How & Where to Buy Chiliz (CHZ) - Beginner's Guide
Chiliz uses blockchain technology to help sport and entertainment entities better engage with their fans. The project is behind the socios.com platform, where users can buy fan tokens for the world’s most renowned sports teams with the CHZ cryptocurrency. Keep reading to find out where and how to buy Chiliz (CHZ) for yourself.
How to Buy Chiliz
The easiest way to buy Chiliz is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell Chiliz and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Chiliz.
1. Choose a platform
Find a crypto broker or crypto exchange that supports CHZ to meet your needs. If you want access to specific features, such as a demo account or derivatives trading, check which platforms offer them. There is more on this later in the guide, or you can simply sign up now with one of our top choices.
2. Create and fund your account
Once you’ve selected a platform, head to the create account page and fill in your details in the registration form. You may also have to provide a copy of your photo ID to complete the verification process. Then you can go to the deposit page and select one of the payment options to fund your account, such as a credit or debit card.
3. Buy Chiliz
Search for the relevant CHZ trading pair (this will be CHZ/GBP if you have just deposited British pounds) and create a buy order. If you want to buy CHZ now at the current price, make it a market order. Alternatively, you can use a limit order to specify a price at which CHZ will be bought for you automatically in the future.
Where to Buy Chiliz?
There are a number of brokers and exchanges where you can buy Chiliz. Below are a few of the best options currently available:
- eToro – A leading social trading platform that gives you access to more than 50 cryptocurrencies. Ideal for beginners as it’s easy to use with clear signposting and a great network of support to turn to if you have any questions.
- Coinbase – Listed on the New York Stock Exchange and boasting more than 98 million users, Coinbase has two separate platforms—Coinbase and Coinbase Pro—with their own wallets making this exchange ideal for both beginners and seasoned traders.
- Bitpanda – Launching hard into sports team and events sponsorships, Bitpanda is the perfect bedfellow for a crypto coin like Chiliz. Bitpanda also has a debit card for European crypto holders and three crypto indexes.
- Bitstamp – With some of the lowest exchange fees around, Bitstamp is prime hunting ground for high-frequency traders. It also has an excellent mobile app for buying and selling Chiliz (CHZ) on the go and a wide range of other cryptos available.
What Is Chiliz?
Chiliz is a provider of blockchain tools and solutions for sport and entertainment. The project is well known for creating the fan engagement platform socios.com, which has scored partnerships with big sporting names such as Juventus, Manchester City, FC Barcelona, Paris Saint-Germain, OG, and UFC.
Users can purchase fan tokens for all these teams and more. Fan tokens are digital assets that grant their holders benefits such as the ability to vote on official club decisions and special VIP experiences. The fan tokens are minted on the Chiliz blockchain and voting also takes place on the blockchain.
Socios.com uses the CHZ cryptocurrency as its exclusive on-platform currency. All fan tokens must be purchased with CHZ.
Ways to Invest in Chiliz
You have a choice when it comes to how you invest in Chiliz as CHZ can be bought for the long term or the short term. We will be exploring the benefits of each approach below.
Buy Chiliz and hold
The easiest strategy to follow is to buy and hold as anyone can purchase CHZ and hold onto it for the long term. There is no need to spend hours each day analysing the market. In fact, this strategy takes up practically none of your time.
CHZ cannot be staked for passive income while you are holding it, but it can always be used to purchase fan tokens and participate in fan token offerings.
Best Chiliz wallets
You may wish to self-custody your CHZ in a private wallet if you are going to be holding the tokens for a long period of time. This gives you full ownership of your tokens and may make them more secure.
Software wallets can be downloaded onto computers and mobile devices, and tend to be free and easy to use. Hardware wallets, like Trezor, BitBox, and Ledger, provide a more secure option but can be expensive and less intuitive to use.
Trade Chiliz
It is also possible to take advantage of Chiliz price volatility by trading it over much shorter timeframes than investors to generate more frequent returns. Trading requires you to buy and sell Chiliz, this takes more time and effort than holding and can require skills such as technical analysis.
Traders are less likely to make use of a private wallet as they need regular access to their tokens on their exchange. Web wallets provide a more convenient, albeit less secure, option and tend to be provided for free by cryptocurrency exchanges.
Where is the best place to store Chiliz?
The best place to keep your CHZ tokens tucked away is in a crypto wallet. The main thing to consider here is what the best type of crypto wallet is for safe storage. To answer that, you need to ask yourself whether you’ll be actively trading Chiliz every day, or holding on to it (aka Hodling) for a longer period of time.
If you’re an in-and-out trader, you’ll want quick and ready access to your tokens. In that case, it’s best to keep them in your hot wallet, ie, the wallet associated with the exchange you use. You’ll also want to keep them in your exchange wallet if you plan to earn a passive income from your holdings by staking them.
If you’re buying your Chiliz tokens to hold them, you’d be wise to keep them in a hardware wallet. Known as cold storage, this is the best way to keep your digital assets safe from cyber thieves and hackers.
What makes Chiliz a good cryptocurrency to buy?
If your primary interest is sport and your favourite team or sports personality has a partnership with Socios, you might want to take a closer look at Chiliz. CHZ allows you to get closer to your team and the players you most admire than ever before. As the blockchain for Socios, Chiliz provides the foundation for fans and teams to interact.
That said, everything happens through the sleek Socios app. For fans to gain voting rights and help influence team decisions without needing to sit on the board there are three simple steps:
- Buy Chiliz (CHZ) on an exchange or brokerage platform
- Transfer your newly purchased CHZ to your Socios wallet
- Use CHZ to purchase fan tokens on the Socios app
The fan tokens then act as digital passes to owners’ favourite teams and can then be used as in-app assets, associated with specific teams, that deliver certain perks and benefits. By holding fan tokens, individuals can earn exclusive rewards, such as NFTs, and vote in official polls to influence important team decisions.
Fan tokens can also be bought and sold on the Socios marketplace. As the tokens are limited in number they are subject to minor volatility according to supply and demand within the network.
This game-changing innovation is already having a positive impact within the sporting arena, generating a more inclusive feel by providing mutual value to both fans, players and event organisers.
Because of this, Socios is also attracting a large number of team managers and organisers who want in on the project. Those already signed up include FC Barcelona, Juventus, Paris Saint Germain, Man City, Arsenal, Everton, Aston Martin Cognizant F1 Team, Alfa Romeo Racing ORLEN, and many more.
Chiliz’s complex ecosystem is only just getting started. With the Chiliz testnet, Scoville, now live developers are being called upon to build decentralised applications (dApps) on the blockchain including:
- Event and team NFTs
- Defi products
- Metaverses
- Play to Earn Games
- Event ticketing
- Loyalty programs
- Merchandising Certification
- And more
When is the best time to buy Chiliz?
The best time to buy Chiliz is when the price is going up. In crypto, especially during times of high volatility, prices can be hard to predict. If you plan on trading Chiliz speculatively, you will need to have quick wits and tools to help you spot token accumulation phases.
If you’re more interested in buying Chiliz to get fan tokens for your favourite team, you’re unlikely to be selling your Chiliz anytime soon. In this case, it’s still worth waiting for a pullback in price before buying, but striking the price bottom for CHZ won’t be as important as it is to shorter-term traders.
If you do want to time the markets so that you get CHZ at the best possible price within your given timeframe, look at price action on a longer timeframe on a crypto exchange. Daily and weekly charts are the best places to start. You can price action on the chart in different ways. The most common, however, are line charts or candlestick charts. Candlesticks are useful because they reveal reversals by their shadows (or wicks).
These wicks are thin lines that poke out of the bottom or top (or both) of a candlestick to reveal price rejection. If you see a series of long south-pointing wicks on a few daily candles, this is known as an accumulation zone and is a good time to think about buying your Chiliz.
Are there other ways to make money from Chiliz?
There are more ways to make money from Chiliz than other cryptocurrencies. Because CHZ is a parent token to fan tokens, if you’re smart, it’s possible to have two bites of the same Chiliz cherry.
The first bite is buying Chiliz at the right price by following the trading strategy above. The second is buying the fan tokens at the right price. As previously mentioned, these secondary tokens can be bought and sold on the Socios marketplace, and this could be another way of leveraging the most value from your original CHZ cryptocurrency purchases.
Another way to make money from your CHZ tokens is by staking them. This is where you put your tokens into a staking pool to earn rewards. There are a number of exchanges where you can earn up to 5%.
Socios also has its own staking incentive—Locker Room. Here, fans lock up CHZ for 120 days in return for being first in line for fan tokens should their team decide to launch a fan token with Socios after that time has lapsed. The advantage of this is that fans get the tokens before they’re made publicly available on the Socios marketplace, ie cheaper. In addition, investors also get an additional 10% of their initial investment paid to them in CHZ.
3 Things to avoid when buying Chiliz (CHZ)
Although Chiliz is a popular project with an impressive roadmap buying cryptocurrency is fraught with risks every new investor should be aware of. In short, avoid…
1. Buying Chiliz on impulse. Many beginners get sucked into the hype around a project and Chiliz is no exception. In 2021 it had a huge pump, nearly hitting $1 before crashing off. At the time of writing, more than a year later, it hasn’t reclaimed those 2021 highs. This pump and dump phenomenon is common in crypto and those that FOMO into fast-rallying coins usually get burned.
2. Panic selling. If you’ve bought plenty of Chiliz for the right reasons, ie you like the project and think it has legs, don’t rush to sell because crypto, in general, is in freefall. What goes up comes down and vice versa. so, if you bought CHZ to secure a batch of fan tokens you’re probably better off holding onto your coins.
3. Getting fixated on YouTubers. There are good YouTubers who dig deep into crypto projects, and there are not-so-good YouTubers shilling their own holdings to pump the price. When it comes to investing in crypto, follow your own instincts and beliefs and have a reason, every time, for buying or selling something.
Should I Buy Chiliz Now?
This page should provide you with some information about Chiliz but you will have to make your own investment decisions. CHZ has a capped max supply and this scarcity could potentially make the token a good store of value in the long term. For more detailed predictions, read our Chiliz price prediction guide here.
CHZ is the only currency that can be used to buy fan tokens. This means that demand for fan tokens is likely to drive demand for CHZ, which could make the token more valuable. Some of the world’s most popular sports teams and organisations have already launched tokens on the Chiliz blockchain and socios.com continues to forge new partnerships.
Sport is a huge industry globally and there is a clear appetite among fans for more involvement. Blockchain technology makes fan engagement simple and meaningful, and Chiliz’ early realisation of this could see the project corner the market on fintech solutions for sport.
Key Takeaways
Chiliz is the leading tokenised sport and entertainment exchange. First, to market in this niche, it has brought together the energy of the sector and blockchain technology and created a token with genuine utility. As the rock bed of Socios, Chiliz also delivers voting power to the people who support the players.
In this respect, the company is paving the way for the democratisation of certain sports by transferring, through this voting mechanism, some of the team’s decision-making process into the hands of fans and followers.
In addition, followers who buy CHZ and use the Socios wallet to get their fan tokens gain many ancillary benefits. These include airdrops, discounts on cool merchandise, giveaways, exclusive access to games, prizes, governance rights, and more.
In short, if you’re a fan of crypto and a fan of sport, and your favourite team is a Socios partner, it’s time to start making the most of the many opportunities Chiliz and Socios have to offer.
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