How to Buy Spell Token (SPELL) in 3 Simple Steps

How to Buy Spell Token

You can purchase Spell Token online using a cryptocurrency exchange. This is the easiest way to buy and sell cryptocurrencies—all you need is a computer or mobile device. See below for our top picks of platforms that offer Spell Token and simple steps to buy Spell Token.

1. Choose a platform

The first stage on your magical journey to buy SPELL will be finding a platform that offers it. Make sure to select one that is safe and has a good reputation. There is a choice of platforms available to you but if you can’t wait to get started, you can sign up with our top recommended platforms and buy SPELL now.

2. Create and fund your account 

Click “Register” or “Create an account” and fill in all the personal information required. You may have to provide supporting documents such as a photo ID and proof of address before your account can be verified. Next, click “Deposit” and choose how you want to fund your account from the options available in your country.

3. Buy Spell Token

Now find the relative trading pair for SPELL (if you just deposited British pounds, you will need to select the SPELL/GBP trading pair). You can create a market order to buy SPELL immediately at the current price or a limit order to buy it automatically in the future when it reaches your chosen price.

What Is Spell Token?

Spell Token is a utility token that incentivises people to use the Abracadabra lending platform. Users of Abracadabra can deposit crypto collateral in order to borrow a stablecoin called Magic Internet Money, or MIM. Each MIM is worth the same as a U.S. dollar.

What sets Abracadabra apart from other crypto lending platforms is that the collateral used to borrow MIM is in the form of tokens that bear interest from other decentralised finance (DeFi) applications.

This means that users whose tokens are staked on SushiSwap or deposited in a yearn.finance vault can take out a loan in MIM to make use of their capital while it continues to earn them interest in the DeFi app.

Those who provide liquidity to Abracadabra are rewarded with SPELL tokens, which can in turn be staked to generate even more rewards.

Ways to Invest in Spell Token

Whether you’re a newbie or a veteran, there are ways to invest in SPELL to suit any kind of investor. SPELL can be bought for either the short term or the long term, depending on your experience and aims.

Buy and hold Spell Token

The buy and hold strategy is the simplest to follow—you simply need to buy some SPELL and hold onto it over a period of time. You don’t need to do any technical analysis and hardly any time is required to potentially make a profit.

As previously mentioned, you also have the opportunity to grow your SPELL holdings while employing this strategy as you can stake SPELL to earn rewards.

Best Spell Token wallets

If you’re going to be holding onto your SPELL for a while, you may prefer to store it in your own private wallet. This can give you a bit of extra security and better ownership over your tokens.

Hardware wallets are the most secure option, though you will have to pay for them and they are a little more technical. Trezor, BitBox, and Ledger are some of the most popular hardware brands. The most popular alternative is a software wallet, which is free, easy to use, and can be downloaded for desktop or mobile.

Trade Spell Token

Like most cryptocurrencies, the price of SPELL often experiences volatility. This can be good for traders, who buy and sell SPELL on a much shorter timeframe than investors to generate more frequent profits.

Private wallets are less convenient for traders as they would regularly need to transfer tokens out of their wallets and onto their exchange, which can be cumbersome and costly. Web wallets may be more suitable for traders and are provided for free by exchanges.

Should I Buy Spell Token Now?

Only you can make this decision for yourself, although it helps to be well informed first. There is a capped max supply of SPELL and this scarcity could potentially make the token a good long-term store of value, while the ability to earn staking rewards could drive demand for it.

The price of SPELL is likely to be connected with the success of the Abracadabra platform. The project’s use of interest-bearing tokens as collateral gives it a unique selling point that could benefit and attract users of other popular decentralised applications (dApps) like SushiSwap and yearn.finance.

Stablecoins and the entire DeFi sector are experiencing a boom in development and popularity. As people look for ever-better and more ingenious ways to make their money work for them and expand their margins, Abracadabra is in a great position to help them do just that.