How to Buy Einsteinium (EMC2) - A Beginner’s Guide

A broker is an intermediary between the trader and the crypto market. When you trade cryptocurrencies through a broker, you do not own the coins. You are only trading in financial instruments of the underlying asset. Once you put up some collateral (margin), you are offered the opportunity to trade cryptocurrencies with leverage. Brokers are more suitable for traders and speculators hoping to gain from price movements. 

There are various brokers available online and offline, but choosing one that does not meet your investment objectives could severely impact your portfolio. When searching for the best cryptocurrency broker, there are a couple of things to consider. Factors such as security, regulation, access to relevant crypto exchanges, products offered by the broker and margin interest rates have great relevance, among other aspects. 

If you want to trade Einsteinium through a broker, here are the steps to follow.

1. Register with the Broker

To trade Einsteinium, you need to create an account with a broker that lists EMC2.  The process of opening a brokerage account depends on the broker. While some are as simple as entering an email address, others are cumbersome and require extra information and verification. 

Ultimately, you would be required to provide your personal details like address, some form of government identification, and a valid email address for correspondence. A broker which can offer you access to purchase Einsteinium is eToro. Let us look at its account opening process below.

To open a brokerage account on eToro, go to the home page and click on the tag marked “Join Now”. An electronic form will pop up, where you enter your personal details such as name, email, password, and phone number. Once you have finished, click on “create account”. You also have the option of logging in through Facebook or Google.                       

To open a brokerage account trading account with Skilling, go to the Skilling site, enter the relevant details, and click “Create Account”

2. Verify your Identity (KYC Process)

Depending on your choice of broker, you could be required to complete a Know Your Customer (KYC) form and verify your account before you can start trading on their platform. Verifying your identity allows the broker to connect your funds to your account.

To verify your account on eToro, you would be required to upload proof of identity and address. Both documents can be scanned and uploaded using the scan option on the app. For Skilling, you verify your account by providing documents such as utility bills or bank identification. The KYC process is required for brokers to adhere to financial regulations, so should be seen as a mark of legitimacy rather than an intrusion on privacy.                  

3. Deposit Funds with your Preferred Payment Method

After you have opened and verified your accounts, you can deposit funds. On Skilling, log in to the dashboard and click on “Deposit” (on the left sidebar). This could be done in several ways. You can use credit/debit cards such as Visa or MasterCard or electronic wallets such as Neteller, Skrill, Klarna, or Stripe. Alternatively, you can also do a bank transfer. 

Whatever method is convenient for you and guarantees the security of your transaction is acceptable. To buy Einsteinium, you need to first buy Bitcoin (BTC) or Ethereum (ETH) with fiat. Then you transfer to an exchange that supports the altcoin, where you can use your cryptocurrency (BTC or ETH) to purchase Einsteinium.                      

4. Open a Position to Long/Short Einsteinium

Depending on your trading approach, you can decide to go long or short on Einsteinium. Going long is a more safe way of investing in cryptocurrencies.  It implies buying the coin with the expectation of making a profit from an increase in the price of the asset. Having a “long” position in a cryptocurrency means that you own the digital asset.

On the contrary, going short means the trader hopes to profit from a decline in the coin’s price. A “short” position implies selling cryptocurrencies you do not yet own. The trader borrows the coin from a broker and sells it to purchase it back at a lower price and make a profit.

CFDs can be used to go long or short. When the buyer decides to conclude the contract, the seller or buyer will pay the other the difference between the present value of a crypto asset and its future worth. If you go long on CFDs, you intend to profit from the difference in the price increase of the cryptocurrency. When you go short using CFDs, you intend to profit from the difference in the price decline of the cryptocurrency.  

5. Close your Position

Closing a position refers to exiting from an existing trade. When a position is closed, the trade is no longer active. Traders close their positions to take profits or minimise losses. 

For example, if you are long on Einsteinium and the price begins to fall, you would close your position to minimise losses. In the same vein, if you are long and the price of Einsteinium hits your target, you may exit to take profit.

Stop-loss and take-profit orders are limits that you can set on the brokerage platform that allow you to automate your trading in this regard. You can specify ahead of time the profit and loss thresholds at which you would like to close your position. This way you don’t have to be at your computer all day, and you can rest assured that your loss tolerance and profit targets will be set in stone.

How to Buy Einsteinium with an Exchange

Exchanges are marketplaces that bring buyers and sellers together to trade. The exchange charges a commission for each transaction conducted on its platform.  Crypto exchanges are mostly used by long-term investors who intend to buy and hold crypto assets.

Crypto exchanges act as referees and ensure that no party is cheated in the transaction. They standardise trades within the crypto ecosystem by creating protocols that guide the transactions carried out on their platform.  This creates a sense of trust and confidence because investors are sure of the security of their funds. 

If you wish to purchase EMC2 in order to hold it for the long term, then a regulated exchange should be your first port of call.

1. Set up an Einsteinium Wallet

If you wish to buy and hold Einsteinium (EMC2), you must first set up a cryptocurrency wallet that supports the altcoin. A wallet is a device where you store your cryptocurrencies for safekeeping. All wallets share similar features such as a key (public or private), an account showing funds and transaction history, plus security features. 

A wallet may also be hard or soft. A hard wallet allows you to store your coins in a secure physical device. Your coins are kept offline by storing them in a physical device, which means they can’t be hacked. This makes hard wallets the most secure form of storage for cryptocurrencies. The major flaw is that the device can get lost or stolen. 

A soft wallet is a piece of software that stores coins. They are available in various formats (online, desktop, and mobile) and are the most commonly used type. Because soft wallets store user data and information on a cloud or server, they are susceptible to hacking and theft, but they remain more accessible and convenient than their hardware counterparts.

2. Choose and Join an Exchange that sells Einsteinium

There are plenty of exchanges where traders can buy and trade Einsteinium. Some of these exchanges are Bittrex, UpBit, BCEX Global, and atomicDEX. Others may include Poloniex, CCEX, and Cryptsy. 

Make sure you set up extra security features on any exchange you use because some of them have been targets of hacking. Crypsty, for example, defended a class-action lawsuit after a subscriber stole cryptocurrencies from other users accounts. 

Access to these exchanges depends on your location, capital requirements, payment options and security, among other factors. Be sure to weigh the differences between the exchanges and go for the one that best suits your investment objectives. For example, Poloniex imposes daily withdrawal limits on accounts based on levels, while others such as Bittrex do not have such a feature.

3. Choose Your Payment Method to Buy Einsteinium

After choosing and registering on an exchange, the next step is making deposits to begin trading the available coins. You can’t purchase Einsteinium directly with fiat. You need to first buy Bitcoin or Ethereum with your fiat, after which you can then buy EMC2. 

There are a variety of payment options available to registered users on an exchange, such as credit card, bank transfer, and online payment options. It is advised to adopt the payment process that is most convenient for you in terms of transaction costs, security and the time needed to settle payments. 

4. Place an Order to Buy EMC2

After depositing funds to your wallet on the exchange, you are now ready to start trading Einsteinium. You can place a buy order for the coin using Bitcoin or Ethereum to finance the trade. To place a buy order for Bittrex, when you get to the home page, click on “instant buy and sell”. This will take you to a page where you can enter the details of your trade such as the cryptocurrency you want to buy, the amount, and the payment method. After you have reviewed and confirmed payment, the coin will be transferred to your wallet.

5. Safely Storing Your Einsteinium in a Wallet

As stated previously, It is also advisable to store your coins in wallets outside exchanges if you want to keep your asset for a long period. This is because exchanges can be targets of hacking campaigns. Most crypto thefts have occurred through the hacking of soft wallets on exchanges.

As such, storing cryptocurrency on an exchange is not advisable if you do not need the liquidity to trade on a daily/weekly basis. It is better to store your EMC2 in a secure wallet such as Excalibur and Lightsaber (both Einsteinium’s official wallets) or Coinomi.

The safest method is storing the coins in a hard wallet. This cold storage method takes your coins offline, which means they can’t be hacked. However, they can get stolen or lost. Be sure to keep your hard wallet in a convenient and safe place.

Should you Buy or Trade Einsteinium?

There are two ways to invest in Einsteinium. You can either buy and hold or trade. Buying and holding is a long-term investment strategy that is anchored in fundamental analysis. Here, the investor selects the coin to buy based on fundamental factors such as blockchain technology, liquidity, or mining with renewable energy. Those who purchase and hold do not pay attention to short-term price movements, but remain focused on the fundamental long-term value of the project.

Traders, on the other hand, seek to profit from market volatility by using technical indicators. Using technical indicators such as RSI, MACD histograms, volume charts, or Bollinger bands, traders enter and exit positions over a shorter time frame, taking smaller, more frequent profits. 

In the last year, the price of Einsteinium has surged by over 500%. At the moment, this altcoin is up by several thousand per cent from its lowest point since 2018.  As such, holders of this cryptocurrency have scored some massive gains. Also, purchasing Einsteinium can be considered a socially responsible investment. This is because you contribute to the financing of scientific and technological projects, as stated in its whitepaper.

What’s the Difference Between an Einsteinium Exchange and a Broker?

You can buy or trade Einsteinium through exchanges or professional brokers.  Though both methods provide investors and speculators access to the cryptocurrency, they are also contrasting features. Buying from an exchange gives you ownership of the coin. As such, when you buy Einsteinium, you own the coin. People who use exchanges tend to be long term investors and holders.

When you trade Einsteinium through a broker, you do not own the coin but merely seek to profit from its price movement. A broker simply presents the investment vehicle which allows you to invest in Einsteinium. People who use brokers tend to be short-term investors and speculators.

Einsteinium: Long Vs Short Term Investment

There are two ways to invest in Einsteinium, either long-term or short-term. A long-term investment is a strategy whereby you hold your position for several months or years. Short-term investment, on the other hand, is an investment strategy whereby the investors hold their position in a cryptocurrency for a short time, which could range from minutes to a year.

As mentioned previously, in the last year, the price of Einsteinium has increased by over 500%. According to many traders’ opinions, being an early investor in this digital asset may be a winning strategy.

3 Tips to Buy Einsteinium

 Here are 3 tips that may help you when buying Einsteinium.

1. Choose the Right Time and Do Your Own Research on Einsteinium

Finding the right time to buy Einsteinium can be tricky. The altcoin may be trending higher while you are waiting for a dip.  You may also mistime your trade and end up catching a falling knife. The best way to ascertain the right time is by using charts and technical indicators. This way you would be able to establish support and resistance zones and place your trades accordingly. 

2. Comparing Costs to Buy Einsteinium

Transaction costs vary among brokers and exchanges. Since you can’t purchase Einsteinium directly with your fiat, the tendency to accrue extra costs to trade the altcoin is increased. As such, you have to pay attention to the commission you would pay to brokers and exchanges. You can carry out a comparison to find out which has the lowest transaction costs.  Factors that influence transaction costs among brokers and exchanges include liquidity, commissions, and bid-ask spread. 

3. Safety and Security when Buying Einsteinium

The safety and security of funds and coins are of the utmost importance. To properly secure your Einsteinium coins, it is best you use wallets outside the exchange, or better still, store them in a hard wallet. If you are unable to get a hard wallet, soft EMC2 wallets such as Excalibur and Lightsaber are a good choice.  It is advisable to use extra layers of security such as two-factor authentication when setting up your wallet.

What is the Best Payment Method for Buying Einsteinium 

• Buy Einsteinium with Cash: Advisable when you know the seller or if you have an EMC2 ATM available
• Buy Einsteinium with Credit Card: This is one of the most frequent payment methods
• Buy Einsteinium with Bank Transfer: Straightforward and accepted by most platforms
• Buy EMC2 with Bitcoin: Buying Einsteinium with Bitcoin can be convenient, especially to preserve privacy
• Buy Einsteinium with PayPal: PayPal is a safe payment method that also offers protection against scammers

Other Ways to Buy Einsteinium

Apart from buying directly from exchanges and brokers, another way of acquiring Einsteinium is by mining the cryptocurrency.

If you want to mine Einsteinium, you may consider joining a mining pool. Joining a mining pool would provide you with lessons and guidance on setting up your own mining rig. However, if you want to mine Einsteinium independently, you can do that through your PC. To mine Einsteinium without using a computer, you could invest in an ASIC miner. Take into consideration that mining requires a significant amount of energy and can result in very high electricity costs.

Einsteinium is a cryptocurrency that aims to further scientific research and technological development. According to their whitepapers, about 2.5% of EMC2 coins mined are credited to the foundation donation pool. This puts the cryptocurrency in good standing to the new brood of investors who are demanding social accountability from cryptocurrencies.