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How to buy Karen Coin Online
This beginner-friendly guide takes you through everything you need to know about Karen Coin, step-by-step. From what it is and how it works, to the platforms on which you can buy and sell tokens, this page covers all the bases.
Compare where to buy Karen Coin, and create an account
If you want to get your hands on some Karen Coins as soon as possible, simply follow the links below to sign up with one of our trusted partners. If you want to know a little more before you invest, then simply scroll past the table and keep reading.
What is Karen Coin?
Karen Coin is a cryptocurrency named after the famous ‘Karen’ meme. For those who are unfamiliar: a ‘Karen’ is a (generally middle-aged) woman who is rude to staff and demands to “speak to the manager” in the hope of preferential treatment. The coin itself is a DeFi (Digital Finance) cryptocurrency, with plans to build an NFT exchange that uses Karen Coin as its base currency in the future.
The team behind Karen Coin have named the crypto this way in the hope of using the meme to gain attention and drive the success of their token – as famously has happened with Dogecoin. Whether the coin can follow in the footsteps of DOGE is yet to be seen, but the level of detail on Karen Coin’s website demonstrates it’s more than just a joke coin thrown out on a whim.
How does Karen Coin work?
On a base level, Karen Coin works like any other cryptocurrency: transactions are recorded on a publicly visible, decentralised blockchain enabling users to trade coins without the need for a central authority. The coin was originally launched on the PancakeSwap platform and now trades with the ticker KAREN.
The innovation that Karen Coin is trying to bring to the cryptocurrency table is to make its coin completely transparent, secure, and community-driven – before expanding the project to offer more than simply a basic coin.
On a technical level the Karen Coin team aim to achieve this through their 8% tax on all transactions – 4% of which goes to shareholders and 4% into the liquidity pool (which is locked and not accessible by anyone). This rewards people who hold the coin, while also generating a continuous burn that raises the value of Karen Coins in circulation.
How to buy Karen Coin online – a step-by-step guide
Step 1. Find an exchange
As Karen Coin isn’t that widely used and traded yet, there are only a few exchanges on which you can buy the coins. These include PancakeSwap and Bogged, but part of the project’s aims is to be available to trade on large exchanges in the near future, such as:
- Binance: Omne of the most well-known and widely-used cryptocurrency exchanges, Binance offers users the ability to trade thousands of different coins. Sign up for an account here >
- Coinbase: Another popular crypto exchange, Coinbase is known for its user-friendly platform simple buying process. On the coin’s website, Karen Coin says it is openly targeting being able to trade on Coinbase in the near future. Register now >
Step 2. Sign up and fund your account
Before you can buy and sell cryptos on an exchange, you’ll need to register for an account. This typically involves providing your name, email address, mobile number, and a form of photo ID (such as a passport or driving license).
When buying smaller coins such as Karen Coin, you’ll have to convert your money into a more widely accepted crypto such as Bitcoin or Binance Coin. You will then be able to trade these for Karen Coins on the exchange.
Step 3. Purchase
Once you have funded your account and purchased the necessary cryptocurrency for trading, you simply need to search for ‘KAREN’ on the exchange, check you’re happy with the price, and then click ‘buy.’ The coins will then be credited to your account.
Step 4. (Optional) Get a suitable wallet
If you want to keep your cryptocurrency secure and don’t have plans to trade the coins in the near future, you might want to consider getting a personal wallet and transferring your Karen Coins there.
This isn’t generally necessary with smaller cryptocurrencies, but some people prefer to take more control of their investments and their security. If you’re one of these investors, then here are two of the top wallets around:
- Freewallet: An online wallet with the ability to hold hundreds of coins and tokens, Freewallet is a popular service for those who want to make sure they have constant access to their cryptocurrencies anywhere in the world. Get a Freewallet today >
- Trezor One: One of the best-selling hardware wallets on the market, the Trezor one allows users to store coins offline for maximum security. Buy one now >
How to trade Karen Coin – a step-by-step guide
Step 1. Find a broker
If, instead of buying and holding for the long term, you want to trade Karen Coin, then you’ll need to sign up to an online cryptocurrency broker. Because Karen Coin is very new to the cryptocurrency space, there are no brokers that currently offer the ability to trade it. However, the big brokers often move fast, so it’s worth looking into opening an account with eToro or Plus500 to be prepared.
Step 2. Deposit money
Once you have registered with a broker (which will usually involve providing personal details and photo identification), then you’ll need to fund your account. Different brokers accept a variety of payment methods, with debit cards and bank transfers being the most common – and some accepting deposits by PayPal.
Step 3. Decide how you’d like to trade
When trading with an online broker, your two options are usually CFDs (contracts for difference) or spread betting. In both of these instances, what you’ll be doing is trading against the value of Karen Coin as the price fluctuates, rather than taking ownership of the coins. Generally, spread betting is the more complex of the two options, with CFDs being quick and easy to open and close quickly.
Step 4. Start trading
If you’re new to trading cryptocurrencies, then the best thing to do is to start making trades with a demo account. This way you can get used to the process without risking any of your money.
Once you have graduated to trading Karen Coin in real time, you’ll need to keep up with how the market is moving so you can make investment decisions on up-to-date information. Doing this will put you in the best position to determine how the price might move in the near future and react accordingly.
If you’ve got a lot of experience under your belt and want to place larger trades, you might want to consider trading with leverage. This allows you to inflate the value of your trades by borrowing money from the broker, but be careful: trading cryptos with leverage is notoriously risky and could end up with all your capital being wiped out.
To help you decide if you’re still uncertain, we have condensed everything down into a few digestible pros and cons. Have a look through these bullet points, and then keep reading for more things to consider before investing in Karen Coin.
- Very low price
- Potential to follow in the footsteps of Dogecoin
- Strong strategy and team behind the coin
- Aims to be scalable and grow fast
Finally, let us run you through three central questions you should ask yourself before investing in Karen Coin.
Is it a good time to buy Karen Coin?
The answer to this question depends on how you want to invest. Cryptocurrency markets are constantly fluctuating, and if you want to buy and sell Karen Coins quickly in order to turn quick profits, then it’s rarely a bad time to start trading. Pay attention to past price charts and current trends to try and predict which way the coin’s value will go.
If you’re looking to buy coins for the long term, then you’ll want to look into the fundamental strength of Karen Coin and consider whether its price is likely to rise in the future. The project’s website contains information about its 4-step plan to rise to prominence as a DeFi token, and you can keep on top of the latest trends with our expert analysis below.
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What problem does Karen Coin solve, and what are the coin’s investment prospects?
Karen Coin is aiming to be “one of the cleanest, most transparent, community-based cryptocurrencies in history.” The team behind the coin is publicly visible on the website, and a big part of this cryptocurrency’s ethos is that no tokens have been allocated to its creators, and they do not have any privileged access to the coin’s network.
The coin’s liquidity pool is stored on PancakeSwap and cannot be accessed by anyone – even the creators. This means that apparently users are protected from one individual draining the pool for personal gain.
Overall Karen Coin is similar to other small cryptocurrencies, but places much more of an emphasis on creating a thriving community. In terms of what this means for its future value, it’s hard to tell – but if the team can reach stage 4 of their plan (“Karen goes galactic”) and launch their own coin exchange, then the price could surge. To keep up-to-date with how likely that seems, read our latest news here:
Is PancakeSwap (CAKE) a good buy in October 2021?
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Do you want to hold Karen Coin for the long term?
As with any investment, this depends on your approach to the market and how soon you want to see returns. Here is a quick summary of what to consider for each strategy.
Considerations for a long term investment strategy
If you’re looking to buy and hold Karen Coin for the long term, then what you should spend most of the time assessing is how likely you think it is to achieve its lofty goals of establishing both an NFT and a coin exchange using the coin. If you’re looking to invest in this way, then head to one of the exchanges above to buy coins now.
Considerations for a short term trading strategy
For traders more focused on the short term, then the most important thing is to learn technical analysis (how to read charts and graphs). Success when trading is governed by your ability to predict future price movements, rather than the long term success of Karen Coin as a project. If you want to start trading, head to one of our trusted brokers.
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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