How To Buy Meme Coins: 6 Steps For Beginners

Last Updated April 8th 2022
8 Min Read

Do you want to get started with meme crypto investing to build wealth? Here's what you need to do.

So, you have decided to buy meme coins and build a crypto portfolio. Having watched on the sidelines as the last meme coin bull run helped some tokens grow their value by as much as 5,000,000%, you don't want to miss the next rally. You probably have even identified the meme currencies you want to invest in, in 2023. 

But you are still new to crypto and aren't sure where to start. And the fact that some meme coins aren't listed with your preferred crypto exchange complicates the meme coin buy process for you even further. 

In this post, we will help you get started by providing you with a step-by-step guide on how to invest in meme coins. We will even throw in a few tips on how to find the best meme coins and tell you where to buy them. 

Read on. 

How To Buy Meme Coin As A Beginner  

buy meme coins

The process of buying meme coins is easy and straightforward. Here are the steps you need to follow to buy your first meme coin:  

Step 1: Register with a crypto exchange

You will want to start by identifying a meme coin trading platform and registering a crypto trader account there. Of the two types of crypto exchanges available today, centralized and decentralized. While centralized exchanges list the more popular meme coins like Dogecoin, decentralized exchanges list new and emerging tokens. 

Nevertheless, they all have rather straightforward onboarding processes and do not ask for too much of your personal information. Most decentralized exchanges won't even ask for identity verification, especially if they do not process fiat deposits. 

But there are a few factors you need to consider when choosing a meme coin exchange. For starters, confirm that it is easy to use and has an intuitive interface. That its trade execution is fast, has no history of slippage, is easily navigable, and features all the basic trading and risk-management tools. 

You will also need to confirm the cost of buying meme coins on the exchange. Check out all the fees and commissions - as well as possible hidden charges - maintained by the exchange. Confirm the impact they have on your profitability. 

Only register with a meme coin exchange with the most user-friendly platform with competitive fees.

Step 2: Fund your account

After creating the user account, you will now need to deposit funds that you will use to buy meme coins. 

Different exchanges support widely varying payment methods. Centralized exchanges like eToro, for instance, will let you buy a joke currency with credit/debit cards, bank wire, and eWallets. Decentralized exchanges like Pancakeswap, on the other hand, will only allow you to buy a meme coin with another crypto coin.

Your preferred exchange will provide you with a list of the supported payment methods or digital wallets that you can link to their platforms. Choose one and make the deposit.

Further below in this article, we will highlight a few of the best places to buy meme coins today and list their supported payment methods.

Step 3: Identify the meme coin to buy

This is the trickiest part. After witnessing the explosive value gain posted by the likes of Dogecoin and Shiba Inu throughout 2021, you, too, must be looking for a meme coin that can mirror such growth in 2023.

But how do you find the next Shiba Inu or the next Dogecoin?

Here are a few pointers: 

  • Go for a popular newcomer meme coin, especially on popular social media platforms like Reddit, Discord, Twitter, and Telegram. 
  • Check the legitimacy and track record of the meme coin's development team and only consider meme tokens created by a solid and highly reputable team. 
  • Ensure that the meme coin has a large or fast-growing and robust community of supporters. Given that meme coin values are driven by sentiments, a significant following is needed to positively hype the token and ramp up demand. 
  • It is also an added benefit if the meme coin has already scored celebrity endorsements. 

Check Out: Best Meme Coins To Buy This Month

Step 4: Decide on the type of buy order

You could decide to buy the meme coin right away at the current market price by opening a market order. This type of buy order is only advisable if you are buying the meme coin early on or if every forecasting indicator points to an impending bull run. 

Alternatively, decide on the price you wish to buy the meme coin for and open a limit order. This is to say that the buy order will be fulfilled if anyone in the market decides to dispose of their meme coin holdings at the price you specified. 

If you don't think the coin will blow up any time soon but still want to add it to your crypto basket. Use DCA (dollar-cost averaging). Buy small amounts of the meme coin at irregular intervals when the joke coin prices dip. 

Step 5: Buy meme coins 

Now that you have decided on the best meme coin exchange, funded your trader account, and figured out the best strategy to invest in meme coins, place the order and start accumulating meme coins. 

Most exchanges will provide you with a free online digital wallet where the private keys for the purchased tokens will be deposited. You, however, are free to withdraw them to your preferred third-party wallet. 

etoro crypto walllet

Step 6: Constantly monitor the meme coin market activity

You probably are aware that meme coin prices are massively volatile. Most have had their value dip to zero, especially if they were rumoured or confirmed to be scams. In most instances, these coins had been posted incredible price gains before suddenly crashing, which says that no meme coin is immune to such volatility. 

A perfect example here is the Squid Game meme coin that rallied 230000% to reach $2800. On 2nd November 2021, however, this crypto asset 100% of its value, crashing to zero in less than 10 minutes after its developer cashed in its liquidity pool. 

Note, also, that much of the meme coin hype is also short-lived. While some meme currency prices may not crash to zero, they often get to a point where all their price-driving features are priced in, at which point their value stagnates and buyer activity drops significantly. It becomes increasingly difficult to dispose of your holdings. 

Monitoring the meme coin market activity keeps you updated on any news that may trigger a price crash. The last thing you need is to be the one left holding the bag when the coin price crashes or stagnates.

Buy Meme coins

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Where To Buy Meme Coins

Now that you know how to identify the best meme coin and how to place the buy order, you must be asking what the best place to buy the meme coin is. Below are the top exchanges that list the more popular meme currencies like Dogecoin, Shiba Inu, Safemoon etc. 

  1. eToro - eToro is highly recommended as the best platform because of its beginner friendliness and support for the widest range of payment methods - including PayPal. It is also rich in educative content to help any newbie place their first crypto trade.
  2. Coinbase - Coinbase is a great alternative for beginner traders. It too features a highly intuitive user interface and even lets you buy meme coins instantly with both fiat and another crypto. 
  3. Binance - Binance doesn't support as many payment methods as the other two. But it is the most liquid and lists more meme coins than most other centralized exchanges. Plus, it recently introduced the peer-to-peer trading platform that lets you buy virtually any listed digital asset with your local currency. 

To get access to newly launched meme coins yet to be listed on these centralized exchanges, we would advise you to get the Trust Wallet mobile app. It has the DApps section that features such decentralized exchanges as Uniswap, Kyberswap, Pancakeswap, and MCDEX that host thousands of meme coins. 

Final Thoughts

Buying meme coins for beginners doesn't have to be complicated. You only need to learn to identify a promising digital asset, register a trader account with an exchange where it is listed, fund the account, and place the buy order. 

However, we must add that the most important part of investing in meme coins is keeping tabs on their market activities to ensure you aren't left holding the bag should the coin's value crash. And as a rule of the thumb, when buying meme coins or any other asset, only invest what you can afford to lose. 

eToro – Best Platform To Buy Meme Coins

Open an account with eToro, deposit some funds with USD, and finally – buy meme cryptocurrencies for just $10.

eToro cryptocurrency trading

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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