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How to buy Electroneum online
This page covers everything you need to know to get your hands on Electroneum. Read on to learn about how to time your purchase and whether this coin is set up well for the future. You can also compare where to buy it and follow our step-by-step guide in order to complete your investment.
Compare where to buy Electroneum, and open an account
You can buy cryptocurrency through any of the broker platforms in the table below. In order to do so, you need to create an account first, and you can do that by following the links next to each name.
How to buy Electroneum online – a step-by-step guide
Step 1. Find an exchange
The best way to buy Electroneum is on a cryptocurrency exchange. Any coin that you are struggling to find is usually available on an exchange and there are likely to be lots of different ways to pay for it. Two of the top platforms that offer Electroneum right now are:
- KuCoin: KuCoin is an exchange that’s ideal for beginners. It contains a lot of useful learning material alongside a range of coins that includes more than 200 different cryptocurrencies. Sign up with KuCoin today >
- Changelly: Changelly is a great platform for more advanced users because it lets you buy and sell cryptocurrency without setting up an account. Join Changelly now >
Step 2. Sign up for an account
Before you can go ahead and buy anything, you normally need to create an account on the exchange. That process is as simple as supplying a few contact details and a form of ID for verification. It may take a short time for the account to be verified, so be prepared to wait an hour or two for that to come through.
Note that not all exchanges require you to sign up. Some allow you to buy and sell cryptocurrency straight away as long as you have your own wallet. Changelly is one of the platforms that lets you do this, and you can scroll down to Step 5 to learn more about how to get a wallet.
Step 3. Fund your account
In order to buy anything, you need to add some money to your account. Most exchanges accept deposits in fiat currency, so you can simply use a bank transfer or a card payment to transfer USD, GBP, or EUR into it.
In some cases, you can only use cryptocurrency to fund an account. In that case, the best thing to do is to use a different platform to buy Bitcoin with your fiat currency, then deposit it into the account you’re using to get Electroneum.
Step 3. Purchase
You can find Electroneum on your chosen exchange by searching for its ticker symbol, ETN. When you do that you’ll see a list of different pairs, such as BTC/ETN, which simply represent which coins you can use in a swap for it.
Choose the one that corresponds with how you want to pay for your Electroneum, then enter how much you want to buy, and execute the trade. Your new coins will show up in the ‘wallet’ section of your account.
Step 4. (Optional) Get a suitable wallet
A wallet is like a banking app that keeps your cryptocurrency secure behind a pin code and password. You don’t have to use a wallet to store your coins, as you can leave them in your exchange account instead. A wallet, however, gives you a bit more security and control over your money in case anything were to happen to the exchange.
Wallets come in a few different forms; you can use some by logging in through a web browser, others have dedicated smartphone apps, while the most secure ones are physical devices that you access by plugging them into a computer. Many offer a combination of all those features. Here are a couple of the best wallets available right now:
- FreeWallet: FreeWallet is an online wallet that lets you store and access your coins through a browser or its dedicated mobile app. It also features an in-built exchange and the ability to store over 100 different coins. Sign up for FreeWallet >
- CoolWallet: CoolWallet is a hybrid wallet, which stores your coins on a physical device that’s shaped like a bank card but lets you access them through a mobile app over bluetooth. Join CoolWallet now >
How to trade Electroneum – a step-by-step guide
Step 1. Find a CFD broker
Trading cryptocurrency normally refers to the practice of day-trading, which is where you buy and sell lots of coins over the course of a day, with the aim of making a small profit each time. The best way to do this successfully is with CFDs, and for that you need a CFD broker.
This form of trading is not available for every cryptocurrency. CFD brokers tend to only offer the largest coins with the most demand, rather than small altcoins like Electroneum. As a coin grows in popularity, brokers like eToro and Robinhood are usually the first to start offering it.
The rest of this guide serves as an example of what you need to do to be able to trade cryptocurrency in general. Check back regularly to find out when this form of trading becomes available for Electroneum as well.
Step 2. Create an account and fund it
In order to start trading you need to sign up with a broker and create an account. This is much the same process as joining an exchange; you have to provide some contact details and photo ID to verify your account.
Next you should deposit money via a bank transfer or a debit/credit card. Some platforms offer additional payment methods as well, such as PayPal. If that’s important to you, check through our reviews to find out which platform offers which payment methods.
Step 3. Learn how to perform technical analysis
The foundation of a good day trading strategy is technical analysis. You need to be able to read price charts, analyse trends, and use the information to predict how the market is likely to move in the future.
The most basic concepts to familiarise yourself with are support and resistance levels, which represent prices at which traders expect a significant change in momentum. These can help you decide when to buy or sell a coin.
Step 4. Decide whether to buy or sell
One of the major differences between CFDs and owning an asset outright is that you can both buy and sell them. If your analysis leads you to believe the price of a coin is going to rise in the future, you should buy a CFD (this is also known as going ‘long’). If you think the opposite will happen, you can sell the CFD (go ‘short’).
Step 5. Make the trade
Search for the coin you want to trade through your broker platform. Then you’ll be presented with a fixed price at which you can buy or sell it. Choose one and decide how much money you want to stake on it. All you need to do now is execute the trade, and it’ll show up in the ‘open positions’ section of your account.
Should I invest in Electroneum?
That depends on a number of factors, such as the state of the overall cryptocurrency market and what your overall goals are. It’s better to invest when the market is trending upwards because during difficult times it’s often the smallest altcoins which suffer first.
Before you put your money into any cryptocurrency, you should thoroughly research the project and any recent news that’s affected it. That way, you can get a feel for whether it’s likely to succeed in the long term, if there have been any setbacks you need to know about, and what the competition looks like.
This applies even if you just want to trade Electroneum in the short term. It helps to be extremely ‘online’ if you want to trade cryptocurrency, because the prices of individual coins can fluctuate dramatically based on hype and hearsay. When dealing with a coin that has a small market cap, a few tweets or message board posts can have a big impact on the price.
If you still want to learn more in order to decide if Electroneum is for you, then the table below can help. It summarises all the pros and cons of putting your money into this cryptocurrency. After that, there are a few more questions to help you time your investment right.
- Electroneum provides a valuable service that has a wide audience around the world
- It has already got deals in place with merchants so that you can spend ETN coins
- The project has been gradually developing over a long period of time
Now here are three more questions to help you decide whether to invest in Electroneum.
1. Is now a good time to buy Electroneum?
If you feel good about the project over the long term, then it usually is better to buy sooner rather than later. However, it’s generally better to wait for a day where prices are relatively stable rather than buying while there is a lot of volatility.
Otherwise, if you’re more focused on short term results, the answer revolves around what your study of the Electroneum price chart tells you. Wait until your analysis suggests a buying opportunity, and stick rigidly to the process when it suggests you should sell. Our own analysts regularly post their views on popular coins and you can use their advice to help you.
2. What problem does Electroneum solve, and what are its future prospects?
Electroneum lets people transfer money anywhere in the world instantly through their smartphone. It can also be used to pay for everyday goods and services with participating merchants. The idea is to offer low cost financial services to the ‘unbanked’; people without access to a traditional bank account.
This sort of service is well-suited to cryptocurrency because cross-border payments can be done in a single currency, rather than having to be exchanged from one to another. That makes them significantly cheaper and faster than has been possible before.
The problem is that this means Electroneum is far from the only cryptocurrency to offer the service. XRP, Stellar, and Telcoin all do a similar job. Likewise, only a small number of merchants have signed up to the service so far. Electroneum might find it tough to distinguish itself and compete with larger coins in the space, but you can use the news links below to track its progress down that road.
3. Do you want to hold Electroneum for the long term?
There are pros and cons to a long term approach, just as there is for a short term trading strategy. Below is a quick summary of what you need to think about, whichever way you prefer.
Considerations for a long term investment strategy
To buy and hold coins for the long term, you need to sign up for a crypto exchange. Use the exchange to get the coins and then think about signing up for a wallet to store them in.
Considerations for a short term trading strategy
The most important thing you need to do to be successful as a trader is to learn how to perform price analysis. Then pick a broker, preferably one that charges low fees for each trade, and use it to trade CFDs.
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