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How to buy MaidSafeCoin online
The Safe Network is a new vision of the internet that’s still in development. MaidSafeCoin was created and sold to raise money for the project in 2014 and it’s only intended to be a temporary coin; eventually, it will be replaced by another cryptocurrency, the Safe Network Token, when the network launches.
Anyone who owns MaidSafeCoin will be able to swap it for the new token on a 1:1 basis at that point. This guide takes you through everything you need to know in order to buy MaidSafeCoin now, but keep in mind that eventually it will be replaced by a different token that has more practical uses than this one.
Compare where to buy MaidSafeCoin, and open an account
The brokers below are the easiest way to get any cryptocurrency. Beginners can create an account and start trading quickly and easily, or you can keep reading to learn more about how to get MaidSafeCoin in particular.
How to buy MaidSafeCoin online – a step-by-step guide
Step 1. Find an exchange
The best option if you want to own MaidSafeCoin is to sign up with a cryptocurrency exchange. MaidSafeCoin itself is only available on a handful of platforms but you can sign up to any exchange to swap your fiat currency (such as GBP or USD) into cryptocurrency. Then you can use the cryptocurrency to get MaidSafeCoin on a specialist platform like PancakeSwap.
Two of the best cryptocurrency exchanges for beginners to get started on are:
- Bittrex: Bittrex is beginner-friendly exchange where you can buy MaidSafeCoin. Along with that cryptocurrency it offers hundreds more and a number of different payment methods. Join Bittrex now >
- Binance: This is the largest exchange in the world. Binance has the most trading volume of any exchange and a wide range of crypto coins and tokens. Sign up for Binance today >
Step 2. Sign up and fund your account
Before you can use an exchange you must set up an account and transfer some money into it. Signing up is simple; supply some contact details and a form of photo ID and then wait for the account to be verified. Verification should only take a short time, it can be less than an hour, but it’s required by almost all platforms.
Depositing money is normally a case of setting up a bank transfer or paying with your credit or debit card. Some platforms charge a small commission on deposits, which can be between 1-5%, while others allow you to put money into the account for free.
Step 3. Purchase
To purchase a coin itself you need to search for it with its unique ticker symbol. Every coin has one and MaidSafeCoin is, simply enough, MAID. The list of results shows you all the different ways you can pay and they are presented in pairs, such as MAID/BTC. That refers to what each MaidSafeCoin costs in Bitcoin.
Choose one of the pairs and then enter the transaction details. Decide how many coins you want to buy, or how much you want to spend, and whether you want the transaction to go through as soon as possible or to wait until you can get a particular price. Then make the trade and once it has executed your new coins will show up in the wallet section of your account.
Step 4. (Optional) Get a suitable wallet
Leaving your coins in the exchange account is one way to store them. Another is a dedicated cryptocurrency wallet. A wallet is like an app that stores your coins behind a unique username and password, and where you can manage all your money from a single place.
Wallets come in a number of different forms, from ones that prioritise ease of use to maximum security options. Here are two top quality wallets that offer a combination of both features.
- CoolWallet: CoolWallet is a great hybrid wallet because it offers secure storage by keeping your coins in a physical, offline device, but lets you access and manage them through an app on your phone. Get a CoolWallet now >
- Freewallet: Freewallet is another flexible wallet because it lets you manage your money through a web browser, desktop download, or a dedicated mobile app. Join Freewallet today >
How to trade MaidSafeCoin – a step-by-step guide
Step 1. Find a broker
To trade any cryptocurrency you need to use an online broker. Trading in this context means ‘day-trading’, which is a process that involves buying and selling coins frequently over the course of a day to take advantage of small changes in price. Because it requires a lot of activity and small profit margins, you want to find a broker that charges low trading fees.
Few online trading platforms let you buy and sell MaidSafeCoin at the moment. That’s common for smaller, or lesser-known, coins, which are often made available only when they become more popular. eToro and Robinhood are two of the best broker platforms to try if and when it becomes available.
Step 2. Create an account and deposit money
It’s easy to set up a broker account but you have to make one before you can do any trading. It’s often even quicker than creating an account on an exchange but you will still have to provide some personal details and photo ID.
To fund the account, there are a number of different payment options available but the exact ones will depend on the platform. All offer the option to pay via a bank transfer or card payment, some will let you use PayPal, and other forms of payment, like Apple Pay and Google Pay, are sometimes available.
Step 3. Learn how to perform technical analysis
The success of any trading strategy depends on how well you can predict future price movements. The best way to do so is by using something known as technical analysis, which involves studying a price chart to see how it has moved before, identifying the trends and patterns within it, then using them to estimate where the price is likely to move next.
It’s important to take time to familiarise yourself with the different forms technical analysis can take and then decide on a strategy that works for you. Some terms it’s worth knowing about are support and resistance levels, candlestick charts, and breakouts. You can learn more about each of these in our trading course.
Step 4. Decide whether to go long or short
Traders can take advantage of price moves in both directions by buying or selling a coin. The idea behind day trading is that you do both on several occasions throughout the day as a price fluctuates. If your analysis suggests the price is about to rise, then you should take a long (buy) position, while if you think it’s going to fall then take a short (sell) one.
Step 5. Make the trade
The final step is to act. Find MaidSafeCoin by searching for the ticker, MAID, when you’re logged into your broker account. Then enter in the relevant transaction details, such as whether it’s a buy or sell order and how many coins you want to trade. Once you have finalised and executed the trade, you can see it in the open positions section of your account.
Should I invest in MaidSafeCoin?
The idea behind the Safe Network means that this is a coin that might appeal to a wide range of people. If you like the idea of an internet that puts privacy first, lets you control your data, and which is free from the influence of big corporations like Amazon, Facebook, and Google, then the MaidSafeCoin is a way to invest in that.
There are a few things to keep in mind before you invest, however. The first is the length of time it has taken for the project to get to this point. The initial idea was developed in 2006 and, more than 15 years later, the network still hasn’t launched. Secondly, small coins like this can have very volatile prices.
That combination of uncertainty about the project and a small coin could lead to big swings in price. Social media posts or online articles can have an outsized effect on a coin’s price, and set off a flurry of activity, and this is especially true when there are reasons for investor confidence to be fragile.
It’s a good idea to take time before you make any investment decisions. This is particularly true of cryptocurrency, so here is a summary of the pros and cons of MaidSafeCoin to help you.
- Owning MaidSafeCoin now makes it easy to switch to the main Safe Network Token in future
- The project’s vision of a free internet outside of the clutches governments and large corporations could have widespread appeal
- Eventually Safe Token holders will be able to use them to buy and sell network space
Below, you can find a few more questions about when to make a purchase and what the future prospects of the coin might be. These should help you make a final decision about whether to invest in MaidSafeCoin.
1. Is now a good time to buy MaidSafeCoin?
That depends on how other coins are performing and whether you want to hold it for a while or trade it quickly to try to make a quick profit. If you plan to hold, then it’s better to invest during a period of stability in the overall cryptocurrency market, so wait for a day when prices are relatively flat before you put money in.
Traders should make their decisions based primarily on the results of your technical analysis. Factor in your own knowledge and any news developments as well, but wait until the price reaches a level that signals an opportunity, according to the indicators you choose. You can use our analysts’ work below to help you get started.
2. What problem does MaidSafeCoin solve, and what are its investment prospects?
It forms part of the Safe Network project, which aims to create an internet that’s free for anyone to use, from anywhere in the world, and which protects their private data. Essentially a contrast to the existing internet, where access can be blocked by governments and users pay through a loss of control of their data to large corporations.
In theory, the idea of this project is a good one. The problem is that it seems to be struggling to implement it in practice. Without a live network, it’s difficult to judge the prospects of the coin, particular this one, as it is little more than a holding coin that will be replaced by the Safe Network Token at some future date.
The best approach might be to remain cautious until there is more concrete information about a release date for the project. Follow the latest news below to stay on top of any developments as they happen, so that you can make an informed decision about the future of your investment.
3. Do you want to hold MaidSafeCoin for the long term?
There are times when a long term approach is best and others where the right move is to trade it quickly. Below are two final points to consider, one for each investing approach.
Considerations for a long term investment strategy
The most important thing for a long term strategy is to find an exchange and get your coins from there. Then you can think about signing up for a wallet where you can store your new money securely.
Considerations for a short term trading strategy
A short term approach is based around technical analysis. Learn how to read price charts to predict future price moves and then find a broker that charges low trading fees.
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