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How to Buy Electroneum - Where to Purchase ETN?

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Electroneum (ETN)
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Author: Simon

Launched in 2017, Electroneum (ETN) is the first cryptocurrency to emerge from the UK. It is a mobile-phone based crypto platform that provides an instant payment system for the world’s unbanked population. 

ETN was selling at $0.0099 at the time of writing this guide and can potentially serve as a good choice for both long and short term crypto investors. In this comprehensive guide, we will introduce you to various important aspects of Electroneum buying activity. 

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Why Trade rather than Buy Electroneum 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.

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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% 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.

Ultimate Beginner’s Guide to Trading Electroneum

What is an Electroneum Broker?

The last decade has seen brokers gain plenty of relevance in the global financial ecosystem, with more and more people getting comfortable with online transactions. Nowadays, it’s common for an average investor to regularly trade with broker platforms, rather than exchanges. Cryptocurrency brokers function as intermediaries between the market and the investor, and execute trades on the latter’s behalf.

When you deal with an Electroneum broker, you can either buy/sell ETN coins through it, or opt for Electroneum CFDs to bet on the cryptocurrency’s price fluctuations. Brokers are known to charge fewer fees compared to exchange platforms, and also accept a wider range of payment methods.

What is an Electroneum CFD?

Contracts for Difference, or CFDs, are financial derivatives that allow you to speculate on a cryptocurrency’s price movements in a way that means you don’t need to buy and sell the ownership of the underlying coins. When you trade an Electroneum CFD, you’re basically agreeing with a broker to exchange the difference in ETN’s price from the point at which CFD was opened to when it is closed. The best part is that you can bet on the price changes in either direction. 

When used with leverage, CFDs allow you to can gain large market exposure with the help of funds borrowed from the broker. Please note, leverage magnifies both losses and profits and hence should be used with caution.

What is the Benefit of Electroneum Regulation?

The biggest benefit of cryptocurrency regulation is that it enables the creation of a safe and secure environment for cryptocurrency trading. Regulated brokers and exchanges must mandatorily follow certain procedures to verify the identity of everyone who signs up for their services. Hence, regulation shouldn’t be feared, but embraced, as it’s for your benefit only. 

Dealing with a regulated platform gives you an assurance that you will always have someone to speak to if you lose your funds because of theft or security breaches. It is recommended that you buy Electroneum from a service provider who is regulated by a reputed global authority.

What is the Best Payment Method for Buying Electroneum?

Electroneum’s rapidly rising popularity has ensured that many crypto exchanges and brokers list it as a tradable asset on their portals today. You can buy ETN using different payment options, depending upon where you stay and the exact platform you’re using. Below we have detailed some common methods used to pay for Electroneum purchase.

Buying Electroneum with PayPal: PayPal has gained acceptance as a reliable payment method in various parts of the world. The convenience offered by it, especially for online payments, is often on par with credit and debit cards. However, PayPal’s transaction fee is higher than most payment options, second only to credit cards. You are more likely to find PayPal offered by a regulated crypto broker than an exchange.

Buying Electroneum with credit or debit cards: Their worldwide acceptance makes credit and debit cards the most convenient means of making online and offline payments. This payment option can help you purchase ETN almost instantly, but please bear in mind that their transaction fees can be some of the highest of all the modes of payment. As with PayPal, it is regulated brokers who are more likely to offer credit/debit card payments than crypto exchanges.

Buying Electroneum with bank transfer: Bank transfer is the most commonly used way to buy ETN on the market. It involves the lowest transaction fee and also offers a great degree of convenience considering how you can easily move your funds from bank account to broker/exchange account and vice versa. Bank transfers’ only drawback is the processing time involved, which is longer than other payment methods.

Buying Electroneum with cryptocurrency: This is another quick way to acquire Electroneum in a hassle-free manner. To use a cryptocurrency for ETN purchase, you’ll first need to locate a platform offering ETN as a part of a trading pair, with your choice of coin as the other cryptocurrency. Thereafter, it’ll be simply about creating an account on that portal and depositing your crypto coins, to execute the exchange.

The Verification Process for Trading Electroneum

Though cryptocurrencies began their journey in the financial world as renegades, today the majority of them are regulated, giving them a great deal of credibility among the investor population. Such regulation means that whenever you sign up with a regulated platform to invest or trade in Electroneum, you’ll be asked to verify your identity before being allowed to place any orders. 

To this end, the platform may ask you to verify your phone number and submit a few documents including an address proof and a government-issued ID. Please note, while these verifications may seem annoying at times, they’re important to guard you from bad actors.

Electroneum: Long vs Short Term Investment

Both long-term and short-term investment approaches have their own merits, but they’re quite different from each other. People implementing a short-term Electroneum investment strategy will attempt reading the market conditions over a shorter time frame, with the intent of buying ETN low and selling it high, usually within the same day or week. Alternatively, they may also use derivatives like ‘Contracts for Difference’ to exploit ETN’s intra-day and short-term price movements, without owning any coins. Such a short term strategy can deliver quick rewards but will require you to have a good mix of luck and understanding of the crypto markets.

In contrast, a long-term Electroneum investment strategy will require you to stay put in the crypto market for the long haul. It’s normally less risky than short-term trading/investments, but will still require you to correctly time your entries and exits. Furthermore, you’ll also have to deal with the technicality and complexity of setting up a crypto wallet, to store your ETN coins.

The investment approach you finally end up using will depend mainly on how experienced and skilled you are in crypto trading and your comfort level with both strategies.

Why Buy Electroneum rather than Trade?

Whilst a great multitude of people opt to trade Electroneum, many also choose to buy it for multiple reasons. 

First of all, when you purchase the ownership of ETN, you gain actual access to the crypto coins and can use them to make payments. Electroneum is gaining a lot of traction in this area, particularly in developing nations. Gaining control over your ETN coins and storing them in a wallet also means you’ll be keeping them away from the exchange wallets and the possibility of loss. 

Another notable pro of buying and holding Electroneum is that its price may appreciate, delivering you good returns in the long run. This is the usual ‘Buy and Hold’ approach which will require you to first buy ETN cheap, and then sell it later for a profit. There will be no need to sell or buy ETN instantly in this scenario, as your profit potential will not depend so much on quick market entries and exits.

Please remember, when you choose to buy rather than trade, you’ll likely have to deal with the complexity of exchange platforms, acquire the technical know-how of setting up crypto wallets, and do a fair bit of research to ascertain the compatibility and security of the systems involved. All these will be necessary irrespective of whether you find the cheapest way to buy ETN or not.

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 upon 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 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 the 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 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.

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.

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Frequently Asked Questions

  1. As per Electroneum’s site, you can spend your ETN coins in 190+ countries across the world.

  2. As per estimates, close to 3 million people have downloaded and use the ETN App.

  3. ETN Everywhere is a global network and directory of merchants that accept ETN in exchange for goods and services.

  4. ETN Donate is an Electroneum initiative that empowers the crypto community to make important donations to a select group of charities/NGOs in different parts of the world.

  5. The all-time high of ETN was $0.23 on November 02, 2017, and the all-time low was $0.0014 on March 13, 2020.

  6. Richard Ells, a UK-based entrepreneurial marketer and crypto enthusiast is the brains behind the Electroneum cryptocurrency and the project.

  7. There were a total of 17,866,904,522 ETN in circulation at the time of writing (May 2021), out of a maximum possible supply of 21,000,000,000 coins.

  8. Electroneum is the world’s first cryptocurrency project to voluntarily implement the global KYC/AML measures. It uses a ‘Proof of Responsibility’ consensus mechanism to secure its network, which can be instrumental in the prevention of 51% attacks.

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