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Home Investing in Cryptocurrency in 2024 How to invest in MANA in 2023?

How to invest in MANA in 2023?

Khashayar Abbasi
Khashayar Abbasi
Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.
July 20th, 2023
Current price: $ 0.749116 December 7th, 2024, 21:12:38 PM UTC+00:00
1hr
-0.42%
24hr
-3.02%
7d
13.19%
Total Volume
214,464,513
Market Cap
1,400,299,786
Total Supply
2,193,179,327
Circulating Supply
1,868,022,388
Maximum Supply
2,193,179,327

Amid the rising metaverse popularity, virtual reality blockchains like Decentraland (MANA) continue to gain traction in the crypto market.

To help you buy Decentraland, we analyse the best places to purchase it, how to sell and much more.

Best brokers to buy MANA in 2023

There are different providers that you can use to buy MANA. We’ve put together a list of the best providers to give you a quick start.

What is the difference between buying and trading MANA?

Buying or trading MANA will simply depend on your investment strategy. Most crypto beginners seek to buy and hold, while seasoned investors may speculate on price movement instead of owning MANA.

We explain the main difference between these two strategies to give you a clear picture of what you should do.

  • Buying: Exchange fiat currencies or crypto for MANA. For instance, most exchanges will have trading pairs like MANA/USD, MANA/EUR, or MANA/GBP. You’ll simply need to deposit fiat or crypto on the exchange and buy MANA. Good examples of platforms that offer such services include Coinbase, where you can buy MANA for US dollars.

  • Trading: it mainly involves learning to speculate the price movement of MANA. Due to the volatile nature of crypto, speculating on price fluctuations can make you tidy sums of money if done right.

Price movement will depend on demand and supply. These two are influenced by several factors, including mainstream news and social media. To trade, you’ll need to have a firm grip around these. Traders can decide to go Long, meaning more investors opt-in and prices increase or Short when prices decrease.

How to buy MANA online?

The best place to buy MANA is through crypto exchanges. Here is a step-by-step guide on how to purchase your first MANA tokens.

  • Step 1: Find an exchange.

  • Step 2: Complete the necessary KYC checks.

  • Step 3: Sign up and fund a purchase.

  • Step 3: Make a purchase.

How to trade MANA?

As discussed earlier, trading will involve price speculation. Some investors like trading approaches like day trading or swing trading to take advantage of short-term price fluctuations. Trading options like contract for differences (CFDs) and spread betting provide an avenue to accomplish this.

Crypto brokers provide the best platform to do this, complete with trading tools, charts, and risk management tools to make trading easier for you.

Let’s look at the step by step guidelines:

  • Step 1: Find a broker.

  • Step 2: Register and complete KYC verification.

  • Step 3: Deposit money into your account.

  • Step 4: Decide how to trade (CFDs, spread betting, etc.

What are the different ways to pay for MANA?

Crypto platforms will provide varied options to deposit funds depending on the jurisdiction. A payment method will also influence the fees, transaction limits, and transaction speed.

Here are the most common funding options you can use to purchase MANA:

Credit Card

A lot of fiat to crypto exchanges accept Visa and Mastercard credit cards. Banks extend a line of credit to aid purchases for the cardholder. Here are some of the perks and drawbacks of using credit cards.

  • Easy to use
  • Convenient
  • Fast transactions
  • High transactions costs
  • Transaction limits
  • Lack of privacy

Debit Card

Debit card users must have funds in their bank account. Visa and Mastercard debit cards are readily acceptable on most exchanges. Check with your bank to confirm if they accept buying cryptocurrencies with their card.

  • Fast and convenient
  • Easy to use
  • Extension of overdraft facility by some banks
  • Lack of privacy
  • Transaction limits

Cash

There is a possibility of meeting up with individual groups who’d like to sell their MANA tokens. In such instances, the use of cash is possible. This mostly takes place in MANA meetups across the globe.

  • Eliminates deposit and trading fees associated with exchanges
  • Easy to transact
  • Difficult to find a willing seller
  • High possibility of getting scammed

PayPal

PayPal is an e-wallet option that supports online cash transfers. Although not as widespread as bank transfers, exchanges and brokers offer it as an option.

  • Quick and efficient
  • Easy to use
  • More secure
  • Easy to open an account
  • Higher fees
  • Considered a third party option, unlike banks and credit cards

Bank Transfers

By far the most popular and widely adopted method. You’ll only need to follow the process on the crypto platform to link your account with the exchange. Popular bank transfers methods include ACH (the US), Faster Payments (UK), and SEPA (Europe).

  • Higher transaction limit
  • Widely acceptable
  • Relatively lower fees
  • May take time

Cryptocurrencies

USDT and BTC are the most popular options. However, most exchanges will have a variety of trading combinations involving different cryptos.

  • Widespread adoption
  • Quick and efficient
  • Free on some exchanges
  • It might be complicated for beginners

What to consider when buying MANA?

Before buying MANA, there are some factors you’ll have to consider. It is always advisable to conduct some fundamental research and develop a trading plan before investing. Here are some factors to consider:

  • Competition: This is especially true for long-term holders. Similar projects like Sandbox and other upcoming projects from tech giants like Facebook and Twitter may influence the project’s long-term viability. Study the project’s roadmap to see what plans the blockchain has going into the future in relation to similar projects.

  • Deposit Fees: It is essential to seek the easiest, cheapest, and most convenient funding option. Credit and debit cards are likely to suffer high and multiple fees, and that is why most exchanges will even give some cashback for these methods. We strongly advise you to check out the fee schedule before using a particular funding option.

  • Trading Fees: Exchanges may charge fixed or variable trading fees. A majority set the charges based on a 30-day trading volume of an account. Exchanges like Binance offer friendly trading fees.

  • Volatility: Like the majority of cryptocurrencies, MANA also suffers from market volatility. For instance, the price started at $0.08 in 2021 and peaked at $4.3 in early November 2021. Have a firm grip on the price movement, especially if you decide to trade.

  • Regulations: Check to see if your country allows for the purchase of crypto. Countries like China have banned exchanges. In addition, it is paramount to understand the tax implications of buying and selling MANA. For instance, US residents have to pay taxes on their profits from the sale of crypto.

  • Long-term Holding (HODL): Investors who believe that the project has valuable use cases and is sustainable in the long run may decide to buy and HODL. It is also paramount to check the price action and user engagement to determine whether to HODL.

  • Partnerships: Decentraland has collaborated with several organisations in a bid to raise its profile. The project has so far roped in Under Armour for this purpose.

  • Ecosystem: Apart from the 3D virtual world, check what else makes the project attractive. For instance, there is a marketplace on Decentraland where users can buy things like wearables, forming an engaging ecosystem around the project.

Is it safe to buy MANA online?

You can buy MANA tokens safely online. However, to avoid losing funds, personal data, or MANA tokens, check to ensure the exchange you use has put in place mitigating measures. Here are safety features to look out for:

  • Two-factor Authentication (2FA): Activate 2FA when you sign up. You’ll need to input your phone number or use a Google Authenticator app. This offers an extra layer of security to your account apart from the typical email/password combination. Other exchanges also enforce 2FA during the withdrawal process.

  • Get Help on Official Sites Only: To avoid getting scammed, we recommend only getting help from the exchange’s official channels.

  • Secure Wallets: After purchase, we strongly advise against leaving your MANA on the exchange. Exchanges form a big target for hackers, and you may end up losing your assets. Instead, transfer your MANA to a secure crypto wallet. You can use a hardware wallet for long-term storage.

  • Using a Secure Internet Connection: Avoid using public networks while accessing your exchange account or crypto wallet. When unsure about your internet security, we advise using a VPN service.

  • Provide Only Mandatory KYC Documents: Providing personal details on exchanges is compulsory. Provide only the required details to avoid excess information leaking out in case of a security breach on the crypto platform.

  • SSL Encryption: Use only reputable exchanges that have secured their domain to avoid data leakages. These may lead to loss of money and crypto.

How to store MANA?

After you purchase MANA, you’ll need safe storage. There are two types of wallets available for consideration, hot and cold wallets. Let’s look at these in more detail.

Hot Wallets

These are digital wallets that are accessible online. Some can be accessed through the web browser, while others are downloadable. You can download mobile or desktop apps. Ensure to keep your seed phrase and passwords safe.

MANA is an ERC20 token and is compatible with Ethereum based wallets. Examples of wallets you could download and use are Exodus, Metamask, and Mist.

Cold Wallets

Cold wallets store crypto wallets offline. Hardware wallets are a popular version of cold crypto storage. They are USB-like devices that help you store your crypto. Some of the leading MANA wallets are Ledger Nano X and Trezor.

How to sell MANA?

When it comes time to sell your MANA tokens, there are two good options you can utilise, a crypto exchange or a broker. You can use the following steps to exchange MANA to fiat.

  • Step 1: Sing up and verify on a crypto platform that supports MANA.

  • Step 2: Deposit your MANA tokens to the exchange.

  • Step 3: Go to the buy/sell page, select and choose MANA. You may need to sell it for another mainstream crypto like Ethereum, Bitcoin, or Tether. (Other exchanges may allow a direct swap for fiat currencies).

  • Step 4: Transfer your ETH, BTC, or USDT to an exchange where you can sell crypto for fiat.

  • Step 5: Select the cryptocurrency pair, e.g., USD/MANA or EUR/MANA.

  • Step 6: Funds will be deposited into your account wallet.

Is it worth buying MANA right now?

Wondering whether MANA is a worthwhile investment? Before anything else, understand that MANA is highly volatile and investment carries considerable risks. The profit potential is great, and the opposite is also true.

With the Metaverse gaining popularity, virtual reality projects like Decentraland are going on incredible price runs. This makes it a prime market for short-term traders. However, for holders, it is always advisable to look at the project’s long-term goal. Check how active the community is, partnerships and competition.

Ensure to carry out some fundamental analysis and decide a trading plan.

Final thoughts

Buying MANA tokens is easy, following the steps we’ve provided in the buy section above. Exchanges and brokers offer the best avenue to purchase these tokens. You can decide to buy and hold or trade using trading options such as CFDs.

Before buying MANA, there are several things to factor in. These include competition, project roadmap, deposit fees, and volatility. This will greatly influence your profits.

FAQs

Can I buy MANA in any country?

Yes, there are global exchanges that you can use to buy MANA.

Is there a limit to how many MANA I can buy?

Theoretically, there is no limit to the amount of MANA you can buy. However, individual exchanges may impose limits depending on their liquidity and the funding option you choose.

Can I buy MANA without ID?

Yes, some exchanges will allow you to buy small amounts of MANA without ID verification.

Can I buy MANA instantly?

Yes, you can purchase MANA instantly.

What is MANA?

MANA is the native token of Decentraland. MANA can be used to buy land in Decentraland and other items on the marketplace.

How does MANA work?

The tokens work by allowing holders to vote on policies about Decentraland. In addition, the MANA holders can also participate in land auctions.

Contributors

Khashayar Abbasi
Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.