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How to buy MonaCoin online
This guide explains in detail the process of purchasing MONA, the native token of the MonaCoin project. Read on to discover if now is a good time to invest, the difference between investing and trading, and what the future could hold for the platform.
Compare where to buy MonaCoin, and open an account
If you want to get MONA now, we can help. The trading platforms listed below are the best places to buy MonaCoin online. Click on one of the links to sign up to a platform, or keep scrolling for more on MonaCoin.
How to buy MonaCoin online – a step-by-step guide
Step 1. Find an exchange
The easiest way to purchase cryptocurrency is through an exchange, which is essentially a giant marketplace for digital tokens. Right now, MonaCoin is not listed on many major exchanges, with most of its volume going through the Japanese platform, Bitbank.
To get MonaCoin through any exchange, you will need to fund your transaction with cryptocurrency. So, to help point you in the right direction, we have listed two of the fastest and easiest places to get crypto below:
- Binance: As the largest exchange on the planet by trading volume, Binance is an extremely popular choice for crypto investors, regardless of their previous experience. Open a Binance account today >
- Bittrex: Bittrex is a good pick for both beginners and veterans because it offers an easy-to-use interface and plenty of analytical tools. Get a Bittrex account >
Step 2. Sign up and fund your account
Now you have selected your exchange, sign up to it by filling out the required contact details and providing a copy of your photo ID if it is needed. Then, fund your account from an accepted source. This can sometimes be fiat money like GBP or USD from a bank transfer or credit card, though, sometimes with exchanges and always to purchase MonaCoin, you will need a crypto like Bitcoin.
Step 3. Purchase
Now, lock in your transaction. Search for MonaCoin on the exchange you have selected by typing the coin’s ticker, MONA. Then, enter the number of coins you want, check you are happy with the price and all incurred fees, and finally execute the transaction.
Step 4. (Optional) Get a suitable wallet
If you want to trade MonaCoin, skip to the next section. However, if you want to buy MONA and hold it for the long term because you believe it will increase in value, you may want to consider opening a wallet. These are storage facilities that come in software and hardware formats, and they help protect your funds from nefarious behaviour like online theft. Here are a few of our favourite options:
- CoolWallet: With CoolWallet, your coins are store offline, protecting them completely from digital threats. However, you can also conveniently access your funds through a connected mobile app. Join CoolWallet now >
- Freewallet: Freewallet is exactly what it sounds like: a free crypto wallet that has established itself as one of the most popular choices for crypto investors of all ages and experience levels. Open a Freewallet today >
How to trade MonaCoin – step-by-step guide
Step 1. Find a broker
If you want to trade a cryptocurrency like MONA, using a broker is the best move because they are a form of service that allows you to open and close trades quickly and affordably.
However, given its fringe status, no brokers currently support trading MonaCoin. When this changes, this page will be updated, so make sure you bookmark it to find out when things change. If any brokers are likely to list MONA first, it will in all likelihood be one of the major platforms like eToro or Robinhood.
Step 2. Deposit money
Just like you have to set up and fund your account when using an exchange, you have to take exactly the same steps when using a broker. So, fill out all of the contact details that are required, provide a copy of your photo ID if it is necessary, and then add funds to your account. Most brokers accept bank transfers and some even accept methods like PayPal for added convenience.
Step 3. Learn how to perform technical analysis
If you want to trade effectively, technical analysis is the best way of finding out when to open a trade and when to close it. Check out our short-term trading course for a thorough review of this process.
Step 4. Decide whether to go long or short
When trading MONA, you can go long if you think you think the coin will go up in value, and short if you think the opposite. Both of these strategies can be effective, and it depends on market conditions and your technical research to determine which way to go.
Step 5. Make the trade
When you have completed the four previous steps and feel ready to venture into the cryptocurrency market by trading MONA, execute your trade and get things moving. If you want to practice your strategies before risking real money, consider using a demo account to learn the ropes without the stress of potential capital loss.
Should I invest in MonaCoin?
MonaCoin remains a fairly obscure crypto project, but it has been in the headlines in its native home of Japan when it was featured on WBS TV Network Tokyo. The open-source peer-to-peer payment network may not seem to have many unique features on the service, but it certainly appears to have been legitimised by elements of the mainstream in recent years, developing a reasonably sized community.
Aside from MonaCoin’s credentials as a crypto project, whether or not you should invest depends a lot on broader market conditions. If things are looking bullish, cryptocurrencies like MONA are more likely to thrive. By contrast, if a bearish trend has been established, it may be best to steer clear.
In addition, you should only ever invest money that you can afford to lose. So, if the money you have saved is needed for a vital purpose, you shouldn’t invest it, no matter the potential rewards.
If you still haven’t made up your mind about MONA, check out the project’s pros and cons below.
- The first Japanese cryptocurrency
- Featured in prominent media outlets in Japan
- A growing community of users, investors and traders in Japan
- Many use cases including online payments and tipping in the hospitality sector
Before we conclude our guide, we have a few more considerations that you should make outlined below if you still want to invest in MonaCoin.
1. Is now a good time to buy MonaCoin?
This really depends on what you are looking to get out of any potential purchase. For instance, if you are an investor who wants to hold coins until they increase in value, the project’s growing popularity domestically could lead to a MONA price uptick. Moreover, if it can expand to foreign markets, price accretion could be accelerated and amplified. As a result, getting involved now could be a good move.
However, for short-term traders, you will not be interested in this long-term payoff. instead, you need to focus on technical analysis so you can read the market effectively and identify when you buy and when to sell.
For the latest analysis on MonaCoin – which should help you work out if now is a good time to pull the trigger on a purchase or sale of the Japanese cryptocurrency- check out any of the links below:
2. What problem does MonaCoin solve, and what are its investment prospects?
As a fork of Litecoin, MonaCoin doesn’t appear to solve any problem that other cryptos haven’t dealt with. However, it does solve problems local to Japan by providing a secure, decentralised, anonymous way of making immediate payments in small online stores and tipping people for providing goods and services.
If it can continue marketing itself effectively in the Japanese media, MONA could have a solid future of growth and development in the region. Quite whether it can infiltrate international markets given the swathe of competition remains to be seen.
Check out any of the linked articles below for the latest news on MonaCoin, including major price action, potential business mergers and other deals:
3. Do you want to hold MonaCoin for the long term?
Some people like to hold cryptocurrencies for a substantial period of time to speculate on their long-term success, whereas others like to flip them rapidly to take advantage of their volatile nature. Neither way is the ‘right’ way to go about things, and it is simply preferential. However, there are some different things you should consider when proceeding down either route.
Considerations for a long term investment strategy
If you want to get MONA and hold it for an extended period of time, focus on locating a reliable crypto exchange and opening a wallet for added security. This combination will allow you to acquire MonaCoin for the best possible price and store it in the most secure way available.
Considerations for a short term trading strategy
If trading MonaCoin is your intended aim, find yourself a low-fee broker that can handle your trades effectively and affordably. You then want to focus on honing your technical analysis skills and working out if you want to go long or short.
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 >