Invest in Enjin: How to Invest in Enjin For Beginners
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Enjin focuses on the development of blockchain projects such as NFTs. With its notable presence in the gaming industry, the platform allows users to design and trade in-game products in a low-cost manner.
Following its 2017 ICO, the protocol has positioned itself in the digital tokens industry as a leading platform where users can mint and distribute blockchain assets.
In this guide, we will show you how to invest in Enjin via a step-by-step process, the best brokers to use, and notable risks to contemplate before parting with your money.
Table of Contents
#1 Broker to Invest in Enjin – eToro
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How to Invest in Enjin – Choose a Broker
You’ll find many brokers in the market where you can invest in Enjin. However, before you choose any of these platforms, you should consider some core metrics such as fees and whether the broker is regulated.
- eToro – Overall Best Broker to Invest in Enjin
- Coinbase – Regulated Broker to Invest in Enjin for Newbies
- Binance – Large Online Exchange to Invest in Enjin
- Kraken – Credible Cryptocurrency Exchange to Invest in Enjin
- Capital.com – Trade Enjin with 0% Commission
The brokers above are the top platforms in this industry that support Enjin. We have assessed these platforms to determine the quality of their services. Continue reading to find our comprehensive reviews of each Enjin broker.
How to Invest in Enjin – A Quick Guide for 2021
If you are an investor with prior experience in the digital tokens space, you’ll find this brief guide helpful. Follow the steps below to invest in Enjin right now.
- Step 1: Open an eToro Account – Visit the eToro website to sign up for an account. There, you will input some personal information and choose a username/password.
- Step 2: Upload ID – As an SEC-regulated broker, investors on eToro must complete a KYC (Know Your Customer) process. Simply upload valid identification documents to fulfill this requirement.
- Step 3: Add Funds – The minimum deposit amount required on this broker is $200. However, if you’re a US client, the minimum amount is just $50. You can complete the transaction through your debit/credit card, a bank wire, or an e-wallet.
- Step 4: Invest in Enjin – After making a deposit, search for Enjin and select the ‘Trade’ button. Input your stake and click ‘Open Trade’ to purchase your tokens.
Once you understand these steps, you can now invest in Enjin through eToro! However, if this brief guide isn’t sufficient for you, you’ll find a more comprehensive explanation further down.
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Where to Buy Enjin – Full Broker Reviews
Since numerous brokers in the market support the Enjin token, it’s necessary to exercise due diligence before choosing where to invest. In that case, you’ll want to consider brokers with low-cost services and adequate security.
Our research team assessed many platforms in the market based on these features and more. Following our assessment, the brokers below are the top five picks for investing in Enjin.
1. eToro – Overall Best Broker to Invest in Enjin
One of the many factors that distinguish eToro is that the platform is highly regulated by various financial bodies. For instance, the broker is licensed by the SEC in the US and the FCA in the UK. The presence of these regulators behind the platform adds to eToro’s credibility in the digital tokens industry. Therefore, if you want to invest in Enjin on a platform that provides security of funds, eToro is a top pick for that purpose.
Furthermore, the broker makes it easy to invest in Enjin since you can make deposits with your debit/credit card. This is because the broker has the approval of the relevant financial bodies. Therefore, once you upload your ID for identity verification, you can proceed to add funds to your account with US dollars or any other supported fiat currency. US investors also have the ACH option in addition to debit/credit cards and online banking.
Using any of these payment options, you simply need to add a minimum of $200 ($50 if you’re from the US) to your investment account. Then, you can proceed to the order page and input a stake from $25 to invest in Enjin. Notably, when you make deposits on eToro, the broker charges you 0.5% (this is free for US investors). This fee structure makes the broker a cost-effective option because Coinbase will charge you up to 3.99% for transacting through your debit/credit card.
On eToro, there are dozens of cryptocurrency markets in which you can invest. You can choose to diversify your portfolio by investing in Enjin alongside other coins such as Decentraland, Cosmos, Chainlink, Litecoin, EOS, and more. Additionally, the broker has a friendly interface that makes the entire investment process convenient for newbies. With on-screen instructions, you can finalize the process of investing in Enjin within a few minutes.
Lastly, eToro provides you with different tools for a seamless investment experience. With the broker’s copy trading tool, all you need to do is to select an investor. Then, their future positions will reflect in your portfolio accordingly — meaning you’re investing in a passive manner. Additionally, you also have access to the broker’s CryptoPortfolio – which is managed by the eToro team. Through a single trade, you can utilize this tool to invest in a basket of cryptocurrencies that will be rebalanced as required.
Pros
- Invest in digital tokens on a spread-only platform
- $25 minimum investment
- Supported payment options include e-wallets, debit/credit cards, and bank wire
- Approved by multiple financial bodies including FCA, SEC, ASIC
- Over 20 million users
- Suitable for newbies
- Copy-trading tools and support for research
Cons
- Might be too basic for advanced traders
- No support for MT4 or MT5
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
2. Coinbase – Regulated Broker to Invest in Enjin for Newbies
Coinbase has positioned itself in the digital tokens market as the right broker for newbies. From our assessment, the broker does fit the bill in this regard, not least because the platform offers an extremely easy-to-use interface. If you’re attempting to invest in cryptocurrencies for the first time, Coinbase’s on-screen instructions and prompts will help you complete the process easily. This is one great perk we found with the broker.
Worthy of note is that Coinbase is a regulated broker, meaning you have to provide your ID to access all the features of the platform. After that, you can elect to purchase any of the supported tokens on the platform — which includes Enjin, Ethereum, Decentraland, Chainlink, Tezos, and more. For all these markets, you can schedule your purchases conveniently. Meaning, if you want to buy a specific number of Enjin tokens on a weekly basis, you can instruct the broker to do just that.
However, when it comes to fees and commissions, Coinbase falls extremely short in this department. For your debit/credit card transactions, Coinbase charges 3.99%. This means that you’ll incur a fee of nearly $40 when you enter a stake of $1,000 to invest in Enjin. Nonetheless, the broker does have great regard for security — as the majority of users’ tokens are stored offline.
Pros
- One of the most popular cryptocurrency exchanges
- Approximately 68 million users
- Payments can be completed swiftly via debit/credit cards
- Numerous digital tokens to select from
- Institutional-grade security practices
Cons
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
at eToro, #1 Broker in the Crypto Space
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
3. Binance – Large Online Exchange to Invest in Enjin
Binance has grown at an impressive rate ever since the platform was launched in 2017. The broker has established dominance in the cryptocurrency industry as a large exchange where users can invest in over 100 markets. However, for US investors, the number of available markets is at just over 50. So, essentially, location is a key factor when considering the specifics of what you can access on Binance.
This is also true for fees and commissions, as US users can invest in the available markets through their debit/credit card for just 0.5%. But a user from the UK will incur a fee of 1.8% for adding funds through the same method. Furthermore, investing in Enjin through Binance means you have to perform a crypto-to-crypto transaction since the token cannot be bought directly with a debit/credit card. Therefore, you’ll first have to purchase USDT and then exchange the coin for the equivalent number of Enjin tokens.
After purchasing Enjin tokens, you can elect to use Binance’s storage facility. However, if you want to store the tokens on an external platform, Trust Wallet is an easy pick since it has the backing of Binance. Furthermore, the exchange offers you charting options to monitor the Enjin market. So, if you want a platform that makes portfolio diversification convenient, Binance is an exchange to explore.
Pros
- Over 100 million users
- Standard commission of 0.10% per slide
- Over 100+ cryptocurrencies
- Hundreds of alternative markets
- Supports fiat money deposits in some locations
- Great for advanced chart reading
Cons
- Debit/credit fees can be expensive depending no where you live
- No regulated
at eToro, #1 Broker in the Crypto Space
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
4. Kraken – Credible Cryptocurrency Exchange to Invest in Enjin
Kraken is an online crypto exchange that lists many markets in which you can invest. The platform lists over 50 crypto assets including fiat-to-crypto and crypto-cross pairs. You can invest in Enjin on this platform alongside many other markets such as Chainlink, Aave, Algorand, 0x, and more. Additionally, the exchange has a beginner-friendly interface, meaning you can invest in all these markets conveniently.
Furthermore, Kraken also has a mobile app that you can download from the App or Google Play Store – free of charge. With this app, you can monitor your Enjin investment in a super convenient manner. Additionally, the exchange has 24/7 responsive customer support, meaning you can get help at any point in time. As a beginner, these are notable perks to consider when assessing an investment platform.
However, our research team identified some drawbacks with this exchange. The first challenge is that the exchange will charge you 0.26% per slide if your trading volume in the previous 30 days is under $50,000. This fee is even higher when depositing funds with fiat currency. The second drawback is that the exchange doesn’t offer you a personal wallet to store your tokens. This means you have to move your tokens in and out of the platform when buying and selling — which can be a cumbersome process.
Pros
- Popular cryptocurrency exchange
- Great selection of digital tokens
- Lists numerous crypto-crosses and fiat-to-crypto pairs
- Supports debit/credit cards and wire transfers
- Provides advanced cryptocurrency instruments for pro traders
Cons
- Not all US states are supported
- Fees are somewhat pricey
at eToro, #1 Broker in the Crypto Space
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
5. Capital.com – Trade Enjin with 0% Commission
Suppose you want to trade Enjin in the short-term – Capital.com is a notable broker to consider. On this platform, you trade contracts-for-differences (CFDs). Meaning, when you elect to trade the ENJ token, you’ll be doing so based on the value of the coin. Consequently, you have no need to store the tokens, making the broker suitable if you want to open and close positions within short intervals. This would particularly suit a day or swing trading strategy.
Furthermore, Capital.com provides you with more than 200 markets in which you can invest. Essentially, if you’re looking to make a profit from Enjin and many other tokens, this is one of the brokers you’ll want to consider. Another factor that distinguishes Capital.com is that you won’t incur trading commissions and spreads are tight as well. With a debit/credit card, you can add a $20 minimum amount ($250 for bank wire) to your trading account and then proceed to enter the Enjin market.
Additionally, you can utilize leverage when trading Enjin on Capital.com. Leverage is a feature through which you can open trades with more capital than you have in your account. Although investors use leverage to open different positions, you should be careful in this regard — as you can incur substantial losses quickly. Finally, Capital.com has a great interface that makes trading CFDs an easy task even though it appears sophisticated.
Pros
- Top-rated spread betting and CFD broker
- Regulated by the FCA
- $20 minimum deposit for e-wallets and debit/credit cards
- 0% commission on all supported markets
- No transaction fee charged on deposits and withdrawals
- 4000+ renowned financial markets
- Friendly for beginners
Cons
- Experienced traders might consider the broker too basic
- The minimum deposit for bank wires is $250
- Broker isn’t available to US clients
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.25% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.
How to Invest in Enjin – Detailed and Explained in Full
In the quick guide above, we briefly highlighted the steps to follow when investing in Enjin. Here, we will substantiate the steps with more information. On eToro, you can open your Enjin investment from a minimum of just $25 by following the steps explained in this section
Step 1: Create an Enjin Investment Account
You can create your account by visiting eToro’s website. There, you will need to provide information such as your social security number, full name, home address, and more.
The platform will also require information on your risk appetite and investment experience. The broker will also send you a verification PIN via your mobile number which you’ll require to complete this step.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.
Step 2: Upload a Valid ID
Without providing valid identification documents, you cannot access some of the features on eToro. In fact, you cannot open your Enjin investment when you haven’t verified your identity. To complete this step, you have to submit a valid ID.
You can decide to use your passport or driver’s license. Additionally, you have to provide a document that proves your residency. A bank account statement or utility bill is adequate here. Once provided, verification of these documents will be done in under two minutes.
Step 3: Make a Deposit
For you to invest in Enjin, you have to make a deposit into your account. You will have to add $200 if you are a non-US resident ($50 for US investors). This transaction can be done with your credit/debit card or through channels such as Skrill, Neteller, PayPal, and more.
You can also elect to use the wire transfer method. However, with this option, it can take more than a day before the payment is completely processed.
Step 4: Search for Enjin
Next, search for the coin and wait for the result tab to appear. You’ll find Enjin on the list.
Click ‘Trade’, which will take you to the order page where you’ll invest in the token.
Step 5: Invest in Enjin
At this point, you’ll enter the amount you wish to invest in Enjin. The minimum here is $25. However, you can adjust the box to reflect the amount you intend to invest if it’s more than the minimum requirement.
To complete your order, select ‘Open Trade.’ Then eToro will execute your instructions and you’ll receive the tokens in your portfolio!
How to Sell Enjin
Since your goal as an investor is to make a profit, you’ll continue to monitor the price charts to know when your Enjin investment has risen in value.
However, you cannot cash out your investment without understanding how to sell the tokens. Using eToro, here are the steps involved.
- First, visit your eToro portfolio once you are ready to sell the tokens
- Hit the ‘Sell’ button to initiate the process
- With a market order, your tokens will be sold immediately.
- Afterward, your cash balance will be updated accordingly to reflect the sale.
This process is seamless because your Enjin tokens are stored in the wallet that eToro provides in-house. So, when you want to sell ENJ, you can initiate and complete the process from your portfolio.
Ways to Invest in Enjin
Although it’s crucial to understand the steps required to invest in Enjin, your learning process won’t be complete without equally knowing the many different ways to access this popular digital asset. Typically, you can choose to use a broker or a cryptocurrency exchange when you want to invest in Enjin.
We have examined these two options and discussed their features below.
Invest in Enjin Using an Online Broker
Many investors consider using a broker because they are typically regulated. eToro is a credible option in this regard due to the heavy regulation the broker enjoys. The broker is licensed by financial agencies such as the Securities and Exchange Commission (SEC), the Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).
- Since eToro is regulated by numerous financial bodies, the broker has an established legal scope of operations that it has to comply with.
- Users can utilize their debit/credit cards to invest in Enjin when using a regulated broker.
- Furthermore, regulated brokers disclose their fee structure clearly so that all clients can carefully assess the policy before proceeding.
In addition to these, eToro has an in-built wallet where users can keep their tokens safely. Essentially, this makes eToro an all-in-one investment platform where you can buy, store, and sell Enjin.
Invest in Enjin Using a Cryptocurrency Exchange
There are numerous cryptocurrency exchanges in the market, not least because these platforms do not require the approval of leading financial bodies to operate. Consequently, some investors are drawn towards investing in Enjin through exchanges – since they can do so anonymously.
However, the unregulated nature of these exchanges makes it highly risky to invest in Enjin through them. If you prioritize the safety of your Enjin investment, you must ensure that the platform you use is credible.
In addition, the lack of regulation behind these platforms means you might be unable to use your debit/credit card to make a deposit. This can make the investment process a bit more complicated – as you might only be able to fund your account via a bank transfer.
Should I Invest in Enjin?
The assumption that the cryptocurrency industry can make people rich overnight comes from a place of limited understanding of the market. As such, when you want to invest in Enjin, you need to consider the ‘Should I buy?’ question. Essentially, you have to know what makes the project worthy and whether it’s adequate for your portfolio.
Below, we highlight some of the project’s features that you might want to consider before you invest in Enjin.
Practical Use Cases
The Enjin network seeks to redefine the blockchain gaming industry. The protocol’s core objective is to develop a platform for creators to build, distribute, and monetize blockchain-based products. Additionally, the network seeks to make this possible in a timely and low-cost manner.
Furthermore, the network allows developers to leverage tokenized digital assets to execute their acquisition and monetization strategies. This use case has contributed significantly to the growth of the network. At the time of writing in late September 2021, Enjin has more than 40+ gaming firms enrolled on its platform.
Community Governance
Enjin ensures that token holders can submit proposals and contribute to the key issues affecting the protocol. The growth of the community has the potential to impact the token’s value in the market. Therefore, smart investors tend to look at a token’s community structure before making their final choice concerning the project.
Low Price Action
An important factor that investors consider when deciding on a project is the current market price. When you buy a token with a relatively low price, you’ll receive a larger number of coins depending on the amount you put behind the asset.
At the time of writing in late September 2021, the Enjin token is priced at just about $1.34. This price is low when compared to coins like Ethereum and Bitcoin. Meaning, you can get a substantial amount of tokens when you invest in the Enjin project with just a few hundred dollars.
Notable Announcements
The growth of a project can also be driven by the notable announcements associated with the token. The Enjin Network, at the time of launch, received funding from market leaders like the DFG Group, DeFi Alliance, Arrington XRP Capital, and many others.
Additionally, the network has entered into a partnership with the Ludena Protocol, a South Korean company, which is aiming to boost NFT awareness in the country. Furthermore, for investors who are concerned about environmental safety, Enjin’s JumpNet might be of interest in this regard. The project allows users to mint their NFTs without emitting carbon.
Sufficient Historical Data
Worthy of consideration when assessing a project is the number of years it has spent in the market.
- Although Enjin was launched in 2017, the project has sufficient historical data for investors to understand its market performance.
- After all, most of the 12,000+ projects listed on CoinMarketCap were launched within the past 18 months.
- Therefore, you can study charts alongside the various highs and lows of Enjin to further understand the token’s pattern in the market.
It’s also notable that the Enjin platform started in 2009 as a social gaming network with a focus on blockchain. Since then, the community’s userbase has expanded to about 250,000 gaming communities and over 20 million clients.
What are the Risks of Investing in Enjin
The cryptocurrency sector is characterized by risks. Therefore, your research on the Enjin project must extend to the risks associated with the coin. When you understand these risks, you can prepare a comprehensive investment plan that contemplates effective ways to mitigate them.
Below are some risks to consider before funding your Enjin investment.
Price Alterations
As an investor, you must understand that cryptocurrencies can rise or fall in price arbitrarily. This means that while Enjin might be priced at $1.34 this minute, the coin may drop in an unprecedented manner within a few hours.
This volatile nature of cryptocurrencies makes it difficult to predict the market. More importantly, you might want to aim for the long-term returns of the project as opposed to short-term profits. That way, you don’t have to fret over constant price fluctuations.
Notable Competition
Although Enjin does not directly compete with mainstream tokens, there are certain projects that equally focus on gaming and NFTs. One of these is Rarible, a platform that allows creators to buy and sell their digital tokens. SuperFarm is another project in the NFT space that provides participants with an avenue to make a profit from their assets.
Unregulated Exchanges
We have established the risks that come with choosing an unregulated exchange as the platform with which you’ll invest in Enjin. Your tokens on these platforms do not enjoy adequate protection. This becomes even more complicated if the platform doesn’t provide personal storage services — as holding your Enjin tokens in a private wallet might make them vulnerable to remote attacks.
How to Manage These Risks
We have discussed the risks that come with investing in Enjin. Now, we can look at some strategies you can adopt to mitigate their impact.
- You can research the coin’s market performance. The knowledge you gain from this process will impact your investment decision.
- Consider investing in some other projects alongside Enjin. A broker like eToro offers you 30+ tokens from which you can select a few coins to add to your portfolio.
- Before investing in Enjin, choose a regulated broker that offers security for your funds.
When you leverage these strategies, you can reduce the potential risks associated with an Enjin investment.
How Much Does it Cost to Invest in Enjin?
We would suggest you choose a low-cost platform to avoid incurring high fees when investing in Enjin.
- When you choose a platform like Binance, expect to incur up to a 4% fee when making payments with your debit/credit card.
- Similarly, you’ll incur about 4% when using the same payment method to invest in Enjin on Coinbase.
- On the flip side, eToro charges just 0.5% when you add funds to your account using any of the supported payment options. For US investors, these transactions are fee-free
- Essentially, while you might incur about $17.50 on a $500 deposit when using your debit/credit card on Binance, you only incur $2.5 0on the same purchase amount with eToro.
The above explanation shows the importance of carefully evaluating an Enjin platform before deciding on whether or not to use it. Additionally, ensure the platform you choose discloses its fee policy so you don’t incur hidden fees.
How to Invest in Enjin – Conclusion
This guide has explained all you need to know about investing in Enjin. We have analyzed the potential risks, the best brokers, and the relevant factors worthy of consideration when researching the project.
In terms of cost-effectiveness and user-friendliness, eToro is the best broker for you to invest in Enjin. When you invest in the token through this broker, you enjoy adequate security over your funds – not least because eToro is regulated by the SEC, ASIC, FCA, and other reputable bodies.
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FAQs
How to invest in Enjin?
Where to invest in Enjin?
Should I buy Enjin?
How can I safely invest in Enjin?
How can I cash out my Enjin investment?
