How to Buy Augur (REP) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Augur, and is trustworthy!

You can find our top 3 exchanges for buying Augur here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Augur

And of course, the final step is to find Augur on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Augur (REP)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Augur

  1. Sign into the exchange
  2. Find where you stored your Augur, either on a hardware wallet or on the exchange.
  3. Transfer your Augur to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Augur.
Businessman looking at crypto trend

Considerations when looking to buy Augur.

Augur is a peer-to-peer protocol and decentralized oracle for prediction markets. Augur is open-source, free and public software. Some parts of it are licensed under both the General Public License (GPL), and the Massachusetts Institute of Technology license (MIT). Augur is a collection of Smart Contracts written in Solidity and that can be deployed on the Ethereum blockchain.

Augur is a protocol that anyone can use in any way they like. Augur can be accessed via a desktop client app. This is similar to interfacing with an Ethereum or Bitcoin node. Augur protocol users must ensure compliance with all applicable laws. They must also acknowledge that Augur protocol usage by others may not be in compliance. Augur protocol users do so at their own risk.

Augur is also the first major, decentralized application (Dapp), developed using Ethereum. This proves that Ethereum can be used to create a new type of technology. Augur is not subject to government censorship if they consider prediction markets gambling. This allows for the application's sustainability. This decentralized nature allows for transparency in reporting events and crowd wisdom to cancel out individual frauds.

Augur uses a native token called Reputation (REP). Market creators and reporters need REP to report on market outcomes created on Augur. Reporters can stake their REP on any market outcome to report on a market. The stake placed by the reporter is a declaration that the outcome of the market's underlying events matches the one on which it was placed. For the purpose of determining the outcome of the market, the consensus reached by market reporters is the "truth". Augur will redistribute the REP staked by this reporter on the market's outcome to those reporters who reported with consensus.

Token holders can receive a portion of the fees by owning REP tokens and participating in the reporting of events. Each REP token staked entitles its owner to an equal share of Augur's market fee. Reporters will be paid more for reporting correctly and the more REP they have.

Reputation tokens can be gained or lost depending on how reliable users vote with the consensus. Augur Team created an infographic explaining how Reputation tokens work.