How to buy, sell and trade Decentraland (MANA)

Read our beginner’s guide to buying MANA, the native token of the Decentraland virtual reality platform.

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A virtual reality (VR) platform powered by Ethereum, Decentraland lets users buy virtual plots of land which they can explore, build applications upon and monetise.

MANA is Decentraland’s native cryptocurrency token, which people can use to purchase plots of land and to pay for goods and services in this digital universe. If you’d like to find out more about how Decentraland works and how you can buy MANA tokens, keep reading.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy MANA in Australia

MANA can be purchased from a wide range of popular cryptocurrency exchanges, including the following:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

308
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

276
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

272
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Coinstash Cryptocurrency Exchange
Bank transfer, Cryptocurrency, PayID
AUD

123
cryptocurrencies

Buy 120+ different cryptocurrencies using AUD with competitive trading fees in the Australian market.
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

166
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 160+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
eToro Cryptocurrency Trading
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

27
cryptocurrencies

Disclaimer: Volatile investment product. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. $50 minimum deposit.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

825
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

437
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

48
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
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Quick guide: How to buy MANA

  1. Register for an account with a cryptocurrency exchange like CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at the top of the screen.
  7. Search for the cryptocurrency you want and click “Buy”.
  8. Enter the amount you want to buy, or the amount of AUD you want to spend.
  9. Review the transaction details.
  10. Click “Buy”.
Go to CoinSpot's site

This is our quick guide to just one way to buy MANA. Compare some other options in the table below.


A step-by-step guide to buying MANA

Want to buy MANA tokens but don’t know where to start? Here’s the purchasing process in three simple steps:

Step 1. Register with an exchange that lists MANA

You can see a selection of exchanges that list MANA in one or more currency pairings in the table above. Choose the right platform for your needs, and then fill in an application to register for an account.

You’ll need to provide your email address and create a password. Many exchanges will also require you to provide your personal details and proof of ID in line with Know Your Customer (KYC) requirements.

Don’t forget to also enable two-factor authentication (if available) on your account for increased security.

Step 2. Deposit funds into your account

There currently aren’t any exchanges that allow you to purchase MANA with Australian dollars (AUD). Instead, you’ll need to acquire a digital currency listed in a trading pair with MANA, such as bitcoin (BTC) or Ether (ETH), and then exchange it for Decentraland’s native token.

If your BTC or ETH tokens are already in your exchange account, move on to step 3. If they’re stored in a separate wallet, look for the “Deposit” link from your account dashboard and copy your wallet address. You’ll then be able to send the desired amount of BTC or ETH to that address.

Step 3. Buy MANA

Once logged into your exchange account, click on the “Markets” or “Exchange” link and search for your desired currency pairing, for example MANA/BTC. In the “Buy” field, you can then specify the amount of MANA you want to buy or the amount of BTC you want to spend. Make sure you take a moment to review the full details of the transaction, including any fees that apply and the total cost, before completing your purchase.


How to sell MANA

The process for selling MANA tokens is very similar to the buying process detailed in step 3. However, the obvious difference is that you’ll need to look for the “Sell” field and specify the amount of tokens you want to offload and for what price.

Remember that crypto exchanges only list a limited range of currency pairs, so it may not be possible to directly exchange MANA to the coin or token you want.


Which wallets can I use to hold MANA?

If you’re planning on holding your MANA tokens for the long term, keeping them in an exchange wallet will expose you to the risk of hacking and theft. As a result, it’s generally a good idea to move your tokens into a secure, private wallet that lets you control your private keys.

MANA is an ERC20 token on the Ethereum blockchain, so you’ll need to choose a wallet that’s compatible with these tokens. There are numerous options available, including MyEtherWallet, Ledger Nano S, TREZOR and Eidoo.

If you're looking to find out more about storing cryptocurrency, check out our ultimate wallets guide.


How Decentraland works

A platform owned by its users, Decentraland connects VR with the blockchain. It does this by creative an immersive 3D virtual universe, a digital world where, in the words of the team behind the project, users “can create, experience and monetise content and applications”.

In Decentraland, LAND is permanently owned by the community. Users can buy plots of virtual LAND on a blockchain-based ledger of parcels, with each plot size set at 10 metres by 10 metres. Once you own LAND, you control what content is published on that portion of the digital world, and the Decentraland team claims you’re only limited by your imagination as to what you create.

Use case examples provided in the whitepaper include the following:

  • Applications. Apps, games, gambling and 3D scenes can all be created using Decentraland’s scripting language.
  • Content curation. Platform users will gather around areas of shared interest and owning LAND near a high-traffic area will help LANDowners attract users to their content.
  • Advertising. Brands can advertise on billboards near, or in, high-traffic LAND parcels.
  • Digital collectibles. Users will be able to publish, distribute and collect rare digital assets issued on the blockchain, and trade them with other users.
  • Social. Online communities from forums, chat rooms and even other online multiplayer games could potentially move their communities into Decentraland.

LAND on the platform is a transferrable digital asset stored in an Ethereum smart contract. To buy it, you’ll need to spend MANA tokens. You can also use MANA to make in-world purchases of digital goods and services.

Decentraland started life in June 2015 as a proof of concept, where LAND was modelled as a simple grid and a proof-of-work algorithm was employed to allocate pixels to users. By March 2017, LAND was modelled in a 3D space, and Decentraland then held an August 2017 crowdsale that raised US$24 million in just 35 seconds.

The first opportunity to claim LAND on the platform took place in December 2017, and Decentraland’s developer toolkit had its alpha launch in April 2018. This kit is designed to work on any platform (including all VR headsets and web browsers) and aims to make it quick and easy to create virtual environments and applications.


What to consider when buying MANA

Cryptocurrencies are complicated and speculative, and there are many factors that can have an impact on their price. With this in mind, make sure you thoroughly assess the pros and cons of each project before deciding whether you should buy any coins or tokens.

If you’re thinking of buying MANA, remember to consider the following:

  • Supply. MANA is listed on most major exchanges. According to CoinMarketCap, the circulating supply of tokens at time of writing (April 2018) was 1,050,141,509 MANA out of a total supply of 2,644,403,343 MANA.
  • Use. MANA must be burned to claim LAND on the Decentraland platform. You can also use the tokens to buy goods and services in this digital world, giving the token its utility value.
  • Potential market. Global VR revenues are expected to reach almost US$75 billion by the year 2021 as VR technology becomes more affordable and widespread, and it’s this booming market that Decentraland aims to tap into.
  • Competition. The success of the Decentraland platform and the MANA token will also be affected by how it compares to other similar projects. Not only will Decentraland face competition from other blockchain-based VR projects like Cappasity, but also from big tech companies like Facebook and Microsoft that are expanding into the VR space.
  • Still being developed. Decentraland’s alpha software development kit was launched on 23 April 2018, so the project is still some way off from completion. As a result, it remains to be seen whether it will be able to fully deliver on its promised potential and achieve widespread adoption.
  • Whitepaper. For more information about what Decentraland is, how it works and the architecture of the Decentraland protocol, check out the project’s whitepaper.

By doing your own research into the ins and outs of Decentraland, you’ll be well placed to decide whether this blockchain project is headed for success.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Image source: Shutterstock


Disclosure: At the time of writing, the author holds IOTA and XLM.

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