Enjin brings blockchain to the gaming community and tech-savvy traders are keeping a close eye on the Enjin cryptocurrency. This guide will show you how to buy and trade Enjin coin in 2020.
Compare where to buy Enjin Coin, and open an account
Read on to find out more about Enjin in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy Enjin coin.
What is Enjin?
The Enjin suite of user-first blockchain products includes software and a cryptocurrency, both of which are aimed at games and gamers. The Enjin team tout their work as world-changing and it certainly has the potential to be big.
Enjin is built on the Ethereum blockchain and allows developers to create their own unique in-game currency that’s backed by Enjin coins. This means the newly developed in-game ENJ coins remain bespoke while utilising all the benefits the blockchain can offer.
How does Enjin work?
Enjin can be used to create and manage virtual goods. Think in-game purchases of weapons, skins and other useful items, but that’s not all it does. Enjin also has smart contract capabilities and comes with a range of features including a versatile native wallet.
Each asset is logged on a single registry and all Enjin Smart Wallets recognise them. This connects games and gaming communities and allows for the platform-to-platform transfer of assets within this ecosystem.
How to buy Enjin online – step-by-step guide
Step 1. Get a suitable wallet
Whether you win or buy Enjin coins, you’ll need a place to keep them and that place is the Enjin Smart Wallet. Built by the developers at Enjin, this wallet is multi-purpose and supports a host of other coins too.
The Enjin wallet is proudly ad and tracker free and is highly secure too, so your funds will be safe. To maximise security, the app uses dual encryption and an in-app keyboard to foil any keylogging or data sniffing attempts.
Step 2. Find an Enjin exchange
Once you’ve got your Enjin wallet set up you’ll want to find an exchange so you can buy Enjin coins. There are several viable options out there, but it’s always worth checking a couple out before you commit. Here are two of our top Enjin supporting exchanges:
- Binance: Always one to keep in mind when buying cryptocurrency, Binance is simple to use, supports loads of coins and has a great track record.
- Coinswitch: Another great option if you’re looking to get stocked up quickly and efficiently. The easy-to-use interface will help you fill your Enjin wallet in no time.
Step 3. Withdraw your Enjin
We’ll never get tired of saying this: Don’t leave your funds on the exchange after you’ve paid for them. It’s much safer to store them in your digital wallet.
How to trade Enjin – step-by-step guide
If you want to trade Enjin coin rather than buy ENJ to own, you don’t really need to set up a wallet as you’ll only be speculating on the value.
Step 1. Find a broker
There are plenty of reputable brokers offering cryptocurrency trading these days, so you won’t be hard pushed to find one that suits your needs, although it’s a good idea to try a couple out if you have the time.
Some brokers are better for inexperienced traders just starting out and some are more suitable for experienced traders who have been in the game a while. Two of our favourite brokers right now are eToro and Plus500
Step 2. Deposit money
Once you know which broker you’re going with, the next thing you need to do is put down a deposit. Deposits are usually in the region of one or two hundred dollars so nothing that will worry a serious trader.
When the money is in your broker account, we suggest you don’t jump straight in, but take a while to familiarise yourself with the platform by using the demo mode. Regardless of your experience, it’s easy to win and lose money quickly when you’re trading on cryptocurrencies.
Step 3. Decide how you’d like to trade
As you’ll see as soon as you open your demo account, there are actually two ways to trade on cryptocurrencies. These are Spread Betting and CFDs (Contract for Difference). One could be forgiven for thinking these are pretty much the same as whichever you choose, you’ll have to make a call on whether you think the value of your chosen cryptocurrency will go up or down. If you’re not sure which method you’d like to try or you want to know more about the differences between the two, it’s worth doing some extra research.
Step 4. Start trading
Trading on cryptocurrencies isn’t too difficult to get into and once you’ve had a look around your broker platform you can make your first trade. This will entail thinking about the value of your cryptocurrency and either taking a long (buy) position if you think it will rise or a short (sell) position if you think it will fall.
Depending on your level of expertise and the broker you have chosen, you may also be able to add leveraged trades to your strategy. The way leveraged trading works is that you only put down a fraction of what the trade is worth and your broker covers the rest. This is not for everyone as the potential for big wins and losses can make for a nerve-racking experience. Traders who have been in the game for a while use stops to mitigate some of the risk.
- As Enjin coins can get locked inside games, demand and therefore value can increase
- Enjin could potentially be used by game developers to entice crowdfunding
- Enjin comes complete with a fully functioning secure digital wallet
- There’s still some doubt in the gaming industry about whether Enjin will work
- While Enjin is steadily being adopted, it’s still a relatively new coin
- Although scalability solutions will be put in place soon, right now the Ethereum blockchain is already under pressure and slowed down by high demand