How To Buy Chiliz Coin UK – Beginner’s Guide
Want to buy Chiliz coin? This crypto is a rare offering because it is based on a highly-successful business model in the real world. The Chiliz brand provides fan tokens for over 100 big sports clubs and associations, including the UFC, Nascar, and the Premier League. Fans buy Chiliz crypto and then use it to buy their own club’s tokens — and then get involved in voting on key club issues as well as buying merchandise including NFTs.
So how do you buy Chiliz crypto? Below we review three crypto vendors to help you find where to buy Chiliz. We’ll examine the strengths and weaknesses of Chiliz as a crypto, and show you how to buy Chiliz coin.
Where to Buy Chiliz Coin in the UK?
1. Coinbase – Best Exchange for Choice of Crypto
Coinbase is a giant crypto exchange based in San Francisco with 73m users. When it comes to crypto trading Coinbase has a high media profile. It was the first crypto exchange to be traded on the stock market, with a NASDAQ IPO in 2021. Coinbase is also famous for keeping 98% of client funds in ‘cold’ storage; i.e. away from the internet and the threat of cyber-theft.
To buy Chiliz coin (CHZ) with Coinbase, you sign up for an account, get verified, put funds into your account, buy your crypto and either let Coinbase store it for you or transfer it to your Coinbase wallet.
Coinbase offers a range of deposit options for GBP. But a downside is that you cannot use convenient PayPal. Another Coinbase downside is the complex and expensive fee system, which is a mix of flat fees and commission. Watch out for 3.99% commission on instant credit card purchases.
A plus of Coinbase is its impressive choice of 151 crypto, as well as its encyclopaedic grasp of the whole crypto sector. If you need to find a crypto, Coinbase will know all about it (even if the exchange doesn’t necessarily offer it). Another outstanding feature of Coinbase is its crypto learning programme, which will actually pay you a small amount of crypto to complete online learning modules. Coinbase also offers a free crypto wallet.
- Buy Chiliz coin (CHZ)
- Upgrade to Coinbase Pro for cheaper fees
- Free Coinbase crypto wallet & smartphone app (rated 4.7/5 on Google Play)
- Cold storage for most client funds
- Range of 151+ crypto
- Free crypto learning incentives
- Complex fee structure
- 3.99% credit card commission fee
- Not regulated in UK
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
2. ByBit – Best Exchange for Power Crypto Traders
With over 5m registered users, ByBit is a Singapore-based crypto exchange. ByBit offers a wide selection of cryptocurrencies and tokens, which takes in the major blockchains as well as Defi, GameFi, Metaverse and NFT coins.
ByBit offers many ways to trade crypto; perhaps too many for the beginner to the crypto world. To get hold of Chiliz coin (CHZ) specifically with ByBit you need to first buy some Tether coin (USDT), which is a stablecoin pegged to the value of the US dollar. You can do this with Visa, Mastercard or ApplePay using one of six third-party vendors including Simplex, MoonPay and Banxa. You can then exchange your Tether coin for Chiliz coin.
This is called ‘trading pairs’ and is a standard way of trading crypto on almost any and every exchange.
With ByBit you can trade numerous pairs against Bitcoin, Ethereum, Tether and USD Coin. You can also trade direct with other investors using ByBit P2P (peer-to-peer) trading. And, if you are based in a country where it is legal, you can trade in crypto futures contracts.
In the area of crypto staking, ByBit comes into its own. You can get some awesome returns on Dual Asset Mining, DeFi Mining or Flexible Staking. These are different ways of lending your crypto out for a fixed period (often 14 days) in return for an interest payment. Annualised percentage returns for DeFi mining offered are between 11% and 17%, for example.
All in all, Bybit offers some intriguing options for the power crypto trader.
- Buy Chiliz coin (CHZ)
- Client funds held in ‘cold’ storage
- Wide choice of crypto coins including GameFi, DeFi and major blockchains
- Exemplary learning pages
- 24/7 phone support
- Crypto derivatives trading available from some countries
- Quite complex
- Can’t access derivative trading from the UK
- Not regulated in UK
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
What is Chiliz Coin?
Chiliz (CHZ) is the native token for the Socios.com sports fan platform. Chiliz is not, like Bitcoin for example, designed to be a means of payment for the entire internet. It is a crypto that relates to a particular service provider that does something very specific.
The 200-strong company Chiliz provides sports corporations with the means to bring blockchain-based services to their fans. Chiliz is tied into real-world economics because fans must use Chiliz to buy their team’s crypto tokens. Fans can then use their fan tokens to get more involved with their club or sport: to vote on big club issues, show their support, as well as purchase services and products.
Chiliz is therefore a distinguished crypto because it is grounded in real-world, practical business. And the sports business is big business! Chiliz is official partners with sports giants like the UFC (the top provider of mixed martial arts) as well as a growing list of elite football clubs internationally including FC Barcelona, Paris-Saint Germain, Man City, Arsenal and Galatasary.
Should I buy Chiliz Coin?
Real-world Business Use
Through www.socios.com, Chiliz has signed up 1.2m users and minted 78m+ fan tokens. Remember that fans must first buy Chiliz to buy their own club’s tokens, so the more popular a club’s fan tokens, the more demand there will be for CHZ. This is a sound business model.
The sports world knows that it needs to get savvy with blockchain and that it can make money in doing so; Chiliz has positioned itself as the market-leading contractor to make that blockchain business work.
The risk is that crypto tokenisation of sports is in its infancy. Chiliz is the pioneer. But it could go the way of social media platform MySpace, which was a first-mover eventually trashed by Facebook. With the price of CHZ over four times cheaper than its all-time-high, right now is a reasonable time to make a small high-risk/reward investment and hold.
Concrete Chiliz business plans for 2022
Chiliz says that it is broadening their business model in 2022 with Chiliz Chain 2.0, which will allow other developers to mint fan tokens and NFTs using CHZ. The firm has also pledged to ‘embrace Web 3.0 and the metaverse.’
The price of Chiliz (CHZ) today is $0.202. (That’s just over 20c a coin).
Past performance is not an indication of future results
As you can see from the graph above, Chiliz has followed the rest of the crypto sector in spiking in March last year. Chiliz hit an all-time-high of $0.89 on 13th March, 2021.
The price of Chiliz picked up an upwards trajectory from June onwards and then spiked in October. Why? Because Chiliz announced on Twitter that it would be investing $60m in tokenisation projects.
From November onwards, the price of CHZ followed the rest of the crypto sector downwards. But it has by no means collapsed.
What is certainly true is that, at roughly $0.20 a coin at the time of writing, Chiliz has been over four times expensive in the past, and hasn’t been this cheap since March 2021.
Chiliz Price Prediction
We believe that the price prospects for Chiliz are good. That is because this crypto, unlike so many altcoins, is grounded in real business in the physical world. Chiliz has signed up over a hundred clients, and most of them are giant (and rich) sports clubs/associations in their own right. And the options for monetisation in sports is varied: football giant AC Milan announced in October 2021, for example, that it would be the first club to launch NFTs using Chiliz technology.
One company using algorithms to forecast crypto prices (Wallet Investor) predicts that CHZ will be at $0.48 by 2023 and as much as $1.69 in five years time. Given that algorithms cannot predict accurately what price a crypto will be at tomorrow, let alone five years time, we prefer to stick to business fundamentals. And, unlike many altcoins, Chiliz is a real-world business with over 100 clients. Our recommendation: Buy.
Best Chiliz Wallet
If you want to use your Chiliz to buy fan tokens for your favourite sports club, you will need a crypto wallet that allows you to store and send Chiliz coin. You can use a Coinbase wallet to store your CHZ or, better still for security, hold it in ByBit’s in-house cold storage wallet.
Usually wallets do not charge for sending or receiving crypto. But, depending on the blockchain being used as a transaction route, what are called ‘gas’ fees will apply.
Above we have looked at where to buy Chiliz by reviewing two vendors. For more advanced traders, ByBit might be worth a look; but remember it is not regulated by the UK’s FCA. Coinbase similarly is a crypto exchange with powerful options, but is not regulated in the UK.
Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.