How to Buy Storj in 2020: Buy, Sell & Trade

STORJ (formally known as Storjcoin X) is the cryptocurrency token used by the Storj data storage network and it has already garnered plenty of attention from traders.

Where to buy Storj coin

Read on to find out more about STORJ in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy STORJ.

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
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Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • ETH
  • NEO
  • ADA
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Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Start Trading View key features
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated juristictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
Forex trading involves significant risk of loss and is not suitable for all investors.
CEX.IO
Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
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Min Deposit
$20
United States
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Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
Various Payment options
Top Coins
  • BTC
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Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
Bittrex
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Min Deposit
$1
United States
Start Trading View key features
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Top Coins
  • BTC
  • ARK
  • BNT
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Payment Methods
Credit Card
Bittrex Global has one of the most secure trading platforms and digital holding infrastructures in the world where customers can access exciting new products.
Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • BTC
  • DOGE
  • TRX
  • ZRX
  • ARK
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

What is Storj?

The Storj network is a decentralized 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 buy STORJ online – step-by-step guide

Step 1. Get a suitable wallet

Before you head to an exchange to buy STORJ, it’s a good idea to set up an ERC-20 compatible wallet so you have a safe place to keep your funds. We’ve had a look at what’s out there and found plenty of options. Here are a few of our favourites: 

  • Ledger Nano X: If security is your number one concern, then you should consider a hardware wallet like the Ledger Nano X. The price tag means it’s not for everyone, but if you’re on a budget and still want to go down the hardware storage path for your STORJ, there are cheaper alternatives such as the Nano S. 
  • MyCrypto wallet: Another great option for STORJ is the MyCrypto Wallet which offers a desktop client and a mobile option and is fully compatible with hardware wallets such as the Nano X. 
  • MyEtherWallet: With a super slick design and easy-to-use interface, MyEtherWallet (or MEW as they like to be called), is a great option for cryptocurrency newbies and pros alike. 

Step 2. Find an exchange to buy STORJ

While it’s possible to earn STORJ by becoming a Node Operator, it’s not the fastest route to ownership, and unless you have a fair few terabytes of spare storage space at your disposal it might take a while to build up your funds. So, with that in mind, we recommend you find an exchange and buy STORJ.

We managed to find a couple of places that accept fiat currencies (mainly USD) for STORJ, but Bitcoin (BTC) was the most widely accepted currency.

Our preferred exchanges to buy STORJ are: 

  • Binance: As one of the biggest and (in our opinion, anyway) best exchanges online, we usually head straight to Binance when we’re buying cryptocurrencies
  • Poloniex: Another tried and tested exchange, Poloniex is a great place to source your STORJ. 

Step 3. Withdraw your STORJ

It’s a good idea to withdraw your STORJ once you’ve bought them as it’s safer to keep your funds in a wallet rather than leaving them on the exchange. 

How to trade STORJ – step-by-step guide

If you’re only interested in trading and have no intention of buying STORJ, then there’s no need to set up a wallet as you’ll only be speculating on the rise and fall of its value.  

Step 1. Find a broker to trade STORJ

Finding a reputable broker is the first step to becoming a cryptocurrency trader. There are loads out there, but we like eToro and Plus500 as they have great features and reasonable minimum deposit requirements. 

Step 2. Deposit money

The next stage, once you have chosen your broker, is to make a deposit. 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. Decide how you’d like to trade

There are two main ways in which brokers allow you to trade on cryptocurrencies. These are spread betting and CFDs (contracts for difference). They’re both fairly similar in that whichever way you go, you’ll always be taking a position on whether you think the price of your cryptocurrency will go up or down. If you’re interested in trading, it’s worth doing some extra research to understand the differences between spreads and CFDs. 

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.

Still undecided?

Pros
  • 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
Cons
  • It’s still early days for the network and the STORJ token
  • Storj Labs are more invested in their network rather than the STORJ token
  • STORJ is only accepted as payment within the Storj network

By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
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