How & where to buy Million (MM) online
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
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.
What are the best exchanges to buy MM on?
It’s not possible to buy Million from an exchange like Binance at the moment. This is quite normal for new or smaller altcoins, but it means you can’t buy it with a fiat currency like GBP. Have no fear, though, as there is another way. You just need to perform a ‘swap’, which is when you exchange one cryptocurrency for another.
A swap is like when you exchange one currency for another, like going from GBP to EUR. You need to buy Binance Coin and then you can swap that for Million token on a decentralised exchange.
This sounds like a lot to take in but it’s actually quite straightforward. Follow this guide to learn how to swap BNB for MM.
How to buy Million token online – a step-by-step guide
Step 1. Find an exchange and buy BNB
You need to buy Binance Coin in order to swap it for Million. It’s best to sign up to Binance to do this; Binance is an easy exchange for beginners to use and you can make your first deposit in a fiat currency like GBP or USD.
Before you can make that deposit, you need to set up an account. The registration process only takes a few minutes and you’ll have to provide some basic personal information like your name, email address, and phone number. You will also have to provide a form of photo ID to verify your account before you can use it.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Step 2. Transfer BNB to a crypto wallet
Once you own BNB, you need to move the coins into a crypto wallet. A wallet functions like a bank account, as a place where you can store and spend your crypto online. The best wallet to use is MetaMask.
To move money from your exchange account to a wallet you need to go through the withdrawal process and enter your wallet ‘address’ as the destination. Each wallet has a unique address that is like a bank account number. Look for the long string of digits in your wallet account to find it. For MetaMask you can find it by clicking the highlighted area below.
Step 3. Go to PancakeSwap and connect your wallet
Choose the ‘connect wallet’ option on the PancakeSwap home page. Choose MetaMask or another wallet from the list of available options. Now you can use the money in your wallet to swap into other cryptocurrencies on PancakeSwap.
Step 4. Swap BNB for MM
Go to the trading platform and select Binance Coin (BNB) from the first drop-down and Million token (MM) from the second. Enter the details of how many coins you want to buy or how much you want to spend.
That’s all there is to it. When you hit the buy button, your order will be sent out to be processed. As soon as it’s completed, your new Million tokens will be sent straight to your wallet.
This can feel unfamiliar when you first do it, but swapping is a normal process for any crypto investor who wants to own altcoins. All you have to do is sign up to Binance to get going.
How to trade Million token – a step-by-step guide
To trade MM, you have to go through virtually the same process as when you buy it. Million token is only available in a swap with another cryptocurrency on PancakeSwap, which means you can’t trade with a crypto broker as you would for many other coins.
This guide explains how to trade MM.
Step 1. Find a broker
Right now, you can’t trade Million with any crypto brokers. That’s normal for small or new altcoins, it just means your only option is to buy and sell it through PancakeSwap. Follow the process laid out in our buy guide to do so.
Step 2. Learn how to perform technical analysis
To trade successfully you need to understand technical analysis. This is a process where you study price charts to identify trends, and then use the information to predict how other traders are likely to act so that you can buy or sell at the right time.
You can use a platform like TradingView to find the latest charts and the best array of analysis tools. It’s a good idea to familiarise yourself with these before you dive into trading for the first time.
Step 3. Start trading
When your analysis indicates it’s a good time to buy or sell, you should go in and perform a swap. Double check the information before you execute the trade to make sure everything is in order. After you’ve made the trade, keep monitoring the price action so you know how the trade is performing.
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.
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 >