: Bitcoin was founded by a person or group of people who go by the name Satoshi Nakamoto and are anonymous.
It’s still the most popular cryptocurrency, but it’s the expedition to the rule. If the team behind a digital coin is anonymous and there’s little to no information on them, you should take that as a red flag.
3. Trade WIN tokens on reliable exchange sites: there are hundreds of crypto trading sites in Australia, and unless you’re a professional investor, you should stick to the most popular exchanges.
This will protect your investment by significantly reducing your chances of getting scammed. It’s also recommended that you store your WIN tokens on external; wallets if you don’t plan on trading them.
4. Only invest what you can afford to lose: the cryptocurrency sphere is volatile, which means that you can make a loss as quickly as you can make profitable trades.
Should You Invest in WINK?
WIN is one of the most innovative altcoins, and your decision to invest in this cryptocurrency should be guided by your investment strategy. Like most new digital assets, you should be very cautious when trading them because their prices are usually volatile.
WIN tokens would, however, be a good investment if you’re a HODLer and plan on keeping them until their value increases.