How and where to Buy Chiliz (CHZ) - a Beginner’s Guide
Chiliz (CHZ) is the native cryptocurrency for Socios.com, a social trading and engagement platform for sports fans. Pitching itself as a ‘blockchain fintech provider for sports and entertainment', Chiliz's fundamental aim is to switch the player-spectator paradigm up a gear by bringing the two together in more meaningful ways.
Built on the Chiliz blockchain, Socios provides the front end user interface as an app, with Chiliz coin (CHZ) being the main currency needed by fans to access a suite of features and insights.
Never before have sports fans had the opportunity to have a direct say in what happens in their team before Chiliz introduced governance rights for token holders via the Chiliz blockchain.
It's an exciting time for sport and crypto, and this article breaks down in detail, what Chiliz is, how the Socios platform works, the perks and benefits for token holders, plus how and where to buy Chiliz.
Buy Chiliz with your Favourite Payment Method on eToro
eToro is one of the first cryptocurrency providers that allow you to buy using many payment methods as well as other services. The actual process is very simple as well and one of the reasons we do recommend eToro for both beginners and experts.
Step 1: Registration
To get started, you'll need to register with eToro. It is free to sign up and you don't need to deposit right away, which means you can get used to the platform before going live.
Step 2: Deposit
Once you're happy with the platform and ready to buy for real, it is time to deposit some money into your account. Click the deposit button in the bottom left, then choose your payment method of choice . Enter the amount you want to deposit, we'd recommend starting low before adding extra over time.
Step 3: Start Trading
Now your account is live and ready to go, the process is like any other CFD provider, you will need to search for the coin you want to buy, be it bitcoin, ethereum or whatever your preferred choice is. Hit the 'Buy' button and then 'Trade', make sure you understand your risk parameters before you jump in.
How to buy Chiliz in 3 easy steps
1. Create a free account
CHZ is available on a high number of crypto exchanges and brokers. Find a cryptocurrency exchange you like the look of and, if you haven’t done so already, sign up for an account. You’ll need a passport or driver’s licence for your photo ID and a proof of address. Increasingly you’ll also need to provide biometric data, such as a face scan or fingerprint, via your phone. This is done for security purposes and to meet sign up regulations known as KYC (know your customer).
2. Fund your account
Once your account has been verified you’re ready to buy Chiliz coin. Before you do this, however, you'll need to transfer some money into your account. On the exchange, head to 'deposits' and use your preferred method of payment. You can use a debit or credit card. In many cases, you will be charged a fee for doing this. Another way to fund your account is through a bank transfer. Check the details on the cryptocurrency exchange to see which is the most cost-effective.
3. Buy Chiliz (CHZ)
Find the CHZ ticker in the search bar of your exchange. A list of CHZ pairs will appear in a drop-down menu. At the top, you’ll see CHZ paired with, BTC, ETH, USDT and so on. The first ticker symbol is the base currency and the second is the quote currency. Let’s say you buy CHZ/BTC because you have some Bitcoin in your account. In this case, you'll be buying CHZ with BTC, and when the time comes to sell your CHZ, it will be converted back into the quote currency—BTC.
Where to buy Chiliz
There are a number of brokers and exchanges where you can buy Chiliz. Below are a few of the best options currently available:
- eToro - A leading social trading platform that gives you access to more than 50 cryptocurrencies. Ideal for beginners as it's easy to use with clear signposting and a great network of support to turn to if you have any questions.
- Coinbase - Listed on the New York Stock Exchange and boasting more than 98 million users, Coinbase has two separate platforms—Coinbase and Coinbase Pro—with their own wallets making this exchange ideal for both beginners and seasoned traders.
- Bitpanda - Launching hard into sports team and events sponsorships, Bitpanda is the perfect bedfellow for a crypto coin like Chiliz. Bitpanda also has a debit card for European crypto holders and three crypto indexes.
- Bitstamp - With some of the lowest exchange fees around, Bitstamp is prime hunting ground for high-frequency traders. It also has an excellent mobile app for buying and selling Chiliz (CHZ) on the go and a wide range of other cryptos available.
Where is the best place to store Chiliz?
The best place to keep your CHZ tokens tucked away is in a crypto wallet. The main thing to consider here is what the best type of crypto wallet is for safe storage. To answer that, you need to ask yourself whether you’ll be actively trading Chiliz every day, or holding on to it (aka Hodling) for a longer period of time.
If you’re an in-and-out trader, you’ll want quick and ready access to your tokens. In that case, it’s best to keep them in your hot wallet, ie, the wallet associated with the exchange you use. You’ll also want to keep them in your exchange wallet if you plan to earn a passive income from your holdings by staking them.
If you’re buying your Chiliz tokens to hold them, you’d be wise to keep them in a hardware wallet. Known as cold storage, this is the best way to keep your digital assets safe from cyber thieves and hackers. Below are a couple of battle-tested hardware wallets you can start using right away.
Things to Consider Before Buying Chiliz (CHZ)
What makes Chiliz a good cryptocurrency to buy?
If your primary interest is sport and your favourite team or sports personality has a partnership with Socios, you might want to take a closer look at Chiliz. CHZ allows you to get closer to your team and the players you most admire than ever before. As the blockchain for Socios, Chiliz provides the foundation for fans and teams to interact.
That said, everything happens through the sleek Socios app. For fans to gain voting rights and help influence team decisions without needing to sit on the board there are three simple steps:
- Buy Chiliz (CHZ) on an exchange or brokerage platform
- Transfer your newly purchased CHZ to your Socios wallet
- Use CHZ to purchase fan tokens on the Socios app
The fan tokens then act as digital passes to owners’ favourite teams and can then be used as in-app assets, associated with specific teams, that deliver certain perks and benefits. By holding fan tokens, individuals can earn exclusive rewards, such as NFTs, and vote in official polls to influence important team decisions.
Fan tokens can also be bought and sold on the Socios marketplace. As the tokens are limited in number they are subject to minor volatility according to supply and demand within the network.
This game-changing innovation is already having a positive impact within the sporting arena, generating a more inclusive feel by providing mutual value to both fans, players and event organisers.
Because of this, Socios is also attracting a large number of team managers and organisers who want in on the project. Those already signed up include FC Barcelona, Juventus, Paris Saint Germain, Man City, Arsenal, Everton, Aston Martin Cognizant F1 Team, Alfa Romeo Racing ORLEN, and many more.
Chiliz's complex ecosystem is only just getting started. With the Chiliz testnet, Scoville, now live developers are being called upon to build decentralised applications (dApps) on the blockchain including:
- Event and team NFTs
- Defi products
- Play to Earn Games
- Event ticketing
- Loyalty programs
- Merchandising Certification
- And more
When is the best time to buy Chiliz?
The best time to buy Chiliz is when the price is going up. In crypto, especially during times of high volatility, prices can be hard to predict. If you plan on trading Chiliz speculatively, you will need to have quick wits and tools to help you spot token accumulation phases.
If you’re more interested in buying Chiliz to get fan tokens for your favourite team, you’re unlikely to be selling your Chiliz anytime soon. In this case, it’s still worth waiting for a pullback in price before buying, but striking the price bottom for CHZ won’t be as important as it is to shorter-term traders.
If you do want to time the markets so that you get CHZ at the best possible price within your given timeframe, look at price action on a longer timeframe on a crypto exchange. Daily and weekly charts are the best places to start. You can price action on the chart in different ways. The most common, however, are line charts or candlestick charts. Candlesticks are useful because they reveal reversals by their shadows (or wicks).
These wicks are thin lines that poke out of the bottom or top (or both) of a candlestick to reveal price rejection. If you see a series of long south-pointing wicks on a few daily candles, this is known as an accumulation zone and is a good time to think about buying your Chiliz.
Are there other ways to make money from Chiliz?
There are more ways to make money from Chiliz than other cryptocurrencies. Because CHZ is a parent token to fan tokens, if you’re smart, it’s possible to have two bites of the same Chiliz cherry.
The first bite is buying Chiliz at the right price by following the trading strategy above. The second is buying the fan tokens at the right price. As previously mentioned, these secondary tokens can be bought and sold on the Socios marketplace, and this could be another way of leveraging the most value from your original CHZ cryptocurrency purchases.
Another way to make money from your CHZ tokens is by staking them. This is where you put your tokens into a staking pool to earn rewards. There are a number of exchanges where you can earn up to 5%.
Socios also has its own staking incentive—Locker Room. Here, fans lock up CHZ for 120 days in return for being first in line for fan tokens should their team decide to launch a fan token with Socios after that time has lapsed. The advantage of this is that fans get the tokens before they’re made publicly available on the Socios marketplace, ie cheaper. In addition, investors also get an additional 10% of their initial investment paid to them in CHZ.
3 Things to avoid when buying Chiliz (CHZ)
Although Chiliz is a popular project with an impressive roadmap buying cryptocurrency is fraught with risks every new investor should be aware of. In short, avoid…
1. Buying Chiliz on impulse. Many beginners get sucked into the hype around a project and Chiliz is no exception. In 2021 it had a huge pump, nearly hitting $1 before crashing off. At the time of writing, more than a year later, it hasn’t reclaimed those 2021 highs. This pump and dump phenomenon is common in crypto and those that FOMO into fast-rallying coins usually get burned.
2. Panic selling. If you’ve bought plenty of Chiliz for the right reasons, ie you like the project and think it has legs, don’t rush to sell because crypto, in general, is in freefall. What goes up comes down and vice versa. so, if you bought CHZ to secure a batch of fan tokens you’re probably better off holding onto your coins.
3. Getting fixated on YouTubers. There are good YouTubers who dig deep into crypto projects, and there are not-so-good YouTubers shilling their own holdings to pump the price. When it comes to investing in crypto, follow your own instincts and beliefs and have a reason, every time, for buying or selling something.
Chiliz is the leading tokenised sport and entertainment exchange. First, to market in this niche, it has brought together the energy of the sector and blockchain technology and created a token with genuine utility. As the rock bed of Socios, Chiliz also delivers voting power to the people who support the players.
In this respect, the company is paving the way for the democratisation of certain sports by transferring, through this voting mechanism, some of the team's decision-making process into the hands of fans and followers.
In addition, followers who buy CHZ and use the Socios wallet to get their fan tokens gain many ancillary benefits. These include airdrops, discounts on cool merchandise, giveaways, exclusive access to games, prizes, governance rights, and more.
In short, if you’re a fan of crypto and a fan of sport, and your favourite team is a Socios partner, it’s time to start making the most of the many opportunities Chiliz and Socios have to offer.
Frequently Asked Questions
In April 2021, Chiliz rallied hard and printed its all-time high of $0.83. More than a year later, it hasn’t reclaimed that high. In truth price predictions rarely match expectations and it’s hard to say where Chiliz will be in five years' time, but data gathered from multiple sources suggest that it could hit $3 by 2025.
Socios is built on the Chiliz blockchain and is the main platform where sports fans can socialise digitally, game, vote on team decisions and much more.
CHZ is used on the Socios mobile app, via its wallet to purchase fan tokens and access in-app benefits.
Yes. Your fan tokens are an in-game currency that can be bought and sold as often as you like. Trade on the Chiliz marketplace in Socios in much the same way you would on a crypto exchange. You can also redeem your fan tokens for CHZ, move your CHZ to an exchange and swap it for another crypto or fiat currency.