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How to buy Telcoin online
This guide introduces the Telcoin cryptocurrency. Learn everything you need to know about what it is, how it works, and where you can buy the coins.
Compare where to buy Telcoin, and open an account
To get Telcoin right away, use one of the brokers in the list below. These are some of the best platforms around, and have been reviewed and approved by our team of experts for your peace of mind. Otherwise, keep reading to learn more about Telcoin.
What is Telcoin?
Telcoin is a mobile app that lets you send money around the world. The idea is to bring banking services to the billions of people who don’t have a bank account, but do own a mobile phone. The Telcoin cryptocurrency is used as a means of payment.
Formed in 2017, Telcoin acts like a bridge between the telecommunications industry and cryptocurrency. Particularly aimed at people who might send money home to their families and would otherwise have to queue up to pay high fees with a company like Western Union, Telcoin offers a secure, instant payment method based on the blockchain.
The TEL cryptocurrency plays a vital role in all this because it’s how Telcoin incentivises telecoms companies to play along. The network provider earns TEL based on how many transactions happen, and that’s already encouraged companies in the Philippines and Mexico to sign up.
How does Telcoin work?
For the user, much like a mobile banking app. You can log on, choose an account to send money to, and transfer it instantly. The reason Telcoin can do this so quickly is by running the whole system on the blockchain, which is like a public ledger and replaces the need for a central body like a bank that would otherwise have to verify transactions.
Telcoin uses a series of private keys (essentially a string of numbers, like a pin code) to keep the network secure. The user has to create at least two keys when they start using Telcoin and must enter them each time to be able to send money.
The other feature that keeps the network secure is the blockchain itself. There is no central platform or account that holds all the funds that its users deposit. The funds move directly from one user’s wallet to another.
How to buy Telcoin online – a step-by-step guide
Step 1. Find an exchange
You can get Telcoin from a cryptocurrency exchange. An exchange is usually the best place to get an altcoin like this because these platforms offer the widest range of coins and lots of different pairs to swap between. A couple of the top exchanges around are:
- Binance: Binance is the most popular exchange around. There are hundreds of coins available and even more pairs. You can access the platform online or through a mobile app, and it offers lots of beginner material to help you get started. Sign up with Binance >
- Bitrue: Bitrue is a platform for more active traders. As well as a wide range of coins, it has more advanced features like loans and offers ways of earning interest. Join Bitrue now >
Step 2. Sign up and fund your account
To use an exchange you need to create an account and verify your identity by providing a form of ID. Then you have to fund the account. Most leading exchanges accept deposits in fiat currency (such as GBP, USD, or EUR), but some only accept cryptocurrencies.
Step 3. Purchase
Find Telcoin on the exchange by searching for its ticker symbol, TEL. Then you’ll see a list of the different ways to buy it. For relatively small, new coins like this, the only pairs you’re likely to see will be with other cryptocurrencies, like BTC/TEL. That’s normal, you just need to buy another cryptocurrency first, then use that to get Telcoin.
Step 4. (Optional) Get a suitable wallet
Now that you have your coins, think about where you’re going to keep them. A wallet offers an extra layer of security by storing the coins away from an exchange, so that you’re the only person who can access them. Wallets come in many different guises, and here are a couple of the top ones:
- FreeWallet: You can use FreeWallet to access your coins through a web browser, or download a dedicated mobile app to do so through your phone. It can store multiple coins, so it’s your one-stop-shop for crypto storage. Get FreeWallet now >
- StrongCoin: StrongCoin is a hybrid wallet, which means it’s basically an online wallet but it encrypts your coins before storing them on its offline server. That makes a ‘best of both worlds’ option. Sign up with StrongCoin >
How to trade Telcoin – a step-by-step guide
Step 1. Find a broker
To trade a coin you want to find a broker that charges low trading fees. Brokers generally make money by charging for every trade, so if you’re going to make a lot of moves that can add up. Look for one that offers either free trading, or one with very low fees.
As Telcoin is quite a small cryptocurrency, it’s not available with many brokers yet. That’s not unusual for a coin like this, and you might have to wait a little while for it to be added. The likes of eToro and Robinhood are the best places to try to find it.
Step 2. Deposit money
To fund your account you have to deposit fiat currency. Brokers don’t accept deposits in cryptocurrency. It’s a good idea to look out for a platform that offers a deposit bonus, and check to see whether the platform charges for deposits and withdrawals.
Step 3. Decide how you’d like to trade
There are a few different ways to trade cryptocurrency. The most popular ones are to use contracts for difference (CFDs) or spread betting. Both offer ways to speculate on the price of a coin or market without owning any underlying assets. They’re ideal for short term traders, or anyone who wants to be very active in the market.
Step 4. Start trading
The final step before you start trading for real is to spend some time using a demo account first. Your broker will offer this feature, and it lets you practice by using virtual money instead of putting your own capital at risk.
When you’re making trades, you have to decide whether you think a coin is going to rise or fall in value. That influences whether you should buy a coin (go ‘long’), or sell it (short).
You can turn these basic concepts into more advanced strategies by using features that the broker offers, like leverage. Trading with leverage means putting down a deposit and borrowing money from your broker to make much bigger bets. This can lead to big wins but come with a lot more risk and should be treated with extreme caution.
If you don’t know whether to get Telcoin yet, don’t worry. Below is a summary of the main pros and cons you should be concerned with, followed by some final questions to help you decide.
- A practical coin with real world use
- You can transfer TEL around the globe instantly and without difficulty
- There is a fixed maximum supply, so the more its used the more valuable each coin will become
Lastly, here are three questions to help you decide whether to invest in Telcoin.
1. Is it a good time to buy Telcoin?
It could be, if you think there’s a good chance more telecoms companies sign up and start offering Telcoin to their users. Or if you like the prospects for payment services based on the blockchain.
For short term traders, the picture is a bit more complicated. You always want to consider the current Telcoin price, but you might want to use technical indicators on that price chart to work out when’s the best time to buy. You can use our own analyst’s predictions in the links below to help you.
2. What problem does Telcoin solve, and what are the coin’s investment prospects?
It solves the problem of cross-border payments being expensive and slow. It also provides access to banking services to billions of people through their mobile phone.
One of the areas where blockchain technology has real potential is in moving money across borders because it’s so fast and can be done without any government interference. The issue is that many other companies have realised this too. Stellar runs a similar blockchain platform, while PayPal is the obvious ‘traditional’ competitor.
That might not be a problem, as Telcoin’s unique feature is how it links in with mobile network providers. By incentivising them to join the project, it could gain access to a huge, untapped market. The key thing to look out for is telecoms companies in more countries signing up, and you can follow that news with the links below:
3. Do you want to hold Telcoin for the long term?
That depends on what sort of trader you are and on your wider view of the crypto market. Below we’ve summarised the most important points for each trading style, whether you’re all about the long term or just looking to make a quick buck.
Considerations for a long term investment strategy
The prospect of more networks joining Telcoin and more users sending money across the world through the platform are the most important things. If you think it’s good on both counts, sign up to an exchange and get some coins straight away.
Considerations for a short term trading strategy
Use technical analysis like the study of bars and charts to help you predict the right time to enter the market. If you think the price represents an opportunity, sign up for a broker to get started. And remember to pick one that charges low trading fees.
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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