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How to Buy and Invest in Libra Coin

In this guide we explain how to buy, sell and trade Libra Coina nd list the best platforms to do so.
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Author: Nica
Last Updated: 25 March 2020
Israeli Developer ZenGo Announces Support for Facebook’s Libra
Israeli Developer ZenGo Announces Support for Facebook’s Libra

Libra Coin seeks to address volatility and scalability to create a one-of-a-kind digital currency. Consequently, the team behind the project claims that the coin will have the intrinsic defining features of money. These include being a store of value, unit of account and measure of value, all of which are said to be lacking in other cryptos.

Due to the fact that this coin is a product of Facebook, the team behind it expects smooth sailing in as far as adoption is concerned.  But how can you invest in Libra Coin and which is the best platform to do so? We’ve investigated and found that the best platform to do so is Libra Method. Keep reading to find out how you can buy and trade Libra Coin today.

Best Platform to buy Libra Coin in the U.S.

eToro - Buy Libra Coin in the U.S.

OUR RATING

  • U.S. traders accepted
  • Social trading platform with 6 million users
  • Secure & regulated by CySEC & FCA
  • Lowest fees on Libra Coin purchases
70% of retail investors lose money when trading CFDs with this provider.

How to Buy Libra Coin using eToro

Launched in 2007, eToro is a regulated global multi-asset platform that lets its users trade cryptocurrencies, stocks, forex and many more. Compared to other cryptocurrency exchanges, eToro is a well-established platform that boasts over 10 million users worldwide.

It launched its crypto wallet and trading platform in the Unites States in 2019. Aside from cryptocurrencies, you can also trade 13 stock index CFDs, 83 commodity CFDs, 47 currency pairs and more than 1,300 stock CFDs on eToro.

If you’re interested to buy Libra coin and other cryptocurrencies on eToro, check out our guide below.

Buy Libra Coin Now

Step 1: Create your account

Signing up for an account on eToro is simple and fast. You just need to provide your name, preferred username, email address, password and phone number. If ever you prefer to use your Google or Facebook account to sign up, you can also do that. Remember to click the two boxes so you can confirm that you’ve read eToro’s Terms and Conditions as well its Privacy and Cookie Policies.

Step 2: Confirm your email address

To confirm your email address, check your email’s inbox folder and check the email from eToro. You just need to click the “Verify my email” button to successfully verify your email address.

Step 3: Verify your account

Identity verification is a mandatory step when you create an account on eToro. This is being done so eToro can follow regulatory requirements and keep its platform secure.

In order to verify your account, you’ll need to provide a proof of identity as well as a proof of address. The eToro app can be used to quickly scan your documents and upload them.

You can use your driving license or any government-issued ID to prove your identity. On the other hand, your proof of address can be your credit card statement, bank statement, electricity or water bill or other documents that are not older than 6 months which have your full name and address.

Step 4: Make a deposit

After the verification process, you can deposit as high as $2,000 in your eToro trading account. If you are a beginner, it’s highly recommended that you only start trading with as little as $250 so you can hone your trading skills first before risking a high amount of money.

On eToro, you can use your PayPal account, credit/debit card, Skrill, wire transfer, WebMoney and Neteller to make a deposit.

Step 5: Buy Libra Coin

Click “Trade Markets” and check the crypto market section. Once you’re in the crypto market section, search for Libra coin. On the Libra coin page, you’ll find all the necessary information about it. There is also a dedicated chat room for traders who are trading Libra coin. Since eToro is a social trading platform, all the cryptocurrencies supported by eToro have this kind of page and chat room.

If you’re ready to buy Libra coin, click the “Trade” button at the top right corner. You’ll then see the option to either buy or sell Libra coin. Enter the amount you want to buy and click “Buy.”

Best platform to buy Libra Coin outside the U.S.

Libra Method - Non-US Customers

OUR RATING

  • The only place to buy & sell Libra Coin outside the U.S.
  • Auto-trading with alleged win rate of 90%
  • No trading experience needed
  • $250 only to get started

How to Buy Libra Coin outside of the U.S.

The Libra Method website is currently the only platform where you can buy and trade Libra Coin outside of the U.S. It is worth noting that this platform is not a crypto exchange or brokerage service. Rather, it is an automated trading robot.

Libra Method is powered by a proprietary algorithm with the objective of driving portfolio growth for all traders, regardless of their skill level. The bot trades Libra Coin on your behalf with an alleged 90% win rate in order to generate profits.

Find below a tutorial on how to get started with the Libra Method robot.

If you still have doubts as to why  you should buy cryptocurrencies, you can read our guide to buying cryptocurrencies.

 

Buy Libra Coin Now

Step 1: Register for an account

To start with, click here and open your account. You will need to provide contact information for the registration process. This will require filling up a short registration form.

The registration form will require details such as full name, email address, password and phone number.

Once you complete the form, the team will create your account.

Step 2: Deposit $250

To get started, you need to deposit a minimum of $250 to activate your trading profile.

Note that the amount will remain in your account on Libra Method. You will be able to use it to trade and you can make a withdrawal at any time.

Step 3: Start Trading

As soon as you make your deposit on the platform, you are eligible to begin trading online.

At this point, you will be able to access a free copy of the Libra Method software, which the team describes as the world’s smartest crypto trading software.

In the future, when the Calibra wallet launches, users will also be able to buy Libra coins and hold them or use them for transactions.

Buying Libra through the wallet will require users to sign up for an account and verify their identity using a government-issued IDs.

It will then be possible to convert fiat money into Libra and then add it to the crypto wallet. From there on, they can use the money for everyday transactions or hold it.

What is Libra Coin?

Libra Coin is making waves across cryptosphere and beyond. Its seeds were sown in May 2018 when Facebook, the company behind the coin, established a blockchain division. Under the leadership of David Marcus, the division in December 2018 announced plans to create a cryptocurrency. In June 2019, Facebook formally announced Libra Coin and set its launch date for some time during the first half of 2020.

According to the announcement, Libra Coin will operate under a subsidiary known as Calibra, which is also the name of its digital wallet. The wallet will be available as a standalone app and accessible on WhatsApp and Facebook Messenger.

In order to circumvent one of the top issues associated with cryptocurrencies, volatility, Libra will be a stablecoin. At the onset, the coin will be pegged to four of the world’s top fiat currencies. These are the USD, EUR, JPY and GBP.

Unlike other stablecoins though, its value will not be constant. Rather, it will vary based on market conditions, just like all fiat currencies do, but not with the volatile swings associated with crypto. As David Marcus explains, it should be able to work more like a traditional currency than a cryptocurrency.

Its key objective will be to facilitate seamless transactions for the unbanked population all around the world. Even though approximately 2 billion people do not have bank accounts, there are over 5 billion mobile phone users. And most of them use the internet and social media. Facebook alone currently boasts at least 2.38 billion monthly active users globally. The coin thus aims to leverage Facebook’s reach to drive adoption of the coin and make it easy for everyone including the unbanked to transact.

In addition to being a stablecoin, other key features of Libra Coin include:

  • It makes use of the LibraBFT consensus mechanism
  • It employs smart contract coding using “Move” programming language
  • It operates under the independent Libra Association which aims to have at least 100 members by the time of launch. Uber, MasterCard and Visa are some of the members of the association, each of whom invested at least $10 million in the project.
  • It will start as a permissioned blockchain and eventually transition to a permissionless model

There are key differences between buying and trading cryptocurrencies, and the same is true for Libra Coin. Holding does not require a steep learning curve while trading requires analysis of price charts, market trends and manual effort to enter and exit positions.

As such, manual trading is not for everyone as it requires a certain degree of skill to pull off successfully. In many cases also, expert traders have access to a wider variety of effective trading tools that increase their odds of success.

With this in mind, Libra Method uses an innovative trading system that allows all levels of traders to potentially enjoy success. The system is social-driven in the sense that it draws data from the trading community to increase the odds of success.

By studying the community and following the hottest trends in the cryptocurrency industry, it allows both professionals and amateurs to trade effectively. In fact, using its intuitive algorithm, the program claims to be 97% effective at trading profitably.

Therefore, users do not have to undergo rigorous manual processes to chart trades and make their moves. Rather, all they need is a few clicks and the automated robot will take it from there.

Pros:

  • Innovative trading algorithm gives amateurs a professional edge in trading Libra
  • High adoption rates expected due to popularity and wide reach of Facebook
  • Viable use cases for the coin should spur growth thus driving investment returns
  • Easy accessibility on WhatsApp and Facebook Messenger lowers the entry barrier

Cons:

  • Facebook has a flawed track record when it comes to privacy concerns, spawning concerns about Libra user protection
  • Regulators have yet to approve the coin and Libra is still under scrutiny in the US and India
  • Centralization claims due to initial permissioned blockchain model

In order to use the automated robot and start trading Libra Coin, keep reading.

Libra Coin Wallets

At the moment, there is only one Libra Coin wallet known as Calibra in the works. The wallet will be available as a standalone app and will also be integrated into other apps.

It is expected that the full system, consisting of Libra Coin and Calibra wallet will launch next year. Presently, they are still in the final stages of development.

For starters, Calibra will be accessible both on WhatsApp and Facebook Messenger, both of which are maintained by Facebook.

But as is the case with most cryptocurrencies, the company intends to allow other developers to make their own wallets for the coin.

Differences Between Buying and Trading Libra Coin

Buying

  • When you buy the coin, you own it and can transfer it, sell it or otherwise transact in it as you please.
  • Buying is traditionally associated with holding coins long-term in hopes that the value will increase.
  • You can use the coins in the same way as fiat money e.g. for payments and purchases.
  • Lower risk level compared to trading, especially for traders who use borrowed funds or margin trading.

Trading

  • Libra trading uses an automated bot built on a social-driven trading system.
  • When trading, you don’t have to own the coins as you can take long or short positions on the platform without possessing any coins.
  • Higher potential for gains as you the system follows the hottest crypto trends and claims to have a 97% chance of trading profitably.
  • Higher risk level since trades do not always go as expected and if trading on margin, the risk is compounded.

Final thoughts

In view of the wide reach and popularity of Facebook, the leading social networking platform, Libra seems to have made it already. The team behind the project has sought to differentiate the project by addressing pain points on other cryptos.

Most importantly, the intuitive and advanced algorithm that the platform uses for trading has already demonstrated great potential for success. It works on a simple yet promising concept as a social-driven trading system allowing users at all levels to enjoy a professional edge.

As always, only time will tell whether it lives up to the hype, but it appears to hold remarkable promise.

eToro - Buy Libra Coin in the U.S.

OUR RATING

  • U.S. traders accepted
  • Social trading platform with 6 million users
  • Secure & regulated by CySEC & FCA
  • Lowest fees on Libra Coin purchases
70% of retail investors lose money when trading CFDs with this provider.

Libra Method - Non-US Customers

OUR RATING

  • The only place to buy & sell Libra Coin outside the U.S.
  • Auto-trading with alleged win rate of 90%
  • No trading experience needed
  • $250 only to get started

FAQs

Is Libra Coin a cryptocurrency?

Yes. Like other cryptocurrencies, Libra uses cryptographic security, operates without a central bank and runs on a public ledger. It also uses pseudonymous wallets and transactions take place using public key operations.

Does Libra Coin use a blockchain like Bitcoin and other cryptocurrencies?

Yes. Libra Coin uses a proprietary type of blockchain created by Facebook. This means it differs from the traditional blockchain in certain respects. Instead of using blocks, it uses a Merkle Tree system. Furthermore, it is designed to have the ability to scale to billions of user accounts.

What does Libra Coin use of a permissioned blockchain mean?

On the conventional permissionless blockchain, anyone can become a miner by simply acquiring the right set of equipment. Though these are highly decentralized, they are also slow due to the high number of nodes. Libra will start out as a permissioned blockchain in the sense the members of the Libra Association will be in charge of network's well-being.

What type of stablecoin is Libra?

Libra will be a fiat-collateralized stablecoin with the backing of the Libra Reserve, a reserve containing real assets. In order to minimize volatility, the assets in question will include short-term government securities in stable, reputable currencies and bank deposits.

Who will be in charge of Libra Coin?

Libra Coin will be managed under an entity known as the Libra Association. Libra Association brings together a number of companies each of which invests a minimum of $10m into the project. As an independent non-profit organization based in Switzerland, it will be in charge of validating transactions and managing the Libra Reserve.

Will Facebook have centralized control over Libra?

No. Once the coin is launched, Facebook says it will withdraw from the current leadership role, handing the reins over to the Libra Association. The Association, in turn, will have the Libra Association Council as its governing body, which will be voting on decisions and policy.

What will I be able to buy with Libra Coin?

Hand in hand with the coin, Facebook is planning to launch the Calibra wallet. Using this wallet, coin holders will be able to send and receive money to and from other users. In addition to money transfers, the company is also planning to facilitate transactions using the coin. Since companies like Uber and eBay are early investors, users will probably be able to pay for their services and goods using Libra.

Is Libra safe?

Facebook says that to make the currency and its blockchain safe, it will use open-source code which can be audited and monitored for bugs and flaws. Moreover, it will introduce a bug bounty system to incentivize techies to look for vulnerabilities. If users lose money, it says it will give refunds.

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Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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Nica is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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