How To Buy Cronos (CRO) In Australia

If you want to buy Cronos (CRO) in Australia, you’ll need to do so through a crypto exchange. This is a website or app that allows you to buy or sell different cryptocurrencies in exchange for fiat (for example, AUD) currency.

There are several crypto exchanges you can choose from. Forbes Advisor published our pick of the best crypto exchanges for Australians in 2024 if you are looking for options. 

When choosing an exchange, you might consider:

• What cryptocurrencies are listed? As of 2024, there are more than 10 million cryptocurrencies to choose from, so the variance between what coins are available on different exchanges varies significantly.
• What are the fees? Some exchanges charge fees for using certain payment methods, trading coins, or moving your assets off the platform.
• What payment methods are accepted? Most crypto exchanges allow you to purchase coins with debit or credit card deposits and bank transfers.
• What security practices does the exchange employ? Not all crypto exchanges are created equal, especially when it comes to security. Reputable exchanges will keep users’ crypto assets in cold storage, and publish regular security audit reports or audit schedule. The exchange should also allow you to increase the security of your account through 2-factor authentication (2FA).

Once you’ve decided which crypto exchange to use, you’ll need to decide how you’re going to pay for your Cronos CRO.

Check whether any payment options come with associated fees before taking the next step. Most exchanges allow you at least one of the following options: deposit Australian dollars via a bank account, link your account to your credit or debit card for payment, or transfer cryptocurrency from your wallet or another exchange. Many Australian exchanges will even let you use PayID for instant AUD deposits.

If you buy the currency with a credit card, you may also be hit with a higher interest rate than you would get for a normal purchase.

Issuers tend to treat cryptocurrency purchases as if they were cash advances, which incur a fee as soon as the transaction happens.

When you have created and funded an account on your chosen crypto exchange, the next step is navigating to the Cronos CRO page and entering the amount of money you’d like to invest.

Most exchanges will let you place either a market order or a limit order. A market order will buy the CRO instantly at the available market price whereas a limit order allows you to set the price at which you would like to buy CRO. The order will then wait for CRO to hit that price before triggering. 

While limit orders can be handy for buying coins at a cheaper price, if your chosen price never gets hit then you’ll never end up purchasing any coins.

The majority of crypto exchanges come with a free, integrated wallet where your Cronos CRO will be automatically stored. That said, you might prefer to hold your coins in a separate, self-custody wallet for increased security.

You can use either a ‘hot’ wallet, which stores your crypto online, or a ‘cold’ wallet, which stores it in an offline device such as a hard drive. Hot wallets are typically more vulnerable to hackers but are more convenient to use for daily transactions.

Cold wallets are safer since they airgap your private keys from the internet, which means they can’t be reached by hackers while the device is unplugged. 

In either case, self-custodial wallets require you to write down a passphrase that must be kept in a secure location. This passphrase means that you can access your crypto if you were to ever lose access to your wallet, however, if you lose it, you could permanently lose access to any currencies you’ve stored.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.