How to Buy Enjin Coin in the UK – A Beginner’s Guide
Cryptocurrencies have gained immense popularity in recent years, with Bitcoin being the trailblazer. As more and more people seek to invest in digital assets, it’s essential to understand how to buy and trade cryptocurrencies. In this guide, we’ll focus on how to buy Enjin Coin in the UK, an exciting digital asset known for its unique utility in the gaming industry. We’ll also touch on the process of buying Bitcoin, as it is often a prerequisite for acquiring other cryptocurrencies. Here, we’ll explore the best sites to buy Bitcoin, making the entire journey smoother for beginners.
How to Buy Bitcoin – The First Step
Bitcoin, often referred to as the “digital gold,” is the pioneer of cryptocurrencies and remains the most well-known and widely accepted. Before delving into Enjin Coin, you’ll typically need to acquire Bitcoin first. Here’s how to buy Bitcoin online:
Select a Cryptocurrency Exchange: The first step is to choose a reputable cryptocurrency exchange. In the UK, popular options include Coinbase, Binance, and Kraken. Register on the chosen platform and complete the necessary verification processes.
Deposit Funds: Once you’ve created your account, deposit funds. Most exchanges accept bank transfers, credit/debit cards, and other payment methods.
Buy Bitcoin: After funding your account, navigate to the Bitcoin trading section on the exchange and place an order. You can choose to buy a specific amount of Bitcoin or spend a set amount of your local currency.
Secure Storage: It’s crucial to transfer your Bitcoin to a secure wallet. Hardware wallets like Ledger and software wallets like Electrum are popular choices. This step enhances the security of your investment.
How to Buy Enjin Coin
Now that you have Bitcoin in your wallet, you’re ready to invest in Enjin Coin (ENJ). Enjin Coin is a cryptocurrency designed for the gaming industry and is widely used in virtual item trading and the creation of non-fungible tokens (NFTs). Here’s how to buy Enjin Coin:
Select a Cryptocurrency Exchange: The same exchange you used to buy Bitcoin can often be used to purchase Enjin Coin. Alternatively, you can use a specialized exchange like Bittrex or Binance that supports ENJ trading.
Deposit Bitcoin: On your chosen exchange, deposit the Bitcoin you acquired earlier. This is typically done by sending your Bitcoin from your wallet to the exchange’s provided address.
Buy Enjin Coin (ENJ): Once your Bitcoin has been deposited, navigate to the ENJ trading pair, typically listed as “ENJ/BTC.” Place an order to buy Enjin Coin at the current market price or specify a custom price.
Secure Your Enjin Coin: Just as with Bitcoin, it’s essential to move your Enjin Coin to a secure wallet for added protection. Enjin’s official wallet is a suitable choice, or you can use a compatible hardware wallet.
Best Sites to Buy Bitcoin
To make the process smoother, it’s crucial to choose a reliable platform to buy Bitcoin. Here are some of the best sites to buy Bitcoin in the UK:
Coinbase: Coinbase is one of the most user-friendly exchanges for beginners. It offers a straightforward interface and a secure storage solution.
Binance: Binance is known for its extensive range of cryptocurrencies and competitive fees. It’s suitable for both beginners and advanced traders.
Kraken: Kraken offers a wide range of features and is known for its strong security measures. It’s a good choice for those seeking a high level of control over their investments.
Bitstamp: Bitstamp is one of the oldest exchanges in the crypto industry. It’s highly trusted and offers easy fiat-to-crypto onramps.
Best Sites to Buy Enjin Coin (ENJ)
To buy Enjin Coin (ENJ) in the UK or from anywhere in the world, you need to choose a reliable cryptocurrency exchange that supports ENJ trading. Here are some of the best sites where you can purchase Enjin Coin:
Binance: Binance is a popular choice for trading Enjin Coin and offers a wide range of cryptocurrency pairs. It’s known for its low trading fees, a user-friendly interface, and strong security measures.
Bittrex: Bittrex is a reputable exchange that provides a secure platform for trading ENJ. It’s suitable for both beginners and experienced traders, and it offers various trading pairs.
Coinbase: If you started your journey with Bitcoin on Coinbase, you can also trade Enjin Coin there. Coinbase is beginner-friendly and provides a seamless experience.
Huobi: Huobi is another exchange where you can buy and trade Enjin Coin. It offers a range of trading pairs and has a solid reputation in the cryptocurrency industry.
KuCoin: KuCoin is a user-friendly exchange with a broad selection of cryptocurrencies, including ENJ. It’s known for its competitive trading fees and regular promotions.
Securing Your Enjin Coin (ENJ)
Security is paramount when it comes to cryptocurrency investments. Once you’ve purchased Enjin Coin, you must take steps to keep it safe. Here’s how to secure your Enjin Coin:
Use a Hardware Wallet: Consider investing in a hardware wallet, such as Ledger Nano S or Ledger Nano X. These wallets are considered the most secure because they store your crypto offline, away from potential online threats.
Software Wallets: If you prefer a software wallet, the official Enjin Wallet is a solid choice. It’s designed specifically for storing ENJ and other ERC-20 tokens.
Backup Your Private Keys: If you opt for a software wallet, ensure you have a backup of your private keys and recovery phrases. Keep these in a secure and separate location from your wallet.
Enable Two-Factor Authentication (2FA): Activate 2FA on your exchange accounts and wallets for an added layer of security. This will require a second verification step for any access attempts.
Beware of Phishing Attempts: Be cautious of phishing emails and websites that may try to steal your cryptocurrency information. Always double-check URLs and email sender addresses.
Regularly Update Software: Keep your wallets and devices up to date with the latest security patches and software updates.
Investing in cryptocurrencies like Enjin Coin and Bitcoin can be a rewarding experience, but it comes with risks. It’s crucial to educate yourself, start with small investments, and employ security best practices. The cryptocurrency market is highly volatile, so it’s essential to be prepared for price fluctuations and potential losses.
As you navigate your journey through the world of digital assets, remember to stay informed about the latest developments, follow regulatory guidelines, and continue to research new investment opportunities. With patience, knowledge, and responsible investing, you can become a part of the growing cryptocurrency community in the UK and around the world. Happy investing!