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How to buy Million token online
This beginner’s guide introduces Million and the concept behind it. Learn what a stablecoin is and how Million is different and then look at what you can expect from the future.
Compare where to buy Million token, and open an account
These are the best platforms to use if you want to get cryptocurrency straight away. You can head to the website and get started by clicking through the links in the table below. Otherwise, you can keep reading to learn more about Million first.
What is Million?
It’s a cryptocurrency that was created by the Youtube star and former Google and Facebook employee, Patrick Shyu, also known as ‘TechLead’. Its aim is to be a coin that’s used as a store of value and it can be split into fractions up to 18 decimal points, in theory making it possible to use for ‘microtransactions’: extremely small payments online.
Million combines the features of traditional cryptocurrency, which are tradable assets whose value fluctuates based on supply and demand, with stablecoins, which have their value pegged to a specific amount. In this case, the Million token has a fixed minimum value of $1 but no maximum, giving it potentially unlimited upside.
The token was first released in the summer of 2021, with the utopian goal of making all of its owners millionaires. At the moment there aren’t many practical uses for the coin and the roadmap to making it more sought after is sketchy.
How does Million work?
By fixing both the total supply and a minimum value it theoretically creates more demand and less supply in order to create coins that keep increasing in price. There are a million coins in circulation and that number is written into the code, so it’s not possible to create any more. One token has a minimum value of $1, which is also written into the code.
In a more broader sense, it works by basing all of the information that governs the coin on the blockchain. More specifically, the Ethereum blockchain, which stores a history of every transaction made in Million tokens and tracks the movement of money between users.
Another feature of the Ethereum blockchain is its ability to host ‘smart contracts’. These are essentially formulas in which the rules of the coin are based. Both the maximum supply and minimum dollar value of the Million token are written into a smart contract, so they cannot be altered.
How to buy Million token online – a step-by-step guide
Step 1. Find an exchange
You have to use an exchange to get Million tokens at the moment. Exchanges are platforms where you buy and sell coins from other users at a constantly fluctuating market price. They’re usually the first places to make new cryptocurrencies available and so should be your first port of call for an altcoin like the Million token.
There are a couple of different types of exchange, ‘centralised’ and ‘decentralised’. Centralised exchanges act as intermediaries and as places that store your funds securely when they aren’t being used. Decentralised options, meanwhile, have no third party in control of things and instead just facilitate the transfer of coins between people.
To get Million you need to use a decentralised exchange for now. That means picking a platform like Uniswap where you can connect your cryptocurrency wallet to it use that to pay for the coins. In the future, if Million grows, it’ll be added to centralised platforms which are a bit easier to use for beginners. These two exchanges are likely to include it first:
- Binance: Binance is the largest and most popular exchange in the world. It has a wide range of coins and coin swaps available and boasts an array of learning material through its Binance academy. Sign up with Binance now >
- ChangeNow: ChangeNow is a registration-free exchange that offers more than 30,000 different cryptocurrency trading pairs. It integrates with other leading exxxchange platforms in order to offer a seamless trading experience. Get started with ChangeNow >
Step 2. Sign up and fund your account
To use a centralised exchange you have to create an account first. That usually means providing a few contact details and a form of photo ID. For decentralised exchanges, you don’t need to sign up but you do need to have your own crypto wallet with enough coins in it to make the transactions you want.
For Million, that means you need to own one of Ethereum, Tether, or USD coin. They are the only three swap options available for Million now. As it gets more popular, it’s likely more swaps will become available.
Step 3. Purchase
Search for Million on your exchange platform using its ticker, MM. Then you’ll see a list of the different ways to pay for it. All you need to do is pick one, choose the amount of coins you want, and execute the trade.
As discussed above, the only swaps available at the moment are other cryptocurrencies. If you don’t own any already, then you need to pick one of those and buy some with your fiat currency (like GBP or USD) first, before you can swap that for Million.
Step 4. (Optional) Get a suitable wallet
Wallets are the most secure way to store your cryptocurrency. They’re like banking apps that help you manage your money and protect it behind a password or pin code. Wallets come in a few different formats and here are a couple of the best ones:
- Trezor: Trezor is a hardware wallet, which means it stores your coins on a physical device, completely offline. The Trezor wallet is like a little USB stick and a more advanced version comes complete with an LCD screen so that you can manage your coins without even plugging it into the computer. Get Trezor now >
- Infinito Wallet: Infinito is a mobile wallet that stores all your information on your phone and lets you manage the coins from there. It also integrates with an exchange platform so you can even make trades directly from your wallet. Get Infinito Wallet now >
How to trade Million token – a step-by-step guide
Step 1. Find a broker
In order to trade cryptocurrency successfully you need a broker that charges low trading fees. That’s because this strategy means opening and closing a lot of trades throughout the day and if your platform charges a high fee on each transaction that can drain your capital very quickly.
Right now, you can’t trade Million with any brokers. That’s normal for smaller coins and it usually takes a while for them to become popular enough to be added as an option. The two most likely platforms to offer Million first are eToro and Plus500.
Step 2. Deposit money
To be able to use a broker you have to set up an account and fund it first. Signing up is simple and only takes a few minutes. The best way to deposit money is via a bank transfer or a credit/debit card. They’re likely to be free or come with a cheap fee, while alternative payment methods such as PayPal might not be available or come with a bigger charge.
Step 3. Decide how you’d like to trade
The usual way to trade is using contracts for difference or by spread betting. In both cases you predict how a coin is likely to perform without ever owning it. With CFDs you make money based on the difference between the price you sell at compared to when you bought it.
For spread betting, you instead place a stake on each point of movement in either direction. Your profit is the stake multiplied by the total movement. If you’re wrong, then the cost is the reverse: the stake times the number of points it moved the other way.
Step 4. Start trading
The best place to start is by using a demo account to practice. This is a feature in your broker settings that lets you flip between using real and virtual money. It’s a good way to get to grips with how the market works without putting your capital at risk.
However you decide to start, the main decision you have to make is over how you expect a coin to perform. Use your own research combined with the latest news and market analysis to form an opinion of each coin and then you can decide to take a long (buy) or short (sell) position accordingly.
As you gain more experience, you can introduce more advanced trading features into the equation. These might be leverage, where you can make bigger trades by putting down a small deposit or scalping, where you make hundreds of trades a day based on a fixed set of rules in order to make money. Both of these strategies are more risky so best left until you know what you’re doing.
Before you decide if Million is for you, here is a quick summary of the pros and cons of the token. After that you can find discussion over the best time to get some and its prospects for success in the future.
- A limited supply can create scarcity that drives up the value of your holdings
- It’s deliberately created to ensure maximum performance for the people who own it
- All limits are coded in so they cannot be altered
Now here are three more questions for you to consider before you invest in Million.
1. Is it a good time to buy Million token?
That depends on how soon you want to see returns and what your strategy looks like. If you’re in it for the long haul then now might be the best time to get involved, while if you’re focused on the short term then there are a few more things to consider.
The way to success for short term traders lies in waiting for the right opportunity. Usually that means studying the current price to look for indicators that tell you when to buy or sell. You can learn how to do that in our short term trading course, or use our analysts’ work to help you.
2. What problem does Million token solve, and what are the coin’s investment prospects?
The idea is that it acts both as an online store of value and a means of payment. It has a fixed minimum value which means it should always hold some purchasing power and can be used as a speculative asset as well.
In practice, its prospects depend on whether it can translate lofty words into actions. Unlike other meme currencies, like Dogecoin, which are self-conscious jokes, this lives somewhere between that and a real project. There’s not much information about how it aims to achieve its goals beyond the hype and the person who stands most to benefit from a price increase is Patrick Shyu himself, who put $1m of his own money into the coins.
If you do invest, it’s best to do so with a small amount of money. While the prospect of a coin with infinite potential sounds good, it rarely works out as smoothly in reality. Invest small and follow the latest news about the project so you can react quickly if anything changes.
Million token skyrockets 120%: here is where to buy MM coin
3. Do you want to hold Million token for the long term?
Million suits itself to a long term approach in theory but there are opportunities for short term traders as well. Below we’ve covered a couple of the most important things to remember for each different type of investor.
Considerations for a long term investment strategy
If you think the Million price is going to keep going up over time, then you want to start investing sooner rather than later. Pick an exchange to get some coins straight away and then think about using a wallet to store them.
Considerations for a short term trading strategy
A short term view means waiting for the right opportunity and then making lots of quick moves in order to take advantage of small price changes. Pick a broker with low trading fees and learn how to use CFDs.
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