Where to Buy Chia Coin? – Beginner’s Guide
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The energy-intensive nature of cryptocurrencies such as Bitcoin and other altcoins has been a significant criticism. Bitcoin mining alone consumes enough energy to power an entire European nation. This has provided detractors with a reason to discourage and limit the widespread adoption of cryptocurrencies, particularly in a world striving for a greener and more energy-efficient industry.
Chia coin, on the other hand, has gained popularity as an altcoin due to its environmentally friendly approach. In this article, we will examine various aspects of Chia Coin and explain how and where to purchase it with ease.
Where to Buy Chia Coin – Step by Step Guide 2023
Here is a straightforward, step-by-step guide to purchasing Chia coin. This guide uses eToro, one of the most popular cryptocurrency brokers, for this purpose.
- Create an eToro account – quickly create an account with our recommended broker, eToro.
- Upload your ID – verify your identity by uploading a photo of your passport or driver’s license.
- Make a deposit – add funds to your account using a debit/credit card or e-wallet.
- Buy cryptocurrency – purchase cryptocurrency without paying any commission fees.
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Where to Buy Chia Coin
1. eToro -Regulated Broker That Offers Crypto Assets and Other Instruments
eToro takes top spot on our list of the best places to buy Chia coin. The broker has made a strong reputation for itself and is used by both beginners and advanced investors to build portfolios.
One of the most appealing aspects of eToro is that it is regulated by several regulatory bodies including the Financial Conduct Authority, the SEC and the CySEC. The platform also offers a variety of financial instruments including crypto assets, traditional stocks, ETFs, ready made portfolios and others. This makes it a good choice for investors who are looking to diversify their portfolio.
eToro also offers low trading fees and a handful of helpful tools that can be used to analyze the markets and make informed trading decisions.
The broker also provides an innovative social trading platform through which traders can copy the trades of others and connect with other market enthusiasts. Copy trading does not guarantee any profit but is a good way to learn about other trading strategies and to improve your own.
For crypto investors, eToro provides a secure wallet in which you can store your crypto long term. It is considered to be safer than storing assets on the trading platform for a long period of time. There are no fess involved with eToro Money wallet.
eToro fees:
| Fee | Amount |
| Stock trading fee | Free |
| Forex trading fee | Spread, 2.1 pips for GBP/USD |
| Crypto trading fee | Spread, 0.75% for Bitcoin |
| Inactivity fee | $10 a month after one year |
| Withdrawal fee | $5 |
Pros:
Pros:- Beginner friendly interface that is easy to navigate
- Offers social trading and copy trading
- Regulated by the FCA, CySEC and SEC as well as other bodies
- Allows crypto investing in some jurisdictions
- Access to the wider stock market
- Users can invest in a ready-made crypto portfolio
Cons:
Cons:- Doesn’t offer many advanced charting tools
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
2. Binance – A Good Platform For US Investors
Binance is a highly sought-after cryptocurrency exchange platform, offering the largest range of altcoins. Regardless of whether you prefer small-cap or large-cap altcoins, you can most likely find them on Binance. The Chia coin has been available on Binance since its launch in early 2021. Users can buy the coin with both fiat currency and other cryptos.
Binance is renowned for having low trading fees, with a standard fee of only 0.1% and a reduced fee for those holding Binance Coin (BNB). While the platform does charge high fees for deposits and withdrawals (between 2% and 3%), they are still considered one of the most cost-effective crypto trading platforms available. Binance provides a range of advanced tools and technologies designed specifically for cryptocurrencies, making it an excellent choice for experienced traders looking to take advantage of these features.
Binance fees
| Fee | Amount |
| Crypto trading fee | Commission, starting from 0.1% |
| Inactivity fee | Free |
| Withdrawal fee | 0.80 EUR (SEPA bank transfer) |
Pros:
- Binance provides an advanced trading platform for experienced traders
- Access to hundreds of crypto assets
- Low fees and commissions
- Users can choose between a number of payment methods
- BNB users can receive discounts
- Excellent security
Cons:
- Users may be charged for depositing funds
- Poor customer service
Your capital is at risk
3. Coinbase – Easy to use crypto investing platform
Coinbase is another good option for buying Chia Coin. The platform has a strong reputation with more than 73 million users world wide. Coinbase is also regulated by the SEC and adheres to strict security protocols that protect its users.
Coinbase is a crypto trading platform that offers hundreds of crypto assets including Chia Coin and other players such as Bitcoin and Ethereum. The platform also has its own native crypto wallet that can be used to safely store your investments.
Coinbase is appealing to investors on a budget because it has low fees and a very low minimum deposit requirement. Moreover, you can invest from just $1 on the platform.
For more advanced investors, Coinbase Pro provides a range of investment and analysis tools that can be used to conduct research and make informed decisions about the market. The regular version of the platform also provides useful research tools that are easy to use.
Coinbase fees:
| Fee | Amount |
| Crypto trading fee | Commission, starting from 0.50% |
| Inactivity fee | Free |
| Withdrawal fee | 1.49% to a U.S. bank account |
Pros:
- Charting platform offers a number of technical indicators
- Hundreds of tokens available
- Great platform for beginner traders
- Users can earn crypto through staking
- Coinbase Pro offers advanced features
Cons:
- You may be charged for credit card deposits
- Slow customer service
Your capital is at risk
What is Chia Coin?
Put very simply, the Chia coin (XCH) is an alternative to other, more energy-intensive, cryptocurrencies. The network is a layer 1 blockchain that utilizes a completely unique coding mechanism called proof-of-space-and-time (PoST). The mechanism allows the Chia network blockchain to use minimal energy whilst maintaining strong security.
Another way in which Chia coin is set apart from its competitors is that the company that has created the Chia coin, the Chia Network, is a for-profit, open-source company that aims at being listed on the NYSE or the NASDAQ. This is part of the reason why the former NASDAQ CEO Gene Hoffman is the COO of the Chia Network company. The company aims that the Chia network blockchain will become a major source used by organizations worldwide, thus making it important that the company functions in a proper manner where it can list its XCH on the balance sheet of the company.
Chia, as compared to several of its competitors, is also a newer blockchain, since it only came into existence very recently in 2021, when the company launched its wallet functionality, transactions, and smart contracts. This makes it a more attractive proposition for cryptocurrency enthusiasts because it suggests that people have not grasped the technical aspects of the Chia Network yet, and its uniquely innovative approach has not yet been priced into the XCH price. The network has ben successful at raising funds from a list of venture capitalists who support the projects development. Chia network raised $61 million in funds during 2021 from a number of reputable VCs.
Why Buy Chia Coin?
As mentioned earlier, there are several reasons that make the Chia coin unique, and they can all be boiled down to one major question: what differentiates Chia from all the other competitors it has? And the answer is multi-pronged. For starters, the Chia coin improves on the already-existing concepts of proof-of-stake and the proof-of-work by using a less electricity-intensive mechanism, making it very popular even with critics who say that cryptocurrencies should not be adopted due to their high electricity consumption. At the same time, the coin also functions on a blockchain that was developed using its own programming language called Chialisp. It’s an on-chain programming language and it incorporates elements from Ethereum, Bitcoin, as well as other blockchain networks, enabling it to keep the good parts whilst improving on the drawbacks of these networks.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
How Much Does It Cost to Buy Chia Coin?
As of 8th December 2021, you can buy Chia coins on a variety of wallets such as eToro, Binance, Kraken, and other popular cryptocurrency wallets. While a detailed review of each of these wallets has been given below, knowing the price of Chia coin is also important since some platforms do not allow you to buy fractional cryptocurrencies. At the moment, Chia Token is trading for 106.84 USD (at the time of writing), and there has been a 24-hour trading volume of 20,964,452 USD. The share price of XCH has increased by -0.67% over the last 24 hours. In total, there are 2,485,247 XCH coins in circulation, and together they have a combined market cap of 262,304,996 USD. There is no information available about the maximum number of coins that will be produced on the Chia Network.
How to Buy Chia Coin using PayPal
If you don’t want to us a credit or debit card, it is possible to invest in Chia coin using PayPal through eToro. To the best of our knowledge, no other crypto exchange enables XCH investments with PayPal or any other e-wallets, making eToro an exceptional investment platform for anyone who prefers this payment method.
How to Buy Chia Coin with Bitcoin
If you currently hold BTC in a crypto wallet, it is possible to swap BTC for Chia Coin. To do this, you will need to execute the transaction through an exchange that provides token swapping. The most popular decentralized exchange that offers this is PancakeSwap. However, swapping is also available through some centralized exchanges including Binance. Simply transfer your BTC to your Binance account and swap BTC for XCH.
Buying Chia Coin Safely
Investing in Chia Network carries risks and there are no guarantees of returns. However, due to its unique concepts and potential popularity, the demand for the cryptocurrency could increase significantly. Nevertheless, it is important to note that other cryptocurrencies on established blockchain networks like Ethereum may still perform better than Chia despite its wider range of use cases. Additionally, with the constantly evolving blockchain technology landscape, there is a risk of new and more energy-efficient cryptocurrencies rendering Chia obsolete and causing its prices to drop.
There are inherent security risks in investing in anonymous projects such as XCH, as a critical flaw in the code could enable developers to scam investors and steal their cryptocurrency. DeFi is an unregulated and rapidly evolving space where scams are becoming increasingly common, resulting in users losing significant sums of money. To mitigate such risks, experienced code auditors should be given access to the code to identify and address any vulnerabilities. Unfortunately, the Chia Network has not undergone an audit yet, which increases the possibility of such security breaches.
Risks of Buying Chia Coin
Investing in alternative cryptocurrencies or altcoins still presents a significant level of risk, and financial experts emphasize the possibility of losing money. They advise individuals to invest only what they can afford to lose, irrespective of the particular cryptocurrency they choose to invest in.
Altcoins differ from Bitcoin in multiple ways, including their structure, supply, and usage, which may require a greater level of caution when investing in them. Bitcoin was designed in 2009 as a peer-to-peer electronic cash system that is supported by a meticulously designed ecosystem, with a built-in scarcity feature in its blockchain. However, most altcoins lack these fundamental features. For example, the Chia Network offers unique features like smart contracts, non-fungible tokens, and opportunities for enterprise-wide liquidity mining, but it does not fully incorporate all the features of Bitcoin, making it less compatible with most infrastructure designed for the Bitcoin blockchain. Despite this, supporters of the Chia Network believe that its ecosystem goes beyond just community value.
Nevertheless, experts warn that investing in altcoins comes with a high level of risk, and regulatory authorities advise investors to only invest what they can afford to lose, regardless of the specific cryptocurrency they choose to invest in.
Selling Chia Coin
It is possible to sell Chia coin by simply closing your open investment order. This can be done on all of the platforms mentioned above. It is also possible to sell the coins through a decentralized exchange, such as Pancakeswap. This method of selling can offer a better price but often requires more steps to complete the process.
Selling through a decentralized exchange would require you to open a crypto wallet and transfer Chia coin from the platform that you bought it from, into the wallet and then onto the DEX. DEXes provide fast transfer times and lower fees however, this process may be too complicated for new investors.
Chia Coin Price Forecast
Different cryptocurrency experts have a variety of differing views on the price that Chia can reach in the future. For example, According to WalletInvestor, Chia price will drop from $101.27117 to $14.862 in one year. That makes XCH a bad investment. The long-term earning potential is -85.32%. On the other hand, In DigitalCoin analysis, the price of Chia Network cryptocurrency will rise in the next 5 years starting from $99.9164922 as of today’s price to $389.6863244. It will go up to $162.4790878 by 2022 and starts its reduction in 2023-2024. Based on this forecast, Chia Network is a profitable long-term investment. Therefore, what is clear is that the profitability of XCH is largely unclear to analysts, and their analysis is largely contradictory. The potential growth of Chia coin is dependent on a variety of factors and cannot be 100% predicted.
Best Way to Buy Chia Coin 2023
For the purpose of this guide, we will use the eToro platform to demonstrate how to buy Chia coin. The process may be similar on other platforms but it is important to follow all steps thoroughly and read all information that is provided to you throughout the registration process.
Step 1: Open an Account
The first step is to fill out the registration form. This can be found the eToro website under ‘sign up’ or ‘create account’.
The form will ask you to provide basic personal information such as your mobile number and address. After filling this out, click to accept the terms and conditions and continue to the next step of the process.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Step 2: ID verification
eToro is a regulated platform which means that it follows KYC procedures. This includes asking new members to upload proof of identity documents. The documents must prove your name and address and should be uploaded to the platform clearly. eToro will not accept any blurry images or fake forms of ID.
The verification process can take up to 48 hours to complete but is usually done within 10 minutes.
Step 3: Fund your account
After verifying your account, eToro will ask you to deposit funds. To do this, you must connect a payment method to the platform. eToro accepts credit card, debit card, PayPal, Skrill, Neteller and Bank transfer. You can also make deposits in crypto. The minimum deposit is $20.
Step 4: Invest
Lastly, you will need to execute an order for Chia coin. The process of doing this through eToro is relatively simple, Just click buy and input the amount of Chia that you would like to invest in. It will take a few minutes for the coins to show up in your portfolio.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Conclusion
When it comes to trading Chia, eToro stands out as the top platform due to several factors. Firstly, eToro offers leverage for cryptocurrency investments, allowing you to invest in Chia with only a small amount of your own capital at risk. Secondly, eToro provides access to a range of verified and dependable altcoins, including Chia. Finally, eToro adheres to regulatory requirements, ensuring the safety of your funds when investing in Chia or other cryptocurrencies on their platform.
eToro – Buy Chia Coin With 0% Commission
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
FAQs
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Nishit Kumar
