How to Buy Enjin - Beginner’s Guide
Buying Enjin (ENJ) : A Step-by-Step Guide
Are you interested in buying Enjin, but not too sure where to begin? You’re not alone. The ENJ coin is a hugely popular cryptocurrency to buy. But, for beginners, this can be quite intimidating.
You may be fascinated by Enjin and its commitment to creating an ecosystem of integrated blockchain gaming products. If you already know this, there’s a good chance you understand the Enjin protocol and its use cases already.
However, if that’s not the case, we have created a comprehensive guide on this project. Enjin seeks to offer developers an avenue to leverage its token for in-game items on the Ethereum blockchain. The Enjin Network is a gaming platform that allows users to develop chat, websites, clan, and host virtual stores.
The protocol was founded in 2009, and over the decade, its ecosystem has attracted over 20 million users. Following the protocol’s initial coin offering (ICO) in 2017, the project has been able to establish itself as a significant blockchain asset.
We imagine that you might be intrigued about how to buy Enjin. If that’s the case, this How to Buy Enjin Guide will walk you through all you need to know about the process. Most importantly, it will simplify the procedures, thereby positioning you to make an informed choice when buying Enjin.
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How to Buy Enjin In 5 Easy Steps
To buy Enjin, you will need to find a cryptocurrency trading platform that gives you access to this digital coin.
If you have some knowledge of investing in cryptocurrencies, then this five-step guide might be all you need to buy Enjin.
Follow these steps carefully, and you will have your coins in no time.
- Step 1: Start by selecting a reputable broker that allows you to buy Enjin.
- Step 2: Make a deposit into your accoun.
- Step 3: Look for Enjin on the list of the supported cryptocurrencies by your chosen platform.
- Step 4: Decide on the amount of Enjin you intend to buy.
- Step 5: Confirm the order and you’ll have your Enjin coins added to your web wallet.
If you’re an expert at buying cryptocurrencies, these steps might be sufficient. However, if you’re a beginner at this, you may need a more comprehensive guide to grasp the details. As such, we’ll discuss these steps more extensively below.
Step 1: Choose an Online Enjin Broker or Exchange
For an adequate understanding of how to buy Enjin, you’ll first have to select a credible broker or exchange. There are many platforms that support the Enjin coin. However, choosing the right broker requires due diligence.
Therefore, we have created a list of things you should look out for when choosing the broker from where you’ll buy your Enjin tokens.
The importance of regulation concerning brokers cannot be overemphasized. When a business offers financial services to people, there are often certain regulations that platforms must follow. The essence of this is to offer some form of protection to users and also establish the platform’s credibility.
Therefore, when looking to buy Enjin tokens, it’s essential to do so from a regulated broker. Ideally, if you’re looking to buy Enjin, you should consider a broker that is regulated by CySEC, FCA, or ASIC.
These are credible financial institutions regulating brokers, so you may want to look out for them. Furthermore, if you’re in the US, you may also want to consider if your broker is registered with FINRA.
This is why we suggest eToro as a broker to buy your Enjin coin from, because the trading platform is regulated by the above authorities and registered with FINRA accordingly.
If you’re not convinced yet as to the importance of regulation concerning your chosen Enjin broker, let’s take you through a few more points:
- As earlier established, a regulated Enjin broker is bound to strictly follow a set of rules. Often, this means that you enjoy a reasonable level of protection with such a trading platform.
- Additionally, some regulated brokers might offer compensation schemes to their users to further establish their credibility.
- Lastly, regulated brokers offering Enjin are often mandated to store their funds separately from their users’ capital.
From the above, it is clear that choosing a regulated broker to buy your Enjin tokens is the preferable way to go. This is because it helps you hedge your risk in buying Enjin since you get to enjoy some form of protection while doing so. More importantly, you get to have peace of mind throughout the entire procedure.
Despite the importance of regulated brokers, it’s equally important to touch on unlicensed Enjin exchanges, especially because there are many of these platforms in the market today.
Let’s take a look.
- With unregulated exchanges, you can buy Enjin tokens with cryptocurrency. However, because these platforms are unregulated, you cannot ascertain the nature of activities in which they may choose to engage.
- You can also get leverage with these platforms. However, this is something you should approach with the utmost care, as there have been cases where beginners have lost more than they had anticipated.
- When you sign up to buy Enjin from a regulated broker, you can rest assured that you’re doing so with a credible platform. Consequently, if there’s any compromise with the platform, you stand a better chance at incurring minimal loss than with unregulated exchanges.
Furthermore, regulated brokers often come with an integrated wallet for storing your Enjin tokens. This is more suitable for newbies - as you won’t need to have any knowledge of private wallets.
Finally, with regulated brokers, all users go through a Know Your Customer (KYC) process. This means that users will submit some details to verify their identity. The absence of this on unregulated exchanges makes them a place where anyone can start purchasing Enjin without verifying their identity, which threatens the interests of other buyers.
With this explanation of ours, we hope you now have a better understanding of regulated and unregulated exchanges. Irrespective of the option you choose to go with, you should always prioritize the safety of your Enjin coins at all times.
When learning how to buy Enjin, it’s crucial to choose a broker that supports your desired payment method. You won’t want a case where you’re unable to make a deposit into your account after signing up and getting acquainted with a broker.
Often, this is what obtains with many third-party exchanges. Because most of these exchanges are not regulated, they only accept payments in cryptocurrencies, which limits your options.
However, there are numerous ways to make payments when buying Enjin. This includes using your debit/credit card or numerous e-wallet options such as Apple Pay and Paypal. Furthermore, if you also want to use wire transfer, there’s an option for that. Essentially, with the right broker, you have all these payment options to use.
Fees and Commissions
Cryptocurrency brokers make a profit by charging certain fees and commissions on transactions. For instance, you may be charged a fee when you enter and exit trades.
You may also be charged a fee when making deposits and withdrawals. While most brokers often charge one fee or the other, the overall costs you incur when buying Enjin vary across all trading platforms.
Some of the things that influence the difference in charges include location, payment method, and transaction size. For instance, if you buy Enjin in Europe and want to trade the token via Coinbase, you’ll be charged a 1.49% fee for every position you execute.
- Let’s use a practical example to show the impact of this.
- Suppose you place a $1,000 Enjin buy order.
- Coinbase charges its fixed 1.49% commission, which equates to $14.90.
- Now, let’s say your Enjin investment has reached $1,500, and you want to sell it.
- This means the platform will once again charge its 1.49% commission on the $1,500 sale, which is equivalent to $22.35.
- Altogether, you have paid $37.25 in fees.
A quick look at these figures might tempt you to think they are quite small. However, you won’t always make a profit from your trades. This means that when these figures sum up, they can become significant on your Enjin investment.
This makes it important to always consider all the fees charged by your broker. Most brokers will have a specific page containing the relevant fees you may incur. This will likely include conversion fees and the spread.
As such, always ensure you research thoroughly before deciding on a broker to buy Enjin coin from.
Other Important Factors
We have covered the significant factors you should consider when learning how to buy Enjin. However, for a wholesome understanding of what you need to know when choosing a broker, there are some other features you should consider.
We have discussed them below:
- User-Friendliness: You cannot underestimate the importance of a broker with a simple interface. It can be frustrating when you cannot navigate a broker conveniently, especially if you’re a beginner. The best brokers have concise and straightforward instructions concerning what you should do. Therefore, when choosing a broker to buy Enjin, consider how much thought has gone into the platform’s design.
- Minimum Investment: We have already stated that brokers charge different fees for their services. What we’re yet to mention is that these brokers also often have a minimum investment requirement. This means that to kickstart your journey to buy Enjin on the platform, you must deposit a certain amount in your account. At top-rated broker eToro, the minimum purchase amount is just $25 per trade.
- Storage: Once you sign up and make the required deposit, you can go ahead to buy Enjin coins. However, once you do that, you’ll have to look for somewhere to store your tokens. Although there are numerous wallets you can use, it can be pretty challenging to choose the right one. Therefore, it is preferable that you choose a broker like eToro that offers you an in-built wallet to store your ENJ tokens after buying them.
Step 2: Set Up An Enjin Investment Plan
One thing you’ll realize from our How to Buy Enjin Guide is the constant mentioning of checking whether this token fits with your investment goals. The reason for this is simple.
When you have an investment plan, you can conveniently decide whether the prospects and trajectory of a token fit into it. This is what many traders do to ensure they stay on top of their cryptocurrency endeavours.
Doing this enables you to consistently make informed decisions. That is, you can make decisions based on research and adequate analysis instead of mere instincts. Having a sound plan when buying Enjin will help you maximize your investment.
This is super-necessary, especially when you consider that cryptocurrencies like Enjin are highly volatile.
To help you create a smart plan when buying Enjin, we have discussed some factors you may want to consider.
Long-Term or Short-Term
The first thing you have to conclude on is whether you’re buying ENJ coins on a long or short-term basis. If your aim is to be a short-term buyer, this means you aim to profit from the coin’s constant price movements.
However, you should note that this option is most suitable for experienced cryptocurrency pros. This is because it involves a careful analysis of Enjin and an understanding of the coin’s historical data.
To make impressive returns through this short-term strategy, you’ll place numerous Enjin orders across the day. So, if your speculations are right, you get to make a profit. However, if the market doesn’t move in your favour, you can also suffer a substantial loss.
Therefore, if you’re uncertain about your expertise in that regard, you may want to consider a long-term plan. This essentially means you’d buy Enjin coins and hold them until they increase in value. When they do, you can then sell them off at a favourable profit.
This is a popular strategy, and it favours you if you’re just getting started with buying and selling cryptocurrencies. In fact, some investors have been holding their cryptocurrencies for several years, hoping to make a significant profit from the asset in the future.
Target Enjin Price
You will likely come across the term “target price” when researching how to buy Enjin. The target price refers to the particular figure at which you intend to sell off your coins, in this case, Enjin.
Having a target price is an indication that you’ve done your research before deciding to purchase this innovative digital token.
Let’s put this in context:
- You decide to stake $300 on Enjin, and consequently, you place an order.
- You evaluate your investment goals and decide you’re looking to make a 30% profit before selling your coins.
- To attain this target price, the value of your Enjin investment must reach $390.
- Suppose you decided to keep it at a small target of 10%. In this instance, you would want your stake to reach $330.
From the above, it is clear that you can decide to start small or big. It all depends on the amount you’re willing to put behind Enjin and your risk appetite. Predicting the value of Enjin can be tricky. This is why it’s mandatory to always do your research first.
For instance, when you research, you’d realize that Enjin grew from an all-time low of $0.015 on 02 November 2017 to a high of $4 on 09 April 2021. Knowing this, you can decide whether to buy and hold this coin or not, considering that it took nearly four years to experience such an increase.
Give Regular Investments a Consideration
Due to the buzz around cryptocurrency, people think it’s a venture where you can throw money around and expect enormous returns. This is far from the case.
While you can make money from cryptocurrencies like Enjin, it’s a scheme that requires strategies. Purchasing regularly in a token is one of the common strategies many cryptocurrency traders incorporate.
For instance, you could decide to buy Enjin every week. This means you’d be making consistent small purchases on a weekly basis. By doing this, you get to hedge your risks while building your portfolio.
If you find this suggestion helpful, then you’ll need to get a broker with a low minimum investment requirement and generally has an affordable fee structure.
This is because if you’re incurring high charges on each purchase, this will impact your ability to make a profit. You can choose eToro for this reason because the broker allows you to buy your Enjin coins in a cost-effective manner and at a minimum stake of $25.
Step 3: Open An Enjin Broker Account
Once you understand what to look for when choosing a broker, the next step is how to open an account with one.
This process is generally similar across all brokers.
- Start by visiting the website to sign up.
- If you’ve taken our suggestion and you’re consequently using a regulated broker, that means you have to undertake the required KYC process.
- The details you’ll provide include your name, home address, and date of birth.
- You’ll also need to upload a government-issued ID.
Once you have submitted the necessary details, your account will become verified and ready for use. You can then start to buy Enjin coins.
Step 4: Deposit Some Funds
There are numerous methods to make a deposit. You simply have to choose your desired method and input the amount you wish to deposit. Using a debit/credit card or an e-wallet like Paypal is a fast way to get this done.
Although you can also do a bank transfer, it might take a bit longer. Once you fund your account, you can proceed to buy ENJ tokens.
Notably, though, it is crucial to consider the minimum amount you need to deposit on the broker. This amount often varies across platforms, so it’s essential to confirm.
Step 5: Set up an Enjin Order
Creating an order is how you let your broker know what you intend to do. If you’re familiar with the cryptocurrency world, you’ll understand the different types of orders you can place.
However, if you’re new to cryptocurrency, we have provided a detailed explanation of the main order types you can use when buying Enjin.
You place a buy order when you want to purchase Enjin coins. Since this is how you enter the Enjin market, you’ll be using this order a lot. Therefore, if you speculate that the token will increase, you can place a buy order to purchase some.
Furthermore, if your broker permits you to short sell, then you can speculate that Enjin will drop in value. To that end, you’ll place a sell order. So, if the coin truly drops, you can repurchase at the lower price using a buy order.
From this, you can see that a buy order can be used in different ways based on your needs.
Limit or Market Order
As earlier discussed in our How to Buy Enjin Guide, the cryptocurrency market is highly volatile. So, when you create a buy order on Enjin, you’re at liberty to decide whether you’re entering the market immediately or at a certain price.
Here’s where it becomes important to discuss limit and market orders.
- Market orders are mostly used by buyers who want to enter the market immediately.
- This order type comes in handy when you’re trying to take advantage of a sudden opportunity in the Enjin market.
So, when you use a market order, your broker will execute it for you at the next best price. Market orders are fast and highly automated in that once you instruct the broker, it will execute the purchase on your behalf.
This makes market orders the perfect choice for cryptocurrency newbies when buying Enjin - because you don’t have to think of a specific entry price.
The limit order, on the other hand, is a way for you to take full control of your Enjin purchase. Here, you decide the entry price at which the broker should execute your buy order. This order type is the best choice when you’re buying Enjin based on thorough research and a clear investment plan.
- Suppose the value of Enjin is currently $1.50, and you’re looking to enter the market at $1.55.
- As such, you place a limit order for your chosen price of $1.55.
- This means that if Enjin attains your chosen entry price, your broker will execute your order.
- However, if the coin doesn’t reach that price, the order will remain inoperative. You’d have to manually cancel it in such an instance.
From the two order types, a market order is the most straightforward. You don’t have to do too much analysis or predictions on Enjin’s price.
On the other hand, while a limit order is not the simpler option, it offers you complete control over your purchases, as you get to determine when they are executed.
Your stake refers to the amount of Enjin you’re willing to buy. As such, you will need to decide how much you want to stake per trade. It’s important to consider this in line with your trading plans.
Once again, it will be smart to start with small but regular amounts. This way, you can hedge your risks and consistently grow until you become an expert in this field.
Once you decide on your Enjin stake, the next thing to do is to confirm your order. Before you do this, ensure you check that you’ve made the right inputs concerning the important aspects mentioned above
This includes your stake, the position you’re taking, and the order you’re using. Once you ascertain all these metrics, confirm your order, and you’d have successfully bought Enjin!
Step 6: Storing Your Enjin
Earlier on, we briefly established the importance of storing your ENJ tokens. We will explain more extensively here to ensure you have a firm grasp of how this works. Cryptocurrencies need to be stored just the same way we store fiat money in the bank.
The only difference is that digital assets are stored on the blockchain. To store your Enjin coins, you’ll need a cryptocurrency wallet. Choosing the right wallet can be challenging, especially if you’re a beginner.
More so, when you use a third-party exchange, you have to transfer your Enjin coins from the platform to your wallet. Since most of these exchanges are not regulated, the transfer process can lead to a compromise of your tokens.
This is why we recommend you use a regulated broker like eToro when buying Enjin. With such a broker, you can execute all your transactions on a single platform. More importantly, you’ll enjoy adequate protection since the broker is regulated.
Step 7: Selling Your Enjin
From our explanation so far in this How to Buy Enjin Guide, you’d have seen that the ultimate goal when purchasing this digital token is to know when to sell. This means you have to stay updated with the market, especially if you’re looking to profit from the constant price movements.
Alternatively, you can buy Enjin and hold it for a long period before selling. However, irrespective of your strategy when buying Enjin, you’d want to do so in a secure manner. Therefore, it is preferable to opt for regulated brokers in this regard.
Buying your Enjin from a regulated broker like eToro is fast and effortless - and you can sell your coins at any given time from within your portfolio!
Other Ways to Buy Enjin 2021
There are numerous ways to buy Enjin in the marketplace.
Here, we discuss some of those ways in more detail.
Buy Enjin Debit Card
Using your debit card is one of the ways to buy Enjin. All you have to do is input the amount of Enjin you wish to buy. Then, your broker will execute your order.
In the same manner, once you’re ready to cash out, you make a request. After that, the broker will transfer the money back to the same debit card you used to purchase Enjin.
Buy Enjin Credit Card
If your favourite payment method is a credit card, there are numerous trading platforms that support that too. The process is similar to that of the debit card.
The only difference is that credit card transactions may attract a cash advance fee. Although this fee is often the same across most card providers, it may vary for some.
Buy Enjin Paypal
There are numerous e-wallets in the marketplace you can use to buy Enjin. Paypal is one of the most popular e-wallets supported by trading platforms like eToro. All you need to do is choose Paypal as your payment method and input the amount of Enjin you want to buy.
You may not have heard about cryptocurrency ATMs. These ATMs are now common across different places - such as shopping malls.
A cryptocurrency ATM works in a similar way to the regular ones, but with a slight difference. In this case, you exchange your cash for cryptocurrency tokens.
However, as interesting as this may sound, there’s a high chance that these ATMs won’t have Enjin for sale at this point. This might be a good thing because these machines often have a high-fee structure.
How to Buy Enjin 2021 - The Verdict
In our How to Buy Enjin Guide, we have covered all you need to know, from the basics to the technical parts of the process. We have taken you through the order types, brokers, and everything relevant to buying Enjin.
Once you read this guide and become acquainted with eToro, you should be ready to enter the Enjin market and maximize your trades accordingly.
eToro – Best Platform to Buy Enjin
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Is it easy to buy Enjin?
Yes. You simply need to choose a regulated broker to make your order.
Which is the safest method to buy Enjin?
The safest way to go about this is to use a regulated broker. eToro is a good example because the broker is regulated by ASIC, FCA, and CySEC.
Can I invest in Enjin for only $100?
Yes, you can invest $100 in Enjin. However, you’d need to confirm your chosen broker’s minimum investment requirement.
Is it risky to buy Enjin?
As with all cryptocurrencies, buying Enjin comes with its risks since it’s a volatile asset.
What is the highest value that Enjin has ever reached?
Enjin reached an all-time high of $4 on 09 April 2021.