How to Buy Celo Online in 2023
Celo is an open-source blockchain designed to support tokenized assets and stable coins. The team behind the project aims to develop a widely adopted cryptocurrency that replaces fiat currency for mobile payments. Moreover, their intuitive smartphone application is currently available to download on iOS and Android devices.
This page covers essential information regarding Celo to help you decide if it’s a great investment opportunity. We’ll go over the best platforms, payment options, investment strategies, and the key takeaways regarding Celo.
Best Brokers to Buy Celo in 2023
Celo is in the top 100 of all cryptocurrencies based on market cap. Therefore, the top brokers and exchanges support the coin on their platform. We’ve taken the time to find the best options to purchase Celo and placed them in the table below.
Crypto assets are highly volatile and largely unregulated. There is no guarantee that any crypto asset will have at any time in the future certain value (if any) or market liquidity. Crypto assets are at risk of losing substantial (or all) value within a short time period.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Celo has an average transfer time of 5 seconds.
The Celo smartphone app is available on Android and iOS devices.
Celo is a proof-of-stake cryptocurrency, meaning investors can stake the coin for passive income.
Celo has backing from huge companies like Coinbase, T-mobile, Polychain Capital, and more.
The team behind Celo is focused on using green energy to support their platform. Currently, they are more than 600 days carbon negative.
What Is the Difference Between Owning Celo vs a Derivative Product
Crypto enthusiasts have two ways to invest in Celo: buying a derivative product or owning the coin. Beginners may find buying a derivative product from a broker is a straightforward way to get into crypto because of their easy-to-use platforms. The broker can offer CFDs (Contracts for Differences) that let you speculate regarding the price of Celo.
However, with CFDs you do not own the cryptocurrency, so the broker has control of your investment. Therefore, you may want to purchase from a crypto exchange because you have control of your coins. Also, users can withdraw the coins and transfer them to a crypto wallet. This is the safer option because you don’t want to rely on a company to hold your investment.
Different Ways to Buy Celo
Investors may use a variety of platforms to purchase Celo. We’ve outlined the main options for investing in the project.
Exchanges: Celo is widely available on the biggest crypto exchanges. The token has multiple trading pairs, including CELO/USDT, CELO/BTC, and CELO/ETH. Also, exchanges have the lowest fees and let you withdraw coins to your crypto wallets. Binance and Coinbase are the best platforms on which to purchase Celo since they have easy-to-use interfaces.
Decentralized Exchanges: Investors who want to purchase Celo anonymously can use a decentralized exchange. They require you to connect a crypto wallet to the platform and exchange tokens for Celo. However, avoid using exchanges built on Ethereum because gas fees make them not viable. The best options for Celo are UniSwap and Pancake Swap.
Banks: Nowadays, banks are adopting cryptocurrency more and more. Your bank can offer CFDs for cryptocurrencies like Celo. Therefore, you won’t own the coin but you will have the opportunity to invest without using an exchange or broker. However, the fees for using this service are very high compared to the other options.
Brokers: Perhaps the easiest method for buying Celo is with a broker like eToro because of the straightforward investment process. Brokers let you deposit funds using multiple payment methods and you can purchase Celo CFDs instantly. The negative side of using brokers is that you won’t own the cryptocurrency and you must rely on the platform to deliver a fair service.
Where to Buy Celo
The top platforms for buying Celo are Binance and eToro, let’s take a look at why. Binance is the biggest crypto platform with over 20 million users. Therefore, they have low fees letting you purchase more coins. Their security is amazing, and you can enable 2-step authentication for more protection. Also, they offer multiple trading interfaces depending on your investment goals
eToro is a broker that offers stocks and cryptocurrencies enabling you to diversify your portfolio. Using this platform is easier because you don’t have to know how to use trading interfaces, making crypto accessible for beginners. In addition, the deposits are fast, so investors can purchase Celo instantly. Also, you can copy other investors' portfolios if you’re not confident regarding your strategy.
How to Buy Celo Online?
Investing in Celo is a smooth process if you use a platform like Coinbase. Below is a detailed guide regarding how to create an account and invest in the coin.
Step 1: Sign up for an Account
Step 2: Provide Your Email and Password
Step 3: Click the Verification Link Sent to Your Email
Step 4: Verify Your Identity
Step 5: Transfer Funds into Your Account
Step 6: Click Buy
How to Trade Celo?
Investors can trade Celo using a trading platform provided by the broker or exchange. However, those with little trading experience will find using a broker much easier because they don’t require the technical knowledge needed to set up a crypto wallet. Here’s a guide on how to trade Celo with eToro:
Step 1: Create an Account and Verify It
Step 2: Deposit Funds
Step 3: Click the Trade Button
Crypto Investment Strategy
Implementing an investment strategy is important for beginners because it can prevent bad decisions. Often new investors in crypto panic when they see a 30% dip and sell at a huge loss. Therefore, you should apply either a short or long-term strategy.
Long-term Holding: HODLing (hold on for dear life) is a strategy that is best known in the crypto community. It requires you to purchase coins from great projects and hold onto the tokens for years. Once the price has reached your target, you sell at a considerable profit. Also, you can set up sell points to take out profits along the way and minimize your investment risk.
Short-term Holding: This strategy is more challenging for beginners because it requires trading experience and in-depth knowledge of the market. Short-term holding means you’ll buy the coin preferable at the dip and sell once the price increases. Afterward, you wait for the price to reduce again and repeat the process.
How to Store Celo?
After buying Celo on an exchange, the next step is to store them in a hot or cold wallet. The reason for this is that keeping your crypto on a personally owned wallet is a lot safer than leaving them on an exchange. In recent years multiple exchanges have been hacked and investors’ funds stolen.
Therefore, if you plan to move your crypto around or are implementing a short-term strategy, then a hot wallet is the best option. Valora and CeloWallet are brilliant options that are compatible with the Celo blockchain.
On the other hand, if you’re planning to hold long-term, then a hardware wallet is a better alternative since it’s unhackable. Keep your seed phrase hidden, and your funds are safe from malicious attacks. Although an initial investment is required into hardware wallets, the services provided in return are worth it.
Here are the best options to store Celo:
Ledger Nano S
What Are the Different Ways to Pay for Celo?
Investors have a variety of methods to pay for Celo. However, the availability of the options below depends on the platform you’re using. Regardless, the platform you use will have at least one of the mentioned options.
Paying for Celo with cryptocurrency is the preferred method of the crypto community because it’s secure and anonymous. Moreover, exchanges like Binance and Coinbase have multiple trading pairs for convenience. However, this option is not available to brokers since they offer a derivative product.
Most platforms provide an option to deposit money with a bank transfer, then you can convert your fiat currency to Celo. However, remember to input the reference number to ensure the money gets into your account.
Debit and Credit Cards
This payment option is perhaps the most popular and available on all centralized platforms. Enter your card details, and you’re good to go. Most platforms let you save your details to make future deposits convenient.
What to Consider When Buying Celo?
When buying an altcoin like Celo, there are some things to consider. We’ve outlined the main factors that should impact your decision when investing in Celo.
Fees: Platforms apply fees for using their service. Often they apply a fee on all trades and when withdrawing coins. Usually, the withdrawal fee is paid with the coin being transferred, which would be Celo in this case.
Volatility: The crypto market is highly volatile, meaning it can swing drastically in either direction. Nowadays, it is normal for a coin to go down by 20% one day and spike 40% the next. New investors tend to do emotional trading when seeing this much volatility. Therefore, you should create an investment plan and stick to it.
Regulations: When buying crypto, make sure to use a regulated platform to ensure your money is safe. Licensed exchanges are audited regularly and must provide a fair experience for their users. They have better security compared to unregulated sites.
Investment Strategy: Most investors fail to make money because they didn’t create an investment plan beforehand. Select a plan that focuses on your investment goals and avoid making emotional decisions.
Is It Safe to Buy Celo Online?
First, you should only use regulated platforms because they can be trusted. These brands have gone through extensive audits to ensure users have a fair experience. Moreover, you can read reviews left by other investors to see what their experience was like.
Furthermore, enable 2-step authentication because it can potentially protect your funds from being stolen. Also, whitelist your crypto wallets as this adds another layer of protection.
How to Sell Celo?
To sell Celo, head over to the trading interface of your selected platform. Input the number of Celo you want to sell in the required section and at what price. Then review the order and double-check that you’ve entered everything correctly. Lastly, hit the sell button, and your portfolio will update.
Is It Worth Buying Celo Right Now?
Celo is a brilliant project that aims to deliver low-fee transfers instantly. Their network is built, and now the team is focusing on gaining widespread adoption. Currently, they have a market cap of $1.8 billion, which places Celo in the top 100 of all coins. Also, the price action of Celo is not too extreme, costing $4.6 per coin compared to $7.6 at its all-time high.
In my opinion, Celo is a great investment opportunity as they have a premium product. The low fees and 5-second transfer times make Celo affordable and convenient for investors. Moreover, their focus on going carbon negative means brands are more likely to create partnerships with the team. However, Celo is still an altcoin so remember that returns are not guaranteed.
To summarize, there are several methods for investing in Celo that we’ve discussed. Exchanges offer the best service is they have low fees and withdrawal times are fast. However, brokers are easier for beginners since they avoid using complicated trading interfaces.
Moreover, remember to create an investment plan when buying Celo because it’s a highly volatile cryptocurrency. Also, whitelist your crypto addresses and set up 2-step authentication since this can potentially protect your coins from being stolen.