How & where to buy Karen coin (KAREN) online

Karen Coin is one of many ‘meme coins’ to attract the attention of online traders. Keep reading to find out how and where to buy KAREN coin today.
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Updated: Aug 8, 2022
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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.

What are the best exchanges to buy KAREN on?

You can’t buy Karen Coin with a fiat currency on an exchange like Binance at the moment. Don’t worry; this is normal for new or small altcoins and there is another way. Instead, you have to perform a ‘swap’, which means to exchange one cryptocurrency for another and is the process most crypto investors use to access smaller altcoins.

A ‘swap’ is like converting currency. In this case, you need to own Binance Coin and then you can use that to buy Karen Coin on a decentralised exchange.

This sounds intimidating but is quite simple once you understand it. Follow this step-by-step guide to learn how to swap BNB for KAREN.

How to buy Karen Coin online – a step-by-step guide

Step 1. Find an exchange and buy BNB

We recommend you sign up to Binance as it’s the best place to buy BNB. Binance is a beginner-friendly crypto exchange and lets you buy BNB with a fiat currency like GBP or USD.

You must register for an account first before you can buy anything. The sign up process is quick and easy but you will have to provide a form of ID as part of your registration. You can use a driving license or passport. Once your ID is confirmed, your account is ready to use.

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Step 2. Transfer BNB to a crypto wallet

After you’ve bought BNB, you need to move the coins out of your exchange account and into a dedicated crypto wallet. A wallet is like an online banking app which you can use to store and spend crypto. The best wallet to is MetaMask, although there are plenty of options available.

When you have signed up to MetaMask, you need to find your unique wallet address. The address is like your bank account number and you need it in order to send money to the wallet. Find your wallet address in your account settings and then enter this string of digits on the exchange withdrawal page.

metamask address

Step 3. Go to PancakeSwap and connect your wallet

Head to PancakeSwap and select the ‘connect wallet’ option on the home page. Select MetaMask, or another wallet, from the options in order to connect it. Now you can use the money in your MetaMask account to swap for other cryptocurrencies on PancakeSwap.

pancakeswap wallet

Step 4. Swap BNB for KAREN coins

Choose BNB from the list of options on the first available drop down. This is the coin you’re going to use to swap for Karen. Then find KAREN in the second drop down as the cryptocurrency to be purchased. Enter the details, such as how many coins you want to buy, and then execute the deal.

That’s all there is to it. Your new Karen Coin will be sent straight to your wallet and you can use or hold them as you see fit. This is a strange process to begin with but it’s standard practice for any investor who wants to own altcoins. All you need to do is sign up to Binance to get started.

How to trade Karen Coin

Trading KAREN involves largely the same process as buying it. You can only buy Karen Coin on PancakeSwap, which means you can’t use a crypto broker as you normally would for better-known coins.

This guide explains how to trade Karen and what to look out for.

Step 1. Find a broker

As Karen Coin is very new to the cryptocurrency space, there are no brokers that currently offer the ability to trade it. In this case, your only option is to use PancakeSwap to buy and sell it. This is normal for this kind of altcoin and it means the buy and sell process is the same as laid out above.

Step 2. Learn how to perform technical analysis

The best way to be a successful trader is to use technical analysis to pick out the best time to buy or sell. This means analysing the price chart and other trader’s behaviour to find trading opportunities.

Normally, your crypto broker would offer the analysis tools you need to help with this. A decentralised exchange like PancakeSwap often doesn’t have the capability, so you should use a third-party charting tool like TradingView instead.

Step 3. Start trading 

Decide how much Karen Coin you want to buy and enter the trade details. Double check the information to make sure you get it right, and then execute the trade. Make sure to keep monitoring the market so you know how the trade is performing.

Still undecided?

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.

Pros

  • 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

Cons

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.

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:

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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.


Sources & references
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