How to Buy CELO in the UK
A Beginner’s Guide to Buying and Selling CELO Cryptocurrency in the UK
If you’re based in the UK and wish to buy CELO – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many CELO tokens you want to buy.
The CELO cryptocurrency may not be among one the first 50 crypto assets when it comes to market capitalization. But it does have the potential to become a very profitable investment asset.
Interestingly, it uses 2 native assets to manage and stabilize its network, with the first being used as a cryptocurrency and the second used as a stablecoin.
Additionally, you may probably not find many exchanges listing CELO as a trading pair on their platforms, so you need to carry out proper research. If you’re looking to invest in cryptocurrency in the UK, the guide below will come in handy for you.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY CELO IN THE UK
- A Step-by-step Guide to Buying CELO in the UK
- How to Sell CELO
- Which Wallets Can I Use to Hold CELO?
- How CELO Works
- Key Things to Consider Before You Buy CELO in the UK
- Final Words
QUICK GUIDE: HOW TO BUY CELO IN THE UK
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select CELO
- Enter how many CELO tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying CELO in the UK:
Step 1: Register for an account with an exchange
The first step you have to take when buying CELO is to register an account with a crypto exchange. However, make sure that the exchange lists CELO on its portal before creating an account with them. And if you don’t have another cryptocurrency to fund your account, try to select an exchange that enables fiat currency deposits.
Once you find the right exchange, proceed to the registration section and enter the details required. Some of the exchanges may only ask for your email address while others may ask for proof of ID and to fulfil the Know Your Customer (KYC) requirements.
After entering the details, your account will be created. Also, do not forget to enable two-factor authentication (2FA) to offer more security to your account.
Step 2: Deposit funds into your account
After registering with the exchange, the next step is to deposit funds into your account. As we stated earlier, the crypto exchange should have the option to deposit funds with fiat currency if you don’t have another cryptocurrency to fund your account.
On the account section, select the payment option you are most comfortable with (PayPal, credit card, or bank transfer, depending on what is available on the platform).
Enter the amount you want to deposit and complete the registration. Once the deposit is approved, the amount will be credited to your account. From there, you can proceed to the market section to order CELO tokens.
Step 3: Buy CELO
The market section of the exchange should have a long list of trading pairs for different cryptocurrencies. However, if you’re looking to buy CELO with GBP, you might not find the CELO/GBP option. In this case, you can buy BTC with the fiat currency first before buying CELO with the BTC.
Do not fail to review your order before completing the transaction. After each order is complete, an email notification will be sent to you confirming that the order has been executed.
How to Sell CELO
After buying CELO, you may want to sell it to gain profit if it has surged in the market. Well, selling the token is pretty straightforward. Just as you have done in step three above, you can follow a similar process to sell CELO. However, you will be clicking on the “Sell CELO” option instead.
Also, remember that you may not find the actual currency pair you want to exchange CELO with. So, you have to choose the CELO/BTC option, which is always available on most exchanges that offer CELO tokens. Afterwards, you can sell BTC to buy the token or currency you want.
Which Wallets Can I Use to Hold CELO?
While a crypto exchange can act as a custody platform for your tokens, it’s safer to find a crypto wallet that can store the tokens for you. There are two main types of crypto wallets: hardware (cold) wallet and software (hot) wallet. The former is ideal if you are looking to keep your CELO tokens for a long time. However, if you want to access the crypto-asset regularly, a software wallet will be better. But for the sake of security, you should get a hardware wallet because it will be out of reach for hackers and scammers since it’s offline.
How CELO Works
CELO is an open-sourced Proof-of-Stake (PoS) blockchain that is designed to offer support to stablecoins and tokenized assets.
It uses the CELO (CGLD) as its native token, which acts as a governance and utility token for the CELO platform. It is developed to make it easy for smartphone users to send, receive and store stablecoins. The token is the 152nd cryptocurrency when it comes to market capitalization.
Key Things to Consider Before You Buy CELO in the UK
If you are thinking about buying the CELO cryptocurrency, the following are the important things you need to consider.
Buying cryptocurrency can be risky
We have always stressed that it is a risky business to buy cryptocurrencies. While there are many gains to be made from investing in CELO and another crypto asset, it’s also very risky and you can lose a lot of your invested funds.
The volatility level of CELO is one of the highest among all investment options. As a result, it’s important to carry out proper research and stay abreast with market indices. That way, you will able to spot any changes and make the right investment decision.
Select only a reputable crypto exchange
Just like anything else, selecting an exchange with a good reputation is the right way to go. Make sure the platform has been existing for a long time and has a broad base of users. When you deal with a crypto exchange with a massive user base, it will be easier and quicker to buy or sell your CELO tokens.
Stick with well-known exchanges: Unless you're an experienced cryptocurrency trader, stick to more well-known crypto exchanges to help avoid the possibility of losing your money in a scam. When possible, store your crypto on a hardware wallet instead of on an exchange.
Look into the coin's founders and developers: Anonymous teams are often a red flag, so if you can't find details on the creator of the coin you may want to consider investing in a different cryptocurrency.
Know the team behind the cryptocurrency
It is very important to understand the team and developers behind the crypto asset you want to buy. This will tell you a lot about the plan for the project in the future. Never invest in a crypto asset if its developers are anonymous because it doesn’t breed trust. Remember that the price of a token can be impacted by the level of trust placed on its protocol or platform.
CELO may not be a very popular crypto asset like Bitcoin or Ethereum, but investors of the cryptocurrency have gained tremendously over the past several months. If you’re looking to invest in CELO in the UK, the guide above provides all the information you need.
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