How & where to buy Celo (CELO) online
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On this page, you can find out everything you need to know about Celo. We explain the step-by-step process you need to through to get CELO tokens, whether or not you should invest, and what to expect from the future with the project. Read on to get started.
What are the best exchanges to buy Celo on?Copy link to section
If you want to get some CELO now, check out the platforms we have listed below; they are the best places to buy Celo coin online. However, if you aren’t ready to make a purchase yet, simply read on for more information.
77% of retail CFD accounts lose money.
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
How to buy Celo online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
By far the easiest and most affordable way to purchase coins is through a cryptocurrency exchange. This is an online market where users can buy and sell coins with each other.
Celo is supported by a wide range of exchanges, and we have listed two of our favourites below:
- Binance: Binance is the most popular trading platform based on trading volume, and it is a popular choices for beginners and investor experts alike. Open a Binance account today >
- Bittrex: Bittrex is one of the most simple and easy exchanges to use, and it still has the powerful analytic tools you need to review the market effectively. Create a Bittrex account now >
Step 2. Sign up and fund your accountCopy link to section
Now you have chosen the platform you wish to use, it’s time to create an account. So, fill out the contact details that are required and send a copy of your photo ID over if needed. Then, add funds to your account by connecting a compatible crypto wallet or depositing regular money via a bank transfer.
Step 3. PurchaseCopy link to section
Now it is time to purchase Celo coins. To do this, search for the coin’s ticker, CELO, enter the number of coins you want to purchase, check you are content with the price and associated fees, then execute the transaction. Your newly purchased CELO should be added to your account almost immediately.
Step 4. (Optional) Get a suitable walletCopy link to section
If trading CELO is your aim, you won’t want to store it in a wallet because this would simply make things more inconvenient – skip to the next section if this is the case. However, if you want to hold onto your CELO and speculate on its future value, storing it in a wallet is the best way to protect your investment. Here are our two favourites:
- CoolWallet: With a CoolWallet, you get the benefits of digital access and control with the security of hardware storage, making it a strong hybrid wallet. Get a CoolWallet now >
- Freewallet: Freewallet is an extremely popular and easy to use cryptocurrency wallet that charges low fees. Create a Freewallet today >
How to trade Celo – step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
The best way to trade cryptocurrencies is with a broker because they allow you to open and close positions quickly, taking advantage of market volatility and general price action. Right now, the only broker you can use to trade CELO is eToro, which added the coin at the end of November 2021. As the cryptocurrency gains popularity, you can expect to see more brokers offer it as a tradeable asset. You can sign up to eToro here >
Step 2. Deposit moneyCopy link to section
Just like with an exchange account, you need to have funds in it before you can do anything. So, find out what the accepted sources of funding are on your chosen broker platform, then send some money over. This often takes the form of fiat money like GBP, USD or EUR from a bank transfer or credit card.
Step 3. Learn how to perform technical analysisCopy link to section
You won’t be able to trade effectively without a working knowledge of technical analysis. This is the process of reading market charts to identify trends and predict future price action. If you’d like to get to grips with this practice, make sure you complete our short-term trading course.
Step 4. Decide whether to go long or shortCopy link to section
When trading Celo, you can go long (if you believe it will rise in value), or go short (if you believe it will fall in value). Essentially, you can make money regardless of what the price of CELO does. Make sure you investigate the market thoroughly and conduct sufficient analysis before deciding which way to go.
Step 5. Make the tradeCopy link to section
Now the previous four steps have been completed, feel free to start trading Celo. If you have any doubts, make sure you practice with a demo account first because this can be a great way of learning how the market operates without losing any of your own capital.
77% of retail CFD accounts lose money.
Should I invest in Celo?Copy link to section
If you believe in the concept of the project, then yes, investing may make sense. Celo is a blockchain project that is all about increasing cryptocurrency adoption for smartphone users. By using phone numbers as public keys, Celo hopes to introduce the billions of smartphone users around the world – even those without traditional banking access – to transacting in the form of cryptocurrency. This is really the unique selling point of Celo – an all-out focus on smartphone-based consumers.
Another reason to consider investing is that Celo has more than one string to its bow. The network also allows for the creation of smart contracts and decentralised applications (dApps), which have become increasingly popular since the launch of the Celo mainnet in April 2020.
CELO coin itself is used for transaction fees, governance participation and related activities, making it a powerful utility token with strong fundamental value. Moreover, it runs on a proof-of-stake (PoS) consensus mechanism, meaning it is much more energy-efficient and environmentally friendly than a coin like Bitcoin.
Still undecided?Copy link to section
If you still haven’t made up your mind about CELO yet, check out the pros and cons of Celo below.
ProsCopy link to section
- An easy-to-use and highly accessible app where transactions are fast and hassle-free
- Project has the support from numerous major names in Silicon Valley
- A community-focused venture with a wide range of contributors
- Project could work well in a country with an established smartphone network but no banking sector
Now, check out the additional considerations you should make below and decide if you want to invest in Celo.
1. Is now a good time to buy Celo?Copy link to section
This really depends on what you are looking for from an investment. If you are planning on holding Celo tokens to speculate on their long term value, the project appears to have the backers and brainpower necessary to succeed. This includes people from a wide range of institutions; universities like MIT and Stanford, government agencies like the Department of Justice, and companies like Google, Square, and Visa.
In the short term, the project’s rise towards the top 100 has been fast and impressive, but this also means it is likely to have a level of volatility that traders will find desirable. If you think you can read market sentiment effectively and create accurate price action projections, it could be a good time to trade Celo.
For additional insights into Celo’s recent price performance, check out our latest CELO analysis pieces below:
2. What problem does Celo solve, and what are its investment prospects?Copy link to section
Celo makes the world of crypto easily accessible to anyone with a smartphone. In addition, it helps combine the benefits of DeFi with the creative freedom and innovation of smart contracts and dApp creation.
The real difficulty that Celo will face is the sheer level of competition it is facing, especially from mobile-focussed crypto service providers like Crypto.com and Ripple (XRP). Its real unique selling point is its ability to appeal to countries without an established banking infrastructure, which could open its services up to a unique demographic.
For the latest news on Celo and the cryptocurrency sector the project resides within, click on any of the articles we have linked below:
3. Do you want to hold Celo for the long term?Copy link to section
There are two different ways that you can seek exposure to the price performance of CELO. The first is purchasing it from an exchange, and holding it for the long term in a crypto wallet. The second is trading it via a broker to profit off short-term price action. Here are the considerations you should make for each of these methods.
Considerations for a long term investment strategy
Long-term investors should direct their energy towards locating a crypto exchange with a good reputation to purchase CELO tokens. Then, they should consider whether a wallet will suit their needs – if security is a priority, a wallet will likely be necessary.
Considerations for a short term trading strategy
For traders with an eye on technical analysis, you need to find a low-free broker with the charts and tools that you will need to review the market effectively. This will enable you to adjust your positions effectively, generating a consistent profit.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >