Have you ever imagined a future where people around the world could just send money to each other, instantly, affordably, and without any limitations? Well, that future is actually a lot closer than we might think, thanks to Electroneum. As an easier way to transfer value across the globe, you might be curious to know how you can buy Electroneum.
And indeed, there's a good reason for that. Using Electroneum, you can transfer its ETN cryptocurrencies to over 190 countries, across millions of users, and for a variety of different uses. From sending monies to charity, sharing tips with a friend overseas, or paying for your bills, the possibilities are endless. As such, Electroneum is one of the most widely used cryptocurrencies out there.
That, then, is why this little-known project is getting our attention today in this how-to buy Electroneum guide. The current way of sending money to someone, let alone them being overseas, is time-consuming, expensive, and a terrible inconvenience. Electroneum's promise, and initiatives just like it, could make money that much more valuable. So, read along with our how to buy Electroneum guide to know more.
Quick Guide: How to Buy Electroneum
Where To Buy Electroneum – Top 5 Exchanges
At the time of writing this how to buy Electroneum guide, its native ETH tokens are among the smaller-cap cryptocurrencies. As such, and owing to the volatile nature of the cryptocurrency market in this range, Electroneum's market capitalization is fluctuating somewhere to mark it as the 300th-largest cryptocurrency. Due to its fairly small market cap and exposure, it's much harder to find Electroneum than other cryptocurrency tokens.
Even the world's largest and most well-known exchange, Binance, doesn't support Electroneum, although this might change in the future. You can, of course, use sites such as CoinMarketCap, or CoinGecko to find a more detailed list of supported exchanges. To help you along with our how-to-buy Electroneum guide, we've listed the top five exchanges that list Electroneum.
|Huobi||Rating: 5 |
|KuCoin||Rating: 5 |
|HitBTC||Rating: 5 |
|Liquid||Rating: 5 |
|ProBit||Rating: 5 |
A Step-By-Step Guide on How to Buy Electroneum
There are various different ways how you could go about buying Electroneum. These step-by-step methods would depend entirely on which exchange you're using. For this how-to buy Electroneum guide, we'll be using KuCoin as a demonstration, as it is the largest and most liquid market for its ETN tokens.
The general procedure for every exchange follows a similar pattern: create an account for free on that exchange, deposit some funds in, and then use that to buy ETN. Hopefully, by following along on how to do it on KuCoin, we might help to give you a better idea of how you can buy Electroneum.
Step 1: Create an Account on KuCoin
Of course, this will be the first step into buying any cryptocurrency on KuCoin or elsewhere. It begins quite simply by setting up an account over on the KuCoin exchange. Make sure you are logged onto the correct URL for KuCoin, as there are many malicious platforms that try to emulate legitimate sites.
For example, if the URL has a spelling error, such as “kuccoin.com,” then you know that this site is not real. You can easily use the links we've provided above. Simply click on the ‘Sign Up' button along the top-right, and then follow the on-screen instructions using your email or mobile number. It's fairly easy, and be sure to use a strong password.
You can register and open up an account on KuCoin on either their website or using their mobile application available for iOS or Android. Unlike setting up a bank account that requires you to deposit a small sum of money first, KuCoin or any other cryptocurrency, exchange is free to set up an account.
Step 2: Complete Account Setup on KuCoin
In order to ensure maximal security, KuCoin will require you to verify your identity simply by sending over an authentication link to your email address. This should complete the main setup for your account. We also recommend you go to your account settings and have 2-factor authentication (2FA) turned on, and have that setup.
You can use mobile apps such as Google's Authenticator service to easily set up 2FA. Although an optional step, this is essential in protecting your account and locking it down to ensure that it's harder for malicious actors to break into and steal your funds. You'll be required to use 2FA for actions such as logging into your KuCoin account, buying, selling, or withdrawing funds.
This makes sure that only you can approve these actions to take place. Optionally, you can also get your account verified by sending over personal details, such as your personal ID or driver's license, over to KuCoin. This is an optional step and is only required if you're planning to gain more access to other services within the KuCoin exchange or if you're planning to trade more volumes beyond its default limit.
Step 3: Deposit Funds Into Your KuCoin Account
This is just as easy as trying to deposit money into your ordinary bank account. However, it's worth noting that, unlike some other cryptocurrency exchanges, KuCoin does not support fiat currency deposits, only direct purchases. Alternatively, you can easily deposit from a wide array of different cryptocurrency tokens. For our how-to-buy KuCoin guide, we're going to take a closer look at these scenarios.
Step 4: Buying with Fiat Currency
At the time of writing this guide, KuCoin does not yet support immediate or direct buying of Electroneum's ETN tokens using fiat options. So, what this means is that you'll have to first buy another cryptocurrency using your selected payment method. Then, you can trade that cryptocurrency for ETN.
First, once you've already logged into your KuCoin account, hover your cursor over the ‘Buy Crypto' tab on the top left. Now, choose which method you'd like to buy cryptocurrency with, either using your credit or debit card or through peer-to-peer trading. Peer-to-peer (P2P), means that you'll be buying from another person on the KuCoin network, with the transfer being facilitated on KuCoin.
For this instance, we'll be using the ‘Credit/Debit Card' option, as it is the easiest and most convenient option for most. Once you've clicked on that, it will direct you to another page, where you can select how much you'd like to spend, to buy what cryptocurrency, and through which payment methods and channels. Now, take your pick and make the purchase by following along with the on-screen instructions.
Note, however, and as we'll learn later in our how to buy Electroneum guide, you can only exchange ETN with either Bitcoin, Ethereum, or Tether. So, if you're planning to exchange your newly bought cryptos straight into ETN, we suggest you make a purchase of only these three tokens. If you'd like to remove the potential for price volatility, the Tether stablecoin is the best option.
Step 5: Depositing Cryptocurrencies into KuCoin
Instead of using fiat currencies, maybe you'd instead like to buy Electroneum's ETN tokens using other cryptocurrencies instead. Since KuCoin doesn't allow for direct purchasing of Electroneum with fiat, this is a less complex solution. Once you've logged into your KuCoin account, scroll over to the ‘Assets' tab on the top right and click ‘Main Account.' This will take you to your wallet.
At the top of the accounts overview page, you might notice a tab that says ‘Deposit' along the right-hand side. You can also do this from the mobile app too. There are a few things to take note of here while depositing; the type of cryptocurrency, the address, and additional tags. Let's say we take Bitcoin to be an example.
If you'd like to deposit Bitcoin into your KuCoin wallet, you'll be required to select ‘Bitcoin' under the options of currencies. Please double-check this. To receive a Bitcoin deposit into your KuCoin account, you will have to withdraw Bitcoin from another wallet elsewhere. If, for example, you withdraw Ethereum and deposit it into a Bitcoin address, that Ethereum might be lost and cannot be retrieved.
Next, you'll need to get the address right. You can easily copy and paste the deposit address on KuCoin, to your withdrawal process elsewhere. Cryptocurrency addresses are always long and comprise a mix of letters, numbers, and symbols. Double-check once you've copied the address over, as a single missing character could risk you losing your transfer.
To save on time, you could say, opt to check just the first and last five characters. Or, to make things easier, you can use the QR code. For instance, if you are trying to deposit Bitcoin using a mobile wallet app on your phone, simply choose to withdraw using a QR code, and scan the one you see on KuCoin. You could also choose which network you might want to transfer to happen, and it will vary in terms of how many fees you have to pay depending on congestion on those networks.
There is some other information that you need to get right, too. Depending on the cryptocurrency token, you might need additional tags, such as a ‘MEMO' or Payment ID. Whenever you're trying to withdraw said cryptocurrency from another wallet, it will prompt you, just as well as KuCoin, through its depositing process. The same applies; simply copy over the corresponding information and double-check. Now, wait until the transaction has been confirmed.
Step 6: Buying Electroneum Using Cryptocurrencies
Right, so now you've already had some cryptocurrencies on your KuCoin account and are planning to buy some Electroneum. Go back to the main KuCoin homepage, and hover your mouse over the top left-hand side tab that says, ‘Trade.' Now, click ‘Spot.' This will take you to the spot exchange section, where you can start buying cryptocurrency tokens, such as Electroneum.
What you're greeted with might overwhelm you, but it's actually fairly straightforward. There are a lot of graphs, charts, and numbers everywhere, so do take a bit of time to get used to everything. The one we're looking for first is on the top left, next to the KuCoin logo. You will see a trading pair, such as BTC/USDT.' Click that, and it will bring a drop-down menu.
Now, type in the menu's search bar, “ETN.” This will now list all Electroneum-compatible trading pairs. At the time of writing this how to buy Electroneum guide, only 3 trading pairs are available. As mentioned earlier in Step 4, ETN can only be traded with Bitcoin (BTC), Ethereum (ETH), or Tether (USDT). Let's say your available cryptocurrency in your wallet right now is Bitcoin.
Select the ‘ETN/BTC' trading pair. Now, don't worry much about everything else on the screen. Pay attention to the small area on the bottom right of the screen. This is where we will purchase Electroneum. Make sure you've selected the Spot market, not Futures. Here, there are two options: Limit or Market. If you choose Limit, you have the option to manually dial in your preferences for buying ETN.
For example, you can choose the exact price you want to buy it, or choosing a particular price range according to the order books (the flashing tables above that). But for most people who want to buy Electroneum quickly, we recommend just selecting the ‘Market' tab, which will allow KuCoin to automatically purchase the set amount of ETN you want, depending on available supply in the order books.
Best Wallets to Hold Electroneum
Hopefully, at the end of those steps, you've learned how to buy Electroneum. Once you've done that, you're probably curious about how to securely store your newly bought ETN tokens. After all, if there's one thing we've learned, keeping your precious cryptocurrencies online, readily available on an exchange, isn't the safest way to go about it.
The best, and safest way for you to make sure that your new cryptocurrency tokens aren't stolen, is simply to have them locked away in a secure wallet. Cryptocurrency wallets come in many different types. There are software ‘hot‘ wallets or hardware ‘cold‘ wallets – among the top two that are most commonly used.
Unfortunately, owing to Electroneum's relatively small size, there hasn't been any good or reliable third-party wallet support. The only option you have is to use the Electroneum app, which has its own built-in wallet. As a mobile-focused cryptocurrency payments platform, you can easily find their app on Android or iOS. This is the only way to store your ETN tokens, aside from keeping them on an exchange, for the time being.
|Electroneum||Rating: 5 |
More Information About Electroneum
Founded in 2017, Electroneum is a mobile-focused cryptocurrency platform, used mostly as a payments solution or for transferring money rapidly. In that sense, you can consider Electroneum to be a mini-PayPal. It became the UK's first major cryptocurrency to launch, after a $40 million initial coin offering (ICO). The platform's goal was to become a rapid, secure, and affordable means of accessing financial services.
This is especially important in some of the world's unbanked populations, such as those in Africa, where the local communities have no access to any form of financial services. This is why they've made the entire platform easily accessible from a phone, even for those running older operating systems or lower-end hardware. As of now, over 2.8 million people have downloaded the Electroneum mobile application.
It is processing an average of 100,000 blockchain transactions per month, with over 220,000 transactions used for topping up mobile data or utility payments and with over 300,000 transactions used for in-app transfers between users. Electroneum is growing in support and adoption. You can choose to pay your electricity bills using ETN tokens in some African countries through the mobile app.
Over 2,000 merchants worldwide support the use of ETN in over 25 different business categories. You can use it for mobile top-ups, paying in restaurants, or booking hotels and accommodation. This is especially helpful in parts of the world where traditional financial payment solutions have not yet reached them. According to Electroneum, there are over 1 billion people around the world that do not have access to a bank.
They have since expanded their core offerings to more than just a payments platform. They have launched AnyTask, which is a freelancing platform built into the mobile app, allowing you to sell or buy tasks using ETN. There's a new skill-learning site and a charity giving platform, all from within the app, powered by Electroneum. You can even use your phone's power to mine for ETN! It continues to evolve in its goal to break down barriers and create a whole new economy from your phone.
How To Buy Electroneum – Conclusion
Now, we can conclude our how to buy Electroneum guide, and we hope that you've learned a thing or two about how to buy Electroneum and maybe have even gotten to know more about the Electroneum project. Although it's a fairly nascent and unknown project, there's a lot of promise to be had for their future. Adoption is steadily growing, and it's especially useful now that the global economy has screeched to a halt.
The Covid-19 pandemic has made us learn new ways of doing things digitally when contact between person to person is something that we are not able to have much of. Electroneum makes its use case well here, as the basis of a new digital economy, where money can be used, transacted, and send anywhere around the world securely, quickly, and with only pennies in fees. Suffice to say, Electroneum is one little project to keep a very close eye on.