The Wings platform and cryptocurrency have gradually been making a name for themselves. This guide shows you how to buy and trade Wings in 2020.
Where to buy Wings
Read on to find out more about Wings 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 Wings?
Based in Russia, the Wings platform was designed to help the creation of Decentralised Autonomised Organisations (DAOs). It aims to do this by putting investors in touch with businesses via crowdfunding and giving them an easy way to interact, not only within the platform itself, but also through other channels such as Facebook and Slack.
How does Wings work?
The Ethereum-based platform also aids the creation of DAOs by offering prediction markets to analyse the viability of each project.
The Wings cryptocurrency was created so that businesses easily issue shares to investors. There is currently a fixed supply of 100,000,000 coins. Over 97,000,000 of these are currently in circulation.
How to buy Wings online – step-by-step guide
Step 1. Get a suitable wallet
Finding a Wings wallet shouldn’t be too difficult. It’s an Ethereum-based coin, therefore, all Ethereum-compatible wallets will be Wings-compatible. That said, it’s always worth having a look at what’s available and doing some research before you settle on the best wallet for your needs.
Here are a few of our favourite Wings wallets:
- Trezor Wallet: If security is your number-one concern, then you’ll want to check out some hardware wallets. We like Trezor because it’s easy to use and they have great customer support should you need it.
- Exodus: If convenience is a priority and you don’t want to compromise on security, Exodus could be the wallet for you. Compatible with Trezor and offering desktop and mobile versions, you’ll be hard pushed to find a better desktop option for your Wings.
- Jaxx: If it’s straight-up versatility you’re after, then Jaxx is the place to go. It offers desktop, mobile and browser extension versions and as far as software wallets go, it’s one of the safer options out there.
Step 2. Find a Wings exchange
These days, finding an exchange for your cryptocurrencies is usually pretty easy even for lesser known coins like Wings. However, you’ll usually need some Bitcoin or equivalent because very few exchanges that accept fiat currency for Wings.
Here are some of the more popular exchanges where you’ll find Wings on offer:
- Binance: No matter the currency you’re looking for, Binance is a great place to start your search. It’s been around for ages and the platform is easy to get to grips with.
- Bittrex: Another great place to grab your Wings is Bittrex. The Bittrex platform is super-secure, well-trusted, and easy to use.
Step 3. Withdraw your Wings
We always advise investors to withdraw newly acquired funds from the exchange as soon as possible. It’s always safer to keep your coins in your own digital wallet rather than in an exchange wallet.
How to trade Wings – step-by-step guide
If you’re not looking to buy coins and are only interested in trading, you won’t need to bother finding a digital wallet.
Step 1. Find a broker
The first thing you need to do before you can start trading is to find a broker, and there are plenty to choose from. We have had a good look at what’s out there and our favourites are eToro and Plus500 as they are both well-established and easy to use, even if you’re just starting out.
Step 2. Deposit money
You’ll need to deposit some cash before you can begin trading. This is a fairly simple process and the minimum deposit requirements (around $100 – $200) shouldn’t put anyone off.
Step 3. Decide how you’d like to trade
Trading on the cryptocurrency market is mainly done either by Spread betting or CFDs (Contract for Difference). Both methods are fairly similar in that traders must accurately predict whether the price of a given currency will rise or fall over a set period of time. If you’re not sure which you’d like to try or what the differences between CFDs and Spread Betting are, it could be worth doing some research.
Step 4. Start trading
The basic idea behind trading isn’t too complicated. If you think the price of your cryptocurrency will rise then go long (buy) and if you think it will fall, go short (sell). You may also choose to use leverage, significantly boosting the value of your trade.
With leveraged trading the broker covers a large part of the trade, so you only have to put up a proportion of the total trade value – known as a ‘margin’. This is not a strategy that we recommend for beginners as it can be risky, but savvy traders can use stop-loss orders to limit the potential damage.
Before you get stuck in, it’s a good idea to open a demo account with your broker and try some practice trades to ensure you’re ready for a live account. The reasoning behind this is to make sure you’re ready and that you know what you’re doing. The value of cryptocurrencies can fluctuate wildly in either direction and you can win and lose money very quickly.