Internet Computer (ICP) is a cryptocurrency that aims to be a decentralised replacement for cloud services. ICP uses blockchain technology to offer a seamless platform for developers to run decentralised applications at web speed. The DFINITY foundation – headquartered in Switzerland – developed the ICP technology. ICP aims to provide key infrastructure improvements on the blockchain level to help the decentralised applications (dApps) to scale without any issue.
Simply put, ICP wants to play a key role in the new decentralised internet – called Web3 – by providing a decentralised network of computers as a cloud. Currently, control of the web and data is managed by a handful of cloud-based big tech companies like Amazon, Google, Facebook, etc. ICP is directly challenging the power of these big tech companies by giving everybody the tools to build and control their own applications on the blockchain.
ICP tokens are at the centre of the entire network. The tokens are used to produce “neurons” which are then used to cast votes in the network governance. The tokens also perform the function of a store of value. Users can convert this value to computation power called “cycles." These cycles are the fuel for the whole Internet computer network. The more you use the network, the more cycles get burned.
The network creates a new ICP to reward the participants. There are several ways for users to earn incentives by participating in the network such as voting, governance, and running the machines (nodes) that facilitate the network.
Where to buy ICP (Internet Computer)?
ICP is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy ICP (Internet Computer), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 360+ different cryptocurrencies supported, including ICP
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy ICP
How to buy ICP (Internet Computer)?
7 easy steps
Buying ICP (Internet Computer) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own ICP in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some ICP (Internet Computer). Click on Buy/Sell in the menu along the top, then search ICP. Click on Buy ICP and you will see the purchase screen, like the screenshot below. The price of ICP is shown clearly in the middle of the screen.
5. Select how much ICP you want to buy
Select how much AUD you want to spend on ICP, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy ICP (Internet Computer)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some ICP!
7. Store your ICP safely
Now that you have made your purchase of ICP (Internet Computer) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much ICP you own, and the value in AUD. You can leave your ICP in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your ICP to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own ICP (Internet Computer) in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy ICP in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy ICP (Internet Computer) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of ICP.