How to Buy Ontology in the UK 

A Beginner’s Guide to Buying and Selling Ontology Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy Ontology – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many Ontology tokens you want to buy.

Cryptocurrencies have become a very popular investment vehicle, with many people shifting to them for their investment ventures. Although the crypto market is characteristically volatile, it has also shown a promising trend since the year started. This attribute has seen more and more investors drawn to the market to get the best ROI from this sector. 

The crypto market features many different forms of cryptocurrencies, each attractive in its way. Ontology is one of these cryptocurrencies and enables investors to diversify their crypto portfolio instead of using the very common ones such as Bitcoin and Ethereum

This guide will equip you with the right knowledge and information to enable readers to buy Ontology tokens in the UK. It also moves forward to give you important tips and considerations that will inform your investment decision. 

However, it is advisable always to consider the risks involved when investing in the crypto market before signing up for it. 

What's in This Guide?

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

QUICK GUIDE: HOW TO BUY ONTOLOGY 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 Ontology.
  5. Enter how many Ontology coins you want to buy.
  6. Check the details and confirm your purchase.

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

Follow the following steps to buy Ontology in the UK: 

Step 1: Open an exchange account 

Opening a crypto exchange account is the primary step to buy Ontology in the UK. The UK features multiple exchanges, each presenting its approach to buying Ontology. Before settling on one, find out whether it supports Ontology. 

The process of opening an account is both easy and fast. It requires that you provide personal details such as name, contact information, and something to confirm your address- a billing statement or utility bill. You also need to verify your identity through a government-issued Identity Card. 

The process of setting up the exchange account is very brief and requires that you establish the security of your exchange. Security for the exchange entails a multi-factor authentication process to enhance the security of the account while at the same time minimizing the chances of unauthorized access to the account. 

Step 2: fund the account 

Funding the exchange account is the second step and enables you to buy the Ontology tokens. While there are many ways to fund the account, the simplest one entails using a credit or debit card. Alternatively, you can fund your exchange account by directly linking your bank account, so you can directly deposit funds from your bank to the exchange account. 

On the off chance that the exchange account does not support buying Ontology straight using GBP, the best thing to do is exchanging other cryptocurrencies for Ontology. Some of the tokens that can facilitate this exchange include Bitcoin and Ethereum, both very popular. 

Step 3: Buy Ontology 

The third step is buying the actual Ontology. Having deposited funds into your exchange account, buying the Ontology tokens becomes very easy. To do this, go to the buy section of the exchange account and specify the amount you intend to spend. Next, confirm the transaction and check your email for confirmation that processing has begun.  

To buy Ontology tokens, place a market order or a limit order. The market order enables you to buy the tokens at the prevailing prices. In contrast, the limit order enables you to buy the Ontology once the prices are at a defined minimum level. 

Step 4: Store your Ontology in a crypto wallet 

After buying the Ontology tokens, you have to store them in a crypto wallet, which means choosing 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, especially because the tokens will not be available online and are therefore less vulnerable to lose. 

How to sell Ontology 

When you want to sell your Ontology tokens, all you have to do is go to the sell section of the exchange account and specify the amount you want to sell the tokens. Next, confirm your details and let the transaction processing commence. 

Selling Ontology tokens can be done in two ways. First, you can exchange them for GBP. Alternatively, you can exchange them for other cryptocurrencies. To do this, you have to check for the pair that fits your intended exchange. Some of the available pairs include ETC/ONT, BTC/ONT, or GBP/ONT. 

Which wallets can I use to hold Ontology?

Two main wallets serve for holding Ontology Tokens- Hot and cold wallets. Hot wallets are normally found in the exchange account and 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 Ontology works 

Ontology works in the same way as the other tokens in the crypto market. ONT coins operate on a decentralized mode of operation, ensuring that no middle-persons exist in the buying and selling the tokens. Ontology token investors actively buy when the prices of the tokens are at the lowest rates possible and sell promptly when the prices are at their highest. 

Key things to consider before buying Ontology in the UK  

Among the things that you have to consider when buying Ontology tokens include:

Performance 

Performance is one of the primary things for consideration before buying Ontology. Please find out how the cryptocurrencies have been performing over the past few months to predict how they will perform moving forward.

Volatility 

Among the most pronounced characteristics of cryptocurrencies, Ontology included is that they are very volatile. You have to be certain that you can manage the risks involved, especially when the prices fluctuate. 

Usability 

Usability is another important consideration, often because a cryptocurrency that has a limited range of usability is not very popular for purchase. Go for a cryptocurrency that serves over a range of trades because one with such a quality will always maintain an attractive price and safety against market depressions.

Conclusion 

Ontology stands among the players in the cryptocurrency market, with a track record of popularity in the market. ONT tokens are bought and sold in very simple steps, as mentioned above, although there are key considerations that should never be overlooked.

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