How To Buy ApeCoin Online in 2022
ApeCoin (APE) is the hottest new coin in the market and is already seeing explosive growth.
The cryptocurrency has been created by Yuga Labs who are the team behind the popular Bored Apes Yacht Club NFT.
The APE token was initially airdropped to NFT holders but is now available for anyone who wants to buy or trade it.
Read on to find out how to get involved.
Best Brokers To Buy ApeCoin in 2022
Nowadays, there are many different platforms to choose from when it comes to buying cryptocurrencies.
To save you the hassle of looking, we have listed the top beginner-friendly platforms below to help you get started right away.
Key Takeaways
Best platform: eToro
Top payment method: credit/debit card, bank transfer
Security measures: activate 2-factor authentication, never reuse passwords and store coins in a private wallet if possible
Do not: invest with money you cannot afford to lose
What Is the Difference Between Owning ApeCoin VS a Derivative Product
There are different trading markets in the world of cryptocurrencies and it’s important to know the differences so you can make more informed decisions. This will be explained in more detail below:
Owning
When you buy ApeCoin from a cryptocurrency exchange through the spot markets, you own the underlying asset: APE. You can then withdraw and spend it anywhere you wish.
Derivative Products
These are financial products that allow you to speculate on the price of an asset, without owning the underlying asset. Essentially, the aim is to buy low and sell high. You can even make money when the price goes down by “shorting” the market. These markets allow you to avoid the technical sides of crypto with regards to storing and securing assets on a wallet.
For many beginners, this is a preferred choice.
Different Ways To Buy ApeCoin
Cryptocurrency brokerages - eToro
Cryptocurrency exchanges - Binance, Coinbase, FTX
Where To Buy ApeCoin
eToro
Pros
Cons
Binance
Pros
Cons
How To Buy ApeCoin Online?
For most newcomers, brokerage platforms such as eToro are preferred due to their easy sign-up process and beginner-friendly user interface. In this section, we have provided a step-by-step guide on how to make your first ApeCoin purchase:
Go to the official eToro website and sign up for an account
Provide the required identification documents for KYC/AML regulation
Add your desired payment method, this could be credit/debit card or a bank transfer, and deposit some fiat currency (USD, GBP etc) into your account
Use the search bar to find the ApeCoin markets, e.g. APE
Enter the number of APE coins you wish to purchase and confirm the transaction
The coins should appear on your open positions page shortly after.
How To Trade ApeCoin?
You can trade ApeCoin on both exchanges and brokerage platforms however, as a beginner it may be worth getting started on the latter due to the user-friendly interface they have created.
One of the most popular platforms is eToro and the steps below show you how to get trading:
Go to the official eToro website (beware of scams on Google) and create an account
Verify your details by providing ID and any other KYC requirements
Add your preferred payment method such as credit/debit card and deposit some money into the account
Use the search bar to find the ApeCoin markets and open a position
When the price reaches a point you are happy with, go to your portfolio to view your open positions
Press the small red cross and confirm that you want to ‘close the trade’
The fiat currency you purchased with, such as USD or GBP should appear in your account balance shortly after along with any profits you may have made.
Crypto Investment Strategy
Trading strategies can determine how long you hold your coins. Deciding what you want to do before investing your money can help you be better prepared in case something happens.
Short term: this is the process of buying and selling the coins in a short period of time for some quick profits. In essence, the aim is to buy low and sell higher.
Long-term: if you believe in the future potential of a coin, then you can purchase and hold it for a long period of time as it could return greater profits in the long run.
How To Store ApeCoin?
There are different types of wallets to store ApeCoin and this will be outlined below.
Hot wallets
These are applications that you can download for free on your PC or phone and they allow you to store a number of different coins including ApeCoin. Popular wallets include Trust Wallet and Coinbase Wallet.
Cold wallets
Cold wallets are referred to as such because they are not connected to the internet. They can come in many forms including a simple piece of paper that contains the seed phrases / private keys to a wallet. Another popular form of cold wallet is a hardware wallet such as Ledger or Trezor. These wallets require users to physically approve transactions before they are sent out. That way, online attackers are unable to steal funds from the wallet without having direct access to the device.
What Are the Different Ways To Pay For ApeCoin?
There are many different ways to pay for ApeCoin and fortunately, some of these may include methods you are already familiar with. The most popular ones have been listed below along with their pros and cons.
Credit / Debit card
Bank transfer
PayPal
Credit / Debit Cards
Pros
Cons
Bank Transfer
Pros
Cons
PayPal
Pros
Cons
What To Consider When Buying ApeCoin?
Here are some important things to consider before parting with your hard-earned money:
Volatility
Cryptocurrencies are volatile assets and ApeCoin is no exception. In its short time on the market, APE has already had huge price swings. You should know what to expect before investing in such a coin.
Fees
It’s worth checking the fees that platforms charge so you can get the best value for your money.
Regulation
Different countries have varying stances when it comes to cryptocurrencies. Check the laws in your jurisdiction to ensure you stay on the right side of the law.
Availability
Not all platforms will offer ApeCoin markets. Do some research before creating an account to save yourself some time. The platforms outlined above have active markets.
Long vs Short Term holding
As mentioned above, it’s important to have a strategy in mind before investing. That way, you can take timely profits and be better prepared in case something goes wrong. For example, if you are holding for the long term, then short-time price fluctuations wouldn’t necessarily change your long-term thesis as long as nothing fundamentally has changed.
Is It Safe To Buy ApeCoin Online?
The first step is to find a regulated platform such as eToro. These have industry-grade security in place as well protections in case something goes wrong.
When you are creating an account, make sure you don’t reuse passwords from other websites and activate 2-factor authentication as soon as possible. This can add an extra layer of security to your account.
Finally, consider withdrawing your coins and storing them in a private wallet if the platform allows you to do so. That way, if the platform gets hacked, your funds will not be affected.
How To Sell ApeCoin?
Selling ApeCoin is just as easy as buying the coins in the first place. Follow this guide to get you on your way:
Go to the eToro homepage and log in.
Press the ‘portfolio’ button and here you will see all your open positions, including the one in ApeCoin.
On the right-hand side, you will see a small cross. To sell your ApeCoin holdings, simply press the cross and ‘close trade’.
The funds you used to open the position will appear in your account balance shortly after along with any profits you may have made during this time.
Is It Worth Buying ApeCoin Right Now?
ApeCoin is the hottest new coin on the market and has received over $4 billion of trading volume in its first 24 hours.
It was created by the same company behind Bored Apes Yacht Club NFT which has attracted buyers from all over the world, including celebrities such as Brazilian footballer Neymar, pop star Justin Bieber, billionaire investor Mark Cuban and more.
Since it is such a young project, caution is advised as the price action is currently very volatile and the market hasn’t had sufficient time to value it properly.
Do your own research before getting involved.
Final Thoughts
For most people who are interested in cryptocurrencies, eToro is the go-to platform due to its beginner-friendly interface and numerous trading tools that help you make more informed decisions.
The most popular payment methods include debit/credit cards as well as bank transfers.
After the initial setup, you can deposit and withdraw with ease.
It’s highly recommended that you never reuse the same passwords for different accounts and activate 2-factor authentication as soon as you sign up.
As always, only invest with money you can afford to lose because gains are not guaranteed.
FAQs
Can I buy ApeCoin without an ID?
Can I buy ApeCoin instantly?
Is there a limit to how many ApeCoin I can buy?
