Cryptocurrencies are technologies built using cryptography that essentially enable users to send value to one another online in mere seconds. A majority of cryptocurrencies use a technology known as ‘blockchain’ that allows for immutable transactions to be completed amongst different parties. Bitcoin and Ethereum are primary examples of cryptocurrency mainly because of their wide adoption and individual unique traits; buying cryptocurrencies such as these can be confusing at times. Electroneum, known mainly as one of the first vetted British cryptocurrencies ever offered, is another crypto that maintains a very high stance in the digital asset community. A common question asked is how can you buy Electroneum?
Electroneum (ETN) has many benefactors to it, however, it can be very confusing if you’re looking to buy Electroneum, especially if you are a beginner. This guide will detail how to buy Electroneum, the various ways you can purchase it, all while answering questions in regards to the technicalities in buying Electroneum.
Compare Exchanges to Buy Electroneum (ETN)[wpsm_comparison_table id=”7″ class=””]
Electroneum is a cryptocurrency that runs on a ‘blockchain’, just like Bitcoin or Ethereum. Cryptocurrencies typically have unique attributes and qualities that separate it them from others in the same realm, otherwise, there would be no incentive to using different cryptocurrencies. What’s the differentiating quality of Electroneum in comparison to other cryptocurrencies? For starters, Electroneum maintains its own blockchain (As opposed to running solely on Ethereum’s blockchain in an ERC20 token form), Electroneum was also the first verified British cryptocurrency offering, and finally, Electroneum is targeting a market that multiple other cryptocurrencies have actually not dialed in on just yet – the mobile payments/blockchain aura.
Cryptocurrencies can be sent from users to anywhere in the world as long as the receiving user has that same cryptocurrency supported wallet (Typically free to download), however, the environment for this process has long been isolated to desktop/computer-based functionality. Electroneum takes a comparatively different approach in targeting the same atmosphere as Bitcoin or Ethereum, except making it specifically easier for mobile users. The entirety of the internet seems to be getting pushed towards a more mobile-friendly environment, yet cryptocurrencies are stagnant to move with it. Electroneum’s main purpose is to solve that issue.
Electroneum maintains its own blockchain and runs its subsequent cryptocurrency, represented on the public markets by the ticker symbol of ‘ETN’, all inclusively; this places Electroneum in a very small category of cryptocurrency technologies that run on their own blockchains as opposed to running directly on a third party blockchain. Cryptocurrencies that run on ‘mining’ protocols have users use their computer power to ‘mine’ the blockchain. A limitation is that you usually require complex computer power to ‘mine’ the blockchain and subsequently get rewarded the cryptocurrency in question. With Electroneum, this is done away with: Electroneum maintains an emphasis on mobile technology by letting you mine a competitive amount of ETN straight through your phone, which means you can get free Electroneum just by allocating your unused phone computing power to it.[/su_note]
Best Exchanges to Buy Electroneum (ETN)
You can buy Electroneum (ETN) on Binance through one of two main methods: 1.) Linking a credit card to the exchange and using the card to purchase a base cryptocurrency that is paired to ETN on Binance (This will be either Bitcoin or Ethereum. After buying one of the aforementioned, you can then exchange it for Electroneum in the markets, or 2.) Depositing an already purchased base cryptocurrency and then directly swapping it for Electroneum. In both cases, you’ll have successfully bought Electroneum on Binance.
Step 1: Create An Account
The first step to buy Electroneum on Binance is to first create an account with the exchange. To do this, head to the Binance homepage and click ‘Register’ next to the ‘Log In’ button which is located at the top-right of the navigation bar on Binance. Clicking on it will load the following page:
Here, you’ll simply need to enter in a valid and accessible email account, as well as a strong and protected password. Doing so will then send a confirmation to the email you input. Navigate to your email, and click on the new email that Binance has sent you. In the email will be a link said to ‘verify’ your account; click on this, and a new login page will load. Login to your account via the same credentials that you input previously and you’ll have successfully created a basic Binance account which can be used for basic functionalities.
Step 2 (Optional, but Recommended): Add 2FA/Additional Security
Binance is an excellent option to buy Electroneum and can be done in a very fast manner, but keep in mind that Binance places the level of security that you can use on your shoulders. This means your account will be as secure as you essentially enable it to be. While you can technically buy Electroneum using just a basic Binance account, we highly recommend enabling a second factor of authorization via which will make your account multiple times more difficult to hijack and will keep you to a high degree, safe from hackers.
To do this, first head to the account tab on the Binance navigation bar which is the ‘Funds’ section. Hovering over this will then drop down a menu list where you can click on ‘Deposits’ – once here, scroll down and you will see the following option:
Google Authenticator is an application that enables second-factor authorization. This means in order to log in to your account, not only do you need your basic account information including username/password, but you also need the Authenticator app to validate your login attempt. This means if someone hacks into your computer and steals your username and password, they won’t be able to fully steal funds as this will require them to have access to the authenticator app. As such, click ‘Enable’, and the following screen will load.
Next on your mobile device (Whether iOS or Android), go to the store section of the application and download ‘Google Authenticator’. Click ‘Next’ on Binance, and a QR code will appear. On your mobile phone on the Authenticator application, click on the ‘+’ sign. This will open up a camera where you’ll be asked to scan a QR code. Scan the QR code which will then pop up on Binance. A sequence of numbers will then be generated. This is the unique 2FA code that will appear each time you log in. Use these on each major account function (Withdrawals, login, change password, etc). This will add an additional layer of security to your account, which is optional, but highly recommended.
Step 3: Deposit or Obtain a Base Cryptocurrency
As stated previously, we’re going to need to either buy a base cryptocurrency on Binance or deposit one that we’ve already purchased. We’ll overview both options; to start, assuming you already have a base cryptocurrency that you have not yet deposited on Binance such as Ethereum. To deposit an already purchased cryptocurrency go to the ‘Funds’ section of the top-right of the navigation bar on Binance and click on ‘Deposits’. This will load a new page where you’ll be asked to select which asset you’re depositing from the list of their supported assets.
In this case, we’ll deposit Bitcoin as this is the most liquid trading pair for Electroneum.
To do this, select Bitcoin from the dropdown and a deposit address will be generated:
The new deposit address that is created will then be the address you send your already purchased Bitcoin to. Simply press ‘Send’ wherever you’re holding the external Bitcoin and in the address field, input the address that has been generated for you, and upon confirmation, you’ll see the funds have been updated to reflect the deposit.
In the adverse case that you don’t own any cryptocurrency yet what so ever, from the ‘Funds’ drop-down, select the ‘Buy With Credit Card’ option (Note, the image above does not reflect a user in a country where credit cards are supported so as a result, the option to buy with credit card will not appear). Selecting this will load a new page where you’ll then be asked to add a new funding method by inputting a credit card number. Enter in the information that is required and then select the asset which you’d like to purchase, which in most cases will be Bitcoin. Doing this will process an order to buy Bitcoin using your credit card. Upon confirmation, go to your account balances and you should see that Bitcoin has now updated to reflect the newly bought amount.
Step 4: Buying Electroneum (ETN)
Once you’ve successfully funded your Binance account, the last step we’ll need to complete here is to actually buy Electroneum by placing an order on the markets. To do this, head to the ‘Exchange’ tab on Binance on the left-hand side of the navigation bar. A list of assets will appear; on the right-hand side of this newly created page, you’ll see the ‘Markets’ section. Click on the ‘BTC’ square and then type ETN as we’ve demonstrated below:
Clicking on this will load up preliminary options, including, a graph showing Electroneum’s price action in terms of Bitcoin. Underneath this chart, you’ll see two separate squares with their own respective options for buying and selling ETN. In this instance, we want to buy ETN, so in the square that says ‘Buy ETN’, click ‘Market’, and then enter in the number of funds you want to use to buy ETN.
Then, press ‘Buy ETN’ –> Upon execution, you’ll have successfully bought Electroneum.
Coinbase is one of the precedents when it comes to legitimate and appropriately functioning cryptocurrency exchanges. The exchange is headquartered in San Francisco, United States, and has managed to provide some of the most top-tier and up to date regulatory features and products in the entire world as far as blockchain/cryptocurrency services. At this time, Coinbase does not support the buying or selling of Electroneum (ETN) – at this time, however, you can, in fact, use Coinbase to buy Bitcoin or Ethereum and deposit it to an external exchange that enables Electroneum purchases via Bitcoin or Ethereum such as KuCoin or HitBTC. Both are viable options, and Coinbase can serve almost as an intermediary for these purchases.
Electroneum cannot be used for direct or immediate purchase of Electroneum at this time, however, that can definitely change within the near future. Coinbase has publicly demonstrated their initiative for listing new and relevant cryptocurrencies, so an Electroneum listing is not entirely out of the question.
HitBTC is one of the most liquid exchanges when it comes to buying Electroneum (ETN), which simply means it’s one of the fastest options if you want to buy ETN. HitBTC is relatively newer and it’s advised you proceed with caution in the case of using this exchange, however, it can definitely be a quick, cost-efficient option for buying Electroneum if you’re relatively new to cryptocurrency and blockchain.
Step 1: Register with HitBTC
Prior to anything, to buy Electroneum on HitBTC we first need to create a preliminary account. To do this, first head to the homepage of HitBTC and then at the top-right of the navigation bar and click the red ‘Sign Up’ button.
Clicking on this will ask you to input preliminary information which includes simply your email (This needs to be accessible), a username, and a secure password consisted of special characters and numbers (For added security). Once you’ve completed these preliminary actions, you’ll be sent a confirmation email. Click the link that is located in this email and this will load a new page where you’ll be asked to login with the new information you’ve just entered. Doing so will then create a preliminary account. Congrats! From here, we can move forward.
Step 2: Deposit Funds to HitBTC
HitBTC does not at the moment enable direct cryptocurrency purchase with credit card, but the exchange does offer Changelly integration which lets you buy a base cryptocurrency using your credit card information. Doing this will then add the crypto to your HitBTC account – this is required in order to buy Electroneum (ETN) on HitBTC mainly because we need to swap a base cryptocurrency, or exchange, it for Electroneum.
In this case, let’s say you’ve purchased Bitcoin from Coinbase (As we mentioned doing earlier in this guide) and are ready to buy Electroneum, you’ll need to send the Bitcoin from Coinbase to HitBTC. To do this, head to HitBTC and on your account page, click on the green Deposit button:
Clicking on this will load a plethora of different assets to choose from. In this case, select Bitcoin from the assets specified and click on the ‘New Address’ button in the ‘Deposit’ column. Keep in mind there is a ‘Deposit’ column as well as a ‘Transfer’ column – these are separate and need to be distinguished as HitBTC works by first depositing a cryptocurrency and then transferring the deposit to your account. (This might be confusing, stick with this at first, it will become easier when completed).
Above indicates a sample address. Your deposit address will be different; send the Bitcoin from wherever you’re holding it such as Coinbase to the newly generated Bitcoin address on HitBTC. Once confirmed, which takes a few minutes, you’ll see the funds show up. Next, once confirmed we need to transfer our funds from a preliminarily created HitBTC account to our HitBTC trading account. This might seem confusing at first glance, however, consider it via the following model: Your HitBTC account has 2 main systems: 1.) A fundamental account 2.) A trading account.
When funds are initially deposited, your funds are sent to the fundamental account. Then, you’ll need to transfer the funds to your trading account to actually buy Electroneum (ETN).
Step 3: Make a Buy/Final Purchase Order for Electroneum (ETN)
The final step in buying Electroneum (ETN) is to make a buy order for Electroneum on the HitBTC markets. In order to do this, head to the HitBTC homepage once you’ve logged in to your account, go to the markets section and search for the ticker symbol ‘ETN’ under the BTC markets (Or Ethereum if you deposited Ethereum to HitBTC).
Under ‘Instruments’ look for the ticker symbol of ‘ETN’ within the BTC markets. That will look as follows:
Clicking on this trading pair will then load a new respective graph which is the price of Electroneum when exchanged for Bitcoin. Underneath this graph will be the option to either buy or sell Electroneum. We’re looking rather in this case to buy Electroneum [ETN] so click on the option for a ‘Market’ order – then simply specify the number of funds you want to use to buy ETN.
HitBTC will immediately calculate the number of funds you’ll be spending in terms of the market price for the BTC equivalent of ETN that you’ll be purchasing. The following demonstrates the order field that you’ll be asked to input.
HitBTC will calculate the amount of ETN you can afford relative to the BTC you’ve deposited to HitBTC. After you’ve input the amount of ETN that you’d like to buy, press ‘Buy ETN’ and once completed your order will be sent to the market for execution. Once done, you’ll have successfully bought Electroneum [ETN] on HitBTC.
Buying Electroneum [ETN] in Your Country
Electroneum can be purchased easily in the UK through HitBTC which is an Estonia-based exchange. You can seamlessly buy Electroneum (ETN) on HitBTC by depositing funds via cryptocurrency and then exchanging the deposited cryptocurrency for ETN. HitBTC is supported in the UK – additionally, you can utilize UK supported exchanges such as KuCoin for your purchases also.
Either will work for UK residents.
Residents of both the U.S. & Canada can utilize HitBTC and KuCoin as valid exchanges for buying and selling Electroneum.
Australian residents are able to buy Electroneum (ETN) directly from both HitBTC as well as KuCoin. Both are viable options for ETN purchases as they both have no restrictions against users from AU that sign up.
Differences Between Buying and Trading Electroneum (ETN)
- Buying Electroneum (ETN) means you have the freedom to send it and use it at your own discretion.
- If you wish to use Electroneum for its mobile efficiency, you have to buy it rather than simply trade it.
- Electroneum can only be moved to other external wallets if you buy it.
- Electroneum’s mobile mining capability can only be extracted when being bought as opposed to trading.
- When trading Electroneum (ETN), financial products like CFDs and other contracts are utilized where Electroneum is never actually owned.
- Trading ETN is usually linked to representational ownership rather than actual asset possession.
- If you’re trading ETN you’re traditionally looking solely for price movement or advantage.
- Electroneum is never used for its development or mining purposes when traded, only when bought.
Alternative Methods to Buy Electroneum (ETN)
At the moment, Electroneum can be bought fairly quickly using a credit or debit card by either utilizing Changelly that is integrated directly on HitBTC (As we instructed above) or adversely by utilizing Binance and the credit card purchase function on their exchange.
At this time, there is no direct method for buying Electroneum using PayPal, however, it is in fact possible in a minimally indirect way. To do this, we would first need to purchase Bitcoin using Paypal on a supported exchange, and then transfer this purchased Bitcoin to an exchange that enables Electroneum purchases with Bitcoin such as HitBTC. Once transferred, exchange the deposited Bitcoin for ETN, and you’ve successfully bought ETN using PayPal!
Bitcoin to Electroneum pairs are currently the most cost-efficient and liquid trading pair for Electroneum which makes buying Electroneum with Bitcoin the best method for purchase. To do this, simply acquire Bitcoin, deposit it to an exchange such as Electroneum and buy ETN using the deposited Bitcoin.
Electroneum (ETN) is restructuring how mobile payments are completed and disrupting the cryptocurrency market.
Purchasing cryptocurrencies, whether ETN or an equivalent can be difficult, and as a result our crypto guides are here to assist you. If you like to receive guides like this into your inbox along with with Electroneum (ETN) news, be sure to subscribe to our newsletter.
What makes Electroneum (ETN) unique from other cryptos?
Electroneum (ETN) focuses on the mobile section of sending and mining cryptocurrencies which sets it apart from most computer-based cryptocurrencies.
Is buying Electroneum (ETN) worth it?
Electroneum (ETN) is a volatile, yet rapidly changing asset. It presents multiple investment opportunities and offers multiple avenues for growth, so it can absolutely be worth an investment.
Is Electroneum Safe From Hackers?
Electroneum can be stolen if you don't take the proper security measures and precautions; be sure to enable multiple factor authentication as well as hold your passwords secretly.
Can I get free Electroneum?
Yes, in fact, you can. You can get free Electroneum by mining Electroneum's blockchain using their mobile mining application which in turn gives you free ETN for using your phone power.