How To Buy Crown | Ultimate Guide To Buy CRW
Crown (CRW) is a blockchain ecosystem that utilises industry best practices to offer a faster, efficient and more secure environment for developers to create different economies, including NFTs. The platform is open source and the community determines its progress. An environmentally conscious network, the CRW transactions are confirmed using an energy-friendly Masternode Proof of Stake system, enabling Crown to achieve 75% carbon neutrality, with plans to be fully neutral in the future.
The carbon emission control has made Crown popular among eco-conscious investors and you can also take part in the mission by buying Crown. If you want to buy CRW and are interested in knowing where to buy Crown from, read this guide.
5 Steps to Buy Crown with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy Crown
Following is a list of the best platforms available today where you can go and buy Crown. If you are new to the crypto buying process and would like to learn how to buy CRW, you can skip this section and read the complete guide.
You can always come back to this section to see where to buy Crown from.
Where to Buy Crown in 2021
The overall rising value of the CRW token makes investing in Crown a good opportunity for many. There are two methods by which you can go about using its value to generate profits for yourself. Both have the same end game, but display a small difference with vast implications on your decision to choose either.
You can go the trading route and enter different agreements with brokers using contracts that are powered by the CRW token price. You do not have to worry about the complexities of crypto technology such as how to create wallets, understanding the differences in the keys offered, security, and other things this way. An online cryptocurrency broker lets you simply open and close positions on Crown and as far as you are concerned, it is just another asset like bullion or fiat for you.
If you are interested in actually owning Crown coins, you can always decide to buy these from crypto exchanges. You will need to have basic knowledge on which compatible wallet to use, saving your private keys and seed phrase from prying eyes and being extra careful to enter the right public keys when transferring the coins.
What’s the difference, you ask? You buy the coins from an exchange, with possession of CRW (if you shift it to a private wallet). On the other hand, you never buy Crown in trading, only the agreements that give you the right to claim profits or bear losses based on the CRW price. A good example is a CFD where you enter the contract and decide to exit it, your profits or loss being calculated on the opening and closing price.
How to Buy Crown with a Broker
If holding the Crown coins is just not your thing and want to go with using a broker, you must keep a few things in mind. Like any traditional broker you may use, check out the background. Is the broker a registered entity with the local regulatory bodies? What’s the reputation like?
Go to their website and see what kind of a fee structure they have. Brokers are for-profit platforms and their business model relies on charging you for different activities done (deposit/withdrawal fee, trading fee, interest rates, and so on). Don’t forget to look at the different security options they have to protect your money from bad actors.
1. Register with the Broker
Registering with brokers is not that difficult, though some may ask for a tad more information during your sign up process.
Skilling, for example, needs more than just your email address and proposed password. It will want to know where you are located, your contact number, and what base currency you will be using.
2. Verify your Identity (KYC Process)
A good and regulated broker will always comply with financial laws and as such, will ask you to verify your identity before you can begin trading. Take the example of Skilling again. It doesn’t require much in the way of extensive documentation but still asks you for relevant information to ensure its users are genuine persons and not involved in any financial/tax fraud.
The information requested during KYC is very private and for a new person, there is an understandable concern on what looks like a forced invasion of privacy. Even after more than a decade of existence, cryptocurrencies are a new financial class that authorities are struggling to keep up with and having a regulated broker is better than not sharing information and running the risks of no legal coverage in case things go bad.
3. Deposit Funds with your Preferred Payment Method
You cannot trade without funding your account. Each broker has its preferred methods of depositing money. The most often and widely accepted is using your credit or debit card, though other cards such as PayPal may also be accepted.
Using debit and credit cards is the easiest method. All you have to do is enter the right card number, the expiration date, your name and the CVV code that authenticates the transaction. If you have any 2FA enabled from your bank’s end, you might need to OK your transaction through that too.
Bank transfers are another commonly supported method. This is slower than using a credit card and might even require you to visit your bank if you don’t have a banking app or web access to your account. On the plus side, since you are not entering any sensitive banking information online, this is a very safe alternative.
No matter what funding method you choose, never settle for lowered security. Always make sure your antivirus software is in working order and updated. Even then, try to send a small amount of money as a test to make sure you can get things under control if your data and money are compromised. Send over the main amount only when sure you are all set and OK.
4. Open a Position to Long/Short Crown
One of the advantages of trading Crown is that since there are no CRW changing hands and the contracts are fueled by the prices, brokers can offer agreements that can work in completely different ways than plain buying and selling
One of the most used trading tools is shorting. In normal trading (or any buying, for that matter), a person will only make a profit if the opening and closing positions result in a positive balance. This is called taking a long position in trading terminologies. Shorting is a method by which a trader says that the market will fall and wants to take a chance on it. If the prediction turns out to be true, the trader will make money on the negative difference. This way, no matter what the market sentiment on Crown, a trader will always have an opportunity to make a profit.
The short and long positions can be taken on any kind of trading order offered. A typical broker platform will offer you three. A market order allows you to buy or sell CRW contracts based on the Crown market on the platform. You can only define the amount you wish, not the price.
If the market rate is unfavourable, you can use the limit order to place your order at a specific price you want to buy Crown at. The trade will be executed if a matching order is placed in the order book. You can further fine-tune this by using a stop-limit order where you can tell the broker what the market price of CRW should be for the limit order to be placed.
5. Close your Position
You can deploy stop losses and take profits automatically using the limit and stop-limit orders after you have opened a position. These orders can come in handy for closing your position when your desired profits are achieved, or save you from potentially large losses in case of a downturn.
You always have the option to cancel these orders and readjust or manually close your position if you find that the CRW prices are fluctuating beyond what you predicted.
How to Buy Crown with an Exchange
You can decide to hold and buy CRW rather than trade for it. If you think you want to purchase Crown, you can use a crypto exchange instead of a broker.
The same broker background checks apply for an exchange. Always use a regulated one, even if it means you have a tougher time getting yourself verified. The regulation enforces your rights, and accordingly is worth it.
Similarly, going through the fee structure is highly advised to have an idea of the charges you will end up paying to buy Crown.
1. Set up a Crown Wallet
Since you will be buying Crown, you will need to have a compatible wallet set up and ready to store the CRW coins. Crypto exchanges do offer multi-currency wallets to their users, but these are custodial and the exchange has complete control over your assets. It is advisable to have a private wallet where you can store your coins under your control.
There are many different types of CRW compatible wallets you can use.
- Software Wallets: As digital as the Crown tokens, software wallets are small apps that can be installed on your computer or mobile devices to store and access your coins. Easy to use, you will need to be careful in using these as they are hot wallets, meaning these are always connected to the Crown network, and if your private keys or passwords are stolen, so are your CRW coins.
- Hardware Wallets: Sometimes costly hardware-based devices, these wallets are a safer option since you can simply disconnect them from the computer and therefore, the network. This creates the ultimate security system.
2. Choose and Join an Exchange that sells Crown
Many popular exchanges support buying and selling of Crown, such as Bittrex. You can always head back to the start of this guide to the
"Buy Crown" section and pick one of our carefully selected exchange platforms to speed up your selection.
Each exchange will have a different interface, but will always have the same information and buying process. The only differences will be in how the layout looks and any additional features.
After selecting your preferred Crown exchange, register and clear any KYC/AML checks so you don't face any issues in purchasing Crown.
3. Choose Your Payment Method for Buying Crown
After clearing the KYC process, you can fund your exchange account. Like a broker, the exchanges may support fiat funding options such as credit cards and even bank transfers. Do check for other funding options such as PayPal to have flexibility.
Crypto exchanges will always support direct crypto funding. If you have some to hand, see if your exchange supports yours. You can simply transfer over using the right wallet address and buy CRW directly.
4. Place an Order to Buy CRW
Using your funds, select the right trading pair for Crown and simply place an order. If your exchange does not have the right trading pair, you will need to first buy a crypto or fiat that it does. Most exchanges will have a Bitcoin or Ethereum pair and even a stablecoin one.
Selecting the pair will take you to the buying and selling page where you can use the trading graph and order book to determine the perfect time and price to buy. Simply select the available order options, enter the price and amount you want and tap the Buy button.
5. Safely Storing Your Crown in a Wallet
You have already been advised that exchanges are custodial in nature (unless they are decentralised), and that means it is the platform that holds your bought CRW coins, not you. To make it secure, you can withdraw the coins to your private wallet by simply heading over to the exchange wallet, selecting Crown and entering your private wallet address in the Withdraw tab.
A note of advice: cryptocurrency transactions cannot be reversed once initiated. Make sure you enter the right wallet address or you will end up losing your coins forever.
Should you Buy or Trade Crown?
Many new people to cryptocurrencies can find it difficult to make this decision. Fortunately, it is very easy to determine. The answer lies with your decisions on the time duration you want to have between a buy and a sell, and the number of times you want to do it over the course of a specific time.
For shorter and more frequent buying and selling, it is better to go with a broker. You will also be able to use the different advanced options such as leverage and shorting to potentially multiply your profits.
A longer time for holding CRW with occasional buying and selling will be better suited to using a Crown exchange. You will be able to capitalise on the larger, but infrequent price moves. Plus, holding on to CRW will not incur any charges that a broker might have. You will always have the option to move your assets off the platform for security and safety.
What’s the Difference Between a Crown Exchange and a Broker?
You know by now that a fundamental difference between an exchange and a broker is your ability to gain ownership of Crown coins or simply have a contract that offers you the right to the money.
In an exchange, you will only be able to buy, hold, and sell CRW. While a broker may not offer you Crown, the platform will give you the options to use complex contracts and features that you will not be able to tap into using a cryptocurrency exchange.
So how does a broker let you make money without you buying Crown? You simply enter a contract, such as CFD. A Contract for Difference is an agreement that the broker has with you, where you pay for the market value of a determined amount of Crown coin. At the time of closing the contract, the value of the amount is recalculated at the market rate and any increase becomes your profit. The broker may or may not even hold Crown at all for the contract to execute.
Crown: Long Vs Short Term Investment
You can make two types of investment in Crown, a long term or a short term and it depends on how you want to make profits off its changing price.
You can buy Crown and sit idle, checking on the price every now and then until it has risen to a level where you are happy with the increase and then sell the CRW for profits. This long term strategy is best suited when you are not in a hurry to make money and can wait for months, even years before selling off your coins.
If you would prefer to capture the smaller movements of Crown price every now and then, or even daily, you can use a short term investment and cycle through low buys and high sells. Over time, your profits will amount to a significant value. Though exchanges online have made it easy to do frequent trading, you might want to go for trading for advanced options such as leverage to multiply your profit exposure.
3 Tips to Buy Crown
There are many factors that one must take into account for buying Crown. With so much riding on it, there is always a chance that something is overlooked or not factored in for purchasing CRW. Here are 3 classic tips on how to make sure you don’t end up regretting buying Crown.
1. Choose the Right Time and Do Your Own Research on Crown
Most new buyers often ride the bullish market and buy Crown when the market is near its peak, only to discover that they run losses when market correction sets in. Avoid that by doing your own research and determining if your selected time is right for buying Crown.
Use technical as well as fundamental indicators for your calculations so you have a better picture of the situation.
2. Compare Costs to Buy Crown
Unlike traditional markets that shut down after office hours and are closed on weekends, crypto buying and selling never stops. There are variations in prices on different exchanges too. Along with this, you will need to calculate the different fee structures and deposit or withdrawal charges to see if there is a better option for you on a different exchange.
Even if an exchange is offering a much better option, don’t forget to check the minimum withdrawal limit if you intend to keep CRW coins in a private wallet. A higher minimum limit means you will either have to buy more Crown coins or forego the idea and let the exchange keep the coins on your behalf.
3. Safety and Security when Buying Crown
The digital world is very different from the physical one. All it takes is a little bit of relaxation from your side and a person sitting half a world away can siphon off your Crown coins. Don’t simply look for a cheap exchange. Keep an eye on the security options they offer. Check on TrustPilot or social media for reviews by other users.
At the same time make sure you are secure from your end too. Double-check that the platform’s URL is correct or you are using the official app only.
What is the Best Payment Method for Buying Crown
- Buy Crown with Cash: You can usually find a local seller on P2P platforms and buy Crown using cash.
- Buy Crown with Credit Card: The most widely accepted method and fast.
- Buy Crown with Bank Transfer: Safe and secure at the same time.
- Buy CRW with Bitcoin: BTC is the universal and the most accepted of all cryptos.
- Buy Crown with PayPal: Extremely cheap and fast, but the platform’s support for it may not exist.
Other Ways to Buy Crown
In its initial years, Crown relied on hybrid mining using Bitcoin’s SHA-256 algorithm, allowing for people with powerful computers and ASICs to gain block rewards for resolving complex mathematical puzzles.
This is not possible anymore, as Crown has shifted to its carbon-conscious MN-POS algorithm that requires Masternodes to commit 10,000 CRW and Systemnodes to stake 500 CRW and help in block confirmations.
You can set up either node and start to gain CRW coins for securing the network, and at the same time rake in the transaction fees.
Frequently Asked Questions
Check to see if you are using limit or stop-limit order and demanding too high a price versus the market rate. Unless someone matches your buy request, your order will not be completed.
Several online stores accept CRW payments. You can always use a supported crypto debit card to use it anywhere.
It is a wrapped token that represents CRW on Binance Smart Chain. You can buy wCRW and redeem it for an equal amount of CRW.
Yes, but you will need to become a Masternode or a Systemnode by staking 10,000 and 500 CRW respectively.
Mostly yes, but some exchanges may offer zero fees if you are a market maker with a significant turnover. It is best to see the fee structure to know more.