How to Buy Spark - Beginner's Guide
Buying Spark (FLR) : A Step-by-Step Guide
Are you interested in buying Spark, but not too sure where to begin? You’re not alone. The FLR crypto asset is now a popular cryptocurrency to buy. But, for beginners, this can be quite intimidating.
The Flare network was designed to equip any cryptocurrency token to be integrated with smart contracts. The platform has since partnered with the Ripple blockchain in order to enable this feature for XRP transactions
The native token of the Flare ecosystem itself - Spark (FLR) - is not only equipped for the governance of the network but also to function as collateral within other decentralized apps.
If you want to get your hands on this up-and-coming crypto asset, our How to Buy Spark Guide will equip you with a fully comprehensive overview of the process.
We will discuss the different ways you can purchase this digital token and what to consider before you invest your money.
If you want to buy Spark FLR quickly and easily, with 0% Commission, check out eToro Exchange!
How to Buy Spark In 5 Easy Steps
To buy Spark, you will need to find a cryptocurrency exchange that gives you access to this digital coin.
Are you completely in the dark about how to buy Spark? If so, here are five easy steps that outline the entire process:
1. Create an account with a regulated cryptocurrency broker that supports Spark.
2. Verify your brokerage account.
3. Make a deposit into your account.
4. Decide on the amount of Spark you intend to buy.
5. Confirm your order, and complete the purchase of your Spark tokens.
Your Spark tokens will be instantly accessible in your portfolio - where they remain until you are ready to cash out!
As you can see, buying Spark is much easier than you imagined. With that said, in the section below, we will walk you through these steps in greater detail.
Buying Spark Step 1: Choose an Online Spark Broker or Exchange
To buy Spark, you will have to find a crypto provider that gives you access to this asset. This is perhaps one of the most crucial decisions you will have to make in this process.
Your choice of Spark broker will determine not only the convenience but also the safety of your investment. With this in mind, let us explore what your options are when it comes to buying FLR coins online and how you can choose the right platform that fits your needs.
When thinking of how to buy Spark, you will have two options at your disposal. You can either go with a cryptocurrency exchange or find a brokerage platform.
Practically speaking, both these choices will allow you to buy and sell Spark in exchange for fiat currencies like dollars or for other cryptocurrencies such as Bitcoin.
However, cryptocurrency exchanges lack the security and safety offered by regulated online brokers. This is primarily because the latter will be licensed by a respectable financial authority.
In other words, regulated brokers must follow strict guidelines set by governing bodies, such as segregating client funds and having their records audited. This serves as a layer of protection to you as an investor, especially when dealing with volatile assets like Spark.
To give you an example:
eToro is a popular brokerage platform that gives you easy access to Spark. The site is regulated by three of the most reputable financial authorities in the world - namely the FCA, ASIC, and CySEC.
In addition, for those who are based in the US, eToro is also approved by FINRA.
This extensive set of licenses ensure that eToro is completely transparent and provides only credible and legitimate crypto services.
Moreover, this broker also offers a crypto wallet to store your Spark coins - so that you can rest assured knowing that your investment is in safe hands.
That being said, cryptocurrency exchanges are becoming an increasingly common choice among Spark traders and investors. However, if you prefer this option, you should always be aware that you will be completely responsible for the safety of your FLR coins.
In a scenario where you lose access to your crypto wallet or a security breach occurs, you are most likely to be on your own.
The key takeaway is that when choosing a broker for your Spark purchases, regulation is a significant factor you do not want to compromise on.
After looking at the regulatory standing of a broker, the next thing you want to address is the ease of making payments on the platform. The majority of crypto providers require you to first transfer funds to the site in order to purchase Spark.
As you can imagine, it would be best to pick a regulated brokerage that facilitates your preferred payment method. This might not be a big issue, since the most reputable providers in this space allow you to make deposits and withdrawals in many ways.
For instance, on eToro, you can choose between a wire transfer or a direct debit/credit card payment to buy Spark. You will also have the option to pay for your FLR coins via PayPal and Neteller. Each of these options will differ in transactional speed as well as fees.
While debit/credit card payments and e-wallets like PayPal are almost instantaneous, a wire transfer, on the other hand, will take a few days.
While scouring through the available payment methods, you should also find out whether the broker charges any fees for processing the transaction. If so, this can increase the cost of purchasing Spark via the platform and should be taken into account when you are making the investment.
Additionally, since a majority of online brokers facilitate Spark purchases in exchange for US dollars, you might also have to pay an exchange fee - if you are funding your account with another currency.
Fees and Commissions
As with any other service, there are certain costs associated with purchasing cryptocurrencies like Spark. Although these fees might appear to be small, they can have a significant impact on your long-term portfolio.
As such, understanding what charges you pay to your Spark broker is important in order to invest wisely and maximize your profits. As such, when thinking of how to buy Spark from an online crypto provider, you need to find out what fees are required to complete the purchase, as well as maintain and sell your FLR tokens.
The most common fee charged by crypto brokers is the commission. You will have to pay this every time you make a purchase of Spark and at the time of selling your investment.
For instance, if your chosen trading site imposes a commission of 3% on crypto purchases, buying $1,000 worth of Spark will cost $30 in fees.
It is important to remember that commissions are also applicable when you are cashing out.
That is if the value of your Spark investment increases to $3,000 - then you will have to pay your broker $90 (3% of $3,000).
As you can understand by now, if you make a profit on your FLR coins, you might also end up paying a higher fee.
That said, some brokers also divide commission rates into different categories based on your total investment amount. If you invest large sums into Spark, you might also be able to secure lower fees.
In stark contrast to all this, crypto brokers like eToro allow you to buy and sell Spark at 0% commission. This way, you will be able to completely avoid this fee.
As you can see, commission charges can vary widely from one broker to another, and therefore, it is important to verify your chosen platform's fee schedule before you start using its services.
Other Important Factors
Every online broker, even though they might seem to be providing the same level of service, will be quite different when dealing with different markets.
When thinking of how to buy Spark, you should also take into account the following aspects of your chosen trading platform.
- User-Friendliness: If you are new to crypto markets, you want to make sure that your broker features a beginner-friendly interface that you can handle with ease. This can be crucial in making your first Spark investment experience convenient and hassle-free.
- Minimum Investment: The minimum investment requirement of your chosen Spark broker can also determine how many FLR coins you will be able to buy. On eToro, you will be able to gain access to this digital token from as little as $25.
- Storage: Along with thinking about how to buy Spark, you should also consider how you are going to store your FLR coins. No matter what your investment strategy is, you will want to make sure that your digital assets are secure and easily accessible when you are ready to cash out. This is why you might want to choose a brokerage that offers a built-in crypto wallet to safely store your Spark tokens.
Reasonable fees, an easy-to-use interface, effortless transfer of funds, and regulatory licenses are all good traits of a trustworthy crypto broker. Upon our research, we found that eToro is one such trading platform that ticks these boxes perfectly.
This regulated broker holds multiple licenses and can offer you commission-free access to Spark while providing you with all the resources in order to enhance your knowledge of the crypto industry.
Buying Spark Step 2: Come up With a Spark Investment Plan
When thinking of how to buy Spark, what you are seeking to achieve with your FLR tokens should be a key factor in your decision-making process. Depending on your financial goals, the amount of money you put in and the length of your investment will also differ.
If you are wondering how to devise a Spark investment plan, here are some strategies that can point you in the right direction.
Long-Term or Short-Term
When thinking of how to buy Spark, you face two main options - to make a long-term or a short-term investment. Each one has its own distinct merits and drawbacks.
If your financial goals are set in the long term, then you will want to buy Spark and hold on to the digital coins for a few years - typically three years or more.
Historically, the crypto market has proved to bring significant gain to investors following this 'HODLing' strategy.
However, before taking a long-term investment approach towards Spark, you should take some time to study the market to understand its future potential.
On the other hand, those who do not want to commit to Spark for such a long duration can try to capitalize on the short-term volatility of this digital asset. As a cryptocurrency, the price of the FLR coin moves several times a day, perhaps, even along every second.
This opens up trading opportunities where you can target small profits. Depending on your preferences, you can choose to follow 'swing trading,' 'scalp trading,' 'day trading,' or other strategies. At the end of each trading day, these modest gains from multiple positions can add up to a reasonable sum.
If you want to pursue such a short-term plan, then you should invest some time to learn about cryptocurrency trading strategies and how to use technical indicators - which involves a sharp learning curve.
Therefore, if you are a complete beginner, you might want to start your investment journey with a long-term approach in mind.
Once you have given yourself sufficient time to gain knowledge about Spark and the general cryptocurrency landscape, you will then be more equipped to test your short-term trading skills.
Read Also: Is It Worth Investing In Spark FLR?
Target Spark Price
If you are unsure how long you want to hold onto your Spark investment, you can also think in terms of your profit target. That is, you might want to make a 20% gain on your Spark investment, or perhaps, 50%.
In this method, you will keep your Spark coins in a secure wallet until their value increases to your target price. Depending on the market conditions, this might take a few weeks, months, or even years.
If and when the value of Spark meets your expectations, you can sell your investment at your desired profit level.
Consider Regular Investments
If you would rather spread out your Spark investments, then you can consider a popular strategy called 'dollar-cost averaging.'
In this method, instead of purchasing Spark at a single price point, you will buy smaller amounts of this asset at regular intervals.
For instance, if you have $5,000 to invest into Spark, you will divide it up and buy smaller quantities of FLR tokens over time.
This will decrease the chances of you paying too much for Spark if its value temporarily declines. Over the course of your investment, by making multiple buys - you will be able to reduce the average price for FLR coins.
For instance, let's say that with your $5,000, you made five $1,000 investments into Spark at the following prices - $1.00, $1.15, $0.75, $1.00, and $1.10.
This brings the average value of your Spark investment to a cost price of $1.00 per token.
This strategy will put your money to work consistently by minimizing the risks and lowering the overall investment costs.
Buying Spark Step 3: Open a Spark Broker Account
When you have decided on a Spark broker that fits your needs, the next step is to register on your chosen platform. As with any other website, you will need to choose an email address and a password - which will be used to log into your account.
Since you are using a crypto brokerage platform, you will also be required to fill in your full name, home address, date of birth, and other personal details. If you have chosen a regulated Spark broker like eToro, then the site will require identification in order to complete the KYC process.
This is usually the final step in the account opening process, and where you upload documents that verify your identity. Most platforms will accept a copy of your passport or any other government-issued ID with your photo. For proof of address, you might be required to submit a utility bill.
Depending on your chosen brokerage, this verification can take anywhere from a few minutes to a day or two. At eToro, your documents should be verified in under a minute.
Buying Spark Step 4: Deposit Some Funds
You will next need to deposit funds to your brokerage account. On platforms like eToro, you can simply add money through your bank account or by adding a debit/credit card. You will also be able to fund your purchase of FLR coins via PayPal, Neteller, and Skrill.
If you are planning to purchase Spark right away, then it would be best to make a deposit using a debit/credit card or an e-wallet. Using the method of wire transfer might delay your deposit by a few days.
Buying Spark Step 5: Set up a Spark Order
By this stage, you are fully equipped with a brokerage account that gives you access to Spark.
Before you can buy Spark on your chosen platform, you will first need to know what trading orders are and how to use them. These are instructions through which you communicate with your chosen brokerage.
You can use different trading orders based on the type of asset you are buying, and your investment strategy. If you are a novice investor looking to buy Spark, you will find yourself using the following orders.
A buy order is used to signify to your broker that you are looking to purchase Spark. This is typically used when you expect the value of FLR to rise in the future.
Once you place a buy order on Spark, your broker will execute your position, and the FLR coins will be available for you to withdraw.
When the price of Spark hits your profit target, you can use a sell order to cash out your FLR coins.
Alternatively, a few brokers also allow you to 'short' Spark by entering the market with a sell order and closing your trade with a buy order. In this case, you will be profiting from the falling prices of FLR coins instead.
Check Out: Cryptocurrency Day Trading Strategies
Limit or Market Order
Although a buy order will tell your broker that you want to purchase Spark, it does not specify at what price you want to execute the position. This is where your trading platform will require you to specify whether you want a market order or a limit order.
Unless specified, most brokerage platforms will execute your purchase of Spark as a market order. This means that you will be buying FLR at the next price available.
Let's suppose that the current market value of Spark is $1.1501.
You choose to place a market order on Spark.
Your broker immediately executes the trade, securing a price of $1.1501.
As you can see, there might be a small variation in the price you get because of the market volatility.
This way, market orders ensure that your Spark order is fulfilled but at the cost of a slightly different price. However, such a minute difference is not likely to affect your profitability.
If you want to secure a precise entry point into the market, then you will want to specify that you want a limit order. As you might have guessed, this will require you to preset a value, and your Spark position will only be executed if this price level is met.
The main issue with using a limit order is that if Spark does not reach your predefined price level, your position might never be fulfilled. Your broker will continue to keep the trade pending until you cancel the order entirely.
Which of these two orders you choose will depend entirely based on your investment plan.
As we mentioned, while specifying which type of buy order you want to place on Spark, you should also indicate how many FLR coins you want to purchase.
This is where you enter how much you want to invest in Spark - which will be considered your ‘stake’ on this asset.
Deciding on your stake amount will once again depend on your investment plan, along with your financial standing and appetite for risk.
Once you have carefully entered your choice of trading orders and your stake on Spark, you can confirm the position.
Your broker will then carry out your order as per your instructions. Once your position has been executed, you will be able to withdraw your FLR coins to your crypto wallet.
If you have chosen a regulated broker like eToro, you will be able to buy Spark without having to pay even a cent in commission. Plus, don’t need to withdraw your tokens - as eToro allows you to store them safely in your account portfolio.
Buying Spark Step 6: Storing Your Spark
After your purchase of Spark has been processed, you will have to think of a way to store the tokens. In fact, as we mentioned earlier in our guide, it is essential to have thought of this before you buy this digital asset.
As noted, you will find that some Spark brokers - such as eToro, will store the tokens for you within an in-built crypto wallet. This can be a perfectly safe option, given that your chosen platform is regulated.
That said, some of you might also prefer to store your investments elsewhere. If this is the case, you can either choose a hot or cold wallet for your Spark tokens. While the former will be connected to the internet, the latter will keep your FLR coins offline.
No matter which option you choose, make sure to conduct your research to ensure the safety of your Spark coins - especially if you are planning for a long-term investment.
Buying Spark Step 7: Selling Your Spark
To sell your Spark coins, you can simply head back to your chosen regulated broker and sell from there.
On eToro, you will be able to locate your Spark tokens securely stored in your portfolio within the platform. You can then enter how many FLR coins you want to sell and confirm the order.
Your proceeds from the sale can then be withdrawn to your original payment method.
As you can see, the process is quick and simple. If your broker does not support in-house storage of Spark, the only difference is that you will have to transfer your FLR coins from your wallet to your chosen platform first.
Other Ways to Buy Spark in 2021
Apart from funding your brokerage account, there are a few other alternatives that allow you to buy Spark these days. Take a look at the following ways to decide the most convenient option for you.
Buy Spark Debit Card
Regulated brokers like eToro have made it incredibly easy for investors to buy Spark by paying purchasing FLR coins via a debit card. The process is as easy as any other online purchase and can be completed within a matter of seconds.
Buy Spark Credit Card
Online brokers like eToro also allow you to buy Spark directly using a credit card. While this might seem tempting, purchasing digital assets are generally considered to be cash advances by banks.
Depending on your credit card company, you might have to pay a 'cash advance fee' or a higher interest rate on top of any transaction fees charged by your broker.
Buy Spark PayPal
An increasing number of crypto investors also prefer to buy Spark via e-wallets like PayPal. Similar to card payments, the main advantage here is the speed of the transaction. You will find this option supported by a number of regulated brokers like eToro.
Cryptocurrency ATMs are considered another option for purchasing digital assets. It is worth mentioning because such machines could possibly host tokens like Spark in the future.
However, for now, FLR coins will not be available at crypto ATMs. When this does eventually happen, you will be able to complete your purchase by simply entering your money into the machine and transferring the Spark tokens to your wallet.
How to Buy Spark FLR Cryptocurrency - The Verdict
Spark is gaining a lot of attention from the crypto industry these days, primarily due to its unique functionality. However, before adding a volatile investment like FLR to your portfolio, you will want to make sure that you have done your research about this digital asset.
This step is essential to educate yourself about the future potential of Spark and whether it will make a good investment for your financial goals.
When you are ready to make proceed, you can follow our How to Buy Spark Guide and find a regulated broker like eToro that can facilitate commission-free purchases of this digital asset in the most convenient manner.
eToro – Best Exchange to Buy Spark (FLR)
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.
What is Spark Flare?
Flare is a relatively new blockchain network that aims to facilitate cryptocurrencies such as Ripple and Litecoin to acquire smart contract functionality.
How many Spark tokens should I buy?
The amount you want to invest in Spark will depend on your strategy, financial goals, and access to funds. In addition, you should also check the minimum investment amount required by your chosen broker. On eToro, you can buy Spark from just $25.
Which is the easiest way to buy Spark?
The most convenient and safe method to buy Spark is through a regulated crypto broker like eToro.
How to store Spark tokens?
Cryptocurrencies like Spark have to be kept in a secure digital wallet. You can also find a regulated broker like eToro that supports in-house storage of FLR coins for added convenience.
Can I buy Spark with a credit card?
A large number of regulated crypto brokers facilitate Spark purchases via debit and credit cards. However, you will want to check whether there are any additional fees involved.