Stratis is an impressive blockchain project with an equally impressive cryptocurrency (STRAT) that has caught the eye of traders and investors. This guide shows you how to buy and trade Stratis in 2020.
Where to buy Stratis
Read on to find out more about STRAT and how it works or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to invest.
What is Stratis?
Stratis is a London-based blockchain provider that allows businesses to create their own blockchains which can then be merged with the Stratis blockchain. The big advantage of Stratis over many of its competitors is that it supports C# and .NET.
Initially developed as a way to help enterprise logistics, Stratis has grown to become much more than just a blockchain-as-a-service platform. Its main competitors are Ethereum, Neo and Lisk.
How does Stratis STRAT work?
The Stratis cryptocurrency is known as STRAT and was created to help fund the Stratis platform. The Stratis team raised nearly seven hundred thousand dollars and issued ninety-eight million STRAT coins after their ICO.
STRAT has regularly outperformed the US dollar making it a crypto to keep your eye on.
How to buy Stratis online – step-by-step guide
Step 1. Get a suitable wallet
As the multicurrency wallet market expands it’s increasingly easy to find wallets that work with less established currencies as well as the likes of Bitcoin and Ethereum. Here are three of our favourites:
Ledger Nano S: We’re big fans of hardware wallets and the Ledger Nano S is one of the better ones on the market, and because it’s cheaper than some of the other HW wallets from Ledger it will suit beginners.
Breeze Wallet with privacy protocol: If you’re looking to obfuscate your STRAT transactions for whatever reason, the Breeze Wallet with privacy protocol is the one to go for.
Stratis Core Wallet: If you want your STRAT to work for you, then choose the Stratis Core Wallet as it allows you to stake your STRAT thanks to the Stratis proof-of-stake model.
Step 2. Find a Stratis exchange
There are loads of places to buy STRAT these days. Here are some of our favourite exchanges:
Changelly: You’ll find some of the best rates for STRAT on Changelly and the interface is really easy to use too.
Binance: One of the biggest exchanges on the web. We like Binance for STRAT and find the buying process easier than on some other exchanges.
Step 3. Withdraw your STRAT
When you’ve paid for your STRAT (usually via BitCoin or another cryptocurrency), we advise you to transfer it to your wallet rather than leaving it on the exchange. It will be safer there, especially if you’re using a hardware wallet.
How to trade Stratis – step-by-step guide
Of course, you won’t need a wallet if you’re only planning on trading. You’ll be predicting the value of your chosen cryptocurrency and not buying or exchanging it.
Step 1. Find a broker
Plus500 and eToro are two of the biggest brokers around and you won’t go too far wrong if you sign up with them. There are other brokers to choose from, so it’s worth shopping around.
Step 2. Deposit money
You’ll need to put down an initial deposit before you can begin trading. Some brokers accept fiat money while others require cryptocurrency, so it could be worth acquiring some Bitcoin.
Step 3. Decide how you’d like to trade
Trading cryptocurrencies typically entails either spread betting or CFDs (Contract for Difference). These two methods are actually fairly similar – you’re essentially trying to predict whether your chosen cryptocurrency will increase or decrease in value over a given period of time. If you’re not sure about which to choose, it might be worth doing some more research on spreads and CFDs.
Step 4. Start trading
Most reputable brokers offer traders the chance to start with a demo account before they start actually trading with a live account. Even if you’re not a beginner, this is a great opportunity to have a look around and get a feel for the platform. Cryptocurrencies are typically highly volatile – a characteristic many day traders look for – which means it’s easy to win and lose money very quickly.
Regardless of which broker you’re with or whether you’re using a demo or live account, the idea remains the same: the trader takes a position on the price of a cryptocurrency. If they think it will rise, they take a long position (buy) and if they think it will go the other way, they take a short position (sell).
You may also choose to add leverage to your strategy. Leveraged trading allows you to put up a fraction a trade’s worth (known as a margin) which means you can significantly ramp up your potential earnings… and losses. Please bear in mind this is high-risk, so make sure you have stops in place in case things don’t go your way.
- STRAT is not as widely available as some other cryptocurrencies
- Uses proof-of-stake concept
- Relatively new but promising
- Developer friendly platform
- Ethereum is a well-established competitor
- Stratis will have to fight to become adopted by developers