How to Buy Spell Token (SPELL) in Australia

1. Choose a crypto exchange

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

You can find our top 3 exchanges for buying Spell Token here, alternatively you can also check our comparison of the best crypto 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 Spell Token

And of course, the final step is to find Spell Token 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 Spell Token (SPELL)

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 Spell Token

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

Considerations when looking to buy Spell Token.

Spell Token is a reward token that is associated with abracadabra.money. This lending platform uses interest-bearing tokens, (ibTKNs), as collateral to lend a USD-pegged stablecoin called Magic Internet Money. (MIM). Abracadabra utilizes the Kashi Lending Technology, which was pioneered SushiSwap's (SUSHI), to offer isolated lending markets that allow users adjust their risk tolerance based on the collateral they choose to use. Users can borrow MIM against collateral they have deposited. Abracadabra also offers yield-farming opportunities. Users can stake their liquidity provider tokens (LP) to farm SPELL. This allows for better liquidity for certain cryptocurrency pairs. Currently, Ether (ETH),-Spell Tokens (SPELL), and Magic Internet Money(MIM)-LP3pool Curve (3CRV). Users can also open leveraged farming opportunities using MIM borrowed from interest-bearing collateral.

SushiSwap's Kashi Lending Technology has sparked innovation in decentralized finance (DeFi), lending. The risk of a single lending market is not shared. Any token can be provided liquidity by users. If a currency pair's liquidity is lost or the smart contract is damaged, it will only affect that currency pair and not the whole platform. Abracadabra can offer a variety of pairs that aren't supported by other decentralized exchanges (DEXs).

This technology allows users to leverage their interest bearing token positions. The user can borrow against their positions, and then borrow again against the borrowed stablecoin. This creates multiple loops that increase their leverage. This is all done in one transaction. The user pays only a fuel fee once.

Spell Token (SPELL), can be traded by providing liquidity in any of the pools. SPELL tokens can be staked. Staked tokens earn a portion of platform fees (interest, borrowing fees and 10% of the liquidation fees for certain markets), which autocompound.