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

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Spell Token is an integral part of Abracadabra—a lending platform that lets users “conjure” up stablecoins by depositing collateral. SPELL is what incentivises participation in the system.

In this guide, we shall explore how to buy SPELL and what role it plays in the Abracadabra platform.

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.

1
Min. Deposit
$ 25
Promotion
User Score
4.75
The fastest growing global cryptocurrency exchange with the lowest fees around
Get more from the assets you hold with staking and DeFi offers
Supports ApplePay
Start Trading
Description:
Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.
Payment Methods:
Full Regulations:
2
Min. Deposit
$ 0
Promotion
User Score
4.55
All swaps are custody-free, with no registration needed
Convert 500+ crypto assets instantly
Best exchange rates among the whole cryptocurrency market
Start Trading
Description:
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Payment Methods:
Full Regulations:
3
Min. Deposit
$ 0
Promotion
User Score
4.5
Trade a variety of digital assets like Bitcoin, Ethereum, Solana, Dogecoin and 100's more with low trading fees
Stake FTT to get benefits
1% of all net fees will be donated to the world's more effective charities
Start Trading
Description:
FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.
Payment Methods:
Full Regulations:

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.

Table of Contents

Buy Spell Token Today!

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.

Frequently Asked Questions

What is sSPELL?
sSPELL is the staked version of SPELL. When you stake your SPELL, you receive sSPELL tokens, which represent your share of the pool plus the compounding rewards you receive from fees.
How do I stake my SPELL?
Go to abracadabra.money and connect a wallet such as MetaMask. Click “STAKE” at the top to access the staking page. Choose “STAKE” and a pop-up window will appear where you can enter how much SPELL you wish to stake. You will then receive sSPELL tokens and automatically start earning fees.
How is Abracadabra governed?
sSPELL grants its holders voting rights. Proposals for changes to the protocol are made through Snapshot, where people use their sSPELL to vote on them.
What are farms on Abracadabra?
The farms enable users to stake their liquidity provider tokens in order to “farm” SPELL. The SPELL rewards accumulate and can be harvested at any time.
What collateral can be used to borrow MIM?
MIM loans can be taken out with a range of interest-bearing crypto assets as collateral. These include xSUSHI, yvUSDT, yvUSDC, yvYFI, and more.

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