How to Buy CELO in the USA

A Beginner’s Guide to Buying and Selling CELO Cryptocurrency in the USA

Last Updated July 23rd 2021
5 Min Read

If you’re based in the USA 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.

CELO (CGLD) is an open-source Proof-of-Stake (PoS) blockchain that offers support to tokenized assets and stablecoins. It uses an algorithmic reserve-backed stability protocol and makes it easier for smartphone users to send and receive stablecoins without a crypto wallet.

It uses the CGLD cryptocurrency as its native token. If you’re looking to buy CELO (CGLD) in the USA, the following is a step-by-step guide that will help you purchase the token easily.

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY CELO IN THE USA
  2. A Step-by-step Guide to Buying CELO in the USA
  3. Which Wallets Hold CELO?
  4. How to Sell Your CELO Token
  5. Things to Consider When Buying CELO in the USA
  6. Final Words

QUICK GUIDE: HOW TO BUY CELO IN THE USA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select CELO
  5. Enter how many CELO tokens you want to buy
  6. Check the details and confirm your purchase

 

A Step-by-step Guide to Buying CELO in the USA

Set up an account with an exchange that supports CELO in three steps:

Step 1: Open an online account with an exchange 

The first step to take when opening an account in a crypto exchange is to select an exchange that supports CELO. The token may not be as popular as Bitcoin (BTC) or Ethereum (ETH), so you may not see it listed on many exchange platforms.

But you will find CELO listed on some top exchanges. Also, you should be looking for a crypto exchange that allows you to deposit fiat currency (USD) if you don’t have any other cryptocurrency. 

Once you have selected the right exchange, go to the registration section and complete the requirements. While some exchanges may request for only your email address, others may ask you to provide additional details such as your proof of ID and employment status. These additional details are to fulfill the Know Your Customer (KYC) requirements. 

Once the details are provided, your account will be provided. Also do not forget to enable two-factor authentication (2FA) to offer added security to your account. 

Step 2: Deposit Funds

The next step is to deposit funds into the account you created. The process of depositing funds into your account will depend on the exchange. However, those that accept fiat currency deposits will have options such as credit card, debit card, PayPal, or direct bank transfer. 

Go over to the deposit page and select the perfect option for you. Enter the number of funds you want to deposit and complete the transaction details.

Remember that each deposit option comes with a specific transaction fee, so you should select the option that is cheaper and more convenient for you. 

After filling the page, make sure you review it before sending it for approval. After the deposit is approved, you will be sent an email to confirm that your deposit has been successful. At the same time, the amount you funded will reflect in your online account.

Step 3: Make Your Purchase

Here is the fun part where you have to purchase the amount of CELO tokens you need. Go to the section of the market and select the trading pair, which should be CGLD/USD. Remember that you may likely not see this option on the portal. Here is what you should do: select the BTC/USD trading pair and enter the amount of BTC you want to buy. Make sure the amount will be enough to buy the CELO token you need. Fill in the order details and click on the “execute” button. 

Once the BTC is credited to your account, go back to the market section and select the BTC/CGLD pair, which should be available. Follow the same process of filling the amount of CELO you want to buy and review your order. Once it is approved, the CELO amount you ordered will be credited to your account. It’s that simple!

Which Wallets Hold CELO?

After buying your CELO tokens, you may want to hold the token in a secured wallet. Although most exchanges will provide custody services for you, it’s safer to have a crypto wallet to keep the tokens. In this case, you may consider either a hardware wallet or a software wallet. The former is perfect if you are looking to keep the tokens for a very long time. However, you should keep your CELO tokens in a software wallet if you want to have regular access to the cryptocurrency. There are tons of hardware and software wallets out there, but make sure you select the right one that can hold CELO.

How to Sell Your CELO Token

You may be thinking of selling your CELO token to gain profit if it has surged in the market. In that case, you have to follow the same step you took when buying the token in step 3 above. Go to the market section and select the token you want to exchange CELO with. And as we explained earlier in step 3, if the pair you want is not available, you can always buy BTC and exchange the cryptocurrency with the currency you want.

Things to Consider When Buying CELO in the USA

Before you consider buying CELO in the USA, there are certain things you need to have in mind.

Stick with well-known exchanges 

Although buying CELO in a crypto exchange is one of the safest options, there are still risks involved. Not all exchanges offer the same service, and some are not properly regulated. As a result, you need to settle with an exchange that has a big reputation to protect. Also, do your proper research and choose the platform that best suits your trading needs. 

Research about the coin

Even if you have an idea about CELO, it’s still wise to do thorough research before investing. Find out about the funders and developers behind the token and see what they are up to. This will help you understand whether the price of the token will increase in the future.

Understand that the market fluctuates terribly 

The crypto market is one of the most volatile in the world. As a result, it’s important to take caution while trading because prices can go south at any time. That’s also the reason why you need to stay regularly updated in the market to know when to make an investment move and when to exit the market.

Final Words

CELO (CGLD) is the 15th largest crypto asset, based on market capitalization. It has grown in usage and popularity, as it has become available in more crypto exchanges. If you’re looking to invest in the token, the guide above provides all the information you need.

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