How To Buy GameCredits | Ultimate Guide To Buy GAME
GameCredits (GAME) is a blockchain project and cryptocurrency token built on the Ethereum network. The growing popularity of crypto in the gaming industry has seen increased demand for GAME, which currently trades on more than 20 active markets.
The maximum supply of GAME is 200,000,000 coins, and the circulating supply is approximately 140,000,000. The GameCredits price was $0.2233 as of May 2021, with the market cap at $31,609,177.
So, how do you get this cryptocurrency? This is the question we answer in this guide, in which we detail how to buy GAME, investment strategies and tips from experts as well as how to safely store your coins.
5 Steps to Buy GameCredits 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 GameCredits
We know that some of our readers are expert GAME traders who are ready to jump straight in and have designed this guide in a way that allows them to do. If that’s you, feel free to choose one or more of the exchanges and brokerage platforms we recommend. You can find them below. However, we highly recommend that beginners go through this entire guide and digest it before purchasing GAME due to its risks.
Where to Buy GameCredits in 2021
Before you get into buying GAME, be sure you understand the difference between purchasing the token and owning it. You should also understand how to trade GAME’S price movements.
You can buy GAME if you want to pay for a game online. To do this, you exchange a fiat currency or another cryptocurrency for the coin. If you purchase and hold GameCredits in your crypto wallet, we say you own it. Since the currencies are volatile, as we’ve seen briefly above, you shouldn’t keep them unless you understand the market trends and are comfortable entering into such an investment. Besides this, be sure you choose a secure and compatible wallet.
You need a cryptocurrency exchange that offers GAME coins to buy and hold the coins for a prolonged period. Please note that these platforms feature wallets that can store your coins for a while. However, the wallets are not the safest, so you can consider buying a compatible cold wallet if you want to own this token for a long duration.
Of course, you need to consider the withdrawal cost as well. It might not make sense to use a different wallet if the transfer cost is too high. So, you should base your decision on an objective cost-benefit analysis.
If you want quicker returns, consider trading through cryptocurrency brokers. You will particularly benefit if you are ready to enter into a short-term contract that increases your success prospects. There are several options, including futures and Contracts for Difference (CFD). The latter is the most common and viable option, but you shouldn’t consider it unless you have some crypto trading experience. It involves entering into contracts based on your projected GAME price, and you earn based on the accuracy of the projection.
In short, you should rely on your investment strategy to determine the most appropriate place to buy GameCredits. That’s enough to help you make an accurate decision on whether to opt for a cryptocurrency exchange or brokerage platform.
How to Buy GameCredits with a Broker
If your investment strategy leads you to trade through a broker, ensure you choose the right platform.
Security, service cost, customer service, and other factors can vary significantly between different brokerage platforms. Some of them can take advantage of the ignorance of uninformed beginners. However, some offer high-quality service coupled with advanced security protocols, including in-built security encryption. As a result, they may rightly want to charge you a little more for the service. Moreover, some brokers comply with regulatory requirements, while others don’t. These are the key factors that you need to consider before choosing one.
After choosing the right broker, here are the steps you should follow to buy GameCredits:
1. Register with the Broker
It will hardly take you any time to register with a reliable GAME broker. In most cases, you’ll be required to provide your personal information and identification documents. The exact process slightly differs from one broker to another, but you can expect it to take under 30 minutes.
Let’s see an illustration of how the processes differ between brokerage platforms. If you choose Skilling, you click on Sign Up and then provide your email, phone number, and account currency to create an account. If need be, they’ll ask you to provide additional information, especially identification details. Before clicking on Create account, remember to read their Privacy and Cookies policies.
To join Pepperstone, you click on Get Started and then provide your email address. You’ll then need to choose a secure password, complete the application, confirm your ID, and then fund your account and get started.
Most brokers, including these two examples, provide the option to register through Facebook and Google.
2: Verify Your Identity (KYC Process)
Identity verification is crucial today. In the recent past, it wasn’t mandatory. Financial regulators have, however, expressed concerns that some people may take advantage of poor Know Your Customer (KYC) protocols to compromise the security of brokerage platforms and promote money laundering activities across the globe.
Regulated entities are currently required to ensure a robust KYC policy is in place. Note that even though regulatory requirements might appear tedious, they are necessary for the safety of your investment. Besides, complying with these standards is essential for the widespread adoption of GAME and crypto in general.
3. Deposit Funds with your Preferred Payment Method
The safety and efficiency of your preferred payment system matter a lot. Ensure you choose one that will meet all your needs. Other factors that you should consider are:
Since your needs are unique, a payment method that works for your neighbour might not necessarily serve you best. Your needs will determine your priorities. For example, cost might not be the most important consideration if your chosen method protects your investment and gives you value for money.
Ensure you install the best antivirus software on your computer or mobile device to keep your payment method information away from hacks. Moreover, before opening a trading position, log in to the account and check the account balance to confirm whether it has been funded.
4. Open a Position to Long/Short GameCredits
We’ve talked a bit about long and short trading positions. However, due to the need to reinforce the point, we will look at the difference between them in greater detail.
First, it’s great to remember that you can only open a long-term trading position and become a bull if you believe in GameCredits’s ability to increase in value over the years. Instead, you can study the past trends and then decide whether it’s appropriate to buy and hold GAME for a year or more to make more profit.
For short positions, bears can enter into a CFD to trade GAME’S volatility. If you short the coin and its price declines, you make a profit. Of course, if you long the coin, the price must increase for you to make a profit. So, you need to understand the underlying principles that influence GAME price movement before choosing either of these strategies.
Moreover, you need to set your risk management limits. The most effective way to do this if you are trading GameCredits through a brokerage platform like eToro is to set stop-loss and take-profit limits, which will automatically close a trade at the limits of your profit expectations or risk tolerance.
5. Close your Position
We’ve mentioned that stop-loss and take-profit settings are essential for mitigating too much loss or locking in profits. These functions are automated, so will be active 24/7. There are situations when you can stop the trade before this feature intervenes, however. For example, if you have hit your goal and have no solid reason to continue risking your money with the aim of making more, you can do close the trade manually for a profit. What if you can’t bear further losses? You can close the position at this point as well.
How to Buy GameCredits with an Exchange
Let’s say you’ve chosen a long-term investment strategy and are looking for the right trading platform. What should you do? In this case, you should choose an exchange that offers the coin. As mentioned earlier, they guarantee better returns on long-term trades. Fees and security factors can differ significantly between these platforms, so you need to be on the lookout for red flags.
Remember, you can’t compromise on your investment’s security. One of the ideal ways to identify a secure exchange is to consider whether it’s fully regulatorily compliant. Accredited regulators have provided clear criteria that these platforms should follow to serve the interest of traders like you as required. Some cryptocurrency exchanges have added an extra layer of security, which can afford you an added advantage.
You also need competitive rates, but this should not mean you can compromise on the quality of service. Choose an exchange that meets your needs and charges fairly for the service. Once you are done, you can proceed to the following steps.
1. Set up a GameCredits Wallet
Before you start trading GAME through your favourite exchange, set up a compatible wallet where you will be receiving your tokens. Some people may tell you that this is a complex process. If you understand the wallet options that you have and their core features, you’ll find everything simple.
Here are the leading wallet types that you can work with depending on your investing strategy.
- Exchange/Online Wallets: Out of the three categories on this list, these wallets are perhaps the riskiest. That doesn’t mean you can’t use them. If your exchange has used advanced security protocols, you can use these wallets to store your GAME coins. It’s popular with short-term traders and individuals with small investments.
- Desktop/Mobile Wallets: This refers to applications that you can download and install on your computers and mobile devices. They have a better reputation than the option above.
- Cold Wallets: These are hardware wallets that you can use when you want to seal all the security loopholes. Like any other wallet, all cold wallets are not created equal. They offer varying degrees of security. Overall, since they are physical devices that store your coins offline, they guarantee you the highest degree of safety.
You can use any of these wallets without any problem. Remember, as a user, you have your share of accountability. For example, you need to keep your keys and passwords in a secure place to reap the above benefits.
2. Choose and Join an Exchange that Sells GameCredits
You have several exchange options to choose from if you want to trade GAME. The most popular one is BitBay.
By order of volume, Bittrex, Poloniex, and Bit-Z are the most active markets. Other popular options are Uniswap, Quickswap, CoinSpot, and SwapZone. These exchanges are some of the best, but they have different features. So, you should check them out to find one that can serve you best.
There are exchanges that don’t follow Know Your Customer (KYC) standards but appear genuine. You should avoid them. If you find a GAME exchange that observes the standards and goes beyond the call of duty to ensure you get the best experience, you should consider trading through them.
3. Choose Your Payment Method for Buying GameCredits
We noted briefly that speed, cost, and convenience are some of the parameters you should use to determine whether a particular payment method can serve you well.
There are several payment methods, but you need to select a tried-and-tested one. Credit cards are popular options. You can use them if you need timely service but don’t have ready cash. However, it’s one of the most expensive options. Debit cards are more affordable. They also offer convenience and speed. However, you must top up your account before gaining the right to use it for this purpose.
Other exceptional alternatives are direct bank transfers and cryptos, especially Bitcoin (BTC). With the first option, you should add the required account details to the crypto exchange account. This allows you to send and receive GAME without any hassle. Some exchanges don’t offer this option.
The crypto payment method is popular at the moment. The exchanges we’ve mentioned above offer BTC/GAME pairs. So, if you own BTC, you can buy the coin with ease on these platforms and others. This method can save you time. However, since BTC is volatile like other cryptos, you could lose a lot of money if the price drops before you make the purchase.
4. Place an Order to Buy GAME
As mentioned above, some exchanges offer BTC/GAME pairs. This means there are instances when you might have to convert your crypto to Bitcoin to get GAME. In some other cases, you have to select your fiat currency to proceed. The process of placing orders differs from one exchange to another, but it’s simple.
For example, if you have fiat currency and want to trade GameCredits through Poloniex, go to the site’s top right corner and click “Wallet > Buy with Fiat.”
5. Safely Storing Your GameCredits in a Wallet
When talking about safely storing your GAME, we are referring to transferring the funds from your exchange to your private wallet. You can use Trust Wallet, Edge, Ledger, Trezor, Exodus, and many more. Nonetheless, as we mentioned earlier, this process is optional. It mostly suits individuals with long-term investment strategies.
In short, if you have a short-term investment strategy, you can ignore this and use your exchange’s in-built wallet.
Should You Buy or Trade GameCredits?
Whether you should buy or trade Gamecredits depends on your knowledge of the coin and the crypto market. You can buy it for several reasons, including purchasing in-game items. When it comes to trading GAME, you purchase it with the aim of making a profit.
As a trader, you’ll have to choose the most suitable strategy to benefit from the coin. The plan will determine whether you should buy and trade the coin through an exchange where you have a wide assortment of digital currencies to choose from and secure wallets. Alternatively, you can become a professional trader if you are experienced enough to trade on the volatility of GameCredits.
What’s the Difference Between a GameCredits Exchange and a Broker
A GameCredits Exchange facilitates the trade between GAME and other coins and tokens. They allow you to buy the coin with crypto and sell it for another crypto with ease. If you want to have an expanded portfolio that includes GAME, you are better off with a credible exchange. Proficient investors conduct long-term trades through them due to their relatively reasonable rates and their secure wallets.
One significant difference between a GAME exchange and a broker is that the latter allows you to earn passive income by trading on the coin’s price movement. To understand this better, let’s see how a CFD agreement works in detail. A CFD is a derivative contract that allows you to speculate on GAME’s future price. Once you enter into the contract, you can earn passive income without having to own the digital asset. The broker “wins” if your speculation is off-target. As a trader, you make profits based on the accuracy of your prediction.
GameCredits: Long VS Short Term Investment
A long-term GameCredits investment involves holding this coin for an extended period. With this method, you are not under pressure to withdraw your coins. So, you can patiently wait for the investment to mature, which promises higher returns. Since most long-term investors securely store their coins in hardware wallets, this method mitigates loss and other similar security risks. Moreover, exchanges offer plenty of coins and tokens, which give you the opportunity to create a diversified portfolio on your GAME exchange.
However, long-term investment doesn’t guarantee you profits. GAME’s value can decline when you least expect it due to the volatile nature of cryptos.
Short-term investment involves registering with a reputable broker and betting on the price of GAME. You can also trade with leverage, which increases your earning potential. However, it might be more costly in case you make huge losses. On the other hand, the risk might be worth it depending on your financial position, willingness to risk, degree of expertise, market conditions, and the like.
3 Tips to Buy GameCredits
Since you’ve read this article up to this point, you are likely ready to buy and trade GAME.
Let’s now take a look at some key tips that will spur your success. Please find them below.
1. Choose the Right Time and Do Your Own Research on GameCredits
Your success as a GAME trader depends mainly on your ability to predict the future value of the coin accurately. So, the ability to choose the opportune time to invest is of the utmost importance. This means you need to have an in-depth knowledge of the industry and GameCredits. To acquire the required knowledge and skills, you can interview experienced traders, study historical charts, evaluate current events, and more.
Remember, no strategy can help you identify the opportune time or the market trends other than conducting your own research. Therefore, you should rely on independent sources of information and use objective analytical methods to deduce what they mean for the GAME’s future price.
2. Compare Costs to Buy
Brokerage platforms and cryptocurrency exchanges set varying prices for their services. We are in a free market economy, so this trend is not unique to GAME. Various platforms use persuasive ways to market their product. The remedy is to window shop. As you do that, pay close attention to the security and the costs that make up the total service cost.
3. Safety and Security when Buying GameCredits
We’ve mentioned safety and security over and over due to their significance. Unfortunately, some traders ignore it and lose their investment. Ensure your trading platform observes regulatory standards. You can choose to customise your user profile to add extra layers of security.
What is the Best Payment Method for Buying GameCredits?
- Buy GameCredits with Cash - GAME ATMs offer this service.
- Buy GameCredits with Credit Cards - Credit cards are convenient but charge a little more than other methods.
- Buy GameCredits with Bank Transfer - This is a convenient and low-cost option.
- Buy GAME with Bitcoin - Most brokers and exchanges allow this method.
- Buy GameCredits with PayPal - This method is not available in some countries. Nonetheless, it’s convenient and low cost.
Other Ways to Buy GameCredits
If you want to explore other options of buying GAME or acquiring it other than via an exchange or brokerage platform, then a number of ways are available. A great alternative is to stake the coin on the GAME Credits Rewards Portal to earn extra coins. This process is straightforward if you already have the tokens – hold coins on the network and earn from them.
You can also take part in the programs of GameCredits creators to earn Loyalty Points.
Cryptocurrency proponents continue to tout blockchain’s potential to alleviate the gaming industry’s traditional inefficiencies. GameCredits is a platform that might just be the network that does that. Due to the coin’s usefulness, investors see great potential in it. You can buy and trade GAME and reap the benefits if you know how and when to do so, and the purpose of this guide is to equip you with these skills and abilities.
Frequently Asked Questions
Yes, you can buy and hold the coins to make a profit. Ensure you understand how and when to do this to avoid losses. You can also trade on GAME’s volatility through crypto brokers.
Several exchanges sell this coin. Some of them are Bittrex, Hotbit, and Uniswap.
Yes, you can. Ensure you’ve based the decision to buy and invest now on your in-depth understanding of GAME and the cryptocurrency market.
You are free to choose any wallet covered in this article that meets your needs.
Trade through an exchange if you want to invest the money for a lengthy period. Otherwise, you might need to consider trading through a brokerage platform.