How to Buy Enjin - Where to Purchase ENJ?
The Enjin coin was created in 2017 as a digital currency mainly used for keeping, trading and using virtual goods in gaming. Enjin aims to empower and monetise gaming goods. Its feature of minting non-fungible tokens (NFTs) using the ERC-1155 standard has given it a significant advantage over ERC-721 NFTs. Enjin today has helped create more than 1.1 billion assets that are integrated across a host of different games and helps both large and independent game developers to retain and entice players.
The Enjin token has quickly become a must-buy for many investors and since you are reading this, you are probably interested in it too. On this page, we will discuss all the essentials concerned with the buying process of ENJ.
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Why Trade rather than Buy Enjin Coin for Cheap and Fast Returns?
You Don’t Need a Wallet:
You make trades using the price movement of the coin without having to actually buy and therefore store it.
You Can Use Standard Payment Methods:
Cryptocurrency brokers will accept popular methods of payment such as credit/debit card, PayPal, and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades take just seconds to execute, and withdrawals are hassle free and quick.
What is the Easiest Way and Best Way to Buy? Compare the Top Enjin Brokers
You will obviously have questions like where to buy Enjin and what are the best places to buy Enjin online. Brokers are by far the safest and easiest way to buy Enjin. Cryptocurrencies like ENJ are popular and many brokers have been offering trading services for the token for some years now.
5 Things to Consider if you want to buy Enjin
If you don’t have exposure to buying Enjin, it can naturally be baffling for the first time. There are few things that you need to account for before diving in. Here are 5 things that will enable you to make better buying decisions for ENJ:
Carefully choose your preferred secure payment method
Payment methods offered by the platform may or may not be available at your end due to geographical and jurisdiction limitations. Selecting a suitable and secure payment method is very important. Before selecting which payment method to use, take into consideration the privacy, security and speed it offers, as well as any associated costs.
Will you need to set up your own wallet?
As an Ethereum-based crypto token, you will need an ERC-20 compatible wallet to store your ENJ coins. Buying Enjin from an exchange means setting up your own wallet isn’t strictly necessary as exchanges have their own built-in wallets. Although convenient, as they have all the functions that a normal wallet has and you can buy or sell your ENJ coins at ease, exchange wallets are not without their flaws. Custodial in nature, the tokens you own are held by the exchange and any issue at the platform’s end means you will not be able to access your investment.
If you are using a broker to open a position with an Enjin contract for difference (CFD), you won’t need a wallet at all. The contract only utilises the price movement of ENJ tokens and doesn’t buy Enjin on your behalf.
Since ENJ tokens work as a medium of exchange on the different games and platforms that make up the Enjin ecosystem, you should keep yourself aware of the costs involved to transfer the tokens if you make a transaction. As an Ethereum-based token, any transaction you do will require a fee to be paid to the miners to record it on the blockchain. You will need to cover this cost. Even then, the cost of sending Enjin tokens can be less than that of fiat and isn’t affected by how much you send or where you are sending it from.
Safety and security
Piggybacking on the Ethereum network lets Enjin enjoy the same security level that Ethereum has. Using Proof of Work, the network is made secure through solving mathematical problems by powerful computers. The current dedicated network computing power of Ethereum makes it infeasible to hijack its blockchain.
Platforms you can use to buy Enjin are centralised in nature and reputable ones will have other means to secure your tokens. Normally, 2 Factor Authentication (2FA) is offered. They might also use industry-standard MT4 or MT5 interfaces for buying and trading. You should check up on all the options offered and use as many as you can to ensure the safety and security of your Enjin tokens.
Can you understand and navigate the platform?
Ultimate Beginner’s Guide to Trading Enjin
What is an Enjin Broker?
A broker is an individual or a company that acts as a medium for an investor to do trades. They help people by making it easier to buy and sell assets on their behalf.
With its success as a profitable token, many crypto brokers enable people to trade Enjin through their platform. You can enter into trade agreements with the broker without the need to buy the tokens in the first place and still enjoy the benefits of making profits.
What is an Enjin CFD?
CFDs, or contracts for difference, are just agreements that you make with the broker. You pay the broker for a set amount of ENJ tokens at a determined price. On closing the contract, the broker matches the updated price and hands you the money you invested along with any profit you might have made for the rise in ENJ price.
CFDs are very simple contracts that free you from the worry of liquidity. At the same time, you can enter complex agreements that can potentially multiply your savings. Brokers offer CFDs in conjunction with leverage (loaning money to buy more ENJ tokens than you can afford with your capital) and short trading (the negative difference in opening and closing price is your profit).
What is the Benefit of Enjin Regulation?
One of the premises of crypto assets is the decentralisation of power and authority. You will find numerous platforms that avoid working under regulatory bodies through the use of a decentralised structure. While trading platforms that are free from authority may sound attractive, your investment will be at the mercy of the platforms.
Using regulated brokers means the companies taking care of your funds are held to certain standards. The platforms will comply and have procedures to avoid fraud, protect investor rights and ramp up their security. You will therefore be far better off using regulated brokers.
What is the Best Payment Method for Buying Enjin?
The method that you use to fund your brokerage account will depend on two factors: which methods are offered by the platform and which are available to you. Here are a few of the best payment methods you can use to buy Enjin:
Buying Enjin with PayPal
PayPal is widely used as a payment method, with people and platforms all over the world using its services. PayPal transactions are considered to be safe and dependable and the transaction costs are cheaper than traditional banking options. The possible issue that can occur while using PayPal is its unavailability in some regions.
Buying Enjin with a Bank Transfer
Bank transfers are the most commonly used payment method. The charges vary depending upon your and the platform’s location. However, the high security offered makes it a preferred choice when funding in large volumes. One major drawback is that it can sometimes take days to process the transaction.
Buying Enjin with Credit or Debit Cards
Many people prefer using a credit or a debit card due to its convenience and the benefit of near-instant transfers. With the high speed of transfers, you may be faced with charges not only on the service provider’s side but from the platform too. Most platforms charge for funding through credit or debit cards. You should check carefully to know what you will be paying in total.
Buying Enjin with other Cryptocurrencies
Many platforms might also allow you to buy Enjin with other cryptocurrencies. Ethereum and Bitcoin are the most popular options along with stablecoins such as USDT. If you own any crypto already and that particular coin is accepted by the broker, this might be a good option considering that all you have to pay is the miner fee to transact.
The Verification Process for Trading Enjin
The first step to trading Enjin is connecting yourself to a broker. While signing up with any reputable and regulated broker, you will be required to submit your details. These personal details can include your name, your address and your ID.
The verification process can be long and some see it as a violation of their privacy. However, these steps are necessary to combat fraud, tax evasion and money laundering. At the same time, you enjoy the peace of mind of knowing your broker will protect your investment and rights.
Enjin: Long vs Short Term Investment
ENJ tokens possess the same higher volatility of price fluctuations that is common to the whole cryptocurrency market. Additionally, they have also provided much greater returns than many traditional assets.
You can employ either a long-term or a short-term strategy to take advantage of price movements. Long-term investments mean you will not capitalise on profits any time soon, relying on large price movements over time to your benefit.
This means you will be ignoring the day-to-day or weekly price movements. A short-term strategy uses these more regular price movements, with frequent buying and selling the lows and highs as much as possible, each time the goal being to make a little profit which can amass to a significant value.
Why Buy Enjin rather than Trade?
Both trading and buying ENJ tokens are about making money. However, there is one major difference that sets these two apart.
Trading is all about using Enjin price to power the different contracts you will have with a broker. The broker may or may not buy ENJ with the money you give since all you get in return is your invested amount plus the profit made.
Buying ENJ will get you the tokens and you can hold on to them, giving you custody and the right to transfer or sell to anyone. Using exchanges can, however, mean a lot of homework on understanding the mechanics of the coin, what wallets to use and how to transfer, but these platforms can be the cheapest way to buy Enjin.
What Fees are involved in Buying Enjin?
There are three kinds of fees typically involved in buying ENJ tokens. You will probably have to face at least one or two of these in your mission to buy ENJ tokens.
Every time you fund your platform account, you will end up paying the transaction fee. It can be applied by the bank you use, your credit card provider and even if you use another cryptocurrency. Compare the costs to find the most economical option while still emphasising security.
On top of transaction fees, your funding option may have associated deposit charges implemented by your platform. Usually, it is free if using cryptocurrencies or banking, but most definitely a deposit fee will exist for using your credit card.
Platforms don’tusually bear the cost of transacting your money back to you and therefore you will face withdrawal fees every time you take your money out of the platform. The rates vary with respect to the broker and the type of payment.
Safely Storing Your Enjin Coin
Since ENJ tokens are based on Ethereum's ERC-20 standard, there are several wallet options for storing the tokens. Different kinds of wallets exist, each with its own pros and cons. You will find that each kind offers something unique and your preferences will define the one that is best suited for you.
Web wallets are accessible through any browser, making them extremely convenient to use since you only need an online device to access them. If you use a crypto exchange to buy ENJ, it will automatically deposit it in its built-in web wallet. Using these wallets is easy and accessible, but since these are custodial in nature, the tokens are maintained by the exchange and any issues you face with the platform could potentially result in the inability to access the tokens or loss in the case of a hack.
Having a mobile wallet means your assets are with you at all times. Modern phones have high security so they give you another layer of protection in conjunction with the wallet’s. The tokens are secure unless and until somebody has complete access to your phone. Enjin offers an official mobile wallet which is very popular as it also allows the storing of ERC-1155 based NFTs. Other options include Atomic and Trust Wallet.
Desktop wallets are wallets that you can access through your desktop or laptop. Though they are less convenient than mobile wallets, desktop wallets provide higher security through the use of third-party security software. Some Enjin supported desktop wallets include Axis and Parity.
Hardware wallets are the ultimate choice for crypto token security. All data is stored locally within the device and since they are physical, they can be disconnected from a computer and therefore the Enjin network, making them completely inaccessible by anyone, even if they could get their hands on the wallet keys. Trezor One and Ledger Nano S are very popular among people who prefer to use hardware wallets.
What Other Coins Can I Trade or Use to Buy Enjin?
You will find many platforms that accept cryptocurrencies and you can use these to buy ENJ tokens. The most popular cryptos are Bitcoin, Etheruem and USDT.
To find the complete list of cryptocurrencies accepted, you can head over to the trading pair listing within the platform and go to ENJ. For example, you can buy Enjin with Bitcoin if you find ENJ/BTC, meaning you can deposit your Bitcoin and use it directly to buy Enjin tokens.
What’s the Smallest and Largest Amount of Enjin I Can Buy?
Though Enjin can be broken down into fractions to make it easy to hold, the minimum purchase for Enjin is dependent on the platform you use. You can usually buy a small amount of Enjin to the tune of 0.1 per purchase.
If you want to buy Enjin without limit, that is another story. In theory, there isn’t any upper limit as long as there are people or platforms that are willing to sell at the agreed quantity and rate. However, due to real-world limitations of sell orders in the books and any cap enforced under regulations you might face a limit to the maximum you can buy.
Can I Buy Enjin Anonymously with no ID? Is it Safe and Legal to Buy Enjin?
It is possible to buy Enjin anonymously. As long as you are willing to take on higher risk, you can always use individual sellers, unregulated exchanges or brokers which allow you to buy ENJ with no verification and ask for nothing but your money to proceed. Be warned though, if they run off with your money, it will probably never be recovered. To make a secure Enjin purchase, you will need to use a regulated platform and that means letting go of anonymity as these will require your identification and other documents to verify you.
Buying ENJ is legal in many jurisdictions, while others have a blanket ban against crypto. The best way to find out is to either ask your local authorities or seek legal advice. Different authorities and countries have varying opinions and outlooks on the legality of Enjin and other cryptocurrencies.
It is better to be aware than to be caught off guard.
Will Buying Enjin Make Me Money?
Does buying Enjin make you money? Well, to answer this question, first you ought to know about market sentiment, regulatory changes and other important factors such as who is buying Enjin and the best price to buy Enjin.
Historically, Enjin has appreciated well and today the platform is counted amongst the most successful of its kind. While history shows it to be a good investment, you should always do your research and try to determine the most likely outcome in the near future (if using a short-term strategy) and the long run (for long-term holdings).
You can also check out our in-depth review and predictions using our Enjin Price Page.
How to Spend your Enjin
Within the Enjin ecosystem, ENJ tokens act as a medium of exchange, allowing game developers to create different in-game items as NFTs. Players can buy and sell these items in the Enjin marketplace for ENJ tokens.
If you are not interested in buying game items or artefacts, you can always use different vendors and merchants globally that accept ENJ tokens as a means of payment. Although you will find that ENJ tokens are far less accepted than Bitcoin or Ethereum, this is quickly changing with the help of crypto payment processors that accept ENJ and other tokens on behalf of vendors, allowing the product or service providers to convert them into their preferred coin or fiat automatically.
How to Sell your Enjin
If you can buy ENJ, then you can also sell it. All you need to do is to go to your exchange and in the main interface, select your ENJ pair and then use the “sell order” option. Once the order is executed, you can store the funds for future buying or withdrawal.
If you are using a CFD, the process is even easier since closing your position or terminating the contract will automatically deposit your money as fiat within your brokerage account. You can simply enter another CFD or take the money off the platform.
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Frequently Asked Questions
ENJ tokens and the Enjin ecosystem help game developers to create in-game items that can be used in partner games and even sold, creating a whole new gaming-based economy.
While Bitcoin is simply a digital means to make transactions, ENJ powers the gaming industry to monetise gaming experiences.
ENJ is limited to 1 billion tokens.
ERC-20 is a standard for tokens that have their own identity but can be used within the Ethereum ecosystem, allowing users to leverage its benefits. ENJ’s use of ERC-20 enables it to maximise user acceptability since Ethereum is the second-largest blockchain network after Bitcoin.
Enjin network has developed JumpNet, a high speed and scalable network where transacting ENJ tokens is free of cost.
Enjin has a dedicated marketplace for in-game NFT items. Alternatively, you can “melt” the item for its underlying ENJ locked up during its minting.
Unfortunately, ENJ is not a governance token. You can however request a feature and the ENJ team may work on it if feasible and best for the platform.
Enjin doesn’t have DeFi options such as farming. There are other platforms that allow you to stake your ENJ in liquidity pools to enjoy farming options though.