Apecoin (APE) is undoubtedly one of the most exciting cryptocurrencies that launched in 2022. The crypto asset especially caught on among fans of the Bored Ape Yacht Club non-fungible token (NFT) collection, and it rose to become a large-cap asset just weeks after it was launched.
Although it began as a huge attraction for NFT fans, Apecoin has grown to become much more than that, with massive prospects heading into the future. In this guide, we’ll examine how to buy Apecoin and some other interesting facts to know about the asset.
Where to Buy Apecoin
This section considers some of the best exchanges that allow investors to buy Apecoin. We chose these platforms based on fees, security, payment options and security:
1. eToro: Overall Best Exchange to Buy Apecoin
eToro is a multi-asset brokerage platform and our overall best exchange to buy cryptocurrencies. The broker offers access to a broad range of asset classes. Although it began as a hotbed for stock and exchange-traded funds (ETFs), its crypto offering is also top-notch.
eToro allows investors to buy and sell over 90 crypto assets, including Apecoin. The broker provides an intuitive trading platform that’s easy to use. Newbie traders will love its well-laid-out platform, quick signup process, and ease of executing trades.
Even better, eToro enables US and UK traders to start with as little as $10. This means if Apecoin is priced at $1 and an investor signs up on eToro, they’d own 10 APE coins. In addition to the low minimum deposit, eToro offers many payment options for investors.
Investors can fund their crypto accounts using debit/credit cards, payment processors like PayPal, and even bank transfers for free on eToro. Also, they can deposit crypto assets like Bitcoin and trade them for APE.
In terms of fees, eToro offers one of the lowest fees in the market. The crypto platform charges a flat rate of 1% on all crypto trades – regardless of the coin or quantity. Deposits and withdrawals are free, although card withdrawals incur charges from the manufacturers. However, eToro charges a $10 inactivity fee, to be deducted every month after the first year of inactivity.
To keep funds safe, eToro uses advanced encryption and masking technologies to protect user accounts. The platform also uses two-factor authentication (2FA) to control access to investors’ accounts. As an additional layer of trust, eToro is regulated by several top financial watchdogs, including the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC), and the Financial Industry Regulatory Authority (FINRA).
- Quick signup process
- Low fees for trading APE
- Well regulated broker
- Multiple payment options
- Flat fee rate on crypto trades
- eToro charges an inactivity fee
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2. Binance: Top Crypto Exchange with Low Fees
Binance is the largest cryptocurrency exchange by daily trading volumes. The broker has a broad use case, providing everyday crypto trading, sophisticated derivatives trading, cryptocurrency staking, and loans.
Binance is home to millions of traders around the world. The exchange averages between $15-$20 billion in trade volume. Most customers use Binance for its litany of crypto assets and low trading fees.
The platform currently supports over 600 coins, including Apecoin. Investors can also buy and sell popular cryptocurrencies like Bitcoin and Ethereum on the exchange. Furthermore, Binance has also become the go-to exchange for small and less liquid crypto assets. The exchange is often the first centralised platform where most digital assets list their projects.
As a beginner, investors will find that there’s a bit of a learning curve when using Binance. The platform’s interface isn’t user-friendly. The Binance mobile app can also be clunky and difficult to use. However, with more practice and consistency, they should get through this challenge with time.
Binance requires that traders make a minimum deposit of $10 to buy Apecoin. The broker supports several payment options, from bank wire transfers to credit/debit cards, peer-to-peer (P2P), and e-wallet solutions.
However, while deposits are free on eToro, Binance charges certain fees for fiat deposits on the platform. For instance, if an investor makes a deposit of $100 on eToro using a debit card, they’ll be credited with the full amount. The same transaction on Binance would incur a 4.5% charge.
While deposit fees on Binance vary, the platform’s trading fees are fixed. Trading fees on Binance are capped at 0.1% for most coins. However, the broker allows users to enjoy a 25% discount on trades if they pay using its Binance Coin (BNB) native token.
Binance is built on high-end security infrastructure to thwart malicious activities and breaches.
The platform’s security protocols include using 2FA for signups, implementing advanced data encryption, and whitelisting. The bulk of customer funds is also stored in cold storage, while a small portion is kept in hot wallets. And if there’s a security breach, Binance has an insurance fund dubbed the Secure Asset Fund for Users (SAFU) that protects users’ funds. The broker, which operates in over 100 countries, currently holds a license from Dubai’s Virtual Asset Regulatory Authority (VARA). It also operates in the United States via Binance.US – its American subsidiary.
- Impressive liquidity for trades
- A broad selection of available coins and trading pairs
- Discount on fees available
- Not suitable for beginners
3. Coinbase: Best Exchange For Crypto Beginners
Coinbase is another top broker in the crypto market. The trading company operates two platforms: the Coinbase platform, a brokerage service where traders can easily buy cryptocurrencies, and the Coinbase Pro, an intuitive trading service for experienced traders. Coinbase plans to phase out Coinbse Pro in favour of a similar exchange service dubbed “Advanced Trade”.
Although it started in the United States, Coinbase has built a large following globally. It has become one of the most reputable platforms to buy and sell over 100 digital assets, including Apecoin. In addition to crypto trading, Coinbase also offers crypto staking, debit cards, and an NFT marketplace to trade digital collectibles.
One of the main attractions of the Coinbase platform is its user-friendliness. The exchange is easily the best platform for beginners. The broker’s interface is well laid out, simple, and clean. We also love that Coinbase has a swift signup process. The platform also welcomes individual investors of all sizes. Coinbase’s minimum deposit is the lowest in our review. Investors can start trading Apecoin for as low as $2.
Also, deposit channels on Coinbase vary. The exchange allows traders to make payments via wire transfers, cards, payment processors, and direct crypto transfers. But while these options are many, the exchange’s fee structure is quite complex.
Coinbase determines its fees by reviewing a trader’s transaction type and trading volume, so there is no fixed rate. Usually, the fees are between 0.5% to 4.5%, which is much higher than the industry average.
The cryptocurrency trading exchange employs industry-leading practices for the security of its platform. As with Binance, Coinbase keeps the bulk of users’ funds in cold storage. The exchange also maintains a comprehensive insurance policy for coins stored on its platform, and Coinbase also uses multi-factor authentication to prevent unauthorised access to users’ accounts.
Coinbase is regulated by the US Securities and Exchange Commission (SEC) and the UK’s Financial Conduct Authority (FCA).
- Suitable for beginners
- Low minimum deposit
- Reputable platform
- Impressive security features
4. Kraken: Top Crypto Platform with High Liquidity
Kraken handles billions in daily trades and thrives on providing additional services, like derivatives trade. There’s also a section on Kraken for institutions looking to make big-volume trades, and the broker looks ready to launch an NFT marketplace.
Kraken is very easy to use. Beginners would have no problem moving around its interface to buy and sell cryptocurrencies. Although the broker takes a while to verify users’ identities, traders should complete the verification process in an hour or less.
Deposits on Kraken are available via bank transfers, digital wallets, cards, and direct crypto transfers. The broker accepts a minimum of $10 for card transactions, but the minimum for bank transfers tends to vary based on the issuing bank. Minimum deposits for crypto depend on the coins, while digital wallet providers also have varying minimum deposit levels. Investors can check Kraken’s support page for more information about their desired funding channel.
As for trading fees, Kraken charges 1.5% for crypto trading pairs and 0.9% for stablecoins.
Kraken secures user funds with two-factor authentication, Secure Socket Layer (SSL) encryption, and email verification for all transactions. The broker is also regulated by the Financial Crimes Enforcement Network (FinCEN), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- Dedicated service for institutions
- Great for beginners to use
- High trading liquidity
- The lengthy ID verification process
What is Apecoin?
Launched in March 2022, Apecoin is the native token that powers the APE ecosystem. The asset was launched by the APE Decentralised Autonomous Organization (DAO) – the same decentralised community that controls the Bored Ape Yacht Club collection, the Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and Otherside metaverse project.
As a governance and utility token, Apecoin can be used for several purposes within the APE ecosystem. For instance, the asset holders can participate in the DAO’s governance, making their opinions about several proposed developments known by voting with the coin. APE holders can also access several exclusive ecosystem features – such as merchandise, events, and games.
Given that the asset is an ERC-20 token, it may be used for NFT awards and other programs that the APE ecosystem and community run.
Other projects can also incorporate APE into their structures. For instance, Benji Bananas, a play-to-earn (P2E) game launched by Animoca Brands, uses APE as an incentive for players. Essentially, players can earn special tokens for playing the game. Then, they can swap them out for APE.
It is also expected that Apecoin will play a much larger role in the APE ecosystem in the future. With the developers working on completing the Otherside metaverse, APE could serve as a ticket into the virtual world. For now, it appears to still be an infant project in a much larger scheme by the APE DAO.
Digital storage facilities called crypto wallets are used in safekeeping digital assets. A crypto wallet functions like a regular bank account. It grants the user access to their digital asset and stores them securely. They are also used in interacting with the blockchain.
A crypto wallet usually contains two blockchain keys: the public and private keys. Public keys are cryptographic letters and numbers used to send and receive digital assets. They identify the interacting wallet addresses like a regular bank account number.
Private keys operate differently. They are secret cryptographic alphanumerics used to authenticate and encrypt the user’s assets. Private keys identify the owners of the assets on a network and are used to sign off transactions in a wallet. They can be likened to debit card PINs. You need them to sign off a transaction on a debit card. Anyone with access to the private keys can sign or authorise any number of transactions.
In truth, because cryptocurrencies are digital assets that sit on the blockchain, crypto wallets do not store an investor’s digital assets but their private keys. This means users’ assets are stored on the blockchain, not in a crypto wallet. It is the private key that a crypto wallet stores.
Crypto wallets are broadly grouped into hot and cold wallets. What is the difference between both? Let’s review them.
Hot wallets are crypto storage facilities that are always connected to the internet. Popular ones in this category are web-based, mobile, and desktop wallets.
The major advantage of using a hot wallet is the convenience it offers. Users can easily execute transactions in seconds. However, hot wallets can be easily hacked, especially web-based ones.
Users who hold large amounts of cryptocurrencies may not find hot wallets a suitable storage option due to their always online nature. An industry standard amongst exchanges is to store most of their customers’ funds in offline wallets and keep only a limited amount in hot wallets.
Cold wallets are the direct opposite of their hot counterparts. They are usually offline. Users must connect to their computer and the internet before executing any transactions.
Cold wallets are also hardware because they depend on physical devices instead of software. These hardware wallets are connected to the user’s computer through Bluetooth (if the functionality is supported) or by direct plugging into the personal computer.
Due to their offline nature, cold wallets are hack-proof and very secure. Before funds can be stolen from them, the malicious party will need direct access to the physical device and the user’s private keys. Since this PIN is only accessible to the owner, cold wallets are more suited for holding large amounts of digital assets.
Although security is a major plus for cold wallets, they lag in ease of use. Using a cold wallet requires users to handle the device physically and connect it to the computer and the internet. Another thing is that hot wallets are usually generated for free by the issuing exchange, but cold wallets cost between $50 to $250, depending on the number of assets they support.
Crypto Wallets Based on Storage Accessibility
Crypto wallets are further grouped according to the party that has custody of the private keys. There are custodial and non-custodial wallets.
A crypto wallet is custodial when a third party, like an exchange, has full access to a user’s private keys. With these keys, they can execute transactions on users’ behalf and review balances. Custodial wallets are more suited to crypto newbies or those not interested in retaining full responsibility for their digital funds. A custodial wallet is just like a conventional bank account where a financial institution executes orders on a user’s behalf when given permission.
Non-custodial wallets are the opposite. Users retain full control of their funds with this wallet, software or hardware. That is, they hold the private keys for signing transactions. Non-custodial wallets are usually favoured by seasoned crypto investors familiar with the crypto terrain. These individuals are comfortable storing their assets and can safely secure their private keys.
Non-custodial wallets are not recommended for beginners due to their complexity. Also, if the private keys are lost, the investor may not be able to access their funds again.
How to Buy Apecoin on eToro
Wondering how to buy Apecoin? This section provides detailed steps for investors to get started. Our recommended crypto broker is eToro. As one of the most recognisable financial investment service providers globally, eToro offers an easy-to-use trading platform. The platform allows investors to learn and copy trades from one another.
To buy Apecoin on eToro, follow these steps:
First, visit the official eToro website. Locate the ‘Start Investing’ button and click on it. A registration page will pop up with an option to create an account using a Google or Facebook account.
Alternatively, investors can create an account by inserting a username, email address, and a strong, unique password. Once done, click the ‘Create Account’ button to proceed to the next stage.
eToro is a regulated crypto broker, which means all new users have to undergo the compulsory know-your-customer (KYC) process. New users can complete this process within minutes.
To begin, tap on the profile icon and select the ‘Verify’ button at the bottom. Then upload a driver’s license or official passport. Also, a recent copy of a utility bill or bank statement will be required to verify proof of address. Once these documents are uploaded, the eToro team will upgrade the investor’s account.
Once an account has been verified and upgraded, the user can access the full suite of services the eToro platform offers. To fund an account, tap on the profile icon and select the ‘Deposit Funds’ option. Then, select a preferred payment method and the number of funds to be deposited. eToro does not charge for deposits, so there is no need to account for fees.
Then, tap on the ‘Deposit’ button to complete the process.
Search for Apecoin
Next, identify the asset to buy. ApeCoin is our focus in this guide. Click the search bar and type in ‘APE’. A list of results will pop out.
Select the relevant result to be transferred to the trading page.
The final step on how to buy Apecoin on eToro is to invest. Click on the ‘Trade’ button to open up the order page.
Then, insert how much Apecoin to buy and tap on ‘Open Trade’ to complete the purchase.
Apecoin is a crypto token from the Apecoin DAO in close association with the BAYC ecosystem. This coin has a major appeal due to its pivot into the metaverse ecosystem through the Otherside project. With the metaverse ecosystem expected to see remarkable adoption in the coming years, Apecoin may be one of the smartest crypto investments in the long run.
We recommend using eToro for Apecoin investments. eToro offers a user-friendly platform and low trading fees. Also, eToro’s CopyTrader will help new users to mirror the trading strategies of more experienced investors and earn profits on auto-pilot. This is a viable risk mitigation strategy for beginners.