How & where to buy Squid Game Coin (SQUID) online
Warning: The Squid Game cryptocurrency has been flagged as a potential scam, with many users unable to sell their coins. Any investment is made at your own risk.
Squid Game was one of 2021’s biggest television hits and the SQUID cryptocurrency aims to capitalise on its success. Learn everything you need to know about Squid in this guide and follow our step-by-step guide to getting it.
What are the best exchanges to buy SQUID on?Copy link to section
You can’t currently buy SQUID with a fiat currency on exchange like Binance or Kraken. This is normal for new or smaller altcoins, so don’t worry. What you need to do instead is to perform a ‘swap’, which is how most crypto investors buy less common altcoins.
A swap is more or less the same process as exchanging one currency for another. When it comes to SQUID, you can swap Binance Coin for it. So first, you need to buy some BNB, then use a decentralised exchange to swap it for SQUID.
This might sound intimidating but it’s quite simple once you understand it. Follow this guide to learn how to swap BNB for SQUID.
How to buy Squid Game online – a step-by-step guideCopy link to section
Step 1. Find an exchange and buy BNBCopy link to section
The first thing you need is a crypto exchange where you can buy BNB with a fiat currency, like GBP or USD. We recommend you sign up to Binance to do this. Binance is an ideal exchange for beginners and is quite simple to get your head around.
You then need to create an account. Follow the registration process to sign up, which usually only takes 15 minutes, and then provide a form of photo ID to verify your identity.
Step 2. Transfer BNB to a crypto walletCopy link to section
Once you have bought BNB, the next step is to move it into a crypto wallet. A wallet acts like a bank account for your crypto and you use one to store and spend your money online. The easiest wallet to use is MetaMask and we recommend it to most beginners.
Each wallet as a unique ‘address’, like an account number, that you need in order to send money to it. Find yours in the profile or settings section of your account – it’s the long string of digits – and enter this number as the destination address when you withdraw money from the exchange.
Step 3. Go to PancakeSwap and connect your walletCopy link to section
Head to PancakeSwap and click the ‘connect wallet’ option on the home page. Choose your wallet from the list of available options. Once you’ve done so, you can use the money in your wallet to swap for other cryptocurrencies on the exchange.
Step 4. Swap BNB for SQUID coinsCopy link to section
Go to the trading screen and choose BNB from the first drop-down menu. This is the crypto you’re going to use to pay for the swap. Then choose SQUID from the second drop-down. This is the coin you’re going to buy. Enter how much you want to spend and execute the trade.
That’s it. The process can be a little strange the first time but you’ll get used to it. It’s a normal part of owning cryptocurrency and every investor uses it to get their hands on smaller altcoins. Just sign up to Binance to get started.
How to trade Squid GameCopy link to section
To trade SQUID you have to follow the same ‘swap’ process laid out above. As it’s a relatively new coin, it’s only available on PancakeSwap and so you can’t trade it through a crypto broker, as you normally would with a larger coin.
Follow this short guide to learn how to trade SQUID.
Step 1. Find a brokerCopy link to section
It’s not possible to buy or sell Squid Game through a regulated broker at the moment. That is perfectly normal for a small altcoin and you just have to use PancakeSwap instead.
Step 2. Learn how to perform technical analysisCopy link to section
Successful trading strategies are built on a form of research known as technical analysis. This involves looking at price charts to identify patterns and make predictions based on how you expect other traders to react to that information.
Step 3. Make the tradeCopy link to section
Use your technical analysis to decide whether to buy or sell SQUID and then go to PancakeSwap to make the trade. Enter the amount you want to spend then execute the trade. Make sure to follow how your trade performs so you know when to make your next move.
Should I invest in Squid Game?Copy link to section
The Squid Game coin appears to have been part of a scam. There have been multiple reports of users being unable to sell the coins they own and the website has been taken down. You should not put any money into Squid Game unless this situation changes
Still undecided?Copy link to section
If you aren’t sure about Squid Game yet, below is some more information to help. First, find a summary of the coin’s pros and cons, and then three more questions designed to help you time your investment right
Now here are three final questions for you to consider before you invest in Squid Game.
1. Is now a good time to buy Squid Game?Copy link to section
The answer is different for long term investors compared to short term traders. If you believe that this project has long term potential, then you should look to invest sooner rather than later, but wait until the market is going through a settled period.
Coins like this are often volatile, which means the price can rise or fall quite dramatically in a short space of time. It’s better to avoid investing at those times because you can quickly get left behind as the price swirls around you.
For short term traders, the decision is based simply on what your price analysis and technical indicators tell you. Volatility often works in your favour in that situation, because it creates more opportunities to buy and sell. You can use the links below to find our analysts’ research, which can supplement your own.
2. What problem does Squid Game solve, and what are its investment prospects?Copy link to section
It aims to monetise the Squid Game brand name by using cryptocurrency as part of an online gaming platform. It was released amidst the hype that surrounded the Netflix television series, although it’s not clear what, if any, links there are between the coin and the show’s developers.
Its games follow a similar pattern to that on the show, where only some participants qualify from each round. Rather than needing to be in debt to enter, you only need to pay a fee (in SQUID) and then you can try to play your way into the next round. There is no suggestion that your life will be on the line at any point.
The potential of this coin is based entirely around the name. Gaming coins like Axie and Decentraland have become popular in recent times but until this one is easier to access it’s going to be difficult for it to attract new users. It’s also a fast-moving coin where social posts and hype can have a big impact on the price, so you should follow the news in the links below to stay on top of what’s happening.
Tokens to watch out for on October 29, 2021: Squid Game (SQUID), Ryoshi Token (RYOSHI) and InfinitX (INX).
3. Do you want to hold Squid Game for the long term?Copy link to section
That might be the best move if you want to use your coins to play the game. If not, then it depends on whether you think it has long term potential or if you just want to speculate on its price movements to try to make a profit. Below are some final considerations for each different type of investor.
Considerations for a long term investment strategy
The most important thing for a long term investor is to find an exchange that lets you buy the coins. You will almost certainly need to sign up for a cryptocurrency wallet in order to do this as well.
Considerations for a short term trading strategy
A short term strategy is built around technical analysis. Use your expertise to identify opportunities to trade and then sign up for a broker that charges low fees in order to make the moves.
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 >