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How to buy Enjin coin online
This page introduces the Enjin cryptocurrency and explains what it’s platform is all about. Use this guide to find out how it works and the best place to buy its cryptocurrency.
Compare where to buy Enjin, and open an account
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.
What is Enjin?
Enjin is a platform for transforming virtual gaming goods into digital assets that can be traded. You can turn anything in your gaming inventory into an asset backed by the Enjin cryptocurrency (ENJ) and sell it. Each asset and a history of its ownership is stored on the blockchain so it can always be verified.
Formed in 2017, Enjin is like a hybrid of a virtual stock exchange and gaming development software. Developers can build games full of assets on Enjin, so a game can have its own cryptocurrency or rewards scheme backed by ENJ, or it can be somewhere for a player to sell off rare items and make money from the hours they put in.
How does Enjin work?
Enjin works by binding a virtual item together with some of its cryptocurrency to create a digital token. This information is stored in a contract that is added to its blockchain, where it stands as verifiable proof that the asset exists and tells you who owns it. Whenever it’s bought or sold, a new transaction is added to the blockchain.
One of the defining features of the Enjin platform is that when you get your hands on an in-game item, you own it. The gaming company doesn’t own it and you don’t just own it in the game, you own a tangible asset that you can decide what to do with.
How to buy ENJ coins online – a step-by-step guide
Step 1. Find an exchange
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 account
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. Purchase
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 wallet
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 guide
Step 1. Find a broker
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, Enjin isn’t available on many platforms yet. When that changes, eToro and Robinhood are two of the top options out there.
Step 2. Deposit money
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 trade
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 trading
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.
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.
- 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?
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 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, 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?
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.
Is Enjin a good investment opportunity in August 2021?
Enjin to promote equality as high-ranking UN Global Compact member
Should I buy Enjin Coin (ENJ) right now? Looking at the future of gaming products on the blockchain
3. Do you want to hold Enjin for the long term?
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. Our guide to short term trading can help.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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