ApeCoin is a cryptocurrency on the Ethereum blockchain, born as a spin-off from the Bored Ape Yacht Club NFT phenomenon of digital art collectibles.
But, although the value of two NFTs may 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 its introduction earlier this year. This kind of volatility in the crypto market has worried the UK’s financial watchdog, the Financial Conduct Authority (FCA). The FCA has warned investors that anyone investing in crypto should be prepared to lose it all.
If you like the risk involved but still want to invest, here’s how to buy ApeCoin.
Choose an exchange
You can buy ApeCoin through a crypto exchange such as eToro and Coinbase. An exchange is an application or website that allows traders to buy and sell cryptocurrencies.
When choosing an exchange, you must first verify that it is trading in ApeCoin. If so, there are other things to keep in mind. They understand:
Payment methods: Bank transfer is the easiest and cheapest payment method, as most exchanges do not charge any fees on transfers. Many exchanges accept debit card payments, but some charge fees of up to 2.99%.
Crypto wallets: Some crypto exchanges offer a secure crypto wallet to hold your ApeCoin. 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 allow you to transfer your coins to an external wallet, and those that do may charge a fee.
Once you have chosen an exchange and payment method, navigate to the ApeCoin page on your exchange’s app or website and tap the amount you wish to purchase, then confirm your order.
Choose a storage method
If your exchange does not offer an integrated wallet or if you prefer to store your ApeCoin elsewhere, you will need to invest in storage.
Crypto can be stored in an online or “hot” wallet, or an offline “cold” storage device like a USB drive.
Cold wallets are safer than hot wallets because they are less vulnerable to bad actors. However, if you have lost your access codes to your hot wallet, the exchange could help you access your ApeCoin. However, lose your access codes to a cold wallet and you’re on your own.