ApeCoin is a cryptocurrency on the Ethereum blockchain, born as a spin-off of the Bored Ape Yacht Club NFT phenomenon of digital art collectibles.
But, while the value of any two NFTs can differ, one ApeCoin has the same value as another ApeCoin and can be traded on a crypto exchange in the same way as bitcoin or other altcoins (non bitcoin cryptocurrencies).
ApeCoin’s value has gone up and down since it was introduced earlier this year. This kind of volatility in the crypto market has concerned the UK’s financial watchdog, the Financial Conduct Authority (FCA). The FCA has warned investors that anyone who invests in crypto should be prepared to lose everything.
If you appreciate the risks involved but still want to invest, here’s how to buy ApeCoin.
Choose an exchange
You can buy ApeCoin via a crypto exchange such as eToro and Coinbase. An exchange is an app or website that allows traders to buy and sell cryptocurrencies.
When choosing an exchange, you should first check that it trades in ApeCoin. If it does, then there are some other things to bear in mind. They include:
Payment methods: Bank transfer is the simplest and cheapest payment method, since most exchanges charge no fees on transfers. Many exchange accept debit card payments, but some charge fees of up to 2.99%.
Though exchanges generally allow for credit card payments, several credit card issuers in the UK have blocked their cards from being used to buy crypto assets. The consensus among regulators and consumer groups that investment in high risk vehicles such as crypto should not be funded by credit and debt.
Crypto wallets: Some crypto exchanges offer a secure crypto wallet to keep your ApeCoin in. If you don’t want to keep your assets offline in a cold wallet or pay for a third party hot wallet, you’ll need an exchange with an integrated wallet.
Withdrawals: Not all crypto exchanges let you transfer your coins out into an external wallet, and those that do may charge a fee.
Place an order
Once you’ve chosen an exchange and a way to pay, navigate to the ApeCoin page on your exchange’s app or website and tap in the amount you’d like to purchase, then confirm your order.
Choose a storage method
If your exchange doesn’t offer an integrated wallet or you’d prefer to store your ApeCoin elsewhere, you’ll need to invest in storage.
Crypto can be stored in an online or ‘hot’ wallet, or an offline ‘cold’ storage device like a flash drive.
Cold wallets are more secure than hot wallets because they’re less vulnerable to bad actors. However, if you lost your access codes to your hot wallet, the exchange could help you access your ApeCoin. Lose your access codes to a cold wallet, however, and you’re on your own.