How to Buy Decentraland Coin – with Low Fees
Decentraland is an ever-growing virtual world that allows users to play and interact with games and other users, as well as purchase digital land. The project is backed by the Ethereum blockchain and thus – it’s now possible to invest in Decentraland by buying its native coin.
In this guide, we show you How to Buy Decentraland Coin in the UK with a regulated online broker.
Where to Buy Decentraland Coin
When choosing a cryptocurrency trading platform you need to ensure that it is right for your needs.
To help you along the way, below we cover two of the best brokerage sites to buy Decentraland Coin in the UK.
1. Coinbase – Secure Platform to Buy Decentraland in the UK
Coinbase allows users to sell, buy, and store cryptocurrencies and, more recently, NFTs. In Q3 2022, 108 million verified users were on the exchange in more than 100 countries.
Trading popular cryptocurrencies such as Ethereum, Bitcoin and Decentraland on Coinbase is easy for beginners and advanced traders alike, and not-so-popular but highly sought-after cryptocurrencies such as SUI and MAGIC are also available. An intuitive and friendly user interface makes the platform ideal for beginners, and converting cryptos to cash is simple and direct.
With Coinbase’s evolution, coins have been added and removed, and upgrades have been rolled out to improve the user experience. With the launch of Coinbase Advanced Trade in June 2022, the exchange will offer a full suite of advanced crypto investment services on one platform. In six months, Coinbase updated its Pro trading platform to “Advanced Trade,” which allows larger trade volumes.Pros
- An easy-to-use interface for crypto and NFT beginners
- A wide variety of cryptocurrencies are supported.
- Native NFT marketplace included
- Over 100 assets are available for passive earning.
- Transaction fees are relatively high
- Customer service is poor
- Controls the private keys of users
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
2. Binance – Largest Cryptocurrency Exchange for Trading Volume and Liquidity
Some traders in the UK will look to use Binance for their cryptocurrency needs. The main draw with this platform is that it is highly conducive for active day traders that want access to an abundance of liquidity and markets. This is because Binance offers hundreds of crypto pairs and is typically home to the largest trading volumes in the digital asset arena.
Binance does not offer a fiat-to-crypto marketplace on Decentraland Coin. Instead, you will need to trade it with another digital currency. Your options include BTC, ETH, USDT, or BUSD.
If you already have one of the aforementioned coins to hand, you can transfer them into your Binance web wallet and make the exchange. This will cost you just 0.1% in trading commission and you won’t be required to provide any personal information – as you are funding your account with a digital asset. If, however, you want to use a debit/credit card or bank transfer to trade Decentraland crypto tokens at Binance, you will need to go through an extra couple of steps.
First, you’ll need to open an account and upload a copy of your government-issued ID. Once confirmed, you can then deposit funds with your chosen fiat currency method and proceed to trade Decentraland Coins. We like the fact that bank transfers are fee-free, albeit, debit/credit card deposits will cost you 1.8%.Pros
- Largest cryptocurrency exchange UK in terms of trading volume
- Hundreds of cryptocurrency pairs supported
- Trading commission of just 0.1%
- Supports UK debit/credit cards and bank transfers
- Great reputation in the cryptocurrency scene
- Ideal for advanced traders that seek sophisticated tools and features
- Not great for newbie investors
- A standard charge of 1.8% on debit/credit card deposits
Disclaimer: Your Capital is at risk.
What is Decentraland Coin?
Decentraland Coin – which trades with the ticker symbol ‘MANA’, is a cryptocurrency that has the potential to become the next Bitcoin. The primary function of the digital asset is to fuel the Decentraland virtual reality platform.
- For those unaware, Decentraland is an online game that allows users to enter a virtual world (referred to as a ‘Metaverse’).
- You can complete a range of tasks alongside your fellow Decentraland communities, such as purchase land, play games, and obtain digital items.
- In this sense, the game is not too dissimilar to the Sims.
However, unlike the Sims, Decentraland operates on top of blockchain technology. This means that all in-game transactions are decentralized, meaning that no single person or authority has control over the platform. Additionally, the Decentraland crypto token is itself the in-house currency used by the game.
This allows you to make purchases – whether that’s a plot of land or a new set of clothes for your virtual character. Although the primary purpose of Decentraland Coin is to fuel the platform, it is important to note that the digital currency is also a tradable asset with real-world value.
Much like any other crypto asset, the value of Decentraland Coin goes up and down throughout the day. This is driven by market forces – so when more and more people are investing, its value will rise. As such, many people that buy Decentraland Coin do so on a speculative basis with the hope of making financial gains.
Decentraland Coin Analysis – is Decentraland a Good Buy?
Wondering whether or not Decentraland Coin is right for your investment portfolio? If so, below we discuss some of the main reasons why Decentraland Coin is now one of the hottest digital assets in the crypto trading arena.
Growth in Excess of 6,000%
As noted earlier, Decentraland Coin – like the vast majority of digital currencies, is a highly speculative asset. As such, most people are looking to buy this cryptocurrency because of its huge upside potential. When Decentraland Coin was first launched onto a cryptocurrency exchange in September 2017, it traded at a mere $0.024 per token.
Fast forward to early May 2021 and the same cryptocurrency hit all-time highs of $1.54. This means that in less than four years of trading, Decentraland crypto tokens have grown by over 6,000%. In real terms, this means that a £1,000 investment would have been worth over £60,000. With that said, much of this growth was achieved in 2021 alone.
Past performance is not an indication of future results
For example, Decentraland Coin was trading at $0.081 per token on January 1st. Hitting highs of $1.54 on May 7th, this means that growth of over 1,800% took place in just five months of trading. At the time of writing on May 28th, Decentraland Coin has since dropped to $0.88. This presents an opportunity to invest at a more favourable price.
We mentioned earlier that the Decentraland virtual world allows you to purchase digital items. These items are represented by non-fungible tokens (NFTs), which is another high-growth segment of the blockchain industry. For those unaware, NFTs are different from conventional digital currencies, as each coin is unique.
- For example: if you purchased a piece of real estate in the Decentraland ecosystem, this would be represented by an NFT.
- This then allows the owner to sell their land to another user.
- Some virtual items on the Decentraland platform are currently being sold for thousands of pounds each – which is why there is so much attention on the project.
- As such, this is likely to motivate people to engage with the Decentraland virtual world by buying up real estate and other valuable in-game items.
And of course, in order to purchase these items, the Decentraland Coin is required. Therefore, this will have the desired effect of increasing demand for the coin and thus – will result in its market value rising.
Super Low-Cost Tokens
Another reason why Decentraland crypto tokens are becoming a popular addition to investment portfolios is that they are super cheap. For example, at the time of writing, you will pay just $0.88 for a single token.
In comparison, the likes of Bitcoin and Ethereum now trade for thousands of dollars each. As a result, by making a small investment, you would only get a fraction of one digital token.
You have likely noticed that this guide has discussed the Decentraland price in US dollars throughout. This is standard practice in the global cryptocurrency arena, as USD is the benchmark currency used to value digital assets.
This should be of no concern to you as a UK investor, as the best cryptocurrency brokers allow you to deposit funds in British pounds. This then gets you unfettered access not only to Decentraland Coin, but many other cryptocurrencies.
Decentraland Price Prediction
Over the past few months, the Decentraland price has been overly volatile. For example, in the three weeks prior to writing this guide, the Decentraland price hit highs of $1.54. Since then, the digital currency has hit lows of $0.53 – which is a downward swing of 65%.
In terms of making a Decentraland Coin price prediction – this is no easy feat. After all, the success of Decentraland Coin as a virtual ecosystem will determine how its native digital token performs in the long run. That is to say, if its virtual world becomes a mainstream hit, then naturally, the Decentraland Coin price will benefit tremendously.
In terms of its long-term potential, Decentraland Coin is holding a market capitalization of just under $1.5 billion at the time of writing. This is still relatively small in the grand scheme of things when you consider that Decentraland is a global project. As such, there is plenty of upside potential on this digital asset moving forward.
Ways of Buying Decentraland
There are several different ways of buying Decentraland Coin in the UK. Below we discuss the most common ways of entering this marketplace from the comfort of your home.
Buy Decentraland with PayPal
If you want to buy Decentraland Coin with Paypal, you can do so through multiple exchanges and brokers, and deposits are often processed instantly.
Buy Decentraland with a Debit Card
Most people in the UK will elect to use a debit card when looking to buy Decentraland Coin. Much like Paypal, the deposit will often be processed instantly.
Decentraland Stock – Where to Buy Decentraland Stock?
If you’re looking to buy Decentraland stock – this isn’t possible. This is because the project is a cryptocurrency token as opposed to Decentraland stock.
The investment process still works the same, as your capital will increase or decrease based on the current market value of Decentralized Coin. Ultimately, if you come across a website that claims to sell Decentraland stock – this is all-but-certain to be a scam.
Best Decentraland Wallets
Once you have completed your MANA investment, you’ll then need to think about storage. The best Decentraland wallets offer the perfect balance between security and convenience.
Here’s our top pick.
Binance Decentraland Wallet
Binance is behind the Trust Wallet, which is available on Android and iOS devices via a mobile app. The wallet supports plenty of cryptocurrencies – including that of Decentraland Coin. This option will get you access to a non-custodial wallet, meaning that you are the only one with access to the private keys.
This gives you 100% control of your crypto assets, albeit, you need to have an understanding of wallet security controls. This is because Binance cannot help you regain access to your funds if you lose your private keys or the wallet is remotely hacked.
Decentraland Reddit – A Great Source of Further Information
Looking to meet like-minded people that are also interested in the Decentraland virtual world? If so, it might be worth keeping an eye on the Decentraland Reddit group – which now has over 32,500 members.
The group is useful for:
- Keeping up to date with key developments in the Decentraland ecosystem
- Communicating with other Decentraland investors
- Discussing potential upgrades to the network
- Getting help from a member of the Decentraland management team
- Learning how Decentraland works
You can join the Decentraland Reddit group in a matter of minutes by registering and confirming your email address.
Popular cryptocurrency brokers have since recognized that Decentraland Coin is becoming more and more popular with speculative investors in the UK. As such, never before has it been so easy to complete the purchase from the comfort of your home.
Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.
Should I buy Decentraland Coin?
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