How to Buy Electroneum (ETN) in 3 Simple Steps

5 Things to Consider if you Want to Buy Electroneum

If it’s your first time purchasing any cryptocurrency, it’s recommended that you take some key factors into consideration. We advise paying heed to the following points before going ahead with the Electroneum purchase.

1. Carefully choose your preferred secure payment method

The security, convenience, cost, and speed of the payment method will be key factors in your ETN purchase. You’ll need to figure out your priorities in these important areas, and then choose an appropriate option that aligns with your needs. Please note, the available payment methods may vary from country to country and platform to platform.

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

After you’ve purchased the required amount of ETN coins, you’ll have to store them somewhere safe, besides ensuring that they remain accessible. A cryptocurrency wallet can efficiently do this job for you. You can either use the ETN online wallet for this purpose or choose from a variety of other choices available in the market.

Please note, people who choose Contracts for Difference (CFDs) to invest in Electroneum will not need to set up any wallet, as this trading mechanism eliminates the need for any actual coin transfer.

3. Comparing costs

It’s advisable that you get acquainted with various costs attached to Electroneum purchase before deciding to buy this cryptocurrency. Whenever you transfer any crypto coin, there’s a certain blockchain network fee charged for the transaction. With Electroneum, you can send ETN coins anywhere in the world, at almost zero blockchain processing cost (fractions of a US cent). But you’ll still need to pay some fees to the payment facilitator and the platform (exchange/broker) used for buying Electroneum. It’s also worth noting that Electroneum can be a far cheaper way to make payments than the conventional alternatives.

4. Safety and security

Electroneum lays a lot of importance on safety and security. It became the first cryptocurrency project in the world to voluntarily adopt the global KYC/AML measures for the onboarding of new ETN users. Electroneum also became the first-of-its-kind cryptocurrency to launch a moderated blockchain that uses a ‘Proof of Responsibility’ (PoR) consensus algorithm. This can be instrumental in preventing 51% of attacks.

Aside from the security features of Electroneum blockchain, ETN transactions carried out on exchanges and brokers are further secured with their own security measures, such as 2-Factor authentication and others.

5. Can you understand and navigate the platform?

As has been highlighted earlier, cryptocurrency exchanges can be a little complex for novice investors. Therefore, people who have not used them in the past must spend a good amount of time studying and understanding their features, before placing any Buy or Sell order. Not doing so can lead to costly and irreversible mistakes later.

With regard to the broker websites, even though they are comparatively easier to use and have user-friendly interfaces, you’ll still benefit from browsing through them beforehand.

What Fees are Involved in Buying Electroneum?

When you buy Electroneum from an exchange or broker, you’ll need to pay some fees associated with the different aspects of the purchase. These fees will vary based on the payment method and platform used. Let’s take a quick look at some of these.

Transaction fees: You can transfer ETN coins to anyone and anywhere in the world, by paying an almost zero (fraction of a US cent) blockchain transaction fee. Nevertheless, the exchange/broker and the payment method you choose to buy ETN will have a transaction fee associated with them.

Deposit fees: Exchanges and brokers charge a nominal sum as a deposit fee for funds uploaded into their accounts. This fee constitutes one of their main revenue streams and is necessary for them to stay afloat. Whilst almost all the crypto exchanges levy this charge, brokers may waive it to incentivise signups.

Withdrawal fees: This is another commonly charged fee by crypto brokers and exchange portals. It can be a fixed or variable charge, levied on both fiat and crypto withdrawals. The value or percentage of the withdrawal fee will also depend upon the payment option chosen.

Safely Storing Your Electroneum

Cryptocurrency wallets can be termed as software programs or applications that enable encryption of crypto coins, to keep them safe from theft and hacking attempts. There are multiple wallet types available in the market, some of which we’ll discuss below.

Web Wallet: Built into the online exchange and broker platforms, web wallets are rightfully perceived as the most accessible way to store crypto coins. However, their easy accessibility comes at a cost, making them the least secure of all crypto wallets. Exchange wallets in particular are vulnerable to hacking attempts, exit scams and bankruptcy.

Mobile Wallet: Mobile wallets, as the name suggests, are used on mobile devices for the storage of crypto coins. They provide a good mix of security and convenience. However, being connected to the Internet most of the time, which also gets them classified as a type of hot wallet, makes them susceptible to hacks. Of all the mobile wallets available in the market, the native mobile wallet of Electroneum, the ETN Online Wallet, is the best in this category. You can access this wallet through the ETN App downloadable from Electroneum’s official website.

Desktop Wallet: A desktop wallet can be described as a crypto storage software app meant for desktop and laptop computers. This too is a type of ‘hot wallet’ owing to its frequent internet connectivity. Such wallets provide more security than their web and mobile equivalents but aren’t as convenient. At the time of writing this guide, there was no desktop wallet available for ETN storage.

Hardware Wallet: Easily the most secure of all cryptocurrency wallets, hardware wallets are a type of cold wallet as they stay offline all the time until manually connected to the Internet. They are very difficult to hack but aren’t as convenient to use as web, mobile and desktop wallets. Most of them are sold as tiny physical devices that must be plugged into a computer or mobile device’s USB port, to access the stored coins. No hardware wallet is currently available to store ETN coins. Hence your best bet for ETN storage will be the native ETN wallet.

Wallet Combinations: Experts recommend that you spread your ETN coins over different wallet types, so as to avoid the possibility of a single point of failure. This can be accomplished by interconnecting a few of the wallet variants discussed above. Doing so will provide you with an enhanced level of accessibility and security for your coins.

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

In order to buy Electroneum with Binance Coin, Ripple, Tether, Cardano, Bitcoin or some other cryptocurrency, you’ll need to check if a crypto exchange offers them in a trading pair with ETN. As the crypto market is maturing with time, exchanges are able to offer more of these trading pairs today. To be able to make such a purchase, you’ll have to sign up with the concerned exchange platform, deposit your crypto coins, and then initiate a ‘Buy’ order for the required amount of ETN, using the corresponding trading pair.

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

If you’d like to buy small amounts of ETN, or would rather prefer to buy ETN without limit, you’ll need to pay heed to certain factors that will determine the possibility of acquiring such quantities of the cryptocurrency.

Despite the fact that the blockchain fee for ETN transactions doesn’t exceed a few cents, even for the bulk purchases, if you factor in the current value of ETN ($0.0099 at the time of writing) and the transaction fees charged by the payment facilitator and broker/exchange platforms, it may not make a lot of sense to buy small quantities of this coin. With respect to how much ETN can you buy, the upper limit, if any, will be decided by the local regulatory climate and the trading portal used for the purchase. It may make sense to check with both if you’re concerned about any ETN buy limit.

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

Cryptocurrencies have grown tremendously in popularity over the past decade, and are accepted in many parts of the world today. Electroneum’s estimated use by over 3 million people in 190+ countries is a testament to this fact.

If you’d like to buy ETN with no verification or buy ETN anonymously, you’ll need to use the services of an anonymous cryptocurrency platform. Having stated that, please keep in mind that these aren’t the best places to buy ETN safely. To make a secure ETN purchase, signing up with a regulated exchange or broker site will be your best bet.

Will Buying Electroneum Make Me Money?

Anyone who is buying ETN, not just for its utility but also short/long term investment potential should keep in mind that they’ll need to factor in multiple metrics such as the coin’s historical price movements, recent developments, and overall coin supply for this purpose. Apart from that, you’ll need to reflect on your crypto trading experience and skills to choose an appropriate strategy that meets your needs. The 7-day low and high of ETN were $0.007 and $0.04 respectively at the time of writing. That should give you a fair idea about the existing potential for short-term traders and investors. Looking at ETN’s global presence and future prospects, it may be profitable to invest in it for the long term as well. If you’d like to know the best price to buy ETN, or how much does it cost to buy ETN today, our Electroneum Price Page will provide you with all pertinent details.

How to Spend your Electroneum

Electroneum is aimed at becoming people’s preferred choice of digital currency to pay for goods and services, both online and in-store. You can use ETN to pay for all kinds of daily essentials including online utilities, taxi rides, data top-ups, mobile airtime, prepaid electricity meter top-ups, and more. ETN users are provided a merchant directory through which they can locate businesses accepting the coin online and locally. There are over 2000 merchants listed with the network.

How to Sell your Electroneum

While you may find many options to sell your Electroneum coins in the market, the most straightforward way will be to sell them through a regulated platform. You’ll have to deposit ETN coins to your account with the service provider, and then exchange them for fiat currency or some other crypto coins.

Electroneum investments via a Contract for Difference will be comparatively easier to sell. They will involve simple closure of the CFD trade, something that can be done through bots as well these days.