How to Buy Decentraland - Where to Purchase MANA
Powered by the Ethereum blockchain network, Decentraland is a Virtual Reality (VR) platform that allows people to create, monetise and experience applications and content inside a VR gaming environment. One can buy plots of land in the virtual world, which can later be navigated, developed and monetised in different ways.
There are two tokens associated with Decentraland, MANA which is an ERC-20 token and LAND, a Non Fungible ERC-721 token which can be acquired by burning MANA. In this guide, we will cover all info related to buying MANA in the crypto market.
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Why Trade rather than Buy Decentraland for Cheap and Fast Returns?
You Don’t Need a Wallet
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Decentraland Brokers
While there are several crypto platforms that enable easy buying or trading of Decentraland, crypto broker websites are usually considered the best places to buy MANA online. There are several factors that may determine how easy it is to buy MANA from a crypto broker, including its reputation, regulatory status, years in operation and location. However, the best website to buy MANA will depend on your personal preferences too. Having said that, the good news is that you can choose from a wide range of reliable online brokers. Lastly, please keep in mind that there’s no single best place to buy MANA out there in the market; each platform has its own merits and you’ll need to pick the one that meets all your basic requirements.
5 Things to Consider if you Want to Buy Decentraland
You’ll need to pay attention to multiple factors before you buy MANA for the first time. In this section we will take you over a few such important considerations, to help you make a secure and safe MANA purchase.
1. Carefully choose your preferred secure payment method
Although cryptocurrency platforms normally provide multiple secure payment options, it’s your location that will determine the exact methods available to you. There is a cost attached to each mode of payment, and it will have its own transaction speed as well. In the end, your choice of a specific payment option will be based on the level of convenience, cost and speed you require for your transactions.
2. Will you need to set up your own wallet?
Despite the fact that all cryptocurrency trading platforms offer their own respective web wallets where you can store the purchased coins, it is highly recommended that you move your MANA tokens to a separate crypto wallet. It’s only when you are using a crypto CFD agreement or some other derivative product to invest in MANA that you won’t need to set up a wallet. This is because such financial instruments don’t involve any exchange of crypto coins.
3. Comparing costs
There’s a certain cost or fee involved in transactions conducted on any cryptocurrency network, and the same applies to Decentraland too. You should compare the transaction costs on Decentraland blockchain with other crypto platforms. MANA, being a type of ERC-20 token, each MANA transaction will involve a certain amount of Gas fee for using the Ethereum blockchain’s resources. Apart from that, transaction fees associated with the trading platform and mode of payment will also need to be factored in.
4. Safety and security
As Decentraland has been developed on the Ethereum blockchain, it automatically inherits all the important security features that have made Ethereum a highly-secure cryptocurrency today. The platform is secured through a huge decentralised network of miners. At the time of writing, it was gradually transitioning from Proof of Work to Proof of Stake consensus algorithm to secure its network. Even though Ethereum blockchain provides enhanced security for your MANA tokens, any breach on the broker or exchange platform can leave you with significant losses.
5. Can you understand and navigate the platform?
Though purchasing cryptocurrency from a well-known platform can be a smooth affair, it is advisable that you familiarise yourself with the workings of the chosen platform, before placing any orders. Get acquainted with its inbuilt wallet, the fees you may have to pay and the time taken for transactions. If the platform allows, you can even try executing some dummy transactions, to see its workings in action.
Ultimate Beginner’s Guide to Trading Decentraland
What is a Decentraland Broker?
A broker can be defined as an intermediary who executes trades on the investor’s behalf. There has been a notable increase in the number of broker platforms operating on the Internet, owing to the explosion witnessed in the crypto market over the past few years. Apart from buying and selling cryptocurrencies through brokers, you can also use their services to make crypto investments via derivatives like CFDs (Contracts for Difference), Futures and Options.
What is a Decentraland CFD?
A Contract for Difference or CFD can be termed as a financial derivative product that allows people to speculate on the underlying asset’s future price movements, without the need of actually buying or selling the token. The contract usually has a certain predefined time duration, and the trader books a profit or loss based on the accuracy of their price forecast. One of the important factors behind the growing popularity of crypto CFDs is that they are less technical compared to transacting a cryptocurrency’s ownership on an exchange portal. When investing in crypto through a CFD, you don’t need to bother about a wallet set-up, slippage fees or trading liquidity either.
What is the Benefit of Decentraland Regulation?
Cryptocurrency trading has evolved considerably over the past decade, and is a global industry worth trillions of dollars today. With that much money exchanging hands on a regular basis, it was only expected of the global financial bodies to pass pertinent laws for the regulation of the crypto industry, essentially to protect the investors’ interests and to keep bad actors at bay. Regulation has helped tremendously in legitimising cryptocurrency trading, apart from making brokerage platforms highly secure and reliable for everyone concerned.
What is the Best Payment Method for Buying Decentraland?
It’s possible to buy Decentraland securely and quickly through multiple payment methods. However, as emphasised earlier, the ones available to you will depend mainly upon your place of residence. Therefore, always be aware of the offered options, prior to making any buying or investing decision. Let’s take you over some of the commonly used options to pay for MANA purchase in the market.
Buying MANA with PayPal
PayPal has made huge strides in the payment processing market over the past two decades and is widely considered a convenient mode of payment mode for goods and services in many parts of the world. It’s no surprise that you can easily make crypto purchases, including that of MANA, using PayPal today. Nevertheless, please be aware that PayPal’s transaction fee is higher than other alternatives like bank transfers. Another notable problem with PayPal is that even though it has become ubiquitous for online payments, it’s not offered by all the trading platforms. You’re more likely to find it at regulated broker portals than exchange websites.
Buying MANA with debit/credit cards
If transaction costs are not so much of a concern for you, and all that you’re looking for is the most convenient way to buy MANA online, using a debit or credit card will be your best bet. While crypto exchanges may not be too receptive to credit/debit cards, regulated brokers are seen actively accepting it as a valid form of payment. Another pro associated with them is that debit/credit card transactions are processed almost instantaneously.
Buying MANA with bank transfer
The most regularly used option to make crypto purchases, bank transfers are offered at almost all the brokerage and exchange platforms. The main reason behind their immense popularity is their affordability in terms of fees and the ease with which you can move funds between the trading platform and your bank account. However, for many, the time taken for completing bank transfers, which can sometimes be several days, is a huge negative.
Buying MANA with cryptocurrency
You may find various cryptocurrency exchanges that will allow you to exchange a coin of your choice with MANA. To purchase MANA this way, you’ll first need to locate an exchange site that provides a workable trading pair for you, for instance, BTC/MANA, ETH/MANA, XRP/MANA or USDT/MANA.
The Verification Process for Trading Decentraland
Identity verification constitutes an important part of the signup process at any regulated cryptocurrency brokerage platform. After you open an account with the portal, the broker will most likely ask you to upload certain documents, to verify your identity. In most cases, these documents include a government-issued ID card, driver’s license or passport. You may also be asked to submit a copy of any utility bill, which can be used as proof of residence. Please bear in mind that though such procedures may seem a little invasive, they’re necessary for brokerage portals to comply with the requirements of financial regulators, and to prevent criminal or fraudulent activities.
Decentraland: Long vs Short Term Investment
Investing in Decentraland for the short-term is essentially about buying MANA in the hope that its price will either increase or decrease over the next few days or hours. In contrast, a long-term Decentraland investment approach is about buying and holding onto your MANA coins, with the expectation that their value will appreciate over the course of the next few months or perhaps years.
Short-term Decentraland investments allow crypto traders to register profit from MANA’s short-term market price fluctuations. Despite the fact that it’s a riskier approach, it’s the potential of quick profits that drive a great multitude of people to such trading activity. On the other hand, long-term Decentraland investments are considered safer, but make it necessary for the investors to have a solid understanding of the crypto markets and their trends.
Why Buy Decentraland rather than Trade?
Amateur investors are often seen wondering if it’s better to buy MANA or simply trade in derivatives. Please note, whenever you buy MANA instantly and obtain its ownership, you receive actual access to the tokens, and can move it any time, to any wallet you wish. In spite of the fact that exchange platforms have gained a lot of repute over the recent years, stories of exchanges shutting down abruptly and disappearing with investors’ funds, are not unheard of. When you buy MANA cheap and then hold it in a safe hardware wallet, you do away with this concern, as you’re always in complete control over your crypto coins.
Having stated the above, please note, buying and holding MANA can be quite an involved process for the new investors. MANA purchase will necessitate some amount of investigation and research into setting up of crypto wallets, ensuring secure storage of your MANA tokens and checking for software and systems compatible with the cryptocurrency.
What Fees are Involved in Buying Decentraland?
Whenever you transfer MANA to someone, some charges will come into play. These may vary from platform to platform, and will also depend upon the exact payment method used. Let’s acquaint you with some of the commonly-known fees associated with MANA transactions.
MANA being an ERC-20 token, any buying and selling of the coin’s ownership will involve a small amount of Gas fees, charged for using the Ethereum blockchain’s resources. Apart from that, you’ll also need to pay transaction fees to the trading platform used for MANA purchase and to the payment facilitator too.
This is decided by the trading platform and doesn’t have anything to do with the Decentraland network. While exchanges are known to charge a small percentage for deposits made to their accounts, brokers usually waive this charge, to incentivise new signups. The extent of this charge may also be based on the payment option used.
Brokers and exchanges commonly charge a small fee for withdrawing crypto funds held with them, either in the form of fiat currency or cryptocurrency. The charges may once again vary depending upon the withdrawal method used. Brokers’ withdrawal charges are normally lower compared to what’s charged by the exchange portals.
Safely Storing Your Decentraland
You will require a cryptocurrency wallet to securely store your MANA coins. These wallets come in different varieties but are broadly categorised as hardware or software wallets. Let’s go over some of the commonly-known crypto wallet types for the storage of MANA coins.
Web wallets are usually built into the broker and exchange portals, making coins stored in them readily available for quick transactions. Although they offer a high level of convenience, there are many risks associated with them too. Since it’s the broker/exchange platform that will have complete control over the web wallet, and the cryptocurrencies stored in it, you can potentially lose your entire crypto holding if the platform goes bankrupt, is liquidated or gets hacked. Therefore, it’s best to avoid storing your cryptocurrencies, including MANA, in a web wallet for the long term.
Mobile wallets are created specifically for usage on mobile devices. They too come with a high degree of convenience, as you can use your cryptocurrencies anytime you like, provided you have the mobile phone/device with you. The fact that they are non-custodial in nature and can be further secured using features such as screen lock codes, two-factor authentication and other security protocols, makes them safer than their web counterparts. Having said that, none of those security features may matter if your device gets stolen or hacked. MetaMask, Exodus, Atomic, Lumi, Huobi and Dapp are a few of the most popular mobile wallets for MANA storage.
Desktop wallets are supposed to be used in a desktop environment, on a laptop or desktop computer. As evident, they offer less convenience compared to mobile wallets but are relatively harder to crack. Desktop wallets normally come equipped with advanced-level security protocols and encryption technologies, such as two-factor authentication. Exodus is one of the leading MANA wallets for the desktop environment.
These are the most secure of all the wallet types in the market. As they stay off-line most of the time, they stay immune to computer viruses and other commonly known vulnerabilities often associated with hot mobile and desktop variants. Hardware wallets are often the size of a small USB drive and can be connected to the Internet anytime needed, by plugging them into an internet-connected mobile/desktop device, facilitating easy movement of funds. Trezor and Ledger are a couple of widely popular hardware wallets for easy storage of MANA and other cryptocurrencies.
Some of the wallet brands in the market provide both mobile and desktop options, and hence the ability to connect them together, to accomplish a higher degree of convenience, security and special features like staking. For instance, you can effectively connect the Exodus mobile wallet with Trezor hardware wallet to achieve this kind of functionality.
What Other Coins Can I Trade or Use to Buy Decentraland?
Many cryptocurrency exchanges also allow you to buy MANA with Ripple, Ethereum, Tether, Cardano and other altcoins. However, please keep in mind that transacting on exchanges this way may involve additional fees. Therefore, always check the concerned platform’s fee structure prior to signing up, and placing any orders.
What’s the Smallest and Largest Amount of Decentraland I Can Buy?
Whether you’d be able to buy small amounts of MANA, or if you can buy MANA without limit, will depend on the trading platform used, and how much liquidity they’re willing to offer you. MANA was trading at around $ 0.77 at the time of writing, and hence it may not be feasible to buy small quantities of the coin, considering the Gas fee and other charges involved. Certain jurisdictions may also impose a limit on the maximum cryptocurrency transactions, capping the MANA buy limit. Therefore, it may be wise to check with the concerned trading platform as well as local regulatory laws, before deciding to buy any specific quantity of Decentraland.
Can I Buy Decentraland Anonymously with no ID? Is it Safe and Legal to Buy Decentraland?
The past few years have seen cryptocurrencies gaining acceptance in most parts of the world. In fact, many countries have declared them as a valid asset class. However, whether it is safe to buy MANA in your region or not, will depend entirely on the crypto laws prevalent in your country.
Please note, although it may be possible to buy MANA anonymously, or buy MANA with no verification, you’ll have to first find a platform that doesn’t require you to submit any KYC-related documents for the purchase of cryptocurrencies. You can also check out P2P exchanges to potentially buy MANA without ID, in an offline environment, with cash. Having said that, please note, these are not the safest places to make cryptocurrency purchases. If you’d like to buy MANA safely, your best bet would still be a well-regulated crypto broker or exchange portal.
Will Buying Decentraland Make Me Money?
Queries related to the potential profitability of Decentraland are always amongst the top questions asked on crypto forums. Does buying MANA make you money and can it possibly help you get rich over the long term? Unfortunately, it’s not possible to give a 100% accurate answer to that.
Many variables come into play such as who is buying MANA, and backing the project and the historic price movements are a couple of important indicators of its possible profitability in the long run. Savvy investors often use such indicators to make well-informed predictions about the future price movements in the crypto market.
If you’re interested in knowing how much does it cost to buy MANA or the best price to buy MANA, you should visit our MANA Price Page that contains all information in this regard.
How to Spend your Decentraland
The best way to spend MANA would be within the Decentraland’s virtual environment. It serves as Decentraland’s fungible token which is burnt in exchange of names, avatar wearables and LAND parcels. Another way of spending it would be by exchanging it for another cryptocurrency, on an exchange platform. Please note, MANA is quite unlike popular digital currencies like Bitcoin or Litecoin which are commonly used for offline or online retail purchases. You cannot make conventional purchases of goods and services, using MANA, at online or offline merchant establishments.
How to Sell your Decentraland
The ideal way to sell your MANA tokens would be through a brokerage or exchange platform. Any well-known cryptocurrency exchange or broker will be able to guide you through this process. Please know, exchanges can sometimes be more complex to use for amateur investors, and also charge relatively higher fees.
Any Decentraland investment made via a financial derivative like CFD, would be comparatively easier to sell. It will entail simple closure of the concerned CFD trade, something which can even be accomplished automatically today, with the help of reliable trading bots.
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Frequently Asked Questions
Decentraland was co-founded by a serial entrepreneur named Ariel Meilich and Esteban Ordano, a software engineer.
Decentraland was developed on the Ethereum blockchain and is secured using the inherent security features of the popular blockchain.
The all-time high value of MANA was $1.63 on 17 April 2021, while the all-time low was $0.007883 on 13 October 2017.
There were 1,580,421,321 MANA tokens in circulation, out of a total estimated supply of 2.19 billion, at the time of writing.
While MANA is the ERC-20 token of the Decentraland platform, LAND is the non-fungible ERC-721 Tokens representing 90,601 individual parcels of land in the Decentraland Metaverse. You’ll need to burn a certain number of MANA tokens to acquire LAND.
Decentraland’s core purpose is to serve as an efficient virtual reality platform powered by blockchain technology that enables people to easily create, experience and monetise various types of applications and content within its environment.
Yes. All regulated crypto trading platforms will require you to verify your identity, through a government-issued Photo Id, before allowing you to use their services.
Decentraland’s uniqueness comes from the fact that it serves as the ideal platform for content creators, individuals and businesses seeking a novel artistic medium, entertainment source or business opportunity for themselves.