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How to buy Hamster coin online
This beginner’s guide introduces the Hamster token. Learn what makes it stand out from the crowd, where you can get it, and its prospects for the future.
Compare where to buy Hamster token, and open an account
One of the platforms below is the best place to get the Hamster token and you can sign up straight away by following the links in the table. If you’re not ready for that yet, keep reading to learn more about the coin first.
What is Hamster coin?
It’s a ‘meme’ cryptocurrency that’s used as a speculative asset to be traded online. It has a vague roadmap to stand out by being a more secure token in the future but at the moment it has no practical use beyond that.
Hamster Finance was set up in mid-2021 but a lot of key milestones, such as an audit, market research, and being listed on minor exchanges, won’t be completed until 2022. Until then, it’s a pure speculation and hype play rather than a platform that is breaking new ground.
How does Hamster token work?
There is very little information available about how it works. Every cryptocurrency has a white paper but the Hamster Finance version doesn’t contain much in the way of specifics outside of the fact that the development team kept no tokens – and therefore no control – for themselves.
Cryptocurrencies often operate with a voting system that’s based on how many tokens an individual owns. The more tokens you have, the more power to shape the future of the platform whenever decisions over the direction of the project are put to a vote. In this case, the Hamster team released all the tokens onto the open market.
The movement of these tokens or coins is tracked using a blockchain that replaces the need for a bank or financial institution at the centre. The blockchain is like a big public database that stores information on how many coins everyone owns, approves each transaction, and stores a record of it that cannot be changed.
How to buy Hamster coin online – a step-by-step guide
Step 1. Find an exchange
The best place to buy Hamster coin is on an exchange. Decentralised exchanges like PancakeSwap are often the first platforms to offer new coins, while more traditional exchanges follow in their wake and offer a service that’s easier to use for beginners or those with less experience in crypto. A couple of the top exchanges around are:
- Binance: Binance is one of the largest exchanges in the world. It offers a wide range of coins and lots of useful guides for beginner investors. You can use its main website or a ‘lite’ version that’s a great place to start. Sign up for Binance now >
- Bittrex: Bittrex is an exchange that prides itself on its security and the size of the market it offers. There are hundreds of coins and tokens available and even more pairs that you can swap between. Join Bittrex now >
Step 2. Sign up and fund your account
Before you can use an exchange platform you need to create an account and deposit some money into it. Signing up is quick but you will have to provide some contact details and a form of photo ID to verify it.
To deposit money, most of the top exchanges accept fiat currencies like GBP or USD. The cheapest way to transfer into your account is with a bank transfer or debit card. Credit cards or alternative forms of payment, like PayPal, can come with significantly higher fees.
Step 3. Purchase
Look for Hamster coin by searching for the ticker symbol, HAM. Then you’ll be presented with a list of coin swap options, such as HAM/BTC. Choose the one that corresponds with the currency you want to use to buy it, enter how much you want, and execute the trade.
Most new cryptocurrencies are only available in swaps for other coins at the moment. All that means is you have to swap your fiat currency for Bitcoin or Ethereum first and use that to pay for the HAM.
Step 4. (Optional) Get a suitable wallet
Now that you have your coins, you need a place to store them. If you’re going to be an active trader then it’s best to leave them in your exchange account. Otherwise, a wallet is a much more secure option for long term holders. Here are two of the top wallets around:
- Ledger Nano S: The Ledger Nano S is a hardware wallet, which means it stores your coins on a physical device that you can plug into your computer. These coins are always stored offline, protecting them against any malicious activity. Get the Ledger Nano S >
- CoolWallet: CoolWallet is a variation on the hardware wallet that lets you connect to the device through a bluetooth connection from your phone. Then you can manage the coins themselves through an app. Get CoolWallet now >
How to trade Hamster coin – a step-by-step guide
Step 1. Find a broker
In order to trade cryptocurrency you want to find a platform that charges the lowest trading fees. Brokers are best for active traders, while low fees are important because if you make a lot of moves then the fees can really add up over time.
Right now, Hamster coin isn’t available on any broker platforms. That’s normal for new or smaller coins, which are only added once they become big enough to be worth it for the broker. The likes of eToro or Robinhood are likely to be first to include it.
Step 2. Deposit money
You have to create an account before you can use a broker. Again, you normally have to provide some contact details and a form of ID for verification, then you can start trading. It’s easy to deposit money via bank transfer or credit/debit card (although there will be fees), while if you want to use something like PayPal it’s best to check if the platform accepts it first.
Step 3. Decide how you’d like to trade
The most common way to trade is with contracts for difference, or CFDs. These are essentially notes that represent the price of an asset and you can buy or sell them depending on which way you expect that price to go.
Rather than ever taking ownership of the coins, you make money based on the price of the CFD on the date you bought it versus when you sell it.
Step 4. Start trading
Beginners might want to start trading with a demo account before moving onto the real thing. A demo account is simply an option to trade with virtual money and get used to the market, rather than putting your own capital at risk straight away.
When it comes to the trading itself, you have to decide whether to take a long (buy) or a short (sell) position. Use your own research and the latest news to influence this decision.
Ultimately, you can start to introduce advanced strategies as well to try to make bigger profits. Leverage is one of these, where you borrow money from your broker to make much larger trades. This can lead to big profits but also big losses if the market moves against you.
To help you choose whether Hamster is for you, here’s a summary of the most important pros and cons of the coin. Then we explore whether now is a good time to buy and what the future might look like.
- Meme coins can offer returns many times your original investment
- The chance to be part of a fun online community
Now here are three final questions to help you decide whether to invest in Hamster.
1. Is it a good time to buy Hamster coin?
Many meme coins are all about timing and so it depends on what the current price is. If you’re a long term investor then it might be best to get in now but otherwise short term traders want to wait for the right opportunity.
The best way to predict future price moves is to use technical analysis. That way you can time your entry and exit from the market right. Either use one of our short term trading courses to help you or follow the links below to get the latest analysis from our crypto experts.
2. What problem does Hamster coin solve, and what are the coin’s investment prospects?
Right now it doesn’t solve any particular problem and it’s simply a trading asset. Over time, as it works through its roadmap and develops a strategy, that might change. For now it’s best to go in with your eyes open and simply use it as a speculative opportunity.
It’s long term prospects are difficult to discern at the moment because of the lack of information about its plans. Other meme coins like Baby Doge or even Dogecoin itself have more of a vision along with being deliberately fun.
That doesn’t necessarily mean Hamster is a bad investment, just that you should only put a small amount into it if you decide to get involved. Coins like this can go both ways: some have made their investors a lot of money, others have fallen to nothing. Either outcome tends to happen quickly too, so keep tabs on the latest news to make sure you don’t miss anything:
3. Do you want to hold Hamster coin for the long term?
At the moment it lends itself to more of a short term vision. However, that can change, and there are often times when a long term approach is best. It usually depends on what type of investor you are, so here are a couple of final considerations to help you decide.
Considerations for a long term investment strategy
If you like Hamster and expect the coin to grow in value over time, then the best bet is to get involved sooner rather than later. Sign up for an exchange to get some coins and then consider finding a wallet to store them.
Considerations for a short term trading strategy
A short term strategy is all about analysing the current price to look for the right time to buy. Then pick a broker, ideally with low trading fees, and learn how to use CFDs in order to be successful.
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