If you’re based in the USA and wish to buy Elrond – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Elrond tokens you want to buy.
The crypto segment is taking over the investment space, making it necessary to have as many cryptocurrencies in one’s portfolio as possible. Having multiple cryptos is one of the ways through which investors can diversify their investment risk. Among the other cryptocurrencies that you can invest in include the Elrond, which was initially released in 2018.
With eGold (EGLD) as its native token, Elrond is becoming highly popular in the crypto market. The coin is used for paying network fees, staking and rewarding validators as it offers very fast transaction speeds by using sharding.
This guide will take you through the entire process of buying Elrond tokens. The guide is highly detailed to ensure that you understand all the processes involved.
Suppose you are just new to cryptocurrencies and investing in the sector. In that case, you need to seek professional financial advice first because cryptocurrencies have a very risky nature. Seeking advice will ensure that you know the best time to invest in the market and how you can minimize losses.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY ELROND IN THE USA
- A Step-by-step Guide to Buying Elrond
- Store in a Crypto Wallet
- How to Sell Elrond
- Things to Consider When Buying Elrond in the USA
QUICK GUIDE: HOW TO BUY ELROND IN THE USA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Elrond
- Enter how many Elrond tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying Elrond
To start buying Elrond, follow these simple steps:
Step 1: Register an exchange account
The first step in investing in this market is to open an exchange account. There are many exchanges in the USA, but not all the exchanges support EGLD. Do your research to know the one that supports this token and also supports USD.
Another factor you need to consider when choosing an exchange is the broker fees charged on transactions. It is best to go with the exchange that charges the fees that you are most comfortable with. You are also advised to select an exchange that can support multiple cryptocurrencies because this will make trading easier.
Registering with an exchange is a straightforward process that will only take you several minutes. All you need to provide are your personal details, such as your name, telephone number, and email address. Afterwards, you can confirm these details to verify your identity.
Step 2: Fund the account
After opening the account, you will need to deposit funds in the account you can use to complete your transactions. To fund the account, you can deposit USD if the exchange permits this. In this case, you can use your credit card or bank account and link it directly to the exchange.
If the exchange does not allow you to buy EGLD using USD, you can change one cryptocurrency to the other. For example, suppose you already have Bitcoin in the exchange. In that case, you can exchange it for Elrond at the rate stipulated by the exchange.
You will be charged a processing fee on funding the account, depending on your selected option. In most cases, the transaction fee is a percentage of the amount you are depositing.
Step 3: Buy Elrond
The third step is to buy Elrond. Buying the token is a fast and easy process, and all you have to do is go to the sell section of the account and then select the amount you want to buy. After confirming your transaction, you will receive a notification at your email address.
To buy EGLD, you can use two types of orders. The first one is the market order. With this order, you will be buying Elrond at ongoing prices. A market order is settled instantly as soon as you confirm your order.
The second option is to set a limit order. This type of order will allow you to buy Elrond at a specific price. All you need to do is set a low price at which you would like to buy Elrond and then wait for the token's value to depreciate to that price. Once the price has gone down to the set level, your order will automatically be completed.
Store your Elrond coins in a Crypto Wallet
After buying EGLD, you need a place where you can securely hold your tokens, and this is a crypto wallet. Crypto wallets will keep your tokens safe to not have to worry about them being vulnerable to attacks on the exchange.
You can select either a hot wallet or a cold wallet. The hot wallet is the one that is easy o retrieve whenever you want to sell. It is, therefore, ideal for retail traders who want to buy and sell cryptocurrencies regularly.
The other type of wallet is a cold wallet, mainly found in hardware devices such as USB drives. It is suitable for institutional investors who want to hold large amounts of the token or those who want to hold the tokens for long-term speculation.
How to Sell Elrond
Selling EGLD is as easy as purchasing the tokens. You can sell Elrond directly from the exchange. Go to the sell section of your account and input the number of tokens you would like to sell. Confirm your details and wait a few seconds for your transaction to be processed.
You can sell Elrond for USD. You can later withdraw from the exchange or sell it by exchanging it with other cryptocurrencies. However, not all exchanges have both options, so you need to consider such things before opening an exchange account.
Things to Consider When Buying Elrond in the USA
Some things you need to consider when buying EGLD include:
The first thing you should consider is the availability of the tokens. When EGLD tokens are highly available, it will ensure that you can easily buy and sell the tokens. The number of tokens in circulation measures availability.
Elrond is a highly volatile token, just like the other cryptocurrencies. Before you invest, you need to take note of this and ensure that you are prepared for any eventualities caused by price fluctuations.
The other thing you need to look at is the performance of the tokens. It is always advisable to go for the token that has been performing well in recent months. Such tokens will demonstrate a slightly stable price trend.
Buying EGLD in the USA is a straightforward process. All you need is to open an exchange account where you can select the number of tokens you would like to purchase or sell. Before buying Elrond, consider several factors to ensure you are making the right decision.
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Virtual currencies are highly volatile. Your capital is at risk.