How & where to buy Enjin (ENJ) online
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82% of retail CFD accounts lose money.
This page introduces the Enjin cryptocurrency and explains what its platform is all about. Use this guide to find out how it works and the best place to buy the ENJ coin.
What are the best exchanges to buy ENJ on?Copy link to section
Just looking for somewhere to get coins? The trading platforms below are some of the best options around, and have been chosen by our team of crypto experts based on their features and accessibility. If you want to learn more before you jump in, scroll down to keep reading.
77% of retail CFD accounts lose money.
How to buy ENJ coins online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
The best place to find cryptocurrency is an exchange. For the top cryptos you can use a fiat currency like USD or GBP to buy them, for smaller ones like Enjin you need Bitcoin or Ethereum instead. Two of the most popular exchanges around are:
- Binance: Binance is the most popular crypto exchange. It has a wide range of coins available with over 100 different cryptocurrencies in total, and even more pairs. Sign up with Binance now >
- BitPanda: BitPanda has one of the most user-friendly interfaces around and offers plenty of coins. What’s more, it lets you deposit and use fiat currency in a swap for most coins. Join BitPanda now >
Step 2. Sign up and fund your accountCopy link to section
You need to create an account before you can start trading on an exchange. It’s usually a quick and easy process, where you need some contact details and a form of ID for verification. After that, you have to fund your account with either fiat currency or cryptocurrency, depending on the exchange’s rules.
Step 3. PurchaseCopy link to section
Find the coin on your trading platform by searching for its ticker symbol. In this case, the ticker is ENJ, so if your account is funded with Bitcoin, then look for the ENJ/BTC pair to find the price and execute the trade.
Step 4. (Optional) Get a suitable walletCopy link to section
Once you have your coins, you can store them in a wallet. This is only an optional step because you can leave them in your exchange account without worrying too much. Wallets, though, offer more security and protect your coins from things like exchange hacks, which have been known to happen.
Here are two of the top wallets around:
- CoolWallet: CoolWallet is a hardware wallet that keeps your coins in ‘cold storage’, completely offline, but it’s compatible with your mobile thanks to a bluetooth connection. Sign up with CoolWallet >
- Ledger Nano S: The Ledger Nano S is a hardware wallet that functions like a USB stick, it keeps the coins safe even if you connect the wallet to a computer infected with malware. Get the Ledger Nano S now >
How to trade Enjin – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
A broker with low fees is the best place to trade cryptocurrency. When you plan to make a lot of trades, you don’t want to pay too much money every time you open or close a position. In terms of the best brokers, eToro and Robinhood are two of the top options out there.
Step 2. Deposit moneyCopy link to section
Brokers generally only accept deposits in fiat currency. They may charge a fee on deposits, however, so check that before you start.
Step 3. Decide how you’d like to tradeCopy link to section
Trading contracts for difference (CFDs) is the most common way of trading crypto. CFDs are a way of speculating on the price of a coin without owning it and can be a good option to quickly enter and exit positions to take advantage of price swings.
Step 4. Start tradingCopy link to section
Before you start trading for real, think about using a demo account to practice. Almost any broker worth using will offer one and it can be a good way of learning how things work without risking your own money.
When you decide to trade a coin you have two choices, back it to go up or back it to go down. If you like it, take a long (buy) position and if you don’t, go ‘short’ (sell).
There are more advanced trading strategies as well. One of those is to use leverage, which is a way of putting up a deposit that’s a small portion of the overall trade value. By borrowing the rest from your broker, you can make much bigger trades. But beware: this can lead to big losses just as easily as big gains.
77% of retail CFD accounts lose money.
Still undecided?Copy link to section
If you aren’t sure whether to invest yet, we have a few more pointers to help you. Here are some of Enjin’s pros and cons, followed by some questions for you to think about.
ProsCopy link to section
- A relatively inexpensive coin that’s ideal for beginners
- Aimed at gamers looking for a new way to play
- Could be an investment in a growing market that offers players the opportunity to monetise their gaming
- Enjin comes complete with a fully functioning, secure digital wallet
Finally, here are three questions to help you decide whether to invest in Enjin.
1. Is it a good time to buy Enjin?Copy link to section
If you’re a regular gamer looking for new ways to make money, then Enjin is an interesting option. Likewise, if you are an investor who thinks the crypto gaming industry is only going to grow, then this could be a unique opportunity to get in on the ground floor.
For short term traders or anyone who just wants to speculate on the price, you need to think more about timing. The best time to buy can depend on a variety of factors, like the current price of Enjin, analysis of technical indicators, and any news or developments that might impact a coin’s outlook. The first couple are on you, but we can help with the second one in the form of our market analysis:
2. What problem does Enjin solve, and what are the coin’s investment prospects?Copy link to section
Enjin solves the problems of gamers getting no monetary reward from the hours they spend playing. It’s created an alternative way of gaming, where digital items have a value and can be bought and sold.
As a long term investment, its prospects depend on how popular this sort of approach is. While it offers a unique gaming experience, the games built on Enjin are a far cry from blockbuster hits like Grand Theft Auto and FIFA that have been able to monetise online play at the moment.
The more people flock to the platform, the more the demand for ENJ to create and buy assets will go up. Keep your eyes on the latest news for signs of this happening, and you can use the links below to help you do this.
Enjin Coin price soars as focus shifts to the upcoming NFT.io
Enjin Coin price crossed key resistance: is it a good buy?
High-growth gamefi tokens to get this October
3. Do you want to hold Enjin for the long term?Copy link to section
You want to hold it if you expect it to grow in popularity, with more developers enticing more gamers to the platform. It could also be a good hold if you’re a gamer who wants to use it to trade assets you make or earn in-game. For other investors, here are a couple of final things to think about.
Considerations for a long term investment strategy
If you are bullish about Enjin’s future prospects, then the best place to buy ENJ coins is on an exchange platform. These have the widest range of options, and you can then hold your coins for a while. In terms of storage, you want to consider getting a wallet for extra security.
Considerations for a short term trading strategy
As a short term trader you should focus on finding a broker with low trading fees. Low fees, the current price, and some trading strategies are the top three things to think about.
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 >