How to buy Cronos Coin?
Cronos (CRO) is the cryptocurrency launched by Crypto.com back in 2016. Initially, it was known as “the Crypto.org Coin”; however, it was rebranded to Cronos in February 2021. With the increasing popularity of Crypto.com, CRO gained value, and many investors started looking for ways how to buy Cronos coin? It is easy to buy CRO.
Cronos is mainly used to pay fees at its native Crypto.com; however, you can also stack it to create a passive income stream. Since it is an intelligent contract crypto, thus it has its innovative contract network where it stores on the blockchain.
Since it has partnered with leading actors and purchased naming rights of Angele’s Staples Center, Crypto.com has generated a surge in investment.
Although Cronos is native to Crypto.com, you can also use them on many other exchanges. So, let us dive into ways how to buy Cronos coins.
Step-by-Step Guide to buying Cronos
You can easily purchase Cronos coins from multiple sources. We will discuss the most popular steps by following these you will understand easily that how buy Cronos coin?
All you need is to follow below simple steps.
Step 1: Selecting an Exchange
An exchange is a website or app that offers buying or selling cryptocurrency facilities in exchange for fiat money (for example, dollar or pound). So, if you want to buy CRO, you must select a deal that suits your preferences.
To choose an exchange, you need to consider below points:
- What cryptocurrencies are listed?
- First things first, check whether the exchange is trading Cronos or not. There are around five thousand cryptos available for trade as of early 2022. So, many businesses sell only some of them. So, better to the first check which exchanges are trading Cronos.
- What are the fees?
- The second important thing to look for is exchange commission charges. These charges typically depend on the payment method and the number of coins purchased. So, look for an exchange with minimum fees.
- What payment methods are accepted?
- Another essential consideration is whether the exchange takes your preferred payment method. However, many crypto exchanges accept most payment styles, including direct bank transfers and debit or credit payments.
- Is there an integrated wallet?
- Furthermore, check whether the exchange offers free storage of your Cronos or not. However, almost all platforms offer integrated wallet facilities.
Step 2: Choose a Payment Method
Secondly, select a payment method to proceed further with the purchase of Cronos. It depends on your choice; however, check whether your selected exchange accepts your way of payment.
Issuers tend to treat Cronos purchases as cash advances. So, you will have to make payment in advance and get Cronos afterward. However, it is just like any other trade – pay and receives.
We recommend choosing the payment method with the lowest charges. Nowadays, almost all platforms accept payments through debit, credit cards, direct bank transfers, or financial apps like PayPal or Venmo. Thus, you have multiple payment options at your disposal.
Step 3: Place an Order
Once you have chosen and opened an account with the exchange and selected the payment method, you now have to place an order by transferring funds.
Follow the below steps to place an order:
- Go to your selected exchange’s website or application
- Login your account
- Select Cronos as your buy option
- Enter the quantity of CRO you want to purchase
- Make payment through your preferred method
- Receive Cronos in your wallet
Step 4: Storing Cronos
Last is to have a safe place to store your Cronos. It is essential to keep them safe from unwanted access. The crypto ecosystem offers two storage options – hot and cold wallets.
- Hot wallets: It stores your Cronos online. Hot wallets are more vulnerable to hackers since they are always connected to an internet connection. However, they are the cheapest way to store cryptos; typically, exchanges offer hot wallets.
- Cold wallets: Contrarily, they are more secure since they move your Cronos from the internet. Thus, effectively taking them out of the reach of hackers. However, you need to keep your key safe, and if you forget it, you may lose your entire digital asset. Cold wallets are expensive compared to hot wallets.
Frequently Asked Questions
Is Cronos a good investment?
Cryptocurrency investment is always risky since the crypto market is highly volatile. However, as per Digital Coin Price’s prediction, Cronos’s price can rise to $0.17 in 2023 and $0.23 in 2024. Further, CRO’s price expects to reach $0.36 in 2027 and $14.11 by 2031.
Is Cronos only available for sale on Crypto.com?
No, you can buy Cronos from exchanges other than Crypto.com.
How can I sell Cronos?
The process of selling Cronos is similar to buying them. On your exchange account, select the Sell option instead of Buy. However, selling CRO is subject to applicable taxes.
Can I buy Cronos with a debit or credit card?
Multiple exchanges accept payments through debit and credit cards. However, do first check with your preferred exchange regarding payment options.
What can I buy with Cronos?
Unfortunately, Cronos has limited utility. It is used to pay fees on the Crypto.com platform. However, you can stake it for various benefits and generate a passive income stream.
Parting Thoughts
The guide covered a step-by-step guide as to how to buy Cronos coin. It is a relatively simple way to get hands-on CRO cryptocurrency. Open an account with an exchange, transfer fiat money and purchase Cronos. Lastly, the best option is to have a digital wallet to store your Cronos, which are readily available in two options hot and cold.
Furthermore, you can use Cronos to make payments at the Crypto.com platform or stake them to earn additional rewards. In addition to Crypto.com, you can buy Cronos from CoinDX and Huboi. Cronos, however, have minimal utility. They are primarily used to pay fees on its native platform – Crypto.com.
We hope you enjoyed reading our guide about how to buy Cronos coins. Please leave your feedback in the comments section. Adios for now!