How to Buy Cosmos in the UK
A Beginner’s Guide to Buying and Selling Cosmos Cryptocurrency in the UK
If you’re based in the UK and wish to buy Cosmos – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Cosmos tokens you want to buy.
Cosmos cryptocurrency traces its development to its native token ATOM. The ATOM platform was established in 2019 to create an "internet of blockchains" that resolves both scalability and interoperability issues in blockchains. Powering the Cosmos crypto, ATOM has earned a positive reputation for its achievements in the realm of decentralized finance. The coin operates or functions as enabled by the blockchain network.
Cosmos crypto is a growing ecosystem of interoperable and sovereign blockchain apps and services. The token was established for a decentralized future and is a project intended to enable creating an ecosystem of parallel blockchains that enables the scaling up and joint interoperation. The crypto is intended to structure an ecosystem of parallel blockchains. Cosmos-based blockchains can now incorporate the recently launched Inter-Blockchain Communication (IBC) protocol.
The following guide will provide you with the necessary knowledge and information to help you buy Cosmos tokens in the UK. The guide also equips you with the necessary tips and things to consider before venturing into the crypto space with Cosmos.
Before investing in cryptocurrencies, you first need to research and gain ample knowledge that will help you make the right investment decisions. Noteworthy, however, is the need for taking the time to think before settling on the idea to invest in the crypto market.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY COSMOS IN THE UK
- A Step-by-step Guide to Buying Cosmos in the UK
- How to Sell Cosmos
- Which Wallets can I Use to Hold Cosmos?
- How Cosmos Works
- Key Things to Consider before Buying Cosmos in the UK
QUICK GUIDE: HOW TO BUY COSMOS IN THE UK
- Open an account with an exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Cosmos
- Enter how many Cosmos ATOM tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying Cosmos in the UK
Follow the following steps to buy Cosmos in the UK:
Step 1: Open an exchange account
The primary step in buying the Cosmos token in the UK is opening an exchange account. The UK has multiple exchange accounts, each having its own mechanism for buying Cosmos coins. Before settling on one, be sure to establish whether that particular exchange account supports Cosmos.
You can buy the Cosmos tokens in a fast and easy process and requires that you provide certain essential information like your name, your contact information and proof of address. The proof of address can be provided through your utility bill. You also have to provide your government-issued ID for verifying your identity.
Through this somewhat brief process of registering your exchange account, you need to tighten your security using a strong password and multi-factor authentication. Other than minimizing chances of loss, the multi-authentication protects the account against unauthorized access.
Step 2: Fund the account
The second step involved funding the account so that you can be able to buy the Cosmos tokens. Although there are many ways to do this, the simplest way is to use a credit or debit card or by a direct transfer from your bank, which means that you have to link the two before transferring funds in GBP from your bank exchange account.
Supposing the exchange account does not allow for direct purchase of Cosmos.
On the off chance that the exchange account does not support buying Cosmos using GBP, the best thing to do is exchanging other cryptocurrencies for Cosmos. Some of the tokens that can facilitate this exchange include Bitcoin and Ethereum, both of which are very commonly used.
Step 3: Buy Cosmos
After opening the exchange account and funding it, you are now ready to buy the Cosmos tokens. The process is straightforward and does not require any technical training whatsoever. To buy the Cosmos coins, go to the buy section of the account and specify the number of tokens you wish to purchase. Next, confirm your transaction and look in your mail to ensure that the confirmation is underway.
When it is finally time to buy the Cosmos tokens, you either have to place a market or limit order. A market order makes it possible for you to buy the tokens at the prices running in the market. If, however you choose to use a limit order, you have to place a minimal rate to buy the token. Then once the level is reached, the transaction is completed automatically.
Step 4: Store your Cosmos tokens in a crypto wallet
After you have bought the Cosmos tokens, there has to be a secure place to store them, and this is the crypto wallet. In choosing the crypto wallet to use, your options are limited to either the hot or cold wallet. The hot wallet enables you to store your tokens online for a short duration before you can start trading them for quick returns. Regarding cold wallets, the wallet makes it possible for you to store your tokens offline using a USB drive. Cold wallets offer more security, mainly because the tokens will not be available online and are therefore less vulnerable to lose.
How to Sell Cosmos
To sell the Cosmos tokens, you have to go to the sell section of the exchange account and define the specific amount of tokens you wish to sell. You then have to confirm your personal details before the transaction commences.
There are two ways through which you can sell the Cosmos tokens. First is by exchanging them for GBP, and secondly, you can trade them for another cryptocurrency. For the latter, all you need to do is select the option that matches the transaction you need, for instance, BTC/ATOM.
Which Wallets can I Use to Hold Cosmos?
Two leading wallets serve for holding Cosmos Tokens - hot and cold wallets. Hot wallets are usually found in the exchange account. Therefore, keep the tokens online, thus making it easy for retrieval and regular selling. Cold wallets, on the other hand, store tokens offline using external devices like a USB drive.
How Cosmos Works
The working mechanism of the ATOM token is based on the ethereum decentralized exchange (DEX) blockchain. The ATOM token aims to facilitate trading between assets and cryptocurrencies using intelligent contracts over the Cosmos platform.
Key Things to Consider before Buying Cosmos in the UK
Among the things that you have to consider when buying Cosmos tokens include:
You need to establish how the specific token you are after has been performing in the past months or weeks. Doing so enables you to predict how the market will perform moving forward.
The second consideration is the volatility of the coin. Cosmos, like any other cryptocurrency, is very volatile.
The range of applications that the coin can serve is another factor. A coin that can be used for other reasons apart from exchanging money is a more desirable option because its prices will be stable.
Cosmos (ATOM) is a great coin that can help you diversify your portfolio. Serving in a highly agile and dynamic industry, you must understand the buying and selling processes while at the same time paying attention to the essential considerations listed above.
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