How To Buy Libra | Ultimate Guide To Buy LBRA
Facebook’s stablecoin Libra is gaining a lot of attention throughout the financial market, even though it has yet to be released. The coin will be built on a new blockchain called the Libra Network, maintained by a consortium of top corporations from around the globe. What makes Libra so attractive is its potential for immediate incorporation into an existing ecosystem of over 2 billion people who use the Facebook social media platform, WhatsApp and Messenger. Set to be used as a transactional coin, Libra will also be designed to support smart contracts. Expected to launch in 2020, Libra will allow anyone to transact and send money on the blockchain using several fiat currencies like USD, GBP, EUR, and JPY.
5 Steps to Buy Libra 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 Libra
Where To Trade Other Cryptocurrencies
As mentioned, Libra is yet to be launched so we cannot provide a buying guide at this time. The process will likely be a simple one, but to remove any confusion, we will offer a clear step-by-step solution as soon as the currency becomes available for purchase.
Buying Libra with a Recommended Broker
When buying any cryptocurrency, the advice is to always go for a reputable broker that will not just help you toward a successful trade, but also offer services that will improve the security of your transactions. After Libra has been launched, we will provide you with an exclusive list of reputable brokers that you can trust. Until that time, we recommend that you steer clear of any brokerage site that claims to sell the token ahead of its release.
What May Be the Pros & Cons of Buying Libra?
Every form of investment offers benefits as well as risks and as with any market, investing in crypto requires that the investor tries to get a clear understanding of the pros and cons. You could buy a crypto asset and down the road net huge returns, but chances of incurring losses exist also. The launch of Facebook’s Libra will possibly be held back by regulatory authorities and trading standards committees. As such, we can only speculate on the possible pros and cons at this time and it is important to note that anything listed here is subject to change as the technical specifications of the token continue to be developed. Pros
- Libra will be a cryptocurrency in the realm of stablecoins, backed 1:1 by an asset reserve contributed to by a consortium of reputable companies that make up the Libra Association. It means that the coin's value is unlikely to rely on speculative trading but will derive its value from real usage within the huge ecosystem of Facebook and its partners.
- Libra is targeted for use by over 2.4 billion people, an advantage that could see it rival, and even surpass top cryptocurrencies like Bitcoin and Ethereum.
- The Libra Association comprises of companies like Mastercard, PayPal, eBay, Visa, Uber, and VC Andreessen Horowitz. All are reputable entities that will help push its legitimacy above many other altcoins. Such firms cannot pull an exit scam that may occur when the team is less known and accountable.
- Regulatory concerns about Facebook's handling of personal data of its users are being painted as a disadvantage for Libra, especially when it comes to potential risks to user privacy.
- The Libra Network is more centralized, given that Facebook and its partners will run the nodes. This is a con; but should they transition to a permissionless blockchain; Libra may well end up adhering to the decentralization ethos at the heart of the cryptocurrency philosophy.
What will be the Best Payment Method for Buying Libra?
Investing in crypto can be done via a variety of payment methods supported across different platforms. If you seek to purchase Libra after its release, there is likely to be a wealth of payment methods available to you, due to the scale of the companies that will be promoting its usage. However, before you settle on any given method, take time to understand the pros and cons associated with each to maximize your investment benefits.
Buy Libra with PayPal
It has been a little difficult to buy cryptocurrencies with PayPal on exchanges, as many of them have remained unregulated. So, will it be any different for Libra? If you plan on using an unregulated exchange, then probably not. However, you should be able to buy Libra with PayPal from a regulated brokerage firm that implements PayPal's strict purchasing checks after its official release.
Buy Libra with Cash
Buying Libra directly with cash may seem the best method, as it allows for offline in-person trades. However, even if Libra becomes used all around the globe, the trick will be to locate the seller and proceed to complete the purchase. That isn't actually as easy as it sounds because there aren't many platforms offering the services that allow for in-person local trades. If you cannot access a regulated platform that offers PayPal, or cannot complete a direct buy using cash, then you may be able to buy another crypto like Bitcoin using cash, and use the BTC to pay for your purchase of Libra at an exchange or brokerage that accepts BTC. Of course, we can only speculate at this time, as Libra has not yet been launched, but the fundamentals of this cash-buying guide can be applied to other cryptocurrencies as well, so we felt best to include it here.
What is the Difference Between the Buying and Trading of Libra?
The difference between the buying and trading of cryptocurrency may not be so clear if you are just getting into the market. Let's put clarity onto that by stating that buying Libra will be the step you take towards ownership of the cryptocurrency. When you buy a token, the primary purpose revolves around support to the underlying blockchain. Libra is targeted for use as a payment currency, meaning that when you buy it, you should be able exchange your fiat for the digital currency in order to pay for goods and services or send to others on the platform. You may also be able to buy Libra to trade on an exchange, where the drive would be to gain on its potential price gains. But Libra will be a stablecoin which differ from cryptocurrencies like Bitcoin as they are usually tied to various government-issued currencies. As such, Libra isn't designed as a coin you can buy and seek to make huge gains trading, as its value won't swing wildly like Bitcoin's or other altcoins.
What Fees are Involved in Buying Libra?
Exchanges and brokerage firms charge fees on crypto purchases, though what you pay as fees will depend on the exchange or broker as well as the payment method used to complete the purchase. Before the official release of the coin, we cannot provide any specific details regarding fees that Libra themselves may have in place. Generally, here are the main fees you incur when you purchase or trade cryptocurrencies: Transaction Fees Every transaction on a network often includes a small fee, unless a promotion is being offered to customers. This amount is usually negligible enough that it does not impact on your overall spend. The fees are for processing payments and to incentivise the validators that help to secure the network. Deposit / Withdrawal Fees Exchanges and brokerage firms charge a fee for every deposit made when individuals or organizations buy cryptocurrencies via these platforms. You may also be charged when you withdraw your funds. While some sites offer zero-fee deposits, the overall charges deducted during withdrawals could be prohibitive. It is advisable to always find out what any given platform charges on deposits and withdrawals before going on to initiate a transaction.