www.banklesstimes.com
HomeElectroneumHow To Buy Electroneum Online in 2022

How To Buy Electroneum Online in 2022

Last updated 13th May 2022
Disclosure

Electroneum (ETN) is a fork of Monero that was created in 2017. Its founders envisioned coming up with a cryptocurrency that anyone could use with a mobile phone. Whether you want to use this lucrative coin as a speculative asset or for payments, you first need to figure out how to buy or use it online.

Keep reading this article for a detailed guide on buying, trading, and selling Electroneum, plus more.

Best brokers to buy Electroneum from in 2022

If you conduct simple online research, you’ll discover that so many brokers sell Electroneum today. However, some of them can’t give you the best service. We’ve compiled a list of the best brokers below to save you research time.

What is the difference between buying and trading Electroneum?

Buying and trading are related, but different concepts. Here’s what sets them apart.

Buying Electroneum refers to exchanging crypto like Bitcoin or a fiat currency such as USD for Electroneum. After choosing the ideal seller, you need a secure wallet to store the coins.

Trading Electroneum refers to speculating the value of Electroneum and then buying and selling the coins to make a profit. It also means entering into economically viable contracts, such as margin trading, spread betting, and contract for differences, without owning ETN.

How to buy Electroneum online

Crypto exchanges are known across the world as the most suitable platform where users purchase ETN securely. Many of them are secure and easy to use. Here are the steps you should follow to buy crypto through an online exchange.

  • Find a suitable exchange: Look for an exchange that supports Electroneum, such as Kucoin and Cryptopia. Consider things like fees, the safety of your funds and your data, and the platform’s reputation.

  • Sign up and fund a purchase: At this point, you should provide your email address, phone number, and identity verification. Some exchanges may have slightly different requirements. After that, use your preferred method of payment to deposit funds into the account. If you’re a UK-ETN buyer, you can consider using Faster Payments. Remember that most exchanges allow users to use either specific fiat currencies or cryptos.

  • Make a purchase: Complete your ETN purchase. The exchange will store the coins in their built-in wallet.

  • Secure storage: We recommend moving your ETN tokens away from the exchange. They are a prime target for hackers. Download a wallet and transfer your ETN. For significant investments, we recommend purchasing a hardware wallet.

How to trade Electroneum

Want to avoid the hassle of purchasing and storing Electroneum? You can trade the coin without owning it. Follow these steps below to trade ETN.

  • Find a suitable broker: Choose a broker that provides multiple trading instruments and a wide assortment of payment and withdrawal methods. Other than that, ensure the platform is licensed and regulated. It’s important to note that The Financial Conduct Authority (FCA) regulates the cryptocurrency in the UK for money laundering purposes. The US Securities and Exchange Commission, while other jurisdictions have other regulatory entities. The best broker should also have clear KYC verification procedures and a fair pricing policy.

  • Deposit money into your account: Choose your preferred funding option that your brokerage platform allows. Use it to deposit money into the account.

  • Decide how to trade: There are different trading methods, and they come with various benefits and drawbacks. Some of these options are margin trading, CDFs, and futures. Experienced traders conduct independent research to find out which of them best suits them.

What are the different ways to pay for Electroneum?

The payment method that best suits you depends on your chosen exchange and the laws governing the crypto industry in your country or region.

Bank transfers

Allows for direct purchase of ETN tokens. Alternatively, you can purchase Bitcoin first and then swap for ETN. If you are in Australia, Direct Entry could be the best option, and SEPA could be ideal in Europe.

Pros

A cheap option
Purchasing Electroneum directly or Bitcoin first
Widespread adoption
Easy to use

Cons

May take time to fund your account
Security risks may lead to the loss of your funds

PayPal

Paypal doesn’t support Electroneum. However, you can still use this mode if your exchange accepts it. You can also buy Ethereum or Bitcoin first and then exchange it with Electroneum. Some traders go to localbitcoins.com to find Ethereum or Bitcoin seller who accepts Paypal.

Pros

Easy to use
Secure
Fast transactions

Cons

Not available in some countries and regions
Direct Electroneum purchase on Paypal is impossible
High fees due to indirect purchase

Cash

You can’t buy ETN directly with cash unless you are working with an in-person seller. You will then look for a P2P exchange like Localbitcoins and find a seller in your area that accepts cash.

Pros

Simple buying process
Cheap since you avoid fees associated with brokers and exchanges
Many P2P platforms use escrow services

Cons

Differences in real-time market rates may negatively affect the purchase

Skrill

Like Paypal, you should buy Bitcoin/Ethereum first and then exchange it to Electroneum.

Pros

Secure transactions
Fast payments

Cons

More costly than some alternatives

Credit and debit cards

Credit cards are one of the fastest ways to purchase Electroneum. They are ideal for individuals looking for credit advances. Debit cards are equally convenient. However, you must have a positive bank balance to use it.

Pros

Widely adopted
Secure transactions
Easy to use
Fast transactions

Cons

Can charge high fees
No anonymity

What to consider when buying Electroneum

Are you planning to buy Electroneum? Like other cryptos, buying Electroneum can be a risky or rewarding endeavor. However, consider the following factors to increase your chances of making your investment worthwhile.

Volatility

ETN price was $0.01967 at the time of writing this piece. This represents a drop of 12.95% within the last 24 hours. Almost all the other cryptos are volatile. So, before deciding whether it’s appropriate to buy Electroneum, consider whether it’s the most lucrative investment.

Fees

You should consider working with trading platforms that charge the least fees. Of course, you should pay more attention to the safety of your funds than the cost. So, unless you are an experienced ETN trader, stick to reputable exchanges.

Availability of credible crypto platforms

Electroneum is readily available on several reputable platforms. Examples of reputable platforms where you can purchase Electroneum are Huobi Global, KuCoin, BiONE, HitBTC, BiKi, and Liquid.

Long-term holding (HODL)

We advise checking the project roadmap to effectively decide whether you will HODL Electroneum. Other important pointers are the blockchain’s use cases and incoming partnerships.

Is it safe to buy Electroneum online?

It’s relatively safe to buy Electroneum online. Some criminals take advantage of unsuspecting traders and steal their resources and data. You can mitigate the risk by working with regulated brokers. Most of them have advanced security protocols that protect users’ funds and assets.

Hackers can still target your accounts on regulated brokers’ sites. Because of this, you should do the following to mitigate the risk further:

  • Two-factor authentication: When you activate the 2FA, you will have the privilege to receive a text message or email with a unique code and use it to verify any login attempt. It protects your account from hackers or other strangers who have ways of accessing your username and password.

  • Secure wallets: Almost all exchanges have built-in wallets designed to store Electroneum. However, these wallets are not the safest. After purchase, transfer your ETN tokens to a secure external wallet. The safest option is to transfer the coins to your cold wallet. This typically applies if you want to hold the coins for an extended period. You should also consider this option if you have bought a large amount of ETN.

  • Help from official Sources: Some criminals camouflage as credible exchanges and brokers. So, you should avoid seeking help outside the official website. At the same time, you should never share your login details with any person.

  • Secure internet connection: Public networks are often free and easy to access, especially in cities and towns. However, you should never attempt to access your exchange or broker accounts on these networks for security reasons.

  • Mandatory KYC requirements: Regulated exchanges and brokers have strict KYC requirements designed to make the platforms safe. So, they are essential. However, your privacy remains critical too. That means we recommend that you only provide the mandatory details when completing your KYC verification.

  • The founders and developers: We have said that anonymity is a red flag. If the founders and developers of your preferred exchange or brokerage are well-known professionals with a verifiable track record, you can consider buying Electroneum on their platform. Other than that, the website should have a valid SSL.

  • Advanced security features: There are bug bounty programs that can take the safety of the exchange to a higher level.

How to store Electroneum

Factors such as the trading duration and the amount of Electroneum you have bought should determine the type of wallet to use. There are two categories of wallets that you should consider.

Hot wallets

Hot crypto wallets are accessible online. They are ideal if you want to transfer these digital assets quickly or don’t have a budget for a storage device. Some of the categories of hot wallets are mobile, desktop, and web wallets. Examples of hot wallets that are compatible with Electroneum are the Electroneum app wallet and Coinbase wallet.

Cold wallets

These are safest since they are not connected to the internet. Some of the best options you should consider are Ledger Nano X, Trezor Model T, and Ledger Nano S.

How to sell Electroneum

Once you have mastered the art of buying Electroneum, you do not have anything to worry about when the time to sell them comes. The processes are almost the same. You can sell the coin via an exchange, P2P platform, or broker. You can also sell it for cash. Here are the options that you have in great detail.

Crypto exchange

You can sell your ETN with the crypto exchange through which you bought it. You can also use the same factors we saw above to choose a different crypto exchange. Once you are done, follow the steps below to complete the cash-out process.

  • Sign in to the cryptocurrency exchange where you have ETN. If you did not store the coins on the exchange, transfer them from the external wallet to the exchange.

  • Place a sell order. Ensure you choose the right amount of Electroneum you want to sell.

  • Complete the transaction. Confirm whether the selling price and fees are accurate. If they are, proceed to close the sale.

Pros

Several reliable exchanges are available.
Service available 24/7.
Timely deposits and withdrawals

Cons

Transaction fees typically apply.

Brokers

As we saw earlier, brokers are highly effective in the area of crypto trading. They offer a wide range of trading instruments and risk management features.

Pros

Plenty of helpful risk management features.
Several withdrawal options.
Quick sell option.
Ability to sell for fiat currencies.

Cons

Require expertise to use trading instruments successfully.
High risks involved.
Some brokers are expensive.

Is it worth buying Electroneum right now?

Yes, but you should note that Electroneum’s price performance has been widely inconsistent just like other cryptos. For instance, when the coin first started trading, it was priced at $0.09. In early January 2018, the price hit $0.22, and three months later, Electroneum’s price dropped to $0.02. Moreover, according to CoinMarketCap, ETN price is currently priced at $0.01967.

Due to the inconsistency, many predictions suggest that long-term traders are more likely to reap the most if they purchase it now. However, there are mixed forecasts. Overall, you should carefully evaluate the past trends and your reasons for purchasing the coin to make an informed decision.

Conclusion

We have seen several ways through which you can buy or trade Electroneum. Additionally, we have seen that trading ETN is speculative and involves considerable risk. We recommend bank transfer as the safest and cheapest way to buy ETN. You can also sell your ETN for fiat currency of choice or swap it for a different cryptocurrency.

FAQs

Can I buy Electroneum in any country?
Is there a limit to how many Electroneum I can buy?
Can I buy Electroneum without an ID?
Can I buy Electroneum instantly?
What is Electroneum?
How does Dash work?
Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.