How & where to buy Potcoin (POT) online
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Bringing decentralisation to the marijuana landscape, PotCoin is a cryptocurrency with the potential to experience price growth in the coming years. Read on to discover what its prospects are as an investment and the key considerations you need to make.
What are the best exchanges to buy POT on?
To help point you in the right direction, we have listed some of the best places to buy PotCoin online below. Click on the appropriate link to check each option out, or scroll down to keep learning about PotCoin and its credentials.
How to buy PotCoin online – a step-by-step guide
Step 1. Find an exchange
If you simply want to purchase PotCoin so you can speculate on the future value of the cryptocurrency, this process starts by finding a reliable crypto exchange. These increasingly popular platforms are like giant marketplaces for crypto coins, and to help point you in the right direction, we have listed two of our top picks below:
- KuCoin: One of the easiest exchanges to use, KuCoin is as popular a choice for experts as for those just starting out. Open your own KuCoin account today >
- Binance: The most popular exchange by daily trading volume, Binance is a great options for all kinds of investor. It supports a wide variety of coins and is wholly reliable. Open a Binance account now >
Step 2. Sign up and fund your account
Now your exchange choice is locked in place, it is time to sign up. This process is usually self-explanatory, but for the avoidance of doubt, it involves filling out the requested contact details and providing a copy of your photo ID if it is needed.
Then, it is time to fill your account with the capital that will fund your transactions. Most exchanges accept fiat money like GBP, USD or EUR via direct bank transfer, while others require a deposit of a popular cryptocurrency like Bitcoin from a wallet. It is important to note that you can’t currently use GBP to purchase POT.
Step 3. Purchase
Now, it is time to finalise your transaction and purchase PotCoin. To do this, search for PotCoin by its market denotation, POT, just as you would search for the ticker of a stock. Find the pair that matches up with your accounts funds (such as POT/GBP or POT/BTC), enter the number of POT coins you want, check you are happy with the price and incurred fees, then execute your transaction. Well done, you now own PotCoin.
Step 4. (Optional) Get a suitable wallet
It might seem easier to store your PotCoin funds in your account, but it’s much safer to use a hardware or software wallet. As PotCoin increases in popularity, the number of compatible wallets also increases, so it’s a good idea to check a few out before committing. To get you started, here are a few of our favourites:
- Ledger Nano S: One of the best PotCoin wallets, the Ledger Nano S is an affordable hardware wallet that stores your POT completely offline, protecting it from any possibilty of online attacks. Get a Ledger Nano S now >
- CoolWallet: A physical storage unit for your crypto coins, CoolWallet also comes with an associated mobile app to make accessing your crypto funds simple and convenient. Open your CoolWallet today >
How to trade PotCoin – a step-by-step guide
Step 1. Find a CFD broker
If you want to trade PotCoin, the easiest way to do so is through a cryptocurrency broker. These platforms allow you to quickly open and close positions based on the way the market is moving, and you can generate profits rapidly if your strategy is on the money.
When choosing a CFD broker to trade with, it is important its fee structure is favourable because you don’t want your returns being eaten into too much. Here are a few of our top picks.
- eToro: As one of the most popular brokers around, it is hard to ignore eToro when looking for a CFD broker. With a clean, coloured interface and lots of helpful tools, it is a good choice for all traders. Create your eToro account now >
- Capital.com: Capital.com is a strong broker platform in its own right, but its AI trading assistant is what really makes it stand out. Create a Capital.com account today >
Step 2. Deposit money
Just as you would with an exchange, you’ll need to deposit funds into your broker account before you can start trading. Some brokers accept fiat currency – usually USD but sometimes EUR and GBP. If that’s not the case, then you’ll need to get some Ethereum or Bitcoin (and in some places Litecoin) and use that to fund your account.
Step 3. Learn how to perform technical analysis
The backbone to any good trading strategy is technical analysis. If you can conduct it well, it will give you an extremely helpful look at how the market is performing, and how market dynamics indicate things will change in the coming hours and days.
To get a firm grasp of technical analysis, complete our short-term trading course. Then, you can enact these methods into your own financial policy, generating consistent and predictable returns.
Step 4. Start trading
Before you start trading, it’s worth setting up a demo account to get to know the trading platform and find out how things work. A demo account will also give you a good idea of how wildly the value of certain cryptocurrencies can fluctuate, so you can see first-hand how money can be made and lost very quickly.
Once you get started, you can choose to take a long position on an asset if you believe it will rise in value, or a short position if you believe the opposite. Both of these tactics can be effective in certain economic conditions.
The one thing you need to keep in mind at all times is to only use funds that you can afford to lose. The market is volatile, and this is especially true with cryptocurrencies, meaning you can very quickly make and lose capital.
Should I invest in PotCoin?
First things first: is the crypto market in bear mode or bull mode? In a bear market, prices are broadly falling, so an altcoin like POT is likely to suffer. By contrast, in a bear market, prices across the board are rising, and PotCoin could benefit as a result.
You also need to consider what your position is on the Cannabis macro story. If you feel that prices and demand are likely to rise in the coming years, PotCoin could profit because it is a cryptocurrency specifically tailored for this market.
Finally, make sure you take into account how tolerant of risk you are. Altcoins are volatile and risky assets, and PotCoin is no different. While this means they can experience big price gains, it also means they can experience marked declines. Be conscious of these risk factors when pondering an investment.
If you haven’t made your mind up yet as regards if PotCoin is the crypto for you, check out the pros and cons below for a quick overview.
- Fulfils the needs of a niche market
- Medical marijuana patients receive free PotCoin for their cannabis-related purchases
- Transactions are highly scalable and secure
- Allows investors access to the $250 billion-dollar marijuana industry
Before we conclude this guide, we have outlined a series of different questions and considerations you should make before you invest in PotCoin.
1. Is now a good time to buy PotCoin?
This is heavily contingent on your own financial goals and investment strategy. If you are a long-term holder, and you believe in the future of the marijuana market, it is rarely a bad time to invest in PotCoin. Given the rapidly growing scale of the medical and recreational Cannabis industries, POT could be poised to take advantage of the blossoming market with scalable, reliable transactions and consumer-oriented rewards.
For short-term traders, these fundamentals are significantly less important. Instead, you’ll need to use technical analysis to deduce when it is a good time to buy and sell PotCoin. This requires a focus on specific market dynamics rather than looking at the bigger picture.
Below, we have collated some of the latest analyses related to POT and the industry it inhabits. Click on any of the articles to check them out, or scroll down for more information:
Up or down? PotCoin (POT) price prediction for January
2. What problem does PotCoin solve, and what are its investment prospects?
There are plenty of cryptocurrencies that serve as a useful means of exchange, so PotCoin doesn’t necessarily solve any problems in this regard. However, what it does that is useful is provide a combination of rewards, security, scalability and anonymity for Cannabis users. Given that weed use remains a taboo subject in most societies, POT’s traits are even more desirable.
The real issue for this project is the ubiquity of its competition. POT is far from alone in the new wave of Cannabis-focussed cryptos, and it doesn’t have any particularly unique qualities. It remains to be seen how it manages to set itself apart from the competition in the coming years and if it can establish a loyal community.
If you want to find out the latest developments concerning PotCoin, since these may well affect your investing decisions, check out any of news the articles below. They are packed full of the latest updates and coverage of POT and related subjects:
Top 3 Cannabis-Themed Coins to invest in November 2021
Should I buy PotCoin after positive news for legalizing cannabis?
Is PotCoin worth buying at the current price?
3. Do you want to hold PotCoin for the long term?
You can go about gaining exposure to the price performance of PotCoin in one of two ways: purchasing POT and holding it in a wallet for the long term, or trading it for an accelerated profit. Here are the different considerations you should make for each route.
Considerations for a long term investment strategy
If you believe the price of PotCoin is set to rise in the long run, finding a trustworthy exchange and purchasing coins is your best move. You should also think about what kind of wallet you may want to open since this can significantly increase the security of your crypto funds.
Considerations for a short term trading strategy
If you are a short-term trader, the top of your list of priorities should be finding a reliable broker. You should also aim to find one with low fees; otherwise, your trading profits will be eaten into. Finally, think about what kind of strategy you want to pursue. Do you want to close all of your trades by the end of each working day like a day trader, or hold your POT for several days like a swing trader?
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