How & where to buy Holochain (HOT) online
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This guide introduces you to Holochain and its native cryptocurrency coin, HOT. Here, we explain how the system works, why it’s seen so many delays, and what that means for its token’s prospects.
What are the best exchanges to buy HOT on?Copy link to section
If you already know that Holochain is for you, head to one of the crypto trading platforms below to get started. Our team of crypto experts have reviewed all the best options to help you choose between them. Otherwise, keep reading to find out more about Holochain.
How to buy HOT online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
A cryptocurrency exchange is the place to go to find altcoins. All of them offer a wide range of coins and the option to swap between them. While they all have slightly different features, it’s best for beginners to stick to leading, reliable platforms. Here are a couple of them:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- BitPanda: On BitPanda you can trade cryptocurrencies directly with fiat currency. It has an intuitive interface and charges low fees if you choose to buy with Bitcoin. Join BitPanda now >
Step 2. Sign up and fund your accountCopy link to section
Once you’ve picked a platform, you need to sign up for an account before you can do anything. The exact process varies between exchanges but you will usually need to provide some contact details and a form of photo ID as verification. After that, some exchanges let you fund your account with fiat currency, others will make you deposit cryptocurrency to get started.
Step 3. PurchaseCopy link to section
This step is simple, you just need to search for the Holochain ticker – HOT at the moment, it will eventually change to HOLO – to find which currencies you can use to get some. As Holochain is a smaller coin, you might find the only swaps available are with other cryptocurrencies rather than a fiat currency like GBP or USD. In that case, deposit fiat, swap that for something like Bitcoin, and then look for the HOT/BTC pair to execute the trade.
Step 4. (Optional) Get a suitable walletCopy link to section
You can get a wallet to store your coins more securely. This isn’t a necessary step, as you can store your coins safely with most exchanges. If you plan on holding a lot of coins for the long term, it can be a good idea to get more control and in that case a wallet is the best idea. Here’s a couple of the best wallet providers around:
- Freewallet: Freewallet is an online wallet that you can access through your browser or on a mobile app. It also includes an integrated exchange so you can trade crypto straight from your wallet. Join Freewallet now >
- Guarda Wallet: Guarda Wallet is a free wallet that has web, mobile, and tablet extensions so you can access your coins wherever you are. Sign up for Guarda Wallet >
How to trade Holochain – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
To trade HOT you want to find a reliable broker that offers low trading fees. Most of the top crypto brokers, like eToro and Robinhood, let you trade other assets like stocks and forex as well as cryptocurrency.
As it is one of the smaller cryptocurrencies, HOT can be hard to find with brokers at the moment. That may change if and when the network goes live.
Step 2. Deposit moneyCopy link to section
You will need to fund your broker account with fiat currency. You often have to pay a fee on deposits as well as withdrawals and you can use our broker reviews to make sure you know what you’re getting into before you start.
Step 3. Decide how you’d like to tradeCopy link to section
Brokers offer two main options for trading cryptocurrency. One option is spread betting, where you bet on the overall performance of a market. The other is contracts for difference (CFDs), which is a popular way of predicting how a coin will move without needing to own the asset itself.
Step 4. Start tradingCopy link to section
Before you start trading for real it could be worth using a demo account. Most of the top brokers offer beginner accounts where you can practice trading with a pretend budget before putting your own money at risk.
When it comes to trading, you can either go long (buy) or short (sell). If you think HOT is going to go up, you should take a long position. If you think the opposite and expect it to go down you should go short.
Once you have a bit more experience you can think about graduating to trading with leverage. With leverage you can make bigger trades by putting up a small percentage of the overall value while your broker supplies the rest. This can lead to big wins but also much bigger losses if the market moves against you, so we don’t recommend it for beginners.
Still undecided?Copy link to section
If you aren’t sure if Holochain is for you yet, don’t worry. We’ve summarised the platform’s pros and cons in the table below and followed it up with some questions that might help you come to a decision.
ProsCopy link to section
- Buying before Holochain goes fully live could be an opportunity to get in on the ground floor
- Holochain is more decentralised than the competition, which could give it a USP
- Ultimately HOLO tokens will have many more uses than HOT does now
Finally, here are three questions to help you decide if now is the right time to invest in Holochain.
1. Is now a good time to buy Holochain?Copy link to section
That depends on what your goals and time frame for seeing returns are. For long term investors who are bullish on Holochain’s prospects, it could be a good time to get in before the platform goes live.
For short term traders there are a few other things to think about. You want to decide if the current HOT price represents an opportunity and then learn about day trading strategies so that you can make the most of it. Our market analysis can help you stay on top of what’s going on in the cryptocurrency world and you can find it right here:
2. What problem does Holochain solve, and what are the coin’s investment prospects?Copy link to section
Holochain takes control of the internet away from big hosting corporations and hands it back to individuals. Every application is run and hosted by its users, making it one of the most decentralised platforms around.
HOT’s investment prospects are clouded by the fact Holochain is yet to release a fully functioning network. Until that happens, there’s going to be some uncertainty. Another issue is the number of similar platforms – like Ethereum, Polkadot, and Cardano, out there offering similar decentralisation.
Research is very important for all cryptocurrency but particularly for Holochain, as you need to know when it launches. It’s also important to know when your HOT tokens might turn into HOLO and whether you need to do anything to facilitate the swap. Follow the latest Holochain news here:
Get these storage tokens before March ends: HOT, FIL and MAID
Holo price movement: will the token carry on with its growth after spiking in value?
Is Holo (HOT) buy opportunity after the current dip?
3. Do you want to hold Holochain for the long term?Copy link to section
You might want to hold HOT for the long term if you like it’s technology and plan to decentralise the internet. Eventually you’ll be able to use it for transactions and to participate in the Holochain network. For investors who are more interested in HOT as a trading opportunity, it depends on whether your goals are short or long term. Here are a few things to consider depending on what sort of trader you are.
Considerations for a long term investment strategy
If you only see good things in Holochain’s future, then a long term investment strategy is for you. An exchange is the best place to buy Holochain coins in the UK right now, and then you might want to think about getting a wallet to store your coins.
Considerations for a short term trading strategy
If you want to trade to try to make a quick profit, you want to think more about trading fees and day trading strategies. Wait until the price looks like a good opportunity, find a broker and buy some coins.
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 >