Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Venus, and is trustworthy!
You can find our top 3 exchanges for buying Venus 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 Venus
And of course, the final step is to find Venus 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 Venus (XVS)
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How to Sell Venus
- Sign into the exchange
- Find where you stored your Venus, either on a hardware wallet or on the exchange.
- Transfer your Venus to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Venus.
Considerations when looking to buy Venus.
Venus is an algorithmic money marketplace and synthetic stablecoin protocol that was launched exclusively on Binance Smart Chain.
This protocol provides a quick and easy way for users to borrow against collateral quickly while avoiding transaction fees. Venus also allows users to create VAI stablecoins instantly by posting minimum 200% collateral to the Venus smart-contract.
VAI tokens are synthetic BEP-20 token assets that are pegged to the value of one U.S. dollar (USD), whereas XVS tokens are also BEP-20-based, but are instead used for governance of the Venus protocol, and can be used to vote on adjustments--including adding new collateral types, changing parameters and organizing product improvements.
The protocol's governance is completely controlled by XVS community members. Only the Venus founders, team members, and other advisors have access to any XVS token allocations.
Venus' greatest strengths are its speed and low transaction costs. This is due to being built on top the Binance Smart Chain. It is the first protocol to allow users to access lending markets in Bitcoin (BTC), XRP Litecoin(LTC) or other cryptocurrencies.
Customers who use the Venus Protocol to source liquidity do not need to go through a credit check. They can apply for a loan quickly by using the Venus decentralized application. Users aren't restricted by their location, credit score, or any other factors. They can source liquidity at any time by posting sufficient collateral.
These loans are made from the contributions of Venus users who get a variable annual percentage for their contribution. These loans are secured by over-collateralized deposits that are made by borrowers on Venus.
The Venus Protocol uses price feed oracles from Chainlink to avoid market manipulation attacks. This allows for accurate pricing data that cannot easily be altered. The protocol can access price feeds with lower costs and greater efficiency thanks to the Binance Smart Chain. This reduces the overall system cost.