Storj (STORJ) - All you need to know
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Ways to invest in Storj
You can start by signing up to a cryptocurrency broker or exchange platform. Once you’ve created an account, you can buy, sell, and trade coins freely to suit your investing style.
If you want to get in for the long term, there are alternatives to holding your own coins. There are managed portfolios that do most of the work for you, or apps and wallets that you can use to store your coins and earn interest to grow their value over time. Use the links below to learn more about each different approach.
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What is Storj?
The Storj network is a decentralised peer-to-peer data storage alternative to traditional file hosting companies such as Dropbox, and Storjcoin X was the first iteration of the cryptocurrency created by Storj Labs for use as payment in the Storj network.
In 2017, Storj Labs migrated Storjcoin X to STORJ due to some limitations of the original token. STORJ is an ERC-20 token powered by Ethereum.
How does Storj work?
The Storj network works by linking people with excess data storage capacity with people who need more space. Users who have signed up to the network either earn STORJ by becoming Node Operators and offering up their spare hard drive capacity or they can buy STORJ and use it to pay for extra storage.
How to invest in Storj
The list below explains all the different options available to you. Read through them all to get to grips with what you can do and use the information to help you form a strategy based on your investing goals.
- Broker platforms. A broker is the most straightforward way to get Storj. Creating and funding an account takes a matter of minutes, and you can buy the actual coins just as quickly. Go to the Storj page and you’ll see a fixed buy and sell price that you can use to execute trades instantly. Generally, these transactions will cost you a small commission each time, but some cryptocurrency brokers offer completely free trading.
- Cryptocurrency exchanges. An exchange usually offers better prices than a broker but the interface is a little more advanced. Instead of going through an intermediary, on an exchange you trade with other users. There is a bigger range of coins available but for smaller cryptos like Storj you might find you have to start by getting Bitcoin- or another leading coin – first and then use that to swap for Storj.
- Funds. A fund is a managed portfolio for wealthy investors that’s run by a professional. It pools together money from lots of different people and the fund manager chooses which assets to own to try to get the best possible results for everyone.
- Mutual funds. A mutual fund is a more accessible version of a fund. It works in much the same way: lots of people pool their money together and a manager decides which assets to put it in. You can add your money to the pot very easily by buying a share in a mutual fund as you would a share of a company. Look for mutual funds that hold cryptocurrency if you want to find one that gives you exposure to Storj.
- Storj ETFs. An ETF is an exchange-traded fund and is also very easy to use. ETFs are a great entry point for beginners as you can leave them alone without needing to worry about fees. An ETF works by owning all the assets within a particular market or index, so its performance reflects that of the sector. Cryptocurrency ETF options are fairly limited at the moment but the market is constantly growing so it’s worth keeping an eye on.
- Crypto debit cards. Debit cards let you spend your cryptocurrency with participating merchants online. Generally, you can only spend coins like Bitcoin and Ethereum with them at the moment, but the range of cryptos available is growing all the time. With a crypto debit card you can use your coins to fund your lifestyle just as you would with cash in a bank account.
- Smartphone apps. Buy, sell, or trade Storj from your mobile phone with an app. Most top brokers and many exchange platforms and wallet providers have their own app that you can use to manage your coins on the go. Apps generally have the same features as the main web platform and are a great way to keep track of your holdings.
- Storj wallets. You can use a wallet to store coins so that they’re secure and protected from any malicious activity. It’s a good idea particularly if you plan on holding a lot of Storj for a long time, as wallets are safer than leaving it in an exchange or broker account. Wallets use encryption to protect your coins and you can get one that runs on your phone, tablet, or desktop PC, or even USB drives that are completely offline.
Where can I buy Storj coin now?
Latest Storj price analysis
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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