How to buy Chiliz online
This beginner-friendly guide takes you through everything you need to know before buying CHZ. It tells you what Chiliz is, explores its growth prospects, and shows you where to buy CHZ coins.
Compare where to buy Chiliz, and open an account
If you want to buy Chiliz right away, simply follow any of the links below to visit a trusted broker. If you don’t want to dive straight in, keep reading to learn more about Chiliz before deciding whether or not to invest.
What is Chiliz?
Chiliz lets you show support for your favourite sports team with cryptocurrency. CHZ is the coin that powers Socios.com, a fan engagement app where you can use CHZ to unlock rewards from your favourite team.
Although CHZ can be traded like any other cryptocurrency, its main value lies on Socios.com. There you can spend CHZ on specific team tokens – like $FCB, $JUV, or $PSG – to unlock unique benefits, including behind-the-scenes access and voting rights.
Ever since Socios.com’s launch at the end of 2019, Chiliz has been on a recruitment drive, signing partnerships with e-sports teams and the UFC, along with top football teams around Europe.
How does Chiliz work?
Chiliz gives sports teams a platform to sell their own cryptocurrency tokens to fans. Every time a new team joins Chiliz, it releases a fixed amount of its own tokens which can be bought and sold with CHZ. $FCB, for example, is the official token of FC Barcelona, and buying one of their tokens means you can vote in polls run by Barcelona or enter competitions to meet its star players.
Chiliz runs its own cryptocurrency exchange, powered by the CHZ token. Every team that has partnered with Chiliz has a token that is available to buy with CHZ on the Chiliz exchange at Socios.com. Each of these fan tokens works in much the same way as a regular cryptocurrency, it can be bought and sold, and its price is decided by the market.
How to buy Chiliz online – a step-by-step guide
Step 1. Find an exchange to buy Chiliz
You can buy CHZ directly from the Chiliz.net exchange or from most crypto exchanges. Most likely you’ll need to go to an exchange and transfer your cash into a cryptocurrency – like Bitcoin – first, before using that to buy Chiliz. You can learn more about how to buy Bitcoin in our cryptocurrency guides.
If you’re looking for where to buy Chiliz immediately though, here are two of the top exchanges that offer CHZ:
- Binance: One of the biggest names in the cryptocurrency trading space, Binance allows users to trade hundreds of different cryptocurrencies, including Chiliz. Open an account right now >
- Bitpanda: A simple exchange to help you buy and sell a wide range of cryptocurrencies, including Chiliz, using several fiat currency options if you are a user operating from the EU (and the UK). Open a Bitpanda account today >
Step 2. Sign up and fund your account
When you sign up for a new exchange account you’ll need to verify your identity before you can start trading. This is pretty simple but you’ll need a form of photo ID, like a passport or driving licence, to do so.
These days, most brokers accept deposits in fiat currency (like GBP, USD, or EUR), although some still can only be funded with cryptocurrency. In terms of how to buy CHZ specifically, you’ll need to buy another cryptocurrency first. If you use one of the exchanges listed above, you can transfer your fiat currency into crypto, then use that cryptocurrency to buy Chiliz.
Step 3. Buy Chiliz
Once you have set up and funded your exchange account, you’ll be able to exchange the cryptocurrency in your account for CHZ. If you have loaded your account with Bitcoin then you will want to head to the exchange and look at the current CHZ price in the CHZ/BTC crypto pair and execute your trade.
Step 4. (Optional) Get a suitable wallet
For added security, you can get your own Chiliz wallet and transfer your coins into it for safekeeping. You don’t have to do this, and most exchanges will allow you to hold your coins within your account. The only real reason to consider this is if you’re planning to invest in Chiliz for the long term, but given the coin’s value lies in its fan tokens and exclusively on Socios.com, this is unlikely to be necessary.
If you do want to use a wallet to store your cryptocurrency, here are a couple of options:
- Guarda: An open-source wallet that has web, desktop, and mobile options available. It also has a deal with the Changelly exchange so you can buy coins there and store them on Guarda. Sign up for Guarda today >
- StrongCoin: A hybrid online wallet for storing Bitcoin and Bitcoin Cash. You get an online wallet that’s encrypted and secured on the StrongCoin servers. Get a StrongCoin wallet now >
How to trade Chiliz – a step-by-step guide
Step 1. Find a broker
You want to find a broker that offers low fees and flexible trading options. Before all that, though, the first and most important thing to check with any broker you choose is to make sure it supports Chiliz trading. As CHZ is smaller, new cryptocurrency, few brokers offer trading at the moment.
The biggest brokers tend to offer a range of cryptocurrencies along with other assets that you can invest in, like stocks, forex, and commodities. If you want to trade CHZ, eToro and Plus500 are two of the biggest crypto brokers that can check out first.
Step 2. Deposit money
Brokers usually let you use fiat currency to fund your account and trade crypto. You should make sure to take into account the trading fees each broker charges on every trade, so you can get the best value for your money.
Step 3. Decide how you’d like to trade
The most common methods for trading with an online broker are spread betting and contracts for difference (CFDs). You can check out our free online courses to understand more about what each involves, and which one is best for you.
Step 4. Start trading
When your broker account is set up, you’re ready to start trading. We recommend that beginners start out with a demo account to get to grips with how to trade cryptocurrency without the risk of losing money.
Once you start trading you have a couple of options; you can go long or go short. If you think an asset will go up, you take a long position. If you think it will go down, you ‘short’ it. When you short an asset you are selling it early with the aim of buying it back later at a lower price, making a profit on the difference.
It’s always best to take time to think over any potential investment, and this is especially true when it comes to cryptocurrency. Here are some pros and cons to consider when it comes to investing in Chiliz, along with some key questions to think about below.
- Its low price makes Chiliz a good entry-level coin
- Use Chiliz to trade fan tokens on its native exchange
- Fan tokens give you voting rights on your favourite team’s decisions
- Chiliz is a unique cryptocurrency with little competition at the moment
- Only a handful of teams have signed up so far
- The CHZ token has no practical use outside of Socios.com yet
If you’re still not sure, here are three more things to consider before you decide whether to invest in Chiliz.
1. Is now a good time to buy Chiliz?
Chiliz’s appeal depends on your investment outlook, are you buying for the long term or interested in trading to try to make a quick profit? If your aim is to buy Chiliz as a way to get involved in the Socios.com community or to earn voting rights for your favourite sports team, it’s rarely a bad time to buy. It trades very cheaply and has never been much above $0.02.
As a long-term investment, you need to be convinced of the growth prospects of the whole Chiliz brand and to see signs of more major teams and sports signing up. You’ll also want to consider the cryptocurrency markets more broadly. You can buy Chiliz coin very cheaply, but it’s a good idea to keep on top of our latest analysis to see if your coins are likely to climb to a higher price:
Chiliz (CHZ), Curve DAO (CRV), TomoChain (TOMO) price analysis
2. What problem does Chiliz solve, and what are the coin’s investment prospects?
Chiliz offers a way for teams to use cryptocurrency to profit from their global fan base. As a cryptocurrency focused on sports and entertainment, it has few competitors and can offer teams a unique revenue opportunity. Similarly, it gives fans new ways to engage with their favourite players.
CHZ’s investment prospects depend on whether it can keep signing up teams to draw new fans to the Socios.com platform. The growth of the community would drive more demand for the CHZ coin, so Chiliz needs to generate more fan token offerings and more engagement from its partner teams to increase its value.
The Chiliz brand is well-funded and has had some early success, while its exclusive behind-the-scenes access and team rewards offer something different from any other cryptocurrency. Below you can keep up to date with the latest news to make sure you’re one of the first to know whenever Chiliz adds new teams to its roster:
Is Chiliz (CHZ) a good buy right now?
Binance integrates Paris Saint-German (PSG) and Juventus (JUV) tokens on its Launchpool
3. Do you want to hold Chiliz for the long term?
At the moment, Chiliz value lies in the opportunities it offers you on Socios.com. That doesn’t mean it won’t be a good long-term investment option, but the real value comes from its native app and in the shape of the fan tokens. Below are a couple of final things to consider depending on your investing outlook.
Considerations for a long term investment strategy
If you think that Chiliz’s best days lie ahead and you want to get in on the ground floor, then you’ll want to sign up for a reliable cryptocurrency exchange and buy some coins right away. Depending on how long your time horizon is, you might also consider getting a personal wallet to hold your coins.
Considerations for a short term trading strategy
If you’re aiming to trade Chiliz quickly in order to profit from fluctuations in the crypto market, then the overall strength and long term trend of the coin’s price doesn’t matter so much. The important thing to do is familiarise yourself with technical analysis and signing up with a broker that offers low trading fees. Anticipating price movements by reading a variety of charts accurately gives you the best chance of trading success.