How & where to buy Internet Computer (ICP) online
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This beginner’s guide teaches you everything you need to know about the Internet Computer. Learn about what’s fuelled the hype behind its ICP cryptocurrency, and the best brokers to use to buy some.
What are the best exchanges to buy ICP on?
If you just want to go ahead and buy some coins, use one of the brokers below. We’ve reviewed all the leading platforms, and these are three of the best. Or you can keep scrolling to learn more about the Internet Computer.
How to buy Internet Computer online – a step-by-step guide
Step 1. Find an exchange
ICP is available on the top exchange platforms. Although the number of exchanges that offer it is limited at the moment, you should still look around to find one that offers the best price and the widest range of purchasing options. Here are two of the best platforms out there:
- Binance: Binance is the biggest exchange in the world, with billions in volume traded every day. That’s because it’s a simple, easy to use platform with lots of useful material for beginners. Sign up with Binance >
- Kucoin: Kucoin is another exchange packed with information for beginners. It explicitly focuses on altcoins and has a large number of smaller cryptocurrencies available to trade. Join Kucoin today >
Step 2. Sign up and fund your account
Once you’ve chosen an exchange, you have to sign up and create an account before you can buy anything. It’s a simple process but be prepared to supply some contact details and to verify your identity with a form of photo ID, like a passport or driving licence.
Top platforms like Binance accept deposits in fiat currency (like GBP or USD), and usually charge a small fee on each deposit. Other platforms only accept deposits in cryptocurrency.
Step 3. Purchase
Search for the Internet Computer coin with its ticker symbol, ICP. Then choose one of the coin pairs available, such as BTC/ICP, enter the total amount you want, and execute the trade. Just note that you might not be able to use a currency like GBP yet, you might have to swap it for a cryptocurrency like Bitcoin and then use that for ICP.
Step 4. (Optional) Get a suitable wallet
The final step is to decide where to store your new coins. Exchanges are fine if you’re going to do lots of buying and selling, but a cryptocurrency wallet offers a more secure place to hold it for the long term. Here are two of the top wallets around:
- Trezor: Trezor is a hardware wallet, a USB-like device that stores your coins and you use by connecting to your computer via a USB cable. It comes in two versions, with the more advanced offering a touch screen for even easier access. Get Trezor now >
- FreeWallet: FreeWallet is an online wallet that lets you access your coins through a web browser or, more commonly, via an app on your mobile phone. Get a FreeWallet today >
How to trade Internet Computer – a step-by-step guide
Step 1. Find a broker
A broker is the best place to trade cryptocurrency and you should look for one that charges low trading fees. You might find that the ICP coin isn’t available with many brokers at the moment. When it does become available, eToro and Robinhood are likely to be two of the first to offer it.
Step 2. Deposit money
Brokers only accept deposits in a fiat currency like GBP, USD, or EUR, and a bank transfer is usually the cheapest way to do it. There are other payment methods available, such as credit/debit card or even PayPal, but it might cost a bit more in fees.
Step 3. Decide how you’d like to trade
The most common way to trade cryptocurrency is using something called a contract for difference (CFD). This is a contract where your profit is the difference between the price of a coin on the day you buy the CFD compared to when you sell it. Unlike buying and selling coins on an exchange, you never take ownership of the asset when you use a CFD.
Step 4. Start trading
If you’re a beginner, consider using a demo account to get used to the market before you dive in for real. You can access this through the settings in your broker account and it can be a good way to practice without risking your own money.
When you trade crypto you’ll take either a long (buy) position or a short (sell) one to speculate on the Internet Computer price. Use the latest news to help you predict which way the coin is likely to go.
Once you get more experienced, you can start to use strategies like trading with leverage. Many brokers let you make large trades in exchange for you putting up a small deposit as the ‘margin.’ Be careful though, as it can lead to big losses just as quickly as it can lead to big profits.
To help you make a final decision, we have summarised the most important pros and cons into the table below. After that, there are some more questions to guide you.
- It’s a well-backed project with disruptive potential
- You can make more money by earning interest on your coins
- Almost instantly became one of the leading cryptocurrencies as soon as it was launched
Finally, here’s a quick run through of three more things to consider before you invest in Internet Computer.
1. Is it a good time to buy Internet Computer?
That depends on whether your goals are short term or long term. If you want to hold ICP for a while because you expect the price is only going to increase, then now is a good time to get started.
For short term traders looking for an opportunity to make a quick buck, the decision rests on your analysis of the current price and trends. That way, you can predict when might be a good time to make a move. Alternatively, our analysts regularly study this sort of information themselves and you can use their work to help:
2. What problem does Internet Computer solve, and what are the coin’s investment prospects?
It solves the problem of an internet dominated by leading big tech firms. It removes the potential for a single central authority to act as gatekeeper, and makes it easier to create new software or content online.
The lofty goals of the project helped inspire an immediate surge in price as soon as it was released (ICP was trading at close to $600 on the second day after it launched). That’s testament to both its prospects and its backers. In theory, it could completely change how the internet works.
In practice, that’s a lot easier said than done. Until the project has been around for a bit longer and proven itself with real-world examples, you’re paying a premium for potential. That’s not necessarily a bad thing, it just means that you should pay extra close eye to the latest news for anything that might confirm that potential or call it into question.
Is ICP a good buy opportunity in April 2022?
Internet Computer price forecast: how will the BTC and ETH integration shape the value of ICP?
Internet Computer plans to integrate ETH and BTC by the end of 2022
3. Do you want to hold Internet Computer for the long term?
Sometimes the right move is to hold for a while, other times buying and selling quickly is the best move. It depends on how you prefer to invest and how quickly you want to see a return. This final section covers the important considerations for each different type of trader.
Considerations for a long term investment strategy
This is the best approach for anyone who expects Internet Computer’s price to rise over time. You should find an exchange to get some coins straight away, and think about signing up to a wallet to store them.
Considerations for a short term trading strategy
To make money in the short term requires a bit more experience using charts and trends to predict small moves in price. To succeed with this strategy you should find a broker with low trading fees, and prepare to make you money through lots of small trades.
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 >