How to Buy Mithril (MITH) in 3 Simple Steps

5 Things to Consider if you Want to Buy Mithril

We cannot stress enough that you must do your share of due diligence and familiarise yourself with some important facts before buying Mithril for the first time. Taking all these steps will make sure that you avoid any nasty surprises later, and can successfully buy MITH is the most secure and quickest way.

1. Carefully choose your preferred secure payment method

To begin, you must know that different countries and platforms will offer different payment options for crypto purchases. To pick the best one that suits your needs, you must identify your priorities with respect to factors like convenience, speed and cost.

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

You should always store your MITH tokens in an independent crypto wallet, separate from the web wallet offered by crypto exchanges and brokers. These inbuilt wallets, especially the ones on exchanges, can be very vulnerable to thefts and hacks. In fact, exchanges have a history of exit scams and going bankrupt, causing major losses to investors and traders. Please note, you will not need to set up a crypto wallet if you invest in Mithril via a Contract for Differences (CFDs) as there will be no MITH exchange involved.

3. Comparing costs

Another significant aspect that cannot be overlooked while making MITH purchase is the cost associated with the transaction. Even though cryptocurrency payments are relatively less expensive than traditional alternatives, there are still some costs attached to them, which can’t be neglected.

As MITH is an ERC-20 token and Mithril is created on the Ethereum blockchain, every MITH transfer will involve a blockchain fee called Gas. This fee is quite substantial in itself making small MITH transactions impractical. Apart from that, transaction fees will be charged by the payment facilitator and the brokerage/exchange platform too. You must factor in all such charges to make a well-informed purchase.

4. Safety and security

The Mithril platform, having been constructed on the Ethereum blockchain, inherits all the prominent security features of the latter. All transactions are verified and secured through the Ethereum smart contracts, thereby offering a reliable and safe environment for mining.

Besides the blockchain-level security delivered by the cryptocurrency per se, all MITH transactions processed on a crypto broker and exchange websites are further secured with the help of cryptographic security protocols, such as Two-Factor Authentication.

5. Can you understand and navigate the platform?

Prior to opening an account and depositing any capital into a cryptocurrency broker or exchange site, you should ensure that you understand the platform’s workings well, and are familiar with its various features. In fact, there are many customer-centric service providers who make demo accounts available to new traders/investors. Such demo accounts can be immensely useful in not just familiarising yourself with the platform, but also in refreshing your trading basics.

What is the Best Payment Method for Buying Mithril?

While you can buy MITH with various payment methods, the exact options offered in your state/country of residence will depend on the local regulatory laws and the platform you’re transacting on.

Buying MITH with bank transfer: Crypto purchases with bank transfers continue to be the most popular method for fund transfer on crypto trading platforms. Their low fees and the convenience of easily transferring funds between a bank and the trading platform makes this payment mode a hot favourite among crypto buyers/traders. But please remember, bank transfers are more time-consuming than other forms of payment.

Buying MITH with credit/debit cards: While credit and debit cards offer maximum buying convenience to crypto investors, they are not widely accepted by the exchange platforms. This is due to the possibility of frequent chargebacks and disputes in purchases involving credit/debit cards. Their transaction fee is also much higher than other payment options.

Buying MITH with PayPal: PayPal has emerged as a widely trusted payment method over the past decade. It offers the best of both worlds, in the way that it’s highly convenient, and the transaction fee is also lesser compared to card transactions. However, though you may find PayPal as a valid payment mode at almost all the regulated broker websites, exchanges are not too receptive to it.

Buying MITH with cryptocurrency: There are several reputed crypto exchanges out there that will allow you to buy MITH with another cryptocurrency of your choice. All you need to do is look for a trading pair suitable for you, for instance, MITH-BTC or MITH-ETH, and then deposit the appropriate amount of cryptocurrency to the exchange, and make the MITH purchase.

What Fees are Involved in Buying Mithril?

You will inevitably need to pay some fee when making a cryptocurrency purchase. It is important to factor in these charges to be able to correctly determine your potential net profit. Let’s discuss some fees normally associated with MITH transactions.

Transaction fees: As it’s an ERC-20 coin, there will be an Ethereum gas fee involved in MITH transfers. Other than that, the payment method and the platform used to make MITH purchases will have their own respective transaction fees. Brokers usually charge less than exchanges on this account.

Deposit fees: Almost all the crypto exchanges will ask you to pay a deposit fee for funds uploaded to their accounts. Brokers usually avoid levying any such charge. Please remember, the exact deposit fee will be based on the used payment mode.

Withdrawal fees: It’s a common practice among broker and exchange platforms to charge a withdrawal fee, to traders and investors, for withdrawing funds from their accounts. Brokers generally charge anything under 3% on this account, while exchanges levy a higher withdrawal fee, which can go up to 5% on some platforms.

Safely Storing Your Mithril

Any MITH tokens that you buy will need to be stored in a crypto wallet, for safety and accessibility purposes. Let’s discuss a few popular crypto wallet types in this regard.

Web Wallet: Commonly offered by online brokers and exchanges, as an integral part of their services, web wallets deliver higher convenience but are quite risky due to many different reasons. It’s highly recommended that you refrain from storing any cryptocurrency in a web wallet for long time periods, especially exchange wallets. People have suffered major losses by leaving their coins in exchange wallets, in the past.

Mobile Wallet: Meant specifically for mobile devices, most new-age mobile wallets also enable easy trading of cryptocurrencies. They are more secure compared to their web equivalents, as they offer multiple security layers including the device’s own unlock code. But their constant connectivity to the Internet makes them susceptible to hacking attempts. Furthermore, anyone who gains unauthorised access to your mobile device can possibly access your wallet too. A few of the well-known mobile wallets for storing MITH include Lumi, Huobi, Dapp Pocket, Dove, Dether, Coinhako and Ethos.

Desktop Wallet: Desktop wallets are software programs for storing crypto coins on laptop or desktop computers. They’re not as convenient as mobile wallets, but provide a higher degree of security than their mobile and web counterparts. One can also integrate a wide range of additional security enhancements with these wallets, including 2-Factor Authentication and more. Jaxx is one of the commonly-known desktop wallets for MITH storage.

Hardware Wallet: These wallets stay off-line most of the time and therefore are also categorised as a type of cold wallet. Available usually in the form of small flash-drive-sized hardware devices, hardware wallets are the most secure of all crypto wallets in the market today. You can plug them into any internet-connected mobile/desktop device, and easily access and move coins stored in them. Almost any hardware wallet compatible with ERC-20 tokens can be used to store MITH.

Wallet Combinations: Some of the wallet types discussed above can be strategically linked with each other, to accomplish a higher level of convenience and security for your MITH tokens. To give you an example, you may be effectively able to link a Huobi mobile wallet, with any of the hardware wallets compatible with ERC-20 tokens, to spread your MITH holdings.

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

Apart from making MITH purchases with fiat currencies, it’s also possible to buy Mithril with Ripple, Tether, Binance Coin, Bitcoin, Ethereum and other well-known cryptocurrencies. You may find exchanges offering multiple Mithril trading pairs, involving different cryptocurrencies. Locate a pair with the cryptocurrency you own. Once you do, you can deposit your crypto coins to the concerned portal and exchange them with MITH, as per the exchange rate offered at that point in time.

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

Please be aware that while some crypto exchanges/brokers may permit you to buy small amounts of MITH, considering that its price was hovering over the $0.05 mark at the time of writing this guide, it may not make sense to buy small quantities. As far as the question ‘how much MITH can you buy’ is concerned, it will be entirely decided by the prevailing regulatory laws in your region and the website you’re transacting on. Thus, always confirm these limits prior to making any deposit to a platform.

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

All regulated brokers/exchanges will ask you to provide them with a govt.-issued Photo ID and in certain cases, a different address proof too. However, do you think is it safe to buy MITH without ID, or putting it differently, is it ok to buy MITH with no verification? Well, the core idea behind cryptocurrencies was to liberalise the financial world and enable people to make anonymous purchases. The trading platforms were also supposed to operate that way. However, the ground reality is quite different. Though you can buy MITH anonymously from some portals, it’s not advisable to make such purchases unless you are very sure about the platform/person you are transacting with. Please also bear in mind that when we talk about regulated service providers, what you sacrifice on the anonymity front with them, you gain tremendously as improved security for your crypto investments. Anyone who’d like to buy MITH safely, or is interested in making the most secure MITH purchase, should deal only with the regulated brokers and exchanges.

Will Buying Mithril Make Me Money?

Any individual who is buying MITH for investment/trading purposes should remember that their eventual profits will be based completely on their skills and knowledge. Mithril holds equal profit potential for long as well as short-term traders/investors. To give you an example, the 24-hour high and low for Mithril at the time of writing was $0.054 and $0.025 respectively. That’s over 50% variance and goes on to show the kind of possibility it holds for the short-term crypto traders. Anyone interested in knowing the best price to buy MITH today, or how much does it cost to buy MITH, can use our dedicated Mithril Price Page to obtain all updated price information on this cryptocurrency.

How to Spend your Mithril

While Mithril aims at creating an ecosystem wherein all social media content creators are incentivised for their efforts, it is also rapidly working towards the acceptance of MITH tokens at various online & offline merchant establishments. The aim is to make MITH a valid form of payment in online apps, as well as for retail goods & services, just like other popular coins like BTC and LTC. At the time of writing, Mithril had forged partnerships with multiple brands including 17 Entertainment, SWAG, Machi X, DeCentre, LiveAF, Lottery2Win and BayPay.

How to Sell your Mithril

Selling your MITH tokens will not be very difficult. Normally, the best way would be through the same platform that you bought them on. So, if it was an online exchange or broker, you’ll need to deposit MITH to your exchange/broker account first, followed by placing a ‘Sell’ order for completion of the trade.

If you chose a CFD to invest in Mithril, it would be way simpler and quicker as brokers allow automated trading through the use of robots that can be used to close the open CFD and register the profits/losses resulting from it.