More experienced investors can try to time the market or engage in technical analysis to become more proficient at entering and exiting positions. One of the most important rules each investor should follow is to never invest beyond their means. This is doubly true in crypto, as the market can be very volatile and it is not uncommon for digital assets to go on massive price swings. At the exchange where you are wanting to purchase Polkamon (PMON) you will need to get your account’s BTC or ETH wallet ID. On most exchanges you’ll see a DEPOSIT button next to either BTC or ETH. When you click on it you should see (or be given a button to click to create) your wallet ID.
- After selling crypto you can decide to withdraw fiat from the exchange to your bank account (if you used crypto-to-fiat pair) or withdraw crypto to an external crypto wallet (if you used a crypto-to-crypto pair).
- If you want to know more about this project, you can find information about Polkamon later, but now we are going to focus on how you can get this cryptocurrency that has become very popular lately.
- Coinbase uses your mobile phone number to setup Two-factor authentication (2FA) on your account making your account even more secure.
- The order remains open until the asset reaches the specified price, or until the order is canceled by the investor.
- Now you play a short waiting game as your transfer has to go through the cryptocurrency ecosystem and be confirmed multiple times.
Limit price bascially says you want to purchase a certain amount of Polkamon (PMON) at a specific price. If the price of PMON gets to that price your order will be processed. Remember, with how volatile the market is, there is no guarantee the price will drop to your limit price.
Step by step guide on how to buy Polkamon (PMON) Cryptocurrency
Please MAKE SURE that the email address you enter is one you have access to and is your most secure email as this is how you will always sign in to your Coinbase account. Although Coinbase has both iOS (iPhone) and Android apps, I have found the easiest way to setup your exchange account with them is to use their website. As digital collectibles, Polkamon have unmatched visual appeal and value. With native mobile apps you can explore and present your collection, buy $PMON tokens and get detailed information about the Polkamon universe at any time.
Although you will first have to buy ethereum or another cryptocurrency to be able to buy Polkamon. The cheapest way is to use Binance to buy ethereum or another cryptocurrency like Tether (USDT), and pass them to your Metamask wallet, and then go to Uniswap and buy Polkamon. Limit price says you want to purchase a certain amount of Polkamon (PMON) at a specific price. Just a couple of dollars are enough to buy Polkamon, with the exact dollar amount depending on the cryptocurrency exchange you want to use. However, the smaller the amount invested, the smaller the potential upside – and by extension, the lower the risk. At the current buy price, investing $1,000 in Polkamon would get you 2,681.01 PMON.
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In addition to spot markets, the exchange hosts margin and futures markets, its own NFT marketplace, as well as its own lending and staking solutions. KuCoin is also known for low fees, amounting to 0.1% for both makers and takers. Since I’m not a licensed professional and the cryptocurrency market is so volatile, deciding between which one to invest in based upon value will be up to you. What I can tell you is that the majority of exchanges that offer investing in Polkamon (PMON) will allow you to purchase using Bitcoin (BTC).
Ledger is one of the most secure cryoto hardware wallets for storing cryptocurrencies. Instead, you should try to diversify your investments and put yourself into a position where a single project failing doesn’t erase your entire portfolio. If you purchased Ethereum (ETH) at Coinbase, you are going to want to look for the PMON/ETH investment. Once your transfer has been confirmed it should show in your exchange’s account and will be immediately ready to be used to buying Polkamon (PMON). Now it’s time to purchase Polkamon (PMON) using your investment from Coinbase. When you purchase using a Credit Card, you will be able to purchase immediately and have access to trade your coins right away.
Keep in mind that you’ll need to provide some personal information, including your name and email address. In order to increase withdrawal limits and unlock additional functionality like crypto loans and staking options, certain exchanges require users to complete KYC as well. Presently, Polkamon is changing hands above the 200-day simple moving average (SMA) which is considered a bullish signal. In addition, the price of Polkamon is currently above the 50-day SMA, which is a bullish indicator. Meanwhile, the Fear & Greed Index, a popular measure of market sentiment, is 48 (Neutral).
Step Four: Make your first purchase of Polkamon (PMON)
When funding using a bank account you’ll have more purchasing (buying) power than a credit card. You can also transfer cryptocurrency between exchanges, which can be beneficial if you are looking for additional features or a more competitive fee structure. The process of transferring crypto between Binance and Kucoin, or any other combination of exchanges is very straightforward. When placing a limit order, the investor specifies the price they are willing to pay or receive for the particular cryptocurrency. The order remains open until the asset reaches the specified price, or until the order is canceled by the investor. Novice investors are recommended to use a simple but proven dollar-cost averaging (DCA) investment strategy, which alleviates the stress of when to buy Polkamon and how much to spend.
If Polkamon (PMON) doesn’t have an investment option using the currency you purchased as Coinbase, don’t worry. Once you have your specific currency’s wallet ID, head back over to your Coinbase account. Since I don’t want to miss any steps in this important process, click here to view the official how-to guide from Coinbase on transferring your currency to another wallet.
PMON tokens are standard ERC-20 tokens, while the Polkamons can be minted as ERC-721, a non-fungible token, meaning that it runs on and is secured by the Ethereum blockchain. Ethereum, in turn, is secured by its Ethash proof-of-work function. To learn more about this project, check out our deep dive of Polychain Monsters.
Right now you can buy Polkamon (PMON) at a good number of cryptocurrency exchanges including MXC. Since Coinbase only allows for the purchase of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, you will need to transfer your BTC or ETH investment to another cryptocurrency exchange. Realize you don’t have to purchase a full coin, rather you will be investing a portion of a coin. Knowing this will actually help you with your future cryptocurrency investments. With the etherum in your account, you should go to your wallet, and click on this cryptocurrency. You will see a withdraw button, here you must indicate the address of your metamask wallet, the amount and the network.
There is nothing wrong with purchasing at this price, but if you think the price will drop or wanted to get it at a lower price, then look at the limit price. Once you have your trading account setup at one of the exchanges that trades Polkamon (PMON), you will need to transfer your BTC or ETH from Coinbase to that specific exchange. Currently, Polkamon is found in very few exchanges, due to the fact that it is not yet popular enough to be listed on major exchanges. If you are interested in buying Polkamon it is currently on several exchanges, and each one works differently, as well as DEFI platforms such as Uniswap. Although currently, this cryptocurrency is not on many exchanges, you can still buy it through DEFI exchanges, such as Uniswap and Sushiswap.
He holds a master’s degree in industrial engineering from Hamburg University of Technology, which he finished in 2018. We’ve also created a directory of all of our crypto buying guides. Let me reiterate, I am not a licensed professional so I can’t give you any investment advice on how to handle the next step. As your unique Polkamon collection grows in value and variety, keep your most beloved Polkamon always by your side through native mobile widgets. Polkamon exist in many shapes and colors, each with a unique look and individual rarity.
You are a proud investor in Polkamon (PMON)!
Depending on the day this could take 5 minutes or even up to a few hours. 5) You should now be signed into (or be able to sign in) your Coinbase account. Again, since you will be using your hard earned money to fund your Coinbase account, there are a few more verification steps you need to complete.
The nice thing about Coinbase is there is no upfront waiting period—simply sign up, confirm your email address, and you’re all set. We’ve put together this quick step-by-step guide to show you how to buy Polkamon (PMON) using US Dollar. New to crypto and want to learn how to buy Bitcoin (BTC), or any other cryptocurrency? Given that the total volume of tokens will decrease with every minted Polychain Monsters NFT, their price is designed to rise. Finn Hansen is the third partner, who serves Polychain Monsters as a full-stack software engineer.
Polkamon collectible NFTs are traded at peer-to-peer marketplaces such as OpenSea. In parallel with Polychain Monsters as of April 2021, he worked as software engineer at a DeFi platform Tixl.Finance and is running eco-shop chain Beleaf as co-founder and software engineer. However, before that, he has had a dozen short contract jobs and internships in software engineering and product development, including such companies as Philips, Lufthansa and Elbstack.
Also be sure to check with your credit card company as some companies actually charge a fee or highest interest for purchasing cryptocurrency using a credit card. As a rule of thumb, most crypto exchanges support both crypto-to-crypto (e.g., PMON/BTC) and crypto-to-fiat (e.g., PMON/USD) trading pairs. You can buy Polkamon on several cryptocurrency exchanges, including KuCoin, CoinEx, gate.io and MEXC. ERC-20 merely defines a set of rules for tokens, as well as security considerations mainly related to the strength of the Ethereum network. For example, congestion can hike the price of gas needed to perform transactions, leading to delays and abnormally high transaction fees, which impact all participants. This has already happened at the early days of Ethereum when in 2017 the first popular game based on smart contracts called CryptoKitties has completely clogged the network.
If you want to learn how to buy more cryptocurrencies, here is our library of guides on how to buy cryptocurrency with USD. To add a payment method to your account, you can either click on the “Add payment method” box that appears at the top of the main screen on Coinbase, or click on your profile photo then settings then payment methods. Coinbase assumes that you are signing up for an Individual investment account so the next part of the sign up process deals with verifying your identity. As with more sign-up processes, the next step will be Coinbase sending you an email to verify your email address. Once you receive the email just click on the link and you should now have access to your Coinbase account. With CoinCodex, you can easily monitor your Polkamon investment using a suite of crypto tools designed to make investing accessible and efficient.
Only downside is that your weekly purchase limit on a Credit Card will be around $750 when you first open your account. Collect ultra rare digital monstersGet $PMON and experience the thrill of discovering ultra-rare digital monsters that only you can own. All you need to do is click on the “Prices” option in the top menu bar and you’ll see a list of all the supported cryptocurrencies on Coinbase. You can add Polkamon and any of the more than 20,000 crypto assets tracked by CoinCodex to your crypto portfolio, where you can track the performance of all your cryptocurrencies in one place. The crypto portfolio is available on desktop platforms as well as on iOS and Android.
You will need it to pay the Uniswap fees, and exchange it for Polkamon. Deposit funds into your Binance account, and search for your currency against ETH. It can be EUR/ETH, USD/ETH or another currency you have deposited. Here, you will go to sell and sell your currency to get Ethereum. After your transfer of your crypto from Coinbase to your exchange’s wallet is confirmed, you’ll want to initiate a trade of that specific cryptocurrency for Polkamon (PMON). What we need to do next is just purchase another cryptocurrency and then transfer it to an exchange that currently supports trading PMON.