How to Buy Electroneum
As a crypto enthusiast, you’ve probably heard all about the cryptocurrency called Electroneum (ETN) that has recently made its debut on the crypto market. The fact that it’s made for mobile devices will inevitably draw a surge of customers in, making Electroneum a promising project from the start.
If you want to give this coin a go, you should do your research on where to buy it. Luckily, we’ve already done that for you and created this detailed step-by-step guide on how to buy Electroneum using a fully-fledged platform such as Coinbase. Let’s get started!
Coinbase is a fiat to crypto exchange that has been part of the crypto industry for more than 8 years. It takes pride in being fully compliant with US regulations and adhering to their AML and KYC policies. One of the safety precautions they are required to implement is to store their customers’ funds in offline or “cold” storage, something that Coinbase has been practising for years.
Some traders are bothered by Coinbase’s strict regulatory policies, though. One reason for their complaints is that Coinbase only supports Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. So, in order to buy Electroneum, first you need to buy BTC or ETH via Coinbase, and then exchange them for ETN using a second exchange.
How to Buy BTC on Coinbase
This is how to buy Bitcoin using Coinbase.
- Step 1
If you don’t have an account on Coinbase, it’s time to register for one. As part of the platform’s Know-Your-Customer (KYC) check, you’ll be asked to provide certain personal details such as your full name, email address, physical address, and a copy of your ID. It might take a while before Coinbase verifies your identity based on the information you’ve provided so we recommend starting the process as soon as possible.
- Step 2
Once your account is approved, choose a payment method you’ll use to deposit fiat money to your account. You can do this using a bank transfer, a method that’s cheaper but it might take between 2-5 days before the funds reach your account. The other option is to use a credit or a debit card. In this case, the funds reflect in your account balance almost instantaneously but the deposit fees are higher.
- Step 3
Next, Coinbase will create a suitable digital wallet for the currency you’ve selected. Go to the “Buy” section and select the amount of BTC you want to buy and finalize your order.
- Step 4
Visit the Electroneum website to create an ETN wallet that you’ll need for withdrawing the funds later on. Their site features straightforward instructions on how to do this.
How to Exchange BTC for ETN
There are a couple of exchanges online that allow you to exchange BTC for ETN. We’ve chosen Kucoin because it’s reliable and suitable for beginners as well. After you have created and activated your Kucoin account, here’s what you need to do.
- Step 1
Click on the dollar icon on Kucoin’s dashboard, select “Deposit” from the menu, and choose Bitcoin. Kucoin will generate an encrypted wallet address for you to copy it.
- Step 2
Log back into Coinbase and click on the “Accounts” tab. Click on Bitcoin, and then click on the “Send” button to insert the wallet address you got on Kucoin under “Recipient”. Type the amount of BTC you want to transfer to your Kucoin wallet and click “Continue”.
- Step 3
When you see that your BTC has reached your Kucoin account it’s time to purchase Electroneum. Under the “Markets” tab, select that you’ll be paying with BTC. In the other field find ETN to be redirected to the trading dashboard. Don’t get distracted by all the charts and trading tools, simply find the “Amount” field to specify the amount of BTC you’ll be trading for ETN.
- Step 4
Crypto exchanges are often targeted by hackers who know that a lot of users keep their money in the platforms’ digital wallets. That’s why we recommend withdrawing your funds from Kucoin as soon as possible. All you need to do is copy your Electroneum wallet address and paste it on Kucoin in the “Withdrawal” section. Your order will be completed once you pass the two-factor authentication.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.