How to Buy Elastos (ELA) in 3 Simple Steps

5 Things to Consider if you Want to Buy Elastos

You are likely to be surprised to find that the process of buying Elastos or other cryptocurrencies is not as complicated as you might have come to believe. But the buying process might be simple, certain mistakes can ruin everything.  

1. Carefully choose your preferred secure payment method

There are different payment methods you can choose from when looking to buy Elastos. Popular options are credit and debit cards, bank account, wire transfer, PayPal and e-wallets. Various factors, including speed, fees, and security, should guide you whenever you consider one payment method over the other. While speed and fees might heavily influence your decision, the safety of funds is very important. Therefore choose a method that guarantees you that your money and personal data remain safe even after the transaction.

2. Will you need to set up your own wallet?

Your investment goals will largely determine whether you need to create a cryptocurrency wallet or not when buying Elastos. You need to set up your own wallet if you intend to hold the actual coins, either as short term or a long-term investment. The private wallet will allow you to move your ELA off the exchange, which gives you full control and ownership of the purchased coins.

On the contrary, you don’t need a private wallet if you plan to buy and actively trade ELA. This is usually a short-term investment plan which means you can use the built-in wallet. If not trading, do the right thing and use a private wallet. You won’t be buying the underlying asset and so no need for somewhere to store them- the reason it’s so easy to buy using a broker.

3. Comparing costs

As noted earlier, comparing costs on different platforms is important if you want to maximise your investment. Making a comparison means research, with user testimonials and reviews crucial to helping you decide which platform has the best price or the lowest fees.

4. Safety and security

Elastos aims to be a secure platform, which is why the team behind it has the idea of a Smart Web. This means users accessing the dApps on the network do not have to use the internet as it is. The Smart Web protects users against malware and other cyber attacks.

But that is not all. You need to ensure the broker and/or exchange you are using to buy ELA is safe and secure. Check to ensure that the platform has security measures designed to protect you in place, including encryption and SSL certification. For you, creating a strong password, enabling 2FA, and setting up anti-virus and anti-malware software could be critical to protecting your system from potential attacks.

5. Can you understand and navigate the platform?

Different platforms cater to different types of user profiles. Some are meant for professionals and are thus more sophisticated but can confuse a beginner. Others feature simple user interfaces and are easy to navigate. Before you go on to deposit money into your newly created account, make sure you can easily navigate the platform. This way you can comfortably buy your ELA, trade them for other coins, set your risk management, or initiate a withdrawal whenever you wish to.

What is the Best Payment Method for Buying Elastos?

As we noted earlier, you have several payment methods to choose from when you want to buy Elastos (ELA). But the question always is what the best option for you is? Here are our top recommended ways to buy ELA.

Buy Elastos with a credit card: Buying ELA with a credit card is no doubt the easiest method. Apart from being widely accepted, credit card payments are fast.  This means you can instantly buy Elastos and take advantage of short-term market movements. Where a platform doesn’t support direct ELA purchase with a credit card, you can quickly buy another cryptocurrency and exchange it for Elastos.

Buy Elastos with bank transfer: Bank transfers are slower compared to credit cards. However, the method is available on most platforms and is way cheaper. There are a few exchanges that allow you to pay with bank transfer in your local currency, thus avoiding any forex charges. 

Buy Elastos with Cash: This payment method is best when you are using a peer-to-peer (P2P) platform. It is fast and anonymous, but you must ensure the transaction is complete on the blockchain before you pay.

What Fees are Involved in Buying Elastos?

Certain fees and costs may apply when you buy Elastos, be it through an exchange or broker. Overall, you need to be aware of three potential cost implications when buying crypto.

Deposit fees: These are fees you might have to pay when loading money into your exchange or broker account. Most platforms do not charge any deposit fees. However, there are likely to be costs attached to depositing funds via payment processors or mainstream financial providers such as credit card companies or banks.

Withdrawal: fees may apply when you move your coins from the exchange to a private wallet or when you withdraw funds into your bank account. The fee may vary from platform to platform or withdrawal method. 

Transaction fees: Transactions fees include charges attached to any transfer of funds over the blockchain and vary depending on the network. For Elastos, you may have to attach a small transaction fee to incentivise miners who process the transactions and secure the network. Exchanges too charge transaction fees, which are mostly below 0.2% of your transaction amount.

Safely Storing Your Elastos

We mentioned above that safely storing your cryptocurrencies is critical to your investment. As noted, a secure Elastos wallet is what you need to achieve this goal. Here we explain the different types of wallets that you can use to safely store your ELA coins.

Web Wallets: Web wallets are built-in exchange crypto storage facilities that can also be offered by other third-party providers not in operation as an exchange. These types of wallets are also called “hot wallets” for the simple reason that they are always online. This feature allows you convenience as you can easily trade coins without the hassle of having to first move them from another wallet. However, web wallets are more vulnerable to potential cyber-attacks and thus not good for holding large amounts of coins.  

Mobile Wallets: Mobile wallets offer the convenience of trading on the go. They offer slightly better security compared to web wallets, but are still vulnerable if the device connects to the internet.  Secure your wallet with an unlock pin code, strong password, and 2FA. ELA supports two official mobile wallets for Android and iOS devices—Elastos Android Wallet and Elastos iOS Wallet.

Desktop wallets: Desktop wallets download to your desktop computer where you can safely store the private keys that give you ownership of the ELA coins. They offer less convenience but are more secure compared to web wallets. Use anti-virus and anti-malware apps to protect your coins and enable additional account security measures. Desktop wallets for ELA include Atomic Wallet, Coinomi, and the official ELA Wallet.

Hardware Wallets: Hardware wallets are USB-like devices that provide the highest level of safety for your stored Elastos (ELA). These types of wallets keep your private keys offline, securing your coins from online hackers and other malicious actors. You can choose Ledger Nano S, Ledger Nano X, or Trezor One to safely store your ELA.

Wallet Combinations: Instead of storing your ELA coins in a single wallet, you can enhance your coins’ safe storage by combining two or more different types of wallets. There is some instance when a desktop wallet will have a web/mobile version or a hardware wallet interlinked with a web wallet. Using a combination of wallets allows you to enjoy both the convenience and security they offer without exposing the majority of your coins to hackers.

What Other Coins Can I Trade or Use to Buy Elastos?

If you find you cannot buy Elastos directly with fiat money, the next logical step to take is to buy a different cryptocurrency and trade that for ELA. The two most popular and widely supported cryptocurrencies used to buy Elastos are Bitcoin (BTC) and Ethereum (ETH).

Once you register for an account and fund it, proceed to buy BTC using your credit card, PayPal or other payment methods. When the coins hit your wallet, proceed to buy ELA by selecting the ELA/BTC pair, which indicates the payment method is Bitcoin.  Choose the amount of Elastos coins you wish to buy and complete the process. You should now have ELA coins in your wallet.

What’s the Smallest and Largest Amount of Elastos I Can Buy?

The smallest amount of ELA you can buy is a Satoshi ELA (Sela), a unit similar to Bitcoin’s satoshi. What this means is the one ELA coin is divisible 1,000,000,000 times to leave you with 0.000000001 as the smallest amount you can purchase. You can stack ‘Selas’ just as Bitcoin investors stack sats—that is buy in small amounts as you grow your holding. In terms of the largest amount, it depends on your funds and specific limits in place on various platforms.

Can I Buy Elastos Anonymously with no ID? Is it Safe and Legal to Buy Elastos?

Elastos is legal and available for purchase and trading across many jurisdictions in the world. Even in countries that ban crypto trading, buying and holding are perfectly legal. 

You can buy it anonymously if you find a good seller on a P2P exchange you trust and pay in cash. But while you can anonymously buy ELA off-exchange and thus assert some form of anonymity, there is no guarantee of safety and security on an unregulated platform. Apart from being very attractive to hackers, unregulated platforms expose you to identity thieves who can do more harm than just steal your crypto.

Will Buying Elastos Make Me Money?

ELA is trading at $4.15 as of writing (May 2021), up more than 389% since its low of $0.83 in March 2020.

Past price performance can never definitively be the basis upon which we gauge potential future price growth. But this indicator can be combined with an analysis of the fundamental growth of the network, its roadmap, and unique application to give a hint of what it might be if all goes well. Visit our dedicated Elastos Price Page to find out more about the price history of this cryptocurrency.

How to Spend your Elastos

ELA has intrinsic value and can be used in many ways in the Elastos ecosystem and elsewhere online. The first way you can spend ELA coins is to use them in executing smart contracts and accessing dApps built on Ethereum and NEO.

As a medium of exchange, you can spend your coins by pay for goods and services. In this regard, there are several vendors and online shops that currently accept Elastos as a payment currency. You could also use ELA to pay for domain names, and issuing tokenised books, and music as well as access decentralised storage services.

You could also spend ELA coins by donating to charity or developer groups in the crypto industry.

How to Sell your Elastos

Selling Elastos is easy and fast. You can initiate a sell order on any ELA exchange, P2P, or broker. To sell ELA through an exchange follow these steps, trade the ELA in your account for Bitcoin or Ethereum. Sell the BTC or ETH, and exchange either for USD or Euro if you want to cash out the crypto. This is done by withdrawing your funds into a bank account. Selling through a P2P requires that you find a local buyer, agree on the price (which they should pay first) before you move the coins to their wallet address.

If you choose to trade using CFDs, then the process is simple and quick as no wallets are involved and you can close the CFD trade at any time.