Born from the Bored Ape Yacht Club NFT phenomenon of digital art collectibles that are procedurally generated and traded for thousands of dollars, Apecoin is a cryptocurrency on the Ethereum blockchain.
Unlike NFTs, which can vary in value from one minute to the next, a single Apecoin has the same value as any other Apecoin and can be traded on a crypto exchange like Bitcoin or other altcoins.
The value of Apecoin, like many cryptocurrencies, has gone up and down since its introduction this year. The volatility of crypto assets has led the UK finance watchdog the Financial Conduct Authority (FCA) to issue repeated warnings to would-be investors.
If you’re aware of the risks and still interested in Apecoin, here’s how to buy one of the newest crypto assets on the block.
Choose an exchange
To buy Apecoin, you’ll need a crypto exchange to swap your fiat currency (Sterling) for cryptocurrency. An exchange is a platform, either a website or app, that allows traders to buy and sell cryptocurrencies.
Popular exchanges include the likes of Coinbase and Binance, but there are smaller, lesser-known exchanges such as Bitstamp. Here are some things to consider when choosing an exchange:
- Payment methods: Most accept bank transfers, credit and debit cards. Some accept PayPal. Check that your preferred payment method is accepted.
- Payment fees: Some exchanges charge fees on certain payment methods. Debit and credit card payments, if permitted by your card issuer, typically attract fees of 3.99%, for example.
- Crypto wallets: Some exchanges offer a secure crypto wallet in which to store your Apecoin
- Withdrawals: Not all exchanges allow you to transfer your assets out into an external wallet, and those that do may charge a fee.
- Number of currencies: Some exchanges allow you to trade in more coins than others. Be sure that the exchange you’re using has Apecoin.
Choose a payment method
How you pay for your Apecoin has a bearing on how much you’ll pay, as some exchanges charge fees on certain payment methods.
Debit and credit card payments typically attract fees of around 3.99%. The latter is also treated as a cash advance by card issuers - which means they’re subject to higher rates of interest than standard purchases. The more you pay in fees, the less you’ll have to spend on Apecoin.
Few exchanges allow UK customers to pay using PayPal, and those that do charge fees for the privilege.
Place and order
When you’ve chosen an exchange and a payment method, navigate to the Apecoin page within the app or website and type in the amount you’d like to invest.
Choose a storage method
Many exchanges offer an integrated wallet in which to store your cryptocurrency, but you may wish to hold your Apecoin in a third party wallet.
You can hold your crypto in an online or ‘hot’ wallet, or an offline ‘cold’ storage device like a hard drive. Cold wallets are more secure than hot wallets because they’re less vulnerable to hackers. However, if you lost your access codes to your hot wallet, the exchange could help you access your Apecoin. Lose your access codes to a cold wallet, however, and you’re on your own.
