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How To Buy Internet Computer Online in 2022

Last updated 13th May 2022
Disclosure

Internet Computer is a blockchain that enables developers, entrepreneurs, and organizations to build smart contracts on top of the chain. Moreover, the utility token ICP allows users to participate and govern the Internet Computer blockchain. This in-depth guide covers important information regarding how to purchase the coin. We’ll also discuss if ICP is a good investment.

Best Brokers To Buy Internet Computer in 2022

Internet Computer is a new project in the cryptocurrency market. However, their dedicated and expert team focused on providing their coin on the most popular platforms. Below is a list we’ve put together of the best brokers to buy ICP.

Key Takeaways

  • Internet Computer aims to be the backbone of Web 3.0 by empowering developers with cloud services, database servers, web servers, DNS services, and more.

  • Internet Computer (ICP) lost 95% of its value after launching to the public.

  • The ecosystem of Internet Computer has launched powerful dApps to replace existing applications. For example, DSCVR is a decentralized version of Reddit, where users can post pictures and ask questions.

  • The platform has more than 200 members, making it one of the biggest projects in crypto.

  • Internet Computer has a “News” section for investors to read and learn more about the project.

What Is the Difference Between Owning Internet Computer VS a Derivative Product

There are two methods of investing in cryptocurrency - owning the coin and buying a derivative product. Buying cryptocurrency from an exchange is the best method to invest in Internet Computer because you’ll have complete control of your money. In addition, the coins can be transferred to your hard or cold wallets, and you can contribute to the ICP network.

On the other hand, perhaps a broker is easier to use for new investors in cryptocurrency because you won’t need to set up a crypto wallet. However, you won’t own the coins and will instead be purchasing CFDs with this method. Additionally, the broker who issued the derivative product controls your money, so only use platforms with an excellent track record.

Different Ways To Buy Internet Computer

Internet Computer is a huge project that has gained a lot of traction in the past several months. Therefore, different types of platforms host the coin for purchase. Take the time to research these options and select the best option for yourself.

  • Centralized Exchanges: The best method to buy Internet Computer is with a centralized exchange because they offer the lowest fees. Popular platforms like Binance, CoinBase, and KuCoin offer Internet Computer with multiple trading pairs.

  • Decentralized Exchanges: This type of platform lets you buy ICP anonymously as you don’t need to verify your identity. However, this option is more for tech-savvy investors because it requires setting up a crypto wallet.

  • Brokers: The easiest method to invest in ICP is with a crypto broker. A service like eToro is excellent since they have a variety of coins. However, you won’t own the coins and buy derivative products instead.

  • Banks: Your banking service can offer crypto CFDs. It’s great to manage your money from one application and not deal with creating accounts with platforms or depositing money.

Where To Buy Internet Computer

A crucial step to investing in Internet Computer is selecting a crypto platform that offers the coin at great rates. However, it can become challenging to decide the best options for yourself with multiple choices. Therefore, you should research the market extensively as availability depends highly on your location. We’ve found two popular platforms that offer Internet Computer.

eToro

eToro is a brilliant broker that operates worldwide with over 17 million users. It offers a wide selection of cryptocurrencies, including Internet Computer. The platform features a straightforward interface making it ideal for those new to crypto. The biggest negative of eToro is that you are buying a derivative product, so you won’t own the cryptocurrency.

Pros

  • Easy platform for beginners to use

  • Wide selection of cryptocurrencies

  • Instant deposits

Cons

  • Must verify your identity

  • eToro has higher fees than exchanges

Binance

You can also use a crypto exchange like Binance to purchase Internet Computer. Binance provides multiple exchange pairs for the cryptocurrency such as ICP/BTC, ICP/USDT, ICP/BUSD, ICP/BNB, ICP/ETH, ICP/EUR, and ICP/TRY

Although the platform has complicated trading interfaces, the convert page is ideal for complete beginners. This is because investors can select the currency pair and select exchange to buy ICP without in-depth knowledge about trading.

Pros

  • Binance is the biggest crypto exchange globally

  • Low fee structure

  • Multiple trading pairs for ICP

Cons

  • Customer support is below average with the live chat feature

  • Convert page is only available with a market order

How To Buy Internet Computer Online

Creating an account with a cryptocurrency exchange like Binance is the best method to purchase ICP. Below is a step-by-step guide to investing in the Internet Computer project.

  • Step 1: Go to the official Binance homepage and select the register button. Then choose your location and pick the option to create a personal account. After, enter your email address with a strong password and click next.
    *Disclaimer: eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.*

  • Step 2: Binance will send a verification link to your email address that you’ll need to open. The link brings you to your Binance dashboard, where you can trade, deposit, and withdraw cryptocurrency.

  • Step 3: To finish creating your account, verify your identity by uploading a picture of your government-issued document. Also, provide proof of your address by submitting your phone bill, bank statement, or utility bill.

  • Step 4: Now deposit funds into your account using one of the methods Binance provides. Bank cards are instant, so you can purchase ICP straight away.

  • Step 5: Open the convert page under the trade tab because it’s the easiest method to buy ICP. In the first section choose the currency you currently own, and in the second Internet Computer (ICP).

  • Step 6: Input the amount you want to exchange and click the convert button. You can now see the newly purchased ICP in your Binance wallet.

How To Trade Internet Computer

Trading Internet Computer can seem like a complicated process if you’re new to crypto. Using a service like eToro can eliminate the difficult parts of trading and make crypto more accessible. Here’s a guide on how to trade ICP with eToro.

  • Step 1: Create an account with eToro and verify your identity.
    *Disclaimer: eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.*

  • Step 2: Deposit money into the account and select the crypto markets section. Find Internet Computer and click it to open the trading interface.

  • Step 3: Write the amount you want to invest and review the order. Once you're satisfied that everything is correct, press the buy button. Your portfolio will update with the new ICP tokens.

Crypto Investment Strategy

It’s pivotal to have an investment strategy for cryptocurrency because it’s a highly volatile market. New investors tend to panic sell when they see huge losses in their portfolio. An investment strategy can minimize bad decisions and help maximize your profits by preventing emotional decision-making. Here are the two main strategies crypto investors use:

  • Long-term Holding: Investing for the long-term has been historically the best investment strategy since the creation of Bitcoin. The strategy requires you to purchase strong projects like Internet Computer and wait years for the price to increase. Usually investors have sell points to take out profits once the coin has risen considerably.

  • Short-term Holding: This investment strategy requires you to hold ICP for days or weeks. Once the price increases, you sell a large portion of your portfolio at a profit. Then you wait for the dip to buy back the coins at a lower price. Repeat this process to make money in the short term. However, this strategy has many risks associated with it. For example, the coin can fall considerably in price and not move for a while, leaving you at a huge loss.

How To Store Internet Computer?

Storing your coins safely is perhaps the most important part of investing in Internet Computer. You can leave your coins on a crypto exchange but that leaves them vulnerable to hacks. Therefore, you should store your coins in either a hot or cold wallet.

Hot wallets are a good solution if you have a smaller amount of crypto or you have a short-term strategy. This is because hot wallets are perfect for storing and moving coins quickly. However, if you decide to hold long-term then a hardware wallet is best since it has multiple layers of security. Also, cold wallets are relatively cheap and have multiple features depending on the brand you go with.

Here are the best options to store Internet Computer:

Hot Wallets

  • Network Nervous System

  • Plug Wallet

  • Earth Wallet

  • Stoic Wallet

Cold Wallets

  • Ledger Nano S

  • Trezor One

What Are the Different Ways To Pay For Internet Computer?

Due to Internet Computer gaining a lot of traction from its initial launch it has several payment methods. However, the availability of these options depend on your platform.

Credit and Debit Card

Credit and debit cards are easy to use and available on most platforms. Input your details and you’re good to go. Also, platforms will save your details, making it easier for you to deposit later on.

Pros

  • Straightforward to use

  • Instant payments

  • Reliable payment option

Cons

  • Banks can reject payments to crypto platforms

  • High fees for buying crypto directly with a debit or credit card

Cryptocurrency

Centralized and decentralized platforms allow users to exchange their cryptocurrency for ICP. The exchanges have multiple trading pairs to provide convenience to investors. Also, you can buy coins anonymously if you connect a crypto wallet to the platform.

Pros

  • Anonymous method to purchase ICP

  • Multiple exchange pairs of Internet Computer

  • Connecting a crypto wallet to an exchange is a straightforward process

Cons

  • Fees to deposit can be high depending on the blockchain you use

  • Gas fees are high with ERC-20 decentralized exchanges

Bank Transfer

Investors can use a bank transfer to deposit funds into a broker or exchange. Afterwards, you can exchange the money for a stable coin and purchase Internet Computer. It’s a secure payment method that is available on most platforms.

Pros

  • Widely available

  • Easy to use

  • Fast transfer times

Cons

  • Banks can deny deposits to crypto platforms

  • Not anonymous when buying ICP

What To Consider When Buying Internet Computer?

When purchasing ICP there are some considerations to make. Below are the main factors you should think of before buying Internet Computer.

  • Different Fees: Buying crypto from an exchange has maker and taker fees. Each platform has a dedicated fee page where you can learn more about their structure. Also, withdrawing crypto to your wallet has fixed fees that are usually paid with the coin you’re sending.

  • Volatility: The cryptocurrency market is highly volatile, meaning prices can swing in either direction. Only invest what you can afford to lose because, despite what experts say, nobody can predict the direction of crypto accurately.

  • Regulations: Make sure that you use crypto platforms that are regulated by respected authorities. They perform audits regularly and ensure investor’s money is safe when using the exchange.

  • Investment Strategy: Implement a strategy when investing in a coin like Internet Computer because it can help prevent bad decisions. Often new investors in crypto panic when they see a 30% dip in the market and sell at a huge loss. Therefore, when investing in a strong project like ICP, create a plan and stick to it.

Is It Safe To Buy Internet Computer Online?

Buying Internet Computer is a safe process if you take the necessary precautions. As mentioned above only use platforms that have licenses to operate to prevent scams. Also, you can enable 2-step authentication to protect your funds from getting stolen.

How To Sell Internet Computer?

Selling Internet Computer is a straightforward process that takes minutes to complete. Head over to your platform’s trading interface and select ICP. Then choose the amount you want to sell and at which price. After, review the order and click the sell button to complete the trade.

Is It Worth Buying Internet Computer Right Now?

Currently, Internet Computer has a market cap of $6.2 billion, which places it in the top 30 of all cryptocurrencies. ICP was first released in June 2021 and gained a lot of traction resulting in $460 per coin. However, ICP has fallen more than 95% and now costs $30 per coin.

In my opinion, Internet Computer is a powerful project that aims to play a huge role in Web 3.0. Internet Computer has a team of +200 people, making it one of the biggest crypto projects today. However, this is definitely a long-term hold since ICP needs to get more adoption for the price to increase. So I’d recommend buying Internet Computer and holding it for at least 5 years.

Final Thoughts

When buying Internet Computer, make sure to use regulated platforms to prevent getting scammed. Regulated exchanges have higher levels of security and are audited regularly to ensure a fair experience for all users. The buying process of ICP is straightforward with the multiple payment methods available.

Remember to enable 2-step authentication to add another layer of security on your account. Whitelist your crypto addresses if the exchanges have this option because it can prevent your funds from getting stolen.

FAQs

Can I Buy Internet Computer Without an ID?
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Dominikas Pupkevicius

Dominikas is a content and research writer with over 6 years of experience. He is passionate about blockchain technology and believes cryptocurrency is the future of humanity. Dominikas lives in the countryside with his 3 dogs and enjoys long walks.