Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
How to buy Wootrade (WOO) online
This beginner’s guide introduces you to the Wootrade platform and coin. Get help with the basics, and then learn about its future prospects and find out the best place to buy some.
Compare where to buy Wootrade, and open an account
To get started right away, use one of the brokers in the table below. These are some of the best trading platforms around, as chosen by our experts who have been through and reviewed them all. If you’re not ready to dive in yet, keep reading to learn more about Wootrade.
How to buy Wootrade online – a step-by-step guide
Step 1. Find an exchange
A cryptocurrency exchange is the best place to buy Wootrade. As it’s a relatively new coin, you need to choose an exchange with a very wide range of coins and one that tends to focus on smaller altcoins. A couple of the best exchanges for that are:
- Binance: The most popular platform in the world, there are hundreds of different cryptocurrencies available on Binance. It also has a lot of beginner-friendly information and a quality mobile app. Sign up with Binance now >
- Bittrex: Bittrex is another exchange that focuses on ease-of-use and has a wide range of coins available. It prides itself on being one of the most secure platforms in the world, and is ideal for someone just getting started in crypto. Join Bittrex today >
Step 2. Sign up and fund your account
Before you can use an exchange, you have to create an account. Signing up is fairly simple but you normally have to provide some contact details and verify your identity with a passport or driving licence.
To fund the account, you can make deposits in fiat currency (like GBP or USD) on most leading platforms. The cheapest way to do this is with a bank transfer, but other payment methods are often available, just with a higher fee.
Step 3. Purchase
To find Wootrade, search for the coin’s ticker symbol – WOO. Then you’ll see a list of the ways you can buy it, such as BTC/WOO. Choose one of these, enter the amount you want, and execute the trade.
Because Wootrade is a relatively small coin, you can’t get it with a fiat currency like USD yet. That’s not much of a problem, all you have to do is get another cryptocurrency, like Bitcoin, first, and use that to get Wootrade.
Step 4. (Optional) Get a suitable wallet
A cryptocurrency wallet is a more secure place to store your new coins than leaving them in your exchange account. Wallets come in many different guises, but all keep your money safe by protecting it with a unique private key. Here are two of the top wallets around:
- Ledger Nano S: The Nano S is a hardware wallet, which is a USB-like device that holds your coins. You plug it into your computer to access the coins, and they’re kept completely offline, so remain secure even if that computer is infected. Get the Ledger Nano S >
- CoolWallet: The CoolWallet is another hardware wallet, but one that can be accessed through an app on your mobile phone that connects to the wallet via bluetooth. Sign up with CoolWallet >
How to trade Wootrade – a step-by-step guide
Step 1. Find a broker
The best bet if you want to trade cryptocurrency is a broker platform that charges low trading fees. Successfully trading usually means making a lot of short term moves, so you want to pay as low a fee as possible on each one. Wootrade isn’t available with many brokers yet, but the best two to try first are eToro and Plus500.
Step 2. Deposit money
To fund your account you need to make deposits in fiat currency, as brokers don’t accept cryptocurrencies. Look out for the fees a platform charges before you sign up, though. Brokers make their money through these fees so you can sometimes be charged for deposits and withdrawals as well as for trades.
Step 3. Decide how you’d like to trade
Most short term traders use contracts for difference to speculate on cryptocurrency. With a CFD, you don’t ever take ownership of any coins. Instead, the contract just represents the price of a coin at any one time and if you buy one and sell it later, your profit is the difference between the two prices.
Step 4. Start trading
The final step is to go ahead and get started. If you’re new to cryptocurrency, it could be worth starting with a demo account that lets you make trades with virtual money rather than putting your own capital at risk straight away. Your broker should offer this feature in the account settings.
As far as trading itself goes, you can decide to buy or sell a coin depending on how you feel about it. Buying it is also known as going ‘long’, while selling it is going ‘short’.
You can make bigger trades by using leverage. Leverage means using a deposit to loan money from your broker so that you can make big bets. It’s possible to make a lot of money this way but it’s extremely risky and we advise against it until you have more experience.
Not sure if Wootrade is for you yet? Here is a summary of the coin’s pros and cons, followed by some more advice to help you make a decision.
- Owning WOO tokens unlocks better rates and advanced features
- You can stake coins and earn interest to make more money
- Backed by a big crypto trading firm and the ownership has a lot of experience
Finally, here are three questions that you can use to decide whether you want to invest in Wootrade.
1. Is it a good time to buy Wootrade?
That depends on whether you want to use the coins to access better trading rates and features, or whether you’re just using it as an investment. If it’s the former, then now is a good time. If it’s the latter, there are a few more things to think about.
Short term traders in particular should take time to analyse the current price to look for buy signals, and be prepared to wait until you see one. The research done by our analysis team can help you pick the right moment:
2. What problem does Wootrade solve, and what are the coin’s investment prospects?
It solves many of the problems that affect decentralised finance (DeFi). Low liquidity can lead to slippage, when a user gets a much worse price because there’s not enough volume to take the other side of their order, while transaction fees can be expensive. Wootrade offers solutions based on how the traditional stock market functions.
That role could make it even more important as the DeFi industry grows. It offers the end user better prices and an improved experience. What’s important in particular is more volume, as that tends to drive the price of tokens up.
The only challenge might come as a result of the state of the market in general. Any government regulation of the industry could affect volumes, while it remains to be seen whether Wootrade can continue to thrive during an extended bear market. Keep track of the latest news to stay on top of the state of play.
3. Do you want to hold Wootrade for the long term?
As we’ve discussed, it depends on whether you want to use it to access better features or just use it as a trading asset. Here are a couple of final points to consider, depending on whether you’re more of a long or short term trader.
Considerations for a long term investment strategy
If you expect the demand for cryptocurrency trading to keep going up, then Wootrade might be set to benefit from that. You should find an exchange and get some coins, and then think about finding a wallet to store them in.
Considerations for a short term trading strategy
Use your technical analysis skills to identify opportunities using price charts. Then find a broker with low trading fees so that you can make as many moves as you want.
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 >