How to Buy ApeCoin (APE) - a Beginner’s Guide
There are dog coins and cat coins and bird coins, but swinging from the high branches of the crypto jungle and pounding its chest is a new simian king and its name is APE. ApeCoin is the governance and utility token of The APE Foundation. Connected to the Bored Ape Yacht Club (BAYC) NFT, ApeCoin DAO is a collection created by Yuga Labs in 2021.
Abbreviated as BAYC, the collection consists of 10,000 bored but very lively cartoon apes. In the future, ApeCoin holders can gain access to exclusive events, merchandise, games and more. Third-party developers of games, projects and other ventures will be able to incorporate ApeCoin into their creations. This page will take you through the process of how to buy ApeCoin. We’ll also go through ApeCoin’s utilities and why it could be a good investment.
Buy ApeCoin in just a few minutes
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3 Quick Steps to Buy ApeCoin
1. Create an account
Create a trading account with one of our recommended crypto exchanges or brokerages. Signing up takes only a few minutes. You’ll need to provide your personal I.D. and some basic contact information to complete your registration.
2. Fund your account
After creating an account you’ll need to add some funds so you can purchase cryptocurrencies. Adding funds can be done using a debit/credit card or bank transfer. It’s much quicker to use a debit or credit card as payments are generally instant.
3. Buy ApeCoin
You’ll need to swap your fiat for a base cryptocurrency such as USDT, BTC (Bitcoin) or ETH (Ethereum). Most cryptocurrencies cannot be bought using fiat. After swapping to a base currency, search for ApeCoin using its ticker, APE and choose one of the crypto pairings. Enter the amount of ApeCoin you’d like to purchase then click the buy button. APE will appear in your portfolio within a few seconds.
Where to buy ApeCoin
You can buy ApeCoin from a variety of crypto exchanges and brokerages. If you’re looking for a reliable trading platform to purchase ApeCoin then visit one of our preferred crypto exchanges or brokerages below to get started.
Payment methods you can use to buy APE
There is a wide range of payment methods that you can use to purchase ApeCoin. Below are some brief explanations about the most popular payment methods on crypto trading platforms.
Paypal is one of the most used payment methods online. It’s a shame that most crypto exchanges and brokerages won’t accept Paypal.
Bank transfers are widely accepted by crypto exchanges and brokerages. Bank transfers take a few days to resolve but are reliable.
Debit card/Credit card
A debit or credit card can be used to purchase crypto and are widely accepted. Your deposit or purchase can be resolved in a few minutes.
If you already own some crypto you can easily swap your cryptocurrency for another on any trading platform that offers the ability to do so.
Buying vs. Trading ApeCoin
Buying and holding ApeCoin is a great long-term strategy. Trading ApeCoin involves using derivatives or buying and selling ApeCoin over a certain period.
How to Trade ApeCoin
Trading ApeCoin can be done in a variety of different ways. Using derivatives such as leverage, and futures are some of the methods that traders use to trade crypto. Trading can be quite stressful and should only be done by those who have researched how to trade effectively and are prepared to lose against the market. It’s much safer to just buy ApeCoin and hold it.
What to Consider Before Buying APE
ApeCoin DAO is a decentralised organisation that aims to grow the Ape ecosystem and manage partnerships, projects, and funding. Holding ApeCoin grants you entry into the DAO. The APE Foundation is led by a “special council” to help guide the DAO and the vision of the ecosystem. Members of the special council include Reddit co-founder, Alexis Ohanian, Yat Siu of Amimoca Brands and Amy Wu, head of ventures & gaming at FTX. The initial members of the DAO will serve for 6 months before new members are voted to replace them by members of the DAO.
With a fixed amount of 1 billion tokens, holders of either a BAYC or MAYC (Mutant Ape Yacht Club) NFT were able to claim ApeCoin for free. BAKC (Bored Ape Kennel Club) owners were also eligible, but they had to have owned a MAYC or BAYC as well. The token allocation and distribution information to the team, NFT holders and others can be found on the ApeCoin website.
On March 16th, WayPlay, supported by Aminoca Brands announced their aim to implement ApeCoin in a future play-to-earn game. As ApeCoin evolves, an increasing number of utilities will be associated with the project, potentially increasing its value. With the backing of big names and a loyal community, ApeCoin will be watched closely by the rest of the market.
What Features Does ApeCoin Have?
- DAO entry. Holding ApeCoin gives you automatic membership to ApeCoin DAO and voting rights.
- Exclusivity. Holding ApeCoin grants you access to future merchandise, special events and upcoming games.
Will Buying ApeCoin Make Me Money?
There’s no guarantee that buying ApeCoin will make you any money. If you’d like to take part in the BAYC community but can’t afford to shell out the Ethereum to purchase an ape then holding ApeCoin is the best alternative. DAO membership and upcoming utilities are exciting things in crypto and many investors will be joining in on the ApeCoin ecosystem to see what it's all about.
Should I Buy APE?
It's up to you whether you want to buy ApeCoin or not. Below are some pros and cons to ApeCoin:
- Relation to BAYC and Yuga Labs
- DAO membership
- Millions of tokens were given for free to NFT holders. This could suppress the price action for a while.
- The Ape Foundation is in its very early stages, and nobody knows if it’ll be a success.
Best Platforms To Buy ApeCoin Now
Frequently Asked Questions
BAYC, MAYC and BAKC NFTs are available on OpenSea, one of the largest NFT marketplaces.
You can view how governance works in the DAO by visiting the ApeCoin website. There you’ll find various articles and pages to read to help you delve into how the DAO will be operated and how proposals will work for ApeCoin holders.
You can store ApeCoin on a Ledger hardware wallet along with other wallets such as Trezor.