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How to Buy Decentraland in the UK

A Beginner’s Guide to Buying Decentraland Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and looking to buy Decentraland MANA  – the process is very simple. All you need to do is find a regulated UK exchange, deposit funds into your account, and decide how many Decentraland tokens you want to buy.

Decentraland is a protocol based on the Ethereum blockchain. It is a virtual reality platform that enables users to buy, build, and monetize virtual reality applications.

The platform is completely decentralized, which makes it highly attractive to many users. It uses the MANA token for rewards and payments for virtual reality acquisitions. Decentraland (MANA) has also become very popular, as it’s now being traded across several crypto exchanges.

If you’re looking to buy Decentraland in the UK and you don’t know how to begin, the guide below will show you the way.

What's in this guide?

  1. QUICK GUIDE: HOW TO BUY DECENTRALAND IN THE UK
  2. A step-by-step guide to buying Decentraland in the UK
  3. Which wallets can I use to hold Decentraland?
  4. How to sell Decentraland
  5. How Decentraland works
  6. Things to consider when buying Decentraland in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY DECENTRALAND IN THE UK

  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 Decentraland
  5. Enter how many Decentraland MANA tokens you want to buy
  6. Check the details and confirm your purchase

A step-by-step guide to buying Decentraland in the UK

Step 1: Open an Online Account

Obviously, this is the first thing you need to do if you’re looking to buy Decentraland in the UK. You need to select a cryptocurrency exchange that offers the MANA token on its platform for trading. Several crypto exchanges in the UK offer different crypto assets, so you need to select the one that offers MANA.

You should also make sure the exchange has a good reputation and has no history of hacking incidents or legal issues. All these may affect the safety of your funds, so it’s important to make the right choice.

If you have no other cryptocurrency in a wallet such as Bitcoin (BTC) or Ethereum (ETH), you should find a crypto exchange that allows you to fund your account using fiat currency (GBP).

However, you need to provide certain details to open an online account with a crypto exchange. Depending on the exchange, you may be asked to provide your official name, physical address, phone number, and email address. The information is required for compliance with the Know Your Customer (KYC) rules. To provide more security for your account, you should enable two-factor authentication, which is available on almost all crypto exchanges. This makes sure an intruder doesn’t have access to your exchange account.

Step 2: Fund your account

After opening an account with a crypto exchange, the next phase is to fund the account. If the exchange accepts fiat currency deposits, you can link your bank account with the exchange. Whenever you want to fund the account, enter the amount you want to deposit and the amount will be deducted immediately. But if you have other cryptocurrencies, you can also fund your account via your crypto wallet holding such asset.

Otherwise, you have to deal with only the crypto exchange that accepts fiat currency deposits. When your deposit goes through, an email notification will be sent to the email address you provided during registration.

Step 3: Purchase Decentraland

After funding your account, you have to proceed to the market section of the portal to buy the decentraland token.

Select the right crypto pair you are buying. With fiat currency, you should be selecting the MANA/GBP currency pair. But it will be a little difficult to find such a trading pair. However, you can still buy the MANA token as long as the exchange offers it.

Here, you need to buy BTC or ETH tokens with your fiat currency, which should be very easy to do on almost any platform. Once you’re bought the cryptocurrency, it will be easier to exchange BTC or ETH for MANA on the platform.

Also, remember that most of the exchanges have different order types. But there are two major order types: the market order and the limit order. The former is based on the current price of the MANA token. The latter is ideal when you are expecting the token to fall in price. In this case, you can select a predetermined price where you think MANA could fall. Once the price reaches the level, the order is immediately executed.

Which wallets can I use to hold Decentraland?

Although you can store your Decentraland token in the exchange, it’s a wrong idea. In terms of the safety of your funds, it’s better to store your token in a crypto wallet. In this case, a hardware or software wallet should be sought. The hardware wallet is the better option if you’re looking to store your MANA token for a long time.

How to sell Decentraland

After buying Decentraland, you may want to sell it when the price has increased to gain profit. Just as you bought the token, you can also sell it on the same portal. But this time, you should be clicking the “sell” button. You can also buy another cryptocurrency with the Decentraland token before exchanging it to get fiat currency.

Once the transaction is executed, your account will be credited and an email notification will be sent to you.

How Decentraland works

Decentraland works by providing a platform where users can buy different virtual reality applications using its native token MANA. Apart from applications, users can also engage in content curation, advertise on digital billboards, and purchase digital collectibles. The MANA token is also heavily traded on different cryptocurrency exchanges.

Things to consider when buying Decentraland in the UK

There are certain things you should consider before buying Decentraland (MANA) in the UK. These include:

Performance 

When you are trying to invest in a token, one of the first things you should consider is how the project has been performing over the years. That’s because the past performance can give you an idea of what to expect in the future. Also, find out whether the token’s price is stable and whether there has been a steady rise in its price over the years.

Volatility

Price volatility is also another thing you need to consider when buying Decentraland in the UK. All types of cryptocurrencies are volatile, which means MANA is not alone here. You need to be watchful of market indications to invest and cash out at the right time.

Availability and Supply

The availability of a token will determine how fast you can buy and sell it in a cryptocurrency market. It also tells its level of scarcity in the market. Presently, the total supply of Decentraland is over 2 billion, which makes it highly liquid.

Conclusion

As stated earlier, Decentraland is a unique project that has become increasingly popular. Its token has enough supply in the market and it will be faster to trade on the crypto asset. The guide above provides all the details you will need to buy, store, and sell Decentraland in the UK.

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