How & where to buy Decentraland (MANA) online
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On this page we explore what makes Decentraland unique, why you might want to own MANA, and what you can do with it when you do.
What are the best exchanges to buy Decentraland on?
If you just want to find somewhere to get coins straight away, then use one of the brokers below. These have been reviewed and approved by our team of crypto experts as the leading platforms in the field. Not ready for that yet? Then read on to learn more about Decentraland.
How to buy Decentraland online – a step-by-step guide
Step 1. Find an exchange
A cryptocurrency exchange is the best place to buy MANA coins. They usually have the widest range of tokens available, and let you swap between them. This is particularly important for Decentraland, as the MANA token is only available in a swap for other cryptocurrencies, like Bitcoin and Ethereum.
A couple of the top exchanges around are:
- Binance: The most popular exchange platform in the world, Binance is the first port of call for anyone new to cryptocurrency. Virtually all of the top coins are available, and there is a ‘lite’ version to help beginners get started. Sign up with Binance now >
- Bittrex: Another beginner-friendly exchange platform with a huge range of coins, Bittrex also offers some useful content on demystifying cryptocurrency through its blog platform. Join Bittrex now >
Step 2. Sign up and fund your account
To create an account, you usually only have to provide a few contact details and – sometimes – a form of photo ID. The top platforms race you through this process very quickly, so that you can get on to the good stuff.
Remember that you need to deposit some money into your account as well. Most exchanges now accept deposits in fiat currency (which means ‘normal’ money like GBP, USD, or EUR), and you can make them through bank transfer via a credit/debit card.
Step 3. Purchase
Now, just go ahead and get your coins. The Decentraland cryptocurrency can be found by searching for its ticker, MANA, but you will probably find that the only swaps available are through other cryptocurrencies. That’s not a problem: all you need to do is swap your fiat currency for Bitcoin or Ethereum, and then use that to get Decentraland.
Step 4. (Optional) Get a suitable wallet
The final step is to find somewhere to store your coins to keep them as safe as possible. This is generally only necessary if you intend to hold them for a long time, or hold a lot of them. A cryptocurrency wallet is a piece of software or hardware that restricts access to the coins so you can only get to them by entering a private key that’s unique to you.
Here are two of the top wallets around:
- KeepKey: KeepKey is a hardware wallet, which means it keeps your coins completely offline. It’s like a USB stick, but protects your coins even if the stick is plugged into an infected computer. Join KeepKey now >
- FreeWallet: FreeWallet is an online crypto wallet that you can use to access your coins through your mobile phone. It also includes its own cryptocurrency exchange, so you can trade coins directly from the wallet itself. Sign up with FreeWallet >
How to trade Decentraland – a step-by-step guide
Step 1. Find a broker
A broker is best if you want to trade contracts for difference on a coin, rather than owning the coins outright. In that case, you want to use a broker like eToro or Plus500, that lets you trade against the value of various cryptocurrencies.
Step 2. Deposit money
The only way to fund a broker account is with fiat currency. Many of these platforms offer some kind of deposit bonus for first time users, while many also charge for deposits, withdrawals, or for trading itself. It’s always a good idea to check the terms and conditions when you sign up so there are no surprises later on.
Step 3. Decide how you’d like to trade
As mentioned earlier, the most common way to trade cryptocurrency is by using contracts for difference (CFDs). These are contracts based on how much the price of an asset changes between the date it is bought and sold. The actual price itself doesn’t matter, and nobody takes ownership of the asset itself. Instead, it’s the price change that’s important.
CFDs are often used by day traders to speculate on price moves, but they aren’t the only option available. An alternative is spread betting, where you bet which way a market will move and earn your stake back for every point it moves in a particular direction.
Step 4. Start trading
When you start, it might be a good idea to use a demo account first. Almost all of the top brokers offer some variation of a practice account where you trade with virtual money. That way, you can get used to the market without putting your own capital at risk.
In terms of the trading itself, you have to decide whether you expect Decentraland to go up or down in value. If you think the former, you should buy it – known as taking a ‘long’ position – while if you think it’s going to fall in price then sell – known as going ‘short’.
For more advanced traders, there is an opportunity to use leverage and make much bigger trades. Leverage means putting down a percentage of the total trade value as a deposit and borrowing the rest from your broker. This can lead to big wins, but just as big losses, as you remain liable for the entire value of the trade.
If you aren’t sure whether Decentraland is for you yet, don’t worry. We have summarised the pros and cons of the platform in this table, and followed it with a few more questions to help you decide.
- A low-cost investment in virtual reality, which could be the technology of the future
- The MANA coin has practical value as a means of payment within the Decentraland world
- Each time MANA is used to buy something on the marketplace, the coins are destroyed. That could help limit the supply and drive the price up
Below are the final three questions for you to think about before you decide whether to invest in Decentraland.
1. Is it a good time to buy Decentraland?
That depends on the state of the cryptocurrency market and whether you have a long term or short term focus. Cryptocurrency can be volatile and each coin is impacted by the performance of the whole market, so make sure to check that before you do anything.
Long term investors who expect the coin’s popularity to keep increasing should look to get some right away, but short term traders should learn how to use technical indicators to time their moves. Our team of analysts have already done some of the work for you, and you can follow their advice below:
2. What problem does Decentraland solve, and what are the coin’s investment prospects?
Decentraland is a cryptocurrency that runs an entire virtual world. As virtual reality becomes ever more popular, the opportunity to build and own items within that world might become more and more sought after.
There are few competitors that offer virtual reality on anything like the same scale. The challenge at the moment is that it’s a fairly small community, but that could be an opportunity for anyone who owns the coin now as the MANA token is required for anyone who wants to join it.
If the community grows, the coin is going to grow in value. Not only is it required to join, but it’s also the only way to buy land and items through the marketplace. And the total supply is fixed, so it’s not going to suffer from inflation as it would if more were constantly being created. You can keep tabs on the growth of the platform through the latest news below.
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3. Do you want to hold Decentraland for the long term?
If you want to sign up and create your own little slice of virtual happiness on the Decentraland platform then yes, you should. If you are considering its coin as an investment, or as an opportunity for day-trading, there’s more to consider. Here are a couple of final points, depending on which of these buckets you fall into.
Considerations for a long term investment strategy
If you think the Decentraland price is going to go up in future, then the best thing to do is find a cryptocurrency exchange and get some coins straight away. You might want to think about storing these coins in a wallet to keep them secure.
Considerations for a short term trading strategy
Short term traders should learn how to use price charts and technical indicators to time their entry into the market. Then you want to sign up for a broker that charges low trading fees. You could also think about learning how to use CFDs as well.
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