Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Frax Share, and is trustworthy!
You can find our top 3 exchanges for buying Frax Share here, alternatively you can also check our comparison of the best crypto trading platforms 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 Frax Share
And of course, the final step is to find Frax Share 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 Frax Share (FXS)
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How to Sell Frax Share
- Sign into the exchange
- Find where you stored your Frax Share, either on a hardware wallet or on the exchange.
- Transfer your Frax Share to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Frax Share.
Considerations when looking to buy Frax Share.
The Frax Protocol is the first fractional-algorithmic stablecoin system. Frax is an open-source, permissionless and completely on-chain cryptocurrency. It's currently implemented on Ethereum, with possible cross-chain implementations in the near future. Frax is a protocol that provides a highly scalable, distributed, and algorithmic money to replace fixed-supply digital assets such as Bitcoin. These concepts are part of the protocol:
Fractional-Algorithmic - Frax is a unique stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The market price of FRAX is a key factor in determining the ratio of algorithmic and collateralized. The protocol reduces the collateral ratio if FRAX trades above $1. The protocol will increase the collateral ratio if FRAX trades at less than $1.
Decentralized and Governance-minimized – Community-governed and emphasizing an algorithmic, highly autonomous approach without active management.
Frax v1 fully on-chain oracles – Frax v1 utilizes Uniswap (ETHT, USDC, USDC time-weighted Average Prices) and Chainlink ($ price) oracles.
Two Tokens – FRAX is the stablecoin that targets a narrow band of $1/coin. Frax Shares (FXS), the governance token, accrues fees and seigniorage revenues, as well as excess collateral value.
Stablecoins were previously divided into three categories: fiat collateralized or overcollateralized by cryptocurrency and algorithmic without collateral. Frax is the first kind of decentralized stablecoin to classify itself as fractional-algorithmic ushering in the 4th and most unique category.
The Frax Protocol is a unique stablecoin that is community driven. Over 60% of FXS supply is distributed over a period of time to liquidity providers and yield farms. It is a completely decentralized protocol that has governance onchain. It is also the first and only stablecoin to incorporate the fractional-algorithmic hybrid design at the time of its launch in November 2020.