How to Buy MANA (Decentraland)

 

Where To Buy MANA?

MANA is widely available, mainly because it is listed on various platforms at the time of writing. These platforms include brokerage sites, exchanges, and mainstream crypto wallets such as Coinbase. However, our preferred method of buying MANA is the former, which can be achieved on one of the leading brokerage sites:

eToro - visit here

67% of retail investor accounts lose money when trading CFDs with this provider

eToro works as a brokerage site, as stressed above. The site is FCA regulated, it supports desktop and mobile trading, the fees are incredibly user-friendly, and you can even copy professional traders. What more could we ask for? Signing up with eToro can be done within a matter of minutes too - just follow the provided link to grab a piece of MANA today.

Pros

• Native app is well designed
• Multiple products on offer to buy/sell MANA
• No commissions are taken by the site

Cons

• Must actively trade to avoid dormant fees
• Support services could be improved

 

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Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. 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.

 

What Is The Difference Between Buying And Trading MANA?

There is a distinct difference between trading and buying MANA, even though many use the terms interchangeably. Of course, both activities involve the acquisition of the MANA token, yet the way they are executed is certainly unique from one another. These key differences are cleared up below:

Buying
 

• Purchasing with the intention of holding
• Can be done through most platforms that support MANA
• Market timings and price fluctuation less of a consideration

Buying MANA is actually very simple. You sign up for a professional platform like eToro, find MANA through your desired investment product, and choose how much you wish to buy. There’s not much more to it than that. Typically, you won’t be analysing charts and monitoring price fluctuations before executing your purchase. Instead, you’ll make an investment based on how much you can afford or how much you are comfortable with, then hold MANA for a decent period of time. 

 

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 67% of retail investor accounts lose money when trading CFDs with this provider

 

Trading
 

• May involve multiple transactions in a short period of time
• Can only be done through select platforms
• Fees, fluctuations, and market activity become far more important

Trading is very much a specialized skill that people do for a living, not just for investment purposes. Good traders can make some pretty serious cash in the crypto markets too, especially with relatively new and promising coins like MANA. However, trading MANA can be very time consuming as you must always have your finger on the pulse and be ready to act quickly. Some people will execute many trades over the course of a day or week, and you have to know what you are doing to avoid getting burned.

How To Buy MANA Online?

We’ve touched upon how you can grab a piece of the pie when it comes to MANA investing. But now, we’d like to run through a quick overview of how to make your very first MANA purchase. Assuming you choose to sign up through eToro, here are the steps you’ll need to complete:

 

1. Follow the links to get to the eToro platform
2. Hit the register button and supply requested details
3. Sign in and deposit funds through your preferred method
4. Locate the MANA coin and choose how much you want to acquire
5. Execute the trade by hitting the buy button

 

You will always get a snapshot of your trade before actually completing the transaction. Therefore, make sure you use that opportunity to check that you’ve done things correctly, that you are happy with the purchase size, and ‘voila’ - you will have become an active MANA investor on eToro. 

67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Trade MANA?

We’ve already discussed the intricacies between trading and buying MANA above. So now, if you still think that trading MANA is the right play for you, you can begin your trading activities by completing the following steps:
 

1. Click provided links to head to eToro
2. Create a username and password, provide personal details, agree to T&Cs
3. Verify your account and sign in
4. Make your first deposit with a supported banking method
5. Pick your investment product, find MANA, execute your first buy order

 

While you must first buy MANA before you can trade, once this is done you can trade until your heart’s content. Now you can set up automatic buying/selling orders, move money in and out of different portfolio segments, and experiment with different strategies to make a profit. All of this is accessible after registering with eToro. 

 67% of retail investor accounts lose money when trading CFDs with this provider

 

What Are The Different Ways To Pay For MANA?

Although the action of buying/trading MANA is relatively consistent, your available purchase options are anything but. This is a good thing, as there is then a greater chance that you can purchase or trade MANA with a banking option that suits your needs. On that note, here are the most common ways to buy MANA:

Fiat Currency

Of course, we buy and sell goods and services in fiat currency. This is the currency that all MANA trades will be executed with unless you are using crypto pairs (more on this below) or a platform that only supports trades in USD. And as you likely already know, the range of banking options to pay for things in fiat is vast. Specifically for MANA purchases, however, these seem to be the most popular:

 

• Credit/Debit cards

Credit and debit cards are everywhere these days. These bits of plastic are still the main methods of paying for everyday goods and services in modern society. Therefore, it’s no great surprise to see that they can be used to buy MANA. Of course, when buying MANA with these methods, you do need to enter your card information, which some people don’t feel comfortable with.

 

• E-wallets

E-wallets, or digital wallets as they are sometimes referred to, are very much mainstream methods for online purchases. Options including Skrill, PayPal, and Neteller are all e-wallets, and they each involve a need to establish an account before using them. This takes a few minutes. Once complete, you can make purchases without entering bank/card details, enjoy higher transaction limits, as well as benefit from instant processing speeds.

 

• Rapid transfer

If you have access to online banking, which most people do, this is another great option. Most major banks such as Natwest, Santander, Barclays, and others support rapid transfers these days. Basically, instead of the usual 4-7 days for manual bank transfers to come through, these are executed instantly. The beauty of doing this is that no bank details are shared with a third party merchant, you must manually approve all transactions, and limits can be favourable for big spenders.

Bitcoin

Since you are reading about MANA, we are going to work from the assumption that you know about Bitcoin. This is the first and largest of all cryptocurrencies, and it can be purchased on most major platforms. Of course, if you are to purchase MANA with Bitcoin, you must first purchase Bitcoin to then make the conversion. 

Ethereum

Following on from Bitcoin, we have Ethereum - the second-largest crypto by market cap. Ethereum is a little different from Bitcoin, but it still holds value well when compared to other cryptocurrencies. But putting value and potential aside, once you obtain some Ethereum holdings, these can then be traded into MANA. 

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What To Consider When Buying MANA?

Like any other cryptocurrency, investing in MANA carries a fair chunk of financial risk. It’s still a low priced and relatively fresh coin, which makes the waters a little choppier than others. On that note, we’d like to share some of the key considerations you should think about before jumping in and buying MANA:

• Your belief in the project

Across the board, this is a consideration that often falls by the wayside in cryptocurrency. People get dazzled by price surges without assessing the underlying aim or potential of the project. We’d recommend doing some homework on MANA from this perspective before committing any capital.

 

• Trading fees

Especially if you plan on trading instead of merely buying MANA, fees have to be assessed. Even just a few percent can majorly eat into your profits in the long term. That’s why platforms such as eToro are so preferable since they have zero fees.

 

• Where you buy

Following on from the point raised above, where you actually purchase MANA is incredibly important. You should only buy from regulated platforms that are FCA approved, and ideally, you want to buy from platforms that have a good reputation too.

 

• Your current financial position

Speculation can be a costly mistake in cryptocurrency investing. You should never assume that your investment is going to explode in value. Likewise, you should never invest money that you cannot afford to lose or that you need in the short term. 

 

• Deposit/withdrawal fees

Of course, to buy MANA, you must fund your account. Since this is your hard-earned money, it doesn’t make sense for a platform to then charge a cut just to make your money available. At the same time, when you want to cash out your money, certain platforms will again take a percentage of the money. However, sites like eToro do not do this. 

 

Is It Safe To Buy MANA Online?

By sticking with reputable platforms that are licensed, regulated, and boast a string of positive customer reviews, you should be just fine when buying MANA online. However, while this in itself should be the first consideration (where to actually buy), there are further steps you can take to protect your trading activity. Here are our top tips:
 

• Consider keeping your MANA in ‘cold storage’ - recommended for large holdings
• Enable 2FA as soon as you have opened and verified your account
• Make sure you establish tough security questions when registering
• Ensure that your password and username are difficult to guess
• Add extra security layers as required - phone number to receive sign-in code, backup email, etc.

 

As long as you act on this advice and only purchase MANA through tried and tested platforms, your holdings should remain secure for as long as you have them. 

67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Store MANA?

Once you have actually bought some MANA, your number one consideration should then be how you store it. Of course, this isn’t strictly true for traders who need easy and instant access to their holdings. With this said, you can store MANA in several different ways:

 

• Online wallets

Online wallets are encrypted platforms where you can store a number of holdings, not just MANA. These are great because they involve unique keys that theoretically, only you should know. Online wallets are better for those who may want access to their MANA holdings at some point in the near future too. These wallets can also be accessed easily via smartphones and desktops. 

 

• Brokerage accounts or exchanges

Exchanges and brokerage accounts are platforms that mainly support MANA trading. Now, once you buy MANA on these platforms, you are technically a ‘MANA holder’. Your holdings will fluctuate according to the price of the coin, and the value of your holdings can always be seen through your portfolio. Should you not be actively trading the coin, however, you are effectively storing it for later use.

 

• Offline wallets

For long term holders, this is probably the best option. Multiple companies manufacture offline crypto ledgers these days. As the name indicates, these devices let you move your MANA holdings onto them, and then take them offline for use at a later date. Since these devices aren’t then attached to any online wallet, they are significantly tougher if not impossible to hack.

 

How To Sell MANA?

Selling MANA is far from complex. In fact, it’s just as easy as acquiring your MANA holdings, to begin with. To get straight to the point, here are your selling options:

 

• Brokerage accounts

Selling any crypto through a brokerage account is a piece of cake these days. Let’s say you have 500 MANA coins on eToro. Whenever you want to sell, you can simply go to the trading page or wherever your investment holdings are, and then sell your holdings almost immediately. 

 

• Exchanges

With exchanges, there has to be someone ready to purchase your MANA whenever you attempt to sell. You can choose to sell at the current market rate or you can set up a sell order that will be executed should the price reach a particular point. Selling MANA via exchanges is an instantaneous process most of the time.

 

• Wallets

If you hold MANA in a regular online wallet, you can sell MANA back to the wallet. This can be done through platforms such as Coinbase, although wallets will usually charge higher fees for selling compared with brokerages or exchanges. 

 

Is It Worth Buying MANA Right Now?

MANA is certainly an exciting cryptocurrency coin to consider investing in. With it being tied to the ever-evolving Decentraland platform, and given the similar adoption through sites like Facebook (now Meta), who knows how large this project could go? We believe there is great potential in the industry of digital products and assets, but not everyone is a believer. Therefore, while yes, MANA is showing many promising signals, we cannot guarantee that the price will continue to appreciate.

So for that reason, if you do choose to invest, like all cryptocurrencies - make sure you do so with a degree of caution. 

 

>>> Get started buying MANA here <<<

 

67% of retail investor accounts lose money when trading CFDs with this provider

 

Final Thoughts

Up until late October 2021, MANA wasn’t well known in the cryptocurrency space. It’s only over the last 4-6 weeks that the coin and project have really taken off. And as we’ve seen with other speculative cryptocurrency projects in the past, major price increases tend to be driven by FOMO, over-excited investors, and significant media attention. Then again, coins that are associated with digital assets and products have been performing well across the board of late. Products like NFTs, crypto gaming, and now the Metaverse are all fresh and exciting, but it’s important to highlight the word fresh.

These niches of cryptocurrency are not yet widely adopted, and while yes, the fire could now be lit for significant acceptance by the masses, nothing is promised. So for that reason, we’d only advise that you invest if you are a believer in the future of this niche - as many people around the world already are.

 

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FAQs

 

Can I buy MANA in any country?

No. MANA can only be bought or traded in countries where cryptocurrency has been legalised. In addition to that, MANA can only be purchased in countries that have the right infrastructure to support online investments, to begin with. 

 

Is there a limit to how many MANAs I can buy?

No. There are billions of MANA in circulation right now, so the supply is by no means too scarce that it causes concern. With that said, you can only invest what you can afford, as is the case for everyone.

 

Can I buy MANA without ID?

No. When you open an online account with the intention of making cryptocurrency purchases, you will need to verify the details. This includes sending through proof of ID, as done with a driving license or passport.

 

Can I buy MANA instantly?

Yes. Although you do need to register for an online account, once you’ve got funds deposited and you are familiar with how the platform works, trades can be executed instantly.

 

What is MANA?

MANA is an ERC-20 token that runs on the Ethereum blockchain. The coin can be used to make purchases of various digital assets on the Decentraland platform. 

 

How does MANA work?

MANA is exclusively used to pay for in-world services, goods, and plots of land on the Decentralized platform. Of course, you need to hold MANA to become involved in this virtual world, and whenever you purchase an asset, your MANA is burned during the transaction.