How to buy, sell & trade Metaverse (ETP) in Australia
A beginner's guide to buying Metaverse (ETP): where it is, how it works and what the consider.
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Metaverse is a Chinese-based blockchain-oriented startup that offers Blockchain-as-a-Service (BaaS) solutions. Its token, with the ticker ETP, was priced at $5.78 when the project was launched in June 2017. However, it soon fell to a low of $0.46 on 19 September, probably because of China’s decision to ban local crypto exchanges and initial coin offerings (ICOs), which triggered negative sentiments on China’s blockchain firms as a whole. Since then, the ETP token has moved in a sideways trend, recovering a big part of its losses, currently fluctuating at around $2.56 at the time of writing (27/01/18). If you want to make such tokens part of your crypto portfolio, read on to find out how you can buy Metaverse (ETP).
A step-by-step guide to buying Metaverse (ETP)
Crypto exchanges where you can buy Metaverse include Bitfinex, Bit-Z and HitBTC. The ETP token was once available on the BTER exchange, but BTER was forced to close its operations due to China’s policy on local crypto exchanges. Read through the following steps to learn one of the ways you can buy Metaverse.
1. Register yourself at an exchange which lists Metaverse
You'll first need to sign up for an account at one of the exchanges listing Metaverse. According to data presented by CoinGecko at the time of writing, 96.6% of all ETP tokens are traded on Bitfinex. However, if you already have an account with HitBTC or Bit-Z, or you’d prefer to use one of these exchanges instead, you can also buy Metaverse through them. Bitfinex is the largest exchange in terms of bitcoin volume, so it’s one of the biggest players in the crypto space. Given the huge BTC price surge, Bitfinex was forced to temporarily reject or limit access to new users. As of today, the exchange requires a minimum deposit of $10,000 to become eligible for trading on their platform, and you’ll have to wait between 6-8 weeks for the verification process. If you’re not willing to part with $10,000 or wait 6-8 weeks, signing up with Bit-Z or HitBTC is somewhat simpler.
2. Deposit funds into your account
Check whether your exchange of choice allows you to deposit fiat currency - such as USD, AUD, or GBP - or whether it only allows you to trade cryptocurrency to cryptocurrency. If no fiat currency deposit methods are offered, you’ll have to buy one of their supported cryptocurrencies with your fiat money prior to purchasing ETP from one of the above exchanges. You can do this via another popular exchange like Coinbase, GDAX or Kraken. If you want to use HitBTC, click “deposit” in the upper right-hand corner, then click the next “deposit” button in line with BTC, ETH or USDT, depending on which coin you hold. You’ll have to copy the QR code or the deposit address shown there and use it as a withdrawal address on the other exchange that you are using, such as Coinbase. If you have enough money to invest in a big crypto portfolio, Bitfinex accepts deposits in US dollars and euro.
3. Buying Metaverse
Now it’s time to convert your deposited funds into ETP. You can do this by accessing the web-based trading platform on the exchange and placing a buy order. Depending on the exchange that you’re trading on, you should choose the pair (for example, ETP/BTC) and set the order type, order size and order price. If you go for Market Order, you’ll buy ETP at the current rate.
4. Withdrawing Metaverse
When you feel that you are finished with your trading, you may want to withdraw your funds. On Bitfinex, you can do so by clicking “withdraw” and following the steps. Note that you may have to pay some fees when withdrawing. Don’t get confused when using HitBTC, you have to click on “deposit” in the upper right-hand corner, and then click on the “withdraw” button in line with ETP.
Which wallets can I use to hold Metaverse?
There are three ways that you can hold the ETP token:
- Metaverse Full-Node Wallet (MVSD). This is the desktop version that downloads the entire Metaverse blockchain.
- Metaverse Light Wallet. This wallet, launched in November 2017, can be accessed via your browser.
- TokenMaster. This is a crypto wallet app for the Chinese public.
What is Metaverse?
Metaverse is one of China’s first public blockchains, often nicknamed the “Chinese Ethereum”. Unlike Ethereum, which allows developers to write code on top of the platform itself, Metaverse keeps the underlying platform and offers another layer for programmers. Metaverse is marketed as a BaaS platform that targets businesses. It can register digital assets, create digital IDs and exchange value. The project was founded by Eric Gu via ViewFin.
What should I consider when buying Metaverse ?
Currently, Metaverse is placing 157th on CoinMarketCap, with a capitalisation of $124.4 million. The circulating supply of ETP is 37,332,906 ETP out of a total supply of 56.7 million ETP and a maximum supply of 100 million ETP. Even though the price has been moving in a sideways trend for months, the trading volume has been increasing up til the time of writing. If you want to buy ETP, you should keep an eye out for any news, events or announcements related to Metaverse, especially when any new crypto exchanges decide list the token.
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