Last updated:
How to buy Cosmos in Austria
Learn how to acquire Cosmos in just a few straightforward steps. With big businesses now investing in cryptocurrencies, there's no better time to start owning your own crypto-coins like Cosmos.
This clear guide will securely take you step-by-step through the process of purchasing Cosmos. Follow the steps, and you'll have your first Cosmos by the end of the day! How awesome!
TIP for Austria! Before getting started, make sure you create a free Binance account for Austria (it takes less than a minute) so you can follow the steps below immediately.How to buy Cosmos (ATOM) for beginners in Austria
- Step 1 - Create & secure an account
- Step 2 - How much Cosmos ATOM should I buy?
- Step 3 - Payment methods buying Cosmos
- Step 4 - Trade or buy your first Cosmos
- Step 5 - Prepare for the crypto future!
- Step 6 - More information about buying Cosmos
Step 1 - Create an account
Binance is one of the leading platforms in the world. A key pro is that it is very straightforward to buy Cosmos on Binance. Similar to regular currency trading, you’ll pay a small commission on every trade, and Binance offers good rates. After purchasing Cosmos, you can either keep your coins online or transfer them to a offline wallet, if available for your cryptocurrency.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use and click register.
1.3 Verify your email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You've an account now!
You're account is ready to use and buy Cosmos (ATOM)
Step 2 - How much Cosmos (ATOM) should I buy?
The advantageous thing about cryptocurrencies is that you can divide them and purchase just a small portion. This way, you still own a piece of Cosmos, which you can either use or store.
It’s a good idea to first experiment with a small amount of Euro to build confidence in the process of acquiring Cosmos, and then scale up your transactions and buy more Cosmos. (Be aware of the fees that are involved when buying and selling cryptocurrencies.)
Two SMART reasons why it's beneficial to be active on multiple exchanges
A smart move is to create multiple accounts at once. The demand for cryptocurrencies is rising quickly, and sometimes you need to trade fast. That’s why it's wise to have accounts on multiple exchanges.
Another important reason to have accounts on multiple exchanges is that not all platforms list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Euro (EUR), you don’t want to be stuck waiting for approval; instead, you want to take action before the price rises. Click here for a FULL list of popular exchanges, including our personal TOP 5. All of these exchanges support mobile apps to buy crypto from Austria.
Step 3 - Payment methods buying Cosmos
Binance has over 100 payment options to deposit money and buy your Cosmos. Simply select your preferred currency (in your case from Austria probably Euro) and the payment option you want to use. Of course they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
Note: Every country has different payment options, so simply log in and check the available payment methods for Austria. In the cryptoworld and on exchanges like Binance, you cannot buy every coin directly with FIAT currency. Therefore, they developed stable coins like Tether USDT.
These are cryptocurrencies that you can acquire to later exchange them into the currency you want to buy. Before buying your preferred coin, it’s wise to check which coins are paired with the one you want to purchase.
Step 4 - Trade or buy your first Cosmos from Austria
In the world of crypto, and on exchanges like Binance, you aren't able to purchase every cryptocurrency directly using FIAT currency. Hence, exchanges introduced stable coins like Tether USDT.
These stable coins are cryptocurrencies that you can buy and later convert them to the currency you want to purchase. The term stable-coin comes from its linkage to the USD, as these coins' value is pegged to the US dollar. Before buying your preferred cryptocurrency, it’s a good idea to check which coins are paired with the one you want to buy. For instance, some coins only pair with Bitcoin or Ethereum, while others also pair with stable coins.
The benefit of using stable-coins
Since some cryptocurrencies can be volatile, stable coins are often linked to the USD. As a result, their price stays fairly stable, which helps reduce the risk when trading FIAT currency into other crypto coins, and vice versa.
Step 5 - Prepare for the crypto future!
As said at the start of this article about buying Cosmos (ATOM), it's smart to prepare yourself by creating multiple secured accounts on different exchanges. This way, you’ll be one step ahead when you want to acquire a new cryptocurrency that isn’t listed on the platform you’re currently using.
Top 5 - help yourself
List of exchanges including our TOP 5 to buy Cosmos (ATOM) or other altcoins. Most of these exchanges have large trading volumes.Step 6 - More information about Cosmos
DYOR - Do Your Own Research
When investing in Cosmos, always make sure to conduct thorough research on the coin, its technology, and the team behind it. Before you invest in any coin, it's essential to understand the coin itself, its underlying technology, and the team developing it.
DCA - Dollar Cost Averaging Strategy
Dollar Cost Averaging (DCA) is a well-known strategy in the investment and crypto-world. It’s a tactic where you purchase regularly a certain amount of a coin or investment you believe in. For example, you may invest 100 Euro every month. By purchasing systematically, you reduce emotional involvement, and by spreading your investments, you also spread the risk of a fluctuating market.
- Invest small amounts
- Less stress about fluctuating markets
- Less chance on losses as you never purchase full amounts on peaks
Cons DCA
- Won't make optimal trades as you don't invest all on the bottom
- Takes longer, as you're not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
Explanation Video DCA Dollar Cost Averaging
Explanation Video How to Buy Cosmos
Below you'll find a video tutorial about how to buy Bitcoin (BTC). Simply replace BTC with Cosmos in this video and you'll learn how to buy Cosmos within a couple of minutes.Official Cosmos ATOM sources
- Website: https://cosmos.network/
- Whitepaper: Click here for the whitepaper of Cosmos
- Cosmos Announcements
- Cosmos Twitter
- Cosmos Reddit
- Cosmos Chat
- Cosmos Explorer
Benefits of cryptocurrencies
Cryptocurrencies present a range of advantages that have garnered interest from individuals, businesses, and governments worldwide. One significant advantage is the potential for increased financial inclusivity. Cryptocurrencies enable individuals who lack access to traditional banking services to engage with the global economy, supporting the unbanked and underbanked populations. Furthermore, cryptocurrencies provide faster and cheaper cross-border transactions compared to traditional banking systems, removing the need for intermediaries and lowering transaction fees.
Another major benefit is the safety and privacy provided by cryptocurrencies. The use of cryptographic techniques guarantees that transactions are secure and cannot be tampered with, while also protecting the privacy of users by providing pseudonymous transactions. Lastly, cryptocurrencies offer a decentralized and transparent financial system through the use of blockchain technology. The distributed nature of blockchain guarantees that no single entity has control over the network, minimizing the risk of manipulation or censorship.
Pros of cryptocurrencies:
- Financial Inclusivity: Cryptocurrencies enable financial services for the unbanked and underbanked, promoting financial inclusion and empowerment.
- Fast and Affordable Transactions: Cryptocurrencies allow fast and low-cost cross-border transactions, lowering the reliance on traditional banking systems and intermediaries.
- Security and Privacy: Cryptocurrencies employ robust cryptographic techniques to guarantee transactions while safeguarding the privacy of users through pseudonymity.
Cons of cryptocurrencies:
- Volatility and Risk: Cryptocurrencies are recognized for their price volatility, which can result in significant fluctuations and potential financial losses for investors.
- Regulatory Challenges: The regulatory landscape for cryptocurrencies is still evolving, creating uncertainty and potential barriers to widespread adoption.
- Scalability and Energy Consumption: Some cryptocurrencies face scalability challenges, leading to slower transaction times and higher fees. Additionally, the energy consumption associated with certain consensus mechanisms, such as Proof-of-Work, has raised concerns about environmental impact.
It’s important to note that the pros and cons of cryptocurrencies depend depending on the specific cryptocurrency and its implementation. Moreover, the cryptocurrency market is dynamic, and ongoing developments may impact the advantages and disadvantages associated with these digital assets.
FAQ about Cosmos
How can I buy Cosmos in Austria?
You can buy Cosmos on most well-known cryptocurrency exchanges like Binance, Coinbase, or Bybit. First, you'll need to register and then use a funding option like a bank transfer, or stablecoin to purchase Cosmos.
Is it safe to invest in Cosmos?
Investing in Cosmos has similar risks as any crypto investment due to market volatility. It's important to make informed decisions and only invest money that you can bear to lose. Employing secure wallets and exchanges can help protect your investment.
What are the transaction fees for Cosmos?
Transaction fees for Cosmos depend on the network’s demand and the specific exchange you're using. Some networks have dynamic fees based on traffic, while others have fixed fees. Be sure to look at the fee structure before executing trades.
Can I convert Cosmos to other cryptocurrencies?
Yes, you can typically convert Cosmos to other digital assets using crypto exchanges or platforms that offer crypto-to-crypto trading pairs. Many exchanges support swapping Cosmos for other popular coins like Ethereum.
How do I track the price of Cosmos?
You can track the price of Cosmos using a variety of platforms, including cryptocurrency market data websites like Tradingview, CoinMarketCap, or CoinGecko. Many exchanges also provide real-time price updates directly.
How do I sell Cosmos from Austria?
To sell Cosmos, you can use a cryptocurrency exchange that supports it. Simply move your Cosmos to the exchange, select your preferred selling method (market or limit order), and select to get the funds in USD, EUR, or another digital currency.
How is Cosmos different from Bitcoin?
Cosmos varies from Bitcoin in several ways, including its use case, speed of transactions, and blockchain infrastructure. For example, Bitcoin is primarily seen as a store of value, while Cosmos might have additional functions like powering smart contracts.
How can I keep my Cosmos secure?
To maintain your Cosmos secure, it's essential to use strong passwords, turn on 2FA on your exchange or wallet, and consider using a hardware wallet for long-term storage. Avoid giving out personal data and be cautious of phishing scams.
What is the best time to buy Cosmos?
There is no clear "best time" to buy Cosmos due to the price swings of the cryptocurrency market. Many traders use strategies like steady purchasing to buy at regular intervals, reducing the effect of market fluctuations.
What affects the price of Cosmos?
The price of Cosmos is influenced by factors such as trading volume, wider crypto market conditions, news about the project or technology, regulatory news, and broader economic conditions. Price fluctuations are normal in the cryptocurrency market.
