ApeCoin is gaining popularity at the moment, so you might be thinking: what is it, and how do I buy it? Here, in this quick guide, we share everything you need to know about buying this cryptocurrency.
What Is ApeCoin?
ApeCoin is a crypto coin set up by The Bored Ape Yacht Club, which also set up its own decentralized autonomous organization (DAO). You may remember, The Bored Ape Yacht Club began as a collection of 10,000 Bored Ape NFTs.
ApeCoin (or APE) is a governance token, which means it can be used inside the APE ecosystem – so ApeCoin holders get to engage with the DAO. It provides access to otherwise closed-off parts, like games and events. There’s also a potential that third-party developers may incorporate APE into games and services.
Why Is It So Hyped?
There has been a lot of excitement around ApeCoin, which is partly because of the popularity of The Bored Ape Yacht Club brand. Although ApeCoin remains a governance coin at the moment, there’s real hype in the crypto community around the future of ApeDAO, which is part of why their coin has gained such a buzz.
Our Guide to Buying ApeCoin
Buying ApeCoin is a relatively straightforward process. Nevertheless, if you’re new to crypto investing, these instructions will be helpful so that the process is a breeze. To help, here’s our step-by-step guide.
1. You can buy ApeCoin from any major crypto app, including eToro and Binance. First, go onto your chosen crypto app and sign up. If you haven’t selected an app yet, that’s your first step. Most of the apps have a free and simple sign-up process, so see if there are any incentives they’re currently offering.
2. Then, once you have registered, it’s about choosing how you want to buy the ApeCoin. For example, would you like to purchase by bank deposit, credit cards, P2P trading, or a third-party payment? Your options will also depend on the app you choose and the available options in your country.
3. You start a trade, and most apps will have a button you can click to confirm the purchase. Because the price of the coin changes so rapidly, there’s usually a time limit on when you begin and complete the trade. With Coinbase, for example, there’s a 1-minute time limit on confirming your order. After a minute, the price of your order is recalculated.
4. Your purchase is complete – it’s really as simple as that! Now it’s about storing your ApeCoin properly. Most apps come with a unique crypto wallet where you can store all your coins and token. Otherwise, you can always leave your currency in your app account.
Buying APE for Your Portfolio
Now that you better understand the reason for the excitement around Apecoin and how to buy it, you can decide whether this is the right investment for you. It’s a relatively straightforward process, so you should be able to buy APE and join the ApeDAO as soon as you like.