Table of Contents
Discover how to purchase ApeCoin.
ApeCoin (APE) is a digital token linked to the Bored Ape Yacht Club (BAYC) collection. It’s used in the APE ecosystem for special events, games, online services, merchandise, etc. ApeCoin also lets investors be part of the Web3 world based on the Bored Ape brand.
Import: Investing in cryptocurrencies, decentralized finance (DeFi), and initial coin offerings (ICOs) is risky and unpredictable. The markets can change a lot. Talking to a financial expert before deciding what to do with your money is smart. This article doesn’t suggest investing in cryptocurrencies; we can’t promise that the information is always correct or up-to-date.
What Is ApeCoin?
ApeCoin (APE) is a special token that helps the APE community, which is part of the Bored Ape Yacht Club (BAYC) world.
The Bored Ape Yacht Club (BAYC) is a famous collection of digital pictures featuring 10,000 different cartoon apes. It became popular during the NFT craze in 2021, with some rare apes selling for lots of money.
The Bored Ape Yacht Club (BAYC) became so popular that even famous athletes, musicians, and actors started using Bored Ape NFTs as profile pictures on social media. This made Bored Apes known as a special profile picture (PFP) NFT. But, Bored Ape Yacht Club and the company behind it, Yuga Labs, have also faced problems. They’ve been accused of having racist pictures, and the SEC (Securities and Exchange Commission) is looking into them for possibly breaking securities laws.
ApeCoin was launched on March 17, 2022, by the APE Foundation as a type of digital money called an ERC-20 token. People with ApeCoin can join in decisions about the APE ecosystem through the ApeCoin DAO. They can also get into special events, games, and services and buy stuff using ApeCoin.
The token also encourages outside developers to join the APE ecosystem by making apps that use ApeCoin.
Cryptocurrencies, like ApeCoin, are digital money that any one person or group doesn’t controls. People buy them hoping they’ll increase in value, but they’re risky, so research before investing.
How To Buy ApeCoin
Getting ApeCoin is just like getting any other cryptocurrency. But big crypto exchanges don’t have it.
Crypto exchanges are websites where you can trade digital money, like stock trading websites using U.S. dollars to buy and sell stocks. But instead of stocks, you’re trading cryptocurrencies like Bitcoin and Ethereum.
Step 1: Sign up for a crypto exchange
If you want to buy ApeCoin, the first step is to join an exchange with this cryptocurrency. Big exchanges like Binance, Coinbase, and Kraken support ApeCoin.
Step 2: Complete KYC and deposit funds in your exchange account
After picking an exchange, sign up with your email and a password. Then, go through the KYC process and put U.S. dollars into your account using one of the payment methods. For U.S. customers, wire transfers are often an option.
Step 3: Select ApeCoin among the available assets and buy the token
After adding money to your account, find ApeCoin in the assets you can trade. Then, place an order to buy the amount of ApeCoin you want. Make sure all the order details are right, and once you’re sure, confirm the transaction. You’ll get the ApeCoin tokens in your exchange account when your order is completed.
Step 4: Securely store your ApeCoin in your wallet
Sure! When you have APE tokens, moving them to your crypto wallet is smart, as opposed to leaving them in an exchange. This keeps your tokens safe if the exchange has problems like going bankrupt or getting hacked. Ensure your wallet supports ApeCoin so you can transfer your tokens for security.
Alternative Ways To Buy ApeCoin
Buying ApeCoin on a crypto exchange is easy, but you can also get it from peer-to-peer (P2P) or decentralized exchanges (DEX).
To buy APE coins on a P2P exchange, pick a marketplace with ApeCoin. Sign up, verify your account, and then browse the offers to buy ApeCoin using a payment method that suits you. Choose an offer, make the purchase, and that’s it! These platforms often use escrow for safety, but it’s best to trade with users with high trust ratings.
Another way to get ApeCoin is by using a decentralized exchange (DEX). You can exchange other cryptocurrencies for ApeCoin there. Since ApeCoin is an ERC-20 token, you can swap Ethereum-based stablecoins or ETH for ApeCoin on platforms like Uniswap. Many crypto wallets allow you to swap other ERC-20 tokens for ApeCoin within the app.
Important: Unlike regular brokerage firms, cryptocurrency exchanges are not part of the Securities Investor Protection Corp. (SIPC). If you keep your cryptocurrency in exchange, you might not have the same protections as traditional investments. If the exchange goes under, you could lose your funds as unsecured creditors unless the terms say otherwise.
What You Need To Open a Cryptocurrency Exchange Account
Now, let’s check out what you need to open an account on a crypto exchange.
Personal Information
Digital asset exchanges usually ask for the following details:
- Your complete name
- Residential address
- “Contact me via email”
- “Reach me by phone”
Additionally, to fulfill the requirements of a KYC (Know Your Customer) process for an exchange, you’ll need to give a copy of your government ID and a document showing your address. They might also ask about your income and how experienced you are as an investor.
Minimum Deposits
Crypto exchanges usually require a deposit of at least $10 to $20. But a few trading apps let you buy crypto with just $1.
Types of Cryptocurrency Exchanges
Centralized Exchanges
Centralized cryptocurrency exchanges are online platforms for trading digital currencies like stocks. They’re similar to brokerages such as Merrill Edge or Fidelity. After signing up and finishing the KYC process, you can use these exchanges to trade different cryptocurrencies using U.S. dollars.
Decentralized Exchanges
Decentralized exchanges are online trading platforms that use smart contracts. They allow people to trade crypto directly with each other without a middleman. You don’t need to make an account or go through a KYC process. Assets are traded directly from one digital wallet to another.
Hybrid Exchanges
Hybrid exchanges blend a centralized order book for matching trades with decentralized custody of assets. This helps digital asset investors use centralized and decentralized trading platforms for the best trading experience.
Best Cryptocurrency Exchanges
| Company | Transaction Fees | Minimum Deposit or Purchase | Trade Limits |
|---|---|---|---|
| Coinbase | 0.00% to 0.60% | $2 | No |
| Kraken | 0.00% to 0.26% | $1 | No |
| Uphold | 1.5% | $10 | Yes |
Factors To Consider When Opening a Cryptocurrency Exchange Account
Security: Pick an exchange known for strong security, proven by never experiencing any hacks.
Fees: Trading fees can impact how much money you make from your investments, especially if you trade a lot on a platform that charges high fees. So, it’s crucial to pick an exchange with low fees.
Number and quality of supported cryptocurrencies: If you want to buy a less popular cryptocurrency like ApeCoin, you must join an exchange offering a wide range of digital currencies and tokens.
Wallet safety: Choose an exchange with a safe wallet system, preferably with extra security features like address whitelisting. Address whitelisting is a feature from top crypto exchanges that lets you only withdraw cryptocurrency to certain approved external wallet addresses you pick.
Storage and custody: Select an exchange that stores the majority, if not all, of customer funds in cold storage to prevent hackers from stealing your assets. Additionally, some exchanges offer insurance for customer funds, providing extra security for their cryptocurrency storage solutions.
Cryptocurrency experts recommend investors not keep their money on centralized exchanges because they could lose all their assets if the exchange goes bankrupt.
The downfall of the crypto exchange FTX in November 2022 showed the danger, as billions of dollars in user funds disappeared. That’s why trading on a decentralized exchange, where you manage your assets, is often considered safer. However, decentralized exchanges aren’t regulated, so customers have no protection if funds are stolen in hacks.
FAQs
1. How Does ApeCoin Work?
Ans: ApeCoin is an ERC-20 digital token on the Ethereum blockchain. It lets people use different products and services within the APE ecosystem and have a say in what happens next with the Web3 project.
2. How Do I Use ApeCoin?
Ans: With ApeCoin, you can get into real-life or online events hosted by the APE community, buy BAYC items, and use them for various things in the APE ecosystem. Plus, you can use ApeCoin to join the ApeCoin DAO and help decide what happens next in the APE ecosystem.
3. How Can I Earn With ApeCoin?
Ans: You can stake ApeCoin to earn more APE tokens, making it a way to generate extra crypto rewards. Go to ApeStake.io, connect your crypto wallet, and earn rewards through staking.
Another option is to deposit your APE tokens on Binance and use Binance Earn accounts to earn rewards on your ApeCoin holdings for a certain time. Although the rewards are attractive, there’s a risk because your funds will be on a centralized exchange, meaning you’ll lose control over your crypto.
