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How to Buy Electroneum | Ultimate Guide To Buy ETN

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Electroneum (ETN)
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Electroneum (ETN) is defined by being a mobile platform for cryptocurrency. Electroneum features a mining system, and offers a wallet for smartphones. Electroneum was launched on September 14, 2017, with a successful initial coin offering.

The ethos behind Electroneum is to provide everyday users with the opportunity to obtain a cryptocurrency token. With this in mind, both iOS and Android apps have been developed, which combine easy wallet functions with an intuitive mobile mining experience.

Electroneum is definitely one of the more interesting cryptocurrency products available, so in this article we will discuss the trading options with this altcoin.

5 Steps to Buy Electroneum with eToro Now

Buying any cryptocurrency with eToro is easy, simply follow the steps below:

  1. 1
    Sign up for free with eToro, entering your details in the required fields.
  2. 2
    Fill out the questionnaire, this is both educational for you and eToro.
  3. 3
    Click 'Deposit', you'll then be asked how you want to fund your account.
  4. 4
    Choose your required payment method, follow the simple steps to link your payment.
  5. 5
    Enter the amount you want to deposit and you're good to go!

How to Buy Electroneum with a Broker

One of the best ways to purchase Electroneum is via a broker, and this is particularly recommended for beginners. Entering into the cryptocurrency market can be somewhat intimidating at first, and there is certainly a wealth of knowledge that you need to acquire before doing so. Brokers can lighten the load in this regard, executing many of the trades on your behalf, and ensuring that you don't need to familiarise yourself with all of the processes associated with cryptocurrency trading.

However, the fact that there are numerous brokers available does complicate the matter somewhat. So you must choose your particular broker diligently. Fees and security are factors that can differentiate between the platforms, and this can be deemed of primary importance. Regulation of cryptocurrency has also accelerated in recent years, and they should be another factor that is taken into consideration.

When you trade with a broker, you also play a role in the way that the trading process unfolds, by sending orders that convey important information to the market participant. For example, stop orders decree that your broker should cease trading immediately. These orders enable investors to interact with the market, and participate in the trading process, even if they have allowed a broker to execute the trades.

1. Register with the Broker

Registering with a broker is an important part of the process of investing in Electroneum, but not a complicated one. You'll simply be required to divulge a few personal details, before confirming your identity via government documentation and proof of address.

Different platforms may have different processes. For example, Plus500 has a particular focus on social media registration, while eToro has opted for a name and password system. It is worth examining platforms before you begin, and walking yourself through the registration process, as well as confirming all of the details involved.

2. Verify your Identity (KYC Process)

One of the important aspects of verifying your identity in the contemporary cryptocurrency climate is the ‘Know Your Customer’ (KYC) process. This has been part of the mainstream financial architecture for some time, and is used by high-street banks. KYC adds credibility to the cryptocurrency space, and makes it more attractive to the mainstream financial system.

3. Deposit Funds with your Preferred Payment Method

Before you begin any investment with Electroneum, you will first need to deposit funds on the website involved with your preferred payment method. This is not particularly complex, but it does require you to firstly check what methods of payment are indeed available. You will find that most payment methods will be supported, but there can be some variance between the various platforms available.

You should also ensure that you have firewall and antivirus software activated, while entering into a dialogue with customer service regarding your deposit is always worthwhile. The process should be intuitive and straightforward, but acquiring some guidance on the matter would definitely be recommended for complete novices.

4. Open a Position to Long/Short Electroneum

One of the most fundamental decisions with any trading strategy is whether to opt for a long or short position. But what does it mean to take a long or short position?

Shorting any cryptocurrency investment means that you believe the token will decline in value in the foreseeable future. Taking a short position can also be described as shorting, short selling, and sometimes just selling, but each of these terms essentially means exactly the same thing - you believe that the token in question will decline in value. Quite simply, if you are correct in this assertion then you make money, and if you are wrong then you lose money!

As may be quite obvious, taking a long position is the complete opposite. By taking a long position, you assert that a cryptocurrency will increase in value over a certain period of time. 

Short selling a cryptocurrency is often achieved via CFD contracts, which allow for increased leveraging. This is a riskier strategy, but one that can reap rewards in the right market conditions. Conversely, purchasing Electroneum can be seen as a more solid investment, and would tend to occur over a longer period of time, and even continue after an investor has achieved success.

Other possibilities are also available to Electroneum traders as well with stop loss, take profit, market, and limit orders able to transmit instructions to brokers. By utilising these orders, you are communicating instructions to brokers, who will then execute your desired activity at designated market points.

5. Close your Position

Closing your position in a cryptocurrency is obviously one of the most important things that you will ever do, and this can be achieved instantly by utilising a stop-loss order. This would then terminate any trading activity immediately, when prearranged market conditions are satisfied.

This will usually occur when successful trading has been achieved, but some cryptocurrency traders may also wish to close their positions when they have lost money, in order to minimise this undesirable situation.

How to Buy Electroneum with an Exchange

Purchasing Electroneum via an exchange can be considered an intuitive process, as they have been built with beginners in mind. But you should still investigate the platform diligently before committing to a particular choice, as there are several points for comparison. Fees and security can vary significantly, while regulation should also be considered important. Ideally, you should clarify the situation regarding these issues with an exchange platform before you commit to trading Electroneum for the first time.

1. Set up an Electroneum Wallet

Storing Electroneum in a wallet should be considered essential, but it's also important to understand how wallets work before committing to a particular solution.

Firstly, your fundamental choice with crypto tokens is between a hardware and software solution, and there are several of these available. Hardware wallets can be considered the more secure, but software wallets are more flexible and convenient, offering instant access via an array of different platforms.

Generally speaking, a hardware wallet can be considered the more secure choice for serious investors, but many will appreciate the flexibility of software platforms.

2. Choose and Join an Exchange that sells Electroneum

There are a huge number of crypto exchanges available online nowadays, with some of the most popular being the following:

All of these platforms are intended to be as holistic as possible, but you can still expect to see a few differences between exchanges. For starters, the fees charged by these platforms will differ significantly, while user interfaces are also different by their very nature.

Security provision should also be taken into consideration, while different exchanges are also likely to accept different currencies and payment methods, even though this is becoming increasingly uniform. Registration and licensing can also be significantly different, so it is incumbent on any investor to investigate and research all of the exchanges available before beginning their investment journey. 

3. Choose Your Payment Methods to Buy Electroneum

There are many payment methods available for Electroneum, and these differ significantly.

Debit cards - undoubtedly the most affordable way to purchase Electroneum, but don't include some of the security provisions associated with credit cards.

Credit cards - fast and secure, and therefore popular; credit cards do, unfortunately, sometimes attract fees.

PayPal - PayPal has become hugely popular, and is definitely a convenient and widely available digital payment system. However, it can also attract delays and fees, and there are question marks regarding the willingness of the processor to return investments should fraud be encountered.

Bitcoin - It is also often possible to purchase Electroneum via the market-leading cryptocurrency, and this can be an attractive option if you are already holding Bitcoin. Obviously, though, this is less flexible than other payment methods.

4. Place an Order to Buy Electroneum

In order to purchase Electroneum, you must first register for a cryptocurrency exchange or brokerage. Next, you will confirm your identity, before registering your chosen payment method.

Depositing money on the website is then a critical part of the process, before you identify the investment in which you are interested via the user interface of the website.

You are now ready to purchase your cryptocurrency, and you should store it in your wallet solution immediately. It is never advisable to have tokens hanging around on platforms for any significant period of time, as this introduces counterparty risk. Many exchanges have suffered serious hacks over the years.

Finally, if you have chosen to go with a broker, you would then inform them of your intentions. At this point, you have completed your first Electroneum trade.

5. Safely Storing Your Electroneum in a Wallet

Storing Electroneum in a secure cryptocurrency wallet is absolutely essential, particularly if you have a long-term investment strategy. These require you to keep a private key, and this should be stored securely and encrypted wherever possible.

Should you Buy or Trade Electroneum?

Buying or trading Electroneum depends on your ethos and desires as a trader. Choosing a professional broker is often advisable for beginners in particular, but you should still familiarise yourself with the market. Purchasing and holding doesn't require this close monitoring, and is thus ideal for people that haven't entered the cryptocurrency space previously.

However, purchasing Electroneum is based on the notion it will increase in value over a period of time, whereas traders can make more flexible moves in the market.

What’s the Difference Between an Electroneum Exchange and a Broker?

Exchanges allow you to purchase Electroneum coins directly, making them ideal for long-term investors and those who wish to take custody of their investment directly.

Brokers, conversely, allow investors to gain indirect exposure to Electroneum via derivative contracts linked to the price of Electroneum. These include CFDs and futures contracts. These are suited to traders, rather than long-term investors, who wish to speculate on the short-term price action of ETN. 

Electroneum: Long Vs Short Term Investment

Any long-term investment in Electroneum is focused on the token achieving a particular price discovery over a lengthy period of time. This can be in either direction, depending on whether a long or short position has been entered into.

Conversely, a short-term investment strategy in Electroneum is associated with trading, and can often be completed within a matter of minutes, or even seconds in some cases. This offers more flexibility, but is inherently more volatile, whereas a long-term approach to trading can be considered more solid, and based on the fundamental properties of Electroneum.

Purchasing an ETN token also means that you are holding a physical asset, and this can then be used for other purposes as well as trading. It is also easier to trade Electroneum for other assets if you have held it, as opposed to trading the token on a regular and consistent basis.

3 Tips to Buy Electroneum

In this section, we will provide you with three tips for purchasing Electroneum.

1. Choose the Right Time and Do Your Own Research on Electroneum

Choosing the right time to invest in Electroneum is important, as the token will perform completely differently in bull and bear markets. You should therefore research the token and related market issues with diligence. It is wise to consult various sources, combining all the information and making an informed decision before investing.

2. Comparing Costs to Buy Electroneum

All cryptocurrency platforms will set different fees for purchasing and trading Electroneum, so you should definitely compare these before beginning. If you are going to be trading regularly, high fees will slowly eat up a large chunk of your profits.

3. Safety and Security when Buying Electroneum

Safety and security are always critical with cryptocurrency trading, and this is certainly the case with Electroneum. If you can locate a platform that prioritises safety and encryption, you will certainly facilitate your trading process. Customising user profiles and cold storage should be considered important here. Deploying robust antivirus software while trading can also minimise the risk of your funds being compromised.

What is the Best Payment Method for Buying Electroneum

  • Buy Electroneum with Cash: An anonymous option used via peer-to-peer (P2P) exchanges.
  • Buy Electroneum with Credit Card: Fast, convenient, and highly secure. May incur fees.
  • Buy Electroneum with Bank Transfer: Widely available, low cost, and secure.
  • Buy Electroneum with Bitcoin: Bitcoin can often be used to purchase Electroneum.
  • Buy Electroneum with PayPal: PayPal is flexible and convenient, but not available everywhere.

Other Ways to Buy Electroneum

There are several other payment methods available for Electroneum as well. Mining the token is particularly convenient with Electroneum, and it definitely merits consideration. This can be done near-effortlessly through the mobile app. P2P exchanges are also available for Electroneum, and these can be a method of obtaining the token.

Overall, Electroneum is an exciting cryptocurrency platform, and one that will particularly appeal to younger investors due to its mobile focus. Electroneum has demonstrated a valid use case, and has a great potential to increase in value in the foreseeable future.

Frequently Asked Questions

  1. Many investors and market observers believe that Electroneum will indeed increase in value in the coming years, with the mobile focus of the platform considered to be particularly important, with cryptocurrencies expected to operate in the space more regularly in the future. Many cryptocurrencies have caught fire once their established use cases have been proven to be credible, and many believe that this will indeed occur with Electroneum in the future.

  2. The safety provisions associated with Electroneum have been particularly praised, and its mobile wallets are also intuitive and easy to use. There is no reason to believe that Electroneum is any more or less secure than any traditional investment.

  3. This can vary depending on the platform used, but the developers of Electroneum state that as a general rule mobile platforms should be able to mine approximately 0.0133 ETN per hour.

  4. There are several reasons why you would cheese Electroneum over Bitcoin, but probably the most obvious is that the price of the cryptocurrency is considerably lower currently, and almost certainly will be for the foreseeable future, which means that there is a much lower barrier to entry for people beginning their investment journey in this space.

  5. At the time of writing, over 3 million people have downloaded the Electroneum app.

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