How to buy Elastos coin online
This beginner’s guide introduces you to Elastos and the ELA coin that powers its whole network. Learn more about Elastos’ prospects and where to buy ELA coins.
Compare where to buy Elastos, and open an account
Buy ELA straight away using the links below. These are some of the top brokers as chosen by our team of crypto experts to help you make the best buying decisions. Otherwise, keep reading to learn more about what Elastos is and whether you should invest.
What is Elastos?
Elastos is like an app store built on the blockchain. Rather than using a browser to access websites, you use whichever app offers the service you need. Every transaction across all the apps is done using the same currency: the ELA token.
This is an attempt to create a new online environment by completely changing the way we access the web. Every app, person, and device has its own unique ID stored on the blockchain to protect against malicious behaviour, and there is no central authority like Google that can hold your private data.
Elastos was developed by former Microsoft engineer Rong Chen, whose idea for an operating system that could power the entire web dates all the way back to 2000. The Elastos foundation itself dates to 2017, and it went live in 2019.
How does Elastos work?
Elastos works by adding a layer between a user and the internet. All apps run on the Elastos system, which then connects to the internet. So when a user goes onto an app, the app requests access to the internet through the Elastos system. As each app has its own unique ID stored on the blockchain, Elastos can check to verify everyone is legitimate before letting it connect. This cuts out most of the security threats that exist on the internet as it is now.
Elastos is linked to the Bitcoin blockchain. All new IDs and transactions are added by creating blocks, which it does by piggybacking on the work done by Bitcoin miners. This means it can benefit from Bitcoin’s security without needing the same level of computer power, making it faster and less energy-intensive.
How to buy Elastos online – a step-by-step guide
Step 1. Find an exchange to buy Elastos
To buy Elastos you need to find an exchange and transfer your fiat currency (like GBP, USD, or EUR) into a cryptocurrency. Then you can use that crypto to buy ELA. The simplest way to do this is to buy Bitcoin, but you can also buy Ethereum and use that.
A couple of the top exchanges around are:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- BitMEX: BitMEX is a platform for trading with Bitcoin and offers lots of trading options. One of those is leverage, and you can trade with up to 100x leverage for more experienced traders. Join BitMex now >
Step 2. Sign up and fund your account
You need to sign up for an exchange account before you can start trading. You’ll also need to verify your account, which means providing a copy of your photo ID. You sometimes need to wait a little while for the account to be verified, so keep that in mind. Then deposit some currency and you can get started.
Step 3. Buy Elastos
Now that your account is fully funded, you just need to look for the right crypto pair to execute your trade and buy some coins. Remember that you’ll need to buy ELA with another cryptocurrency, then look for the ELA/BTC pair and hit buy.
Step 4. (Optional) Get a suitable wallet
The final step is to get your own wallet to store your new coins. You don’t have to do this, as you can just leave your coins in an exchange. If you want to hold a lot or make sure they’re secure, a wallet can be the best way to go.
Here are two of the top wallet providers available:
- KeepKey: A hardware wallet, KeepKey keeps the private keys to access your cryptocurrency completely offline, so it’s secure even if it comes into contact with an infected computer. Get a KeepKey wallet now >
- CoolWallet: Another hardware wallet, CoolWallet is different by having a mobile app that can access your keys using bluetooth, but keeping everything completely offline. Join CoolWallet today >
How to trade Elastos – a step-by-step guide
Step 1. Find a broker
To trade ELA you want to find a broker with low fees. If you’re going to do a lot of trading you don’t want to have to pay lots in fees every time, so it’s the most important thing to think about. Right now, ELA isn’t available with many brokers. Over time, this might change, and if it does eToro and Plus500 are two top ones to try.
Step 2. Deposit money
You can trade with a broker using fiat currency, so you can start trading as soon as you deposit some funds. Some brokers offer deposit matching or other introductory offers, so make sure you know what these are so you can take advantage.
Step 3. Decide how you’d like to trade
When you’ve funded your account, you need to decide how you want to trade. The most popular way to trade cryptocurrency is with contracts for difference. CFDs are a way of speculating on the performance of a coin without having to own it, and is a great way to start trading more expensive cryptocurrencies without a big budget.
Step 4. Start trading
Now that you have a strategy, it’s time to buy your first crypto. Beginners might want to start by using a demo account, where you can trade with pretend money to get used to how it works without risking any of your own.
When you get started you have two options depending on how you think ELA is going to perform. You can go long, where you predict it to go up, or go short if you think it’s going to go down. While this basic method applies to anything, there are more advanced strategies you can try once you know what you’re doing.
One of these is trading with leverage. Using leverage means making big trades by putting up only a small amount of the total value of the trade. This is known as using the ‘margin’ and introduces a lot more risk. You can win big with leverage, but you can also lose big if the market moves against you.
You should always take some time to think about any investment, and that’s especially true of cryptocurrency. Below are the pros and cons of buying ELA, followed by three more questions you should think about before you invest.
- ELA can be used to buy anything on the network
- Its focus on giving people control of their data could be popular in the long term
- It’s ahead of many alternatives in terms of mainstream awareness
- There’s a lot of blockchain platforms trying to play a similar role
Finally, here are some more questions to think about to help you choose whether to invest in Elastos.
1. Is it a good time to buy Elastos?
That depends on whether your goals are long term or if you’re more interested in short term trading. It could be a good time to buy ELA if you’re looking for an alternative to the traditional internet dominated by a few players. Elastos is one of the ‘global innovators’ partnering with the World Economic Forum, so it’s already built up some mainstream awareness.
In the short term, the decision rests on finding a good broker and understanding how to perform technical analysis. Then you can keep tabs on the price and look to benefit from any fluctuations. You can use our market analysis to help you, and that’s available right here:
2. What problem does Elastos solve, and what are the coin’s investment prospects?
Elastos solves the problem of privacy and security lapses on the internet. It creates a new platform for accessing the web without putting power in the hands of big corporations or being at risk of malicious users.
ELA’s investment prospects are closely tied to the growth of the platform, as it’s the currency used for every transaction. Because Elastos is so focused on data privacy, its prospects could also depend on public opinion shifting further against companies seen to be exploiting private data, like Google and Facebook. While it offers an alternative to the internet, it needs the traditional players to falter as well.
You should always do your research, especially in this case as Elastos has a lot of layers that you need to understand if you’re investing for the long term. It’s also a good idea to follow the latest news for anything that could affect ELA’s price, and you can do that here:
3. Do you want to hold Elastos for the long term?
You should hold Elastos for the long term if you like its chances of attracting more users to its alternative form of the internet. Think about the competition, both externally from the likes of Google, and other blockchain-based platforms like Polkadot and Elrond.
Considerations for a long term investment strategy
If you feel good about ELA’s prospects, find an exchange and buy some coins straight away. If you plan on holding for a long time, you might want to think about getting a wallet to store your coins.
Considerations for a short term trading strategy
Short term traders should make sure to choose a broker with low trading fees. That way, you can make lots of trades without seeing your capital eaten away by fees. It’s also a good idea to read up on technical indicators that could help you predict ELA price movements.