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How to buy Storjcoin online
This guide details everything you need to know about STORJ, the native token of the Storj cloud storage ecosystem. Scroll down to find out how to get involved, whether you should invest in the platform right now, and what the prospects are for STORJ in the coming years.
Compare where to buy Storjcoin, and open an account
Below, we have listed some of the best places to buy Storj coin online along with a brief description of what each platform has to offer. Click on one of the links to sign up, or scroll down to keep reading about Storj.
How to buy STORJ online – a step-by-step guide
Step 1. Find an exchange
If you want to own STORJ tokens outright, you need to purchase them from a cryptocurrency exchange. These online services are like giant marketplaces filled with different digital assets, and they provide the easiest route to cryptocurrency ownership.
However, not every exchange is equal. Some are easier to use, some have lower fees, and some offer better customer support and features. To help you choose one, we have listed our two top picks below along with an explanation of what they are all about:
- Binance: This is the largest exchange around, and the service it offers has been improved with each passing year. Binance supports numerous cryptos and is just about the most reliable exchange around. Open a Binance account now >
- Bittrex: Combining the accessibility of a beginners’ exchange with the tools and flexibility of a professional one, Bittrex is a solid option for anyone looking to get involved in crypto investing. Open your own Bittrex account >
Step 2. Sign up and fund your account
Now you have chosen the exchange you want to use, it is time to create an account and add funds to it. Start by going through the sign-up process and following the on-screen prompts. In general, this entails filling out some basic contact details and providing a copy of your photo ID.
When it comes to funding your account, many exchanges now accept fiat money via a bank deposit, though for those that don’t, you have to get some Bitcoin first and use that.
Step 3. Purchase
Now it’s time to complete exactly what you started this process to do: purchase STORJ tokens. To accomplish this, search for STORJ on your exchange and find the pair that matches up to your account’s funds, e.g. STORJ/USD for United States Dollars and STORJ/BTC for Bitcoin.
Finally, lock in your transaction by entering the number of coins you want, checking you are happy with the price and associated fees, and executing the exchange. You now own STORJ coin.
Step 4. (Optional) Get a suitable wallet
If trading STORJ is the aim, you won’t need a wallet, but if you plan on holding coins for the long term, storing them in a wallet can massively enhance their security. We have taken a thorough look at the options that are out there; here are a few of our favourites:
- CoolWallet: CoolWallet combines the best traits of hardware wallets and software wallets. Your coins will be kept offline and protected from online attacks, but you can also conveniently access them via a mobile app. Join CoolWallet now >
- Freewallet: Freewallet is one of the most popular wallets for crypto investors. It supports wide variety of digital assets and has established a leading reputation in recent years. Open a Freewallet now >
How to trade STORJ – step-by-step guide
Step 1. Find a CFD broker
Finding a reputable broker is the first step to becoming a cryptocurrency trader. These are regulated online platforms that allow you to open and close trades rapidly so you can take advantage of market volatility.
STORJ is not currently available via any broker, but when it does become available, it is likely to be listed via one of the major brokers like eToro or Robinhood. Be sure to bookmark this page and check back periodically to find out when a broker lists Storj first.
Step 2. Deposit money
The next stage, once you have chosen your broker, is to make a deposit. This can usually be done via a bank transfer, crypto wallet transfer or even PayPal. Once the deposit is in your account, we recommend you set up a demo account rather than jumping straight into the live trading. This way, you’ll get a good feel for the platform and, if you’re new to trading, you’ll also get a good feel for the rise and fall in the value of your chosen cryptocurrency.
Step 3. Learn how to perform technical analysis
At the core of any successful trader is the ability to conduct good technical analysis. This is the process of reading price charts and looking for trends and indicators that can help you predict where the market is moving. Don’t worry if you aren’t familiar with technical analysis; our short-term trading course provides a thorough overview.
Step 4. Start trading
When you feel you’re ready to move away from your demo account, it’s time to start trading for real. If you’re not experienced, we suggest you take it slowly at first; it’s easy to win and lose money very quickly due to the volatility of the cryptocurrency market.
Trading isn’t hugely complicated, and you should have a fairly good idea of what you’re doing if you’ve been using a demo account. Essentially, you’re going to be predicting which way the value of your cryptocurrency will go. If you’re confident the value of the currency will rise you should take a long position (buy) or if you’re confident it will fall, you should take a short position (sell).
Depending on your experience as a trader and the type of broker you’re using, you may also be able to add leveraged trading to your strategy. This allows you to put up a fraction of a trade’s worth (known as a margin) with the broker covering the rest. This is a high-risk strategy, but savvy brokers use stops to limit potential damage.
Should I invest in Storj?
The first thing you need to consider when answering this question is the overall health of the crypto market. Is it in a bull cycle, when prices are broadly rising, or has a bear cycle come into play, when prices are broadly falling. So, in bull mode, most cryptocurrency prices will be on the up, meaning investing in Storj could be the right move. The very opposite is true when bear dynamics come to the fore.
If we take a look at the Storj project itself, we can see it makes a lot of sense. The idea of storing data securely and privately and using cryptocurrency to pay for this service is smart. However, it is important to recognise the limitations of the STORJ token, which is purely useable as a means of payment within the Storj network. Provided you are cognisant of this, STORJ could be a good investment, especially if you plan on using the Storj network.
The other thing you should consider is your budget. First and foremost, you should only be investing if you are using money that you can afford to lose. So, if losing the money you are investing would have worse consequences than a mild groan, it might be for the best to steer clear. Cryptocurrencies are innately volatile, so you can quickly lose and gain money. As a result, you need to be tolerant of risk to a certain degree so you can get the best out of investing in STORJ.
If you still haven’t made up your mind, check out the pros and cons of the Storj service below.
- The Storj network is a great idea with solid backing
- While there are competitors, Storj Labs is still fairly unique
- STORJ is interesting to traders as the Storj network is in early release and moving away from beta versions
Before we conclude our guide, we have a few more considerations if you still want to invest in Storj coin. Read on to check them out.
1. Is now a good time to buy Storj?
Well, that really depends on how you are looking to make money. If you want to invest for the long term to seek exposure to the future price of the cryptocurrency, you won’t be as worried about the current-day price as a trader would be. Instead, you need to delve into the fundamentals of the platform to deduce if it is trading above or below its true value and decide if it can deliver token holder value in the future. Provided you are optimistic on both fronts, it is rarely a bad time to invest.
By contrast, traders are incredibly price and time focussed, spending much of their time checking out candlestick charts and identifying technical indicators. By doing this research effectively, traders are able to gain a better insight into the market than the average person, which aids them in making smart trading decisions. They are also much less concerned with the bigger picture since they will not be holding tokens long enough to see them increase in value by too much.
To help work out if now is the right time to pounce, check out our analysts’ latest articles on Storj. In them, you can find cutting-edge price analysis and projections to help inform your strategies and challenge your suppositions.
2. What problem does Storj solve, and what are its investment prospects?
Storj makes cloud storage crypto-friendly, though it is not the only platform to be providing this kind of service. Nowadays, we live in an incredibly data-driven world, and there is an increased emphasis on keeping this data secure and confidential. The Storj network and STORJ token allow this to occur seamlessly.
However, there are definitely some hurdles to overcome. First is the prevalence of competition, and second is the developer’s apparent lack of interest in their own token. We would like to see smarter tokenomics come into play in the future to show that Storj labs is just as interested in the success of its token holders as it is with profits.
For all the latest news on Storj, simply scroll down to the linked articles below and click on one of them:
India-based WazirX exchange has listed STORJ
3. Do you want to hold Storj for the long term?
Some people opt to hold cryptocurrencies for the foreseeable future in the hope they will see a marked rise in value. Others like to flip them as prices fluctuate to make their returns a little faster. Both of these methods are effective in the right hands, but there are key differences in the considerations you should make for each. These are outlined below.
Considerations for a long term investment strategy
If holding STORJ for the long term is your aim, find a trustworthy crypto exchange that supports the cryptocurrency and purchase some. Then, once the coins are in your account, it may be a good idea to open a wallet for their safekeeping.
Considerations for a short term trading strategy
The first priority for a short-term STORJ trader should be finding a low-fee crypto broker, so each time they make a trade, they aren’t losing lots of money on commission. Then, they need to delve into technical analysis and figure out what kind of trader they want to become.
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 >