This content represents the writer’s opinions and research and is not intended to be taken as financial advice. The information presented is general in nature and may not meet the specific needs of any individual or entity. It is not intended to be relied upon as a professional or financial decision-making tool.
On Kusama, an Ethereum-compatible, smart-contract parachain exists called Moonriver. To be able to function, it requires the use of a utility token. Moonriver (MOVR) is one of the harder cryptocurrencies to obtain, and as such, this article will provide you with all the help you need on how to buy MOVR tokens in a way that works best for you.
- 1 How to Buy MOVR Token on eToro
- 2 How to Buy MOVR Token with PayPal?
- 3 How to Buy MOVR Token with Credit Card?
- 4 Safe Storage
- 5 Alternative Ways to Buy MOVR Token
How to Buy MOVR Token on eToro
eToro is the most popular choice among investors of Moonriver, using a regulated exchange such as Binance is another option. One of the largest crypto exchange platforms is Binance, offering over 40 fiat currencies and over 500 cryptocurrencies to its users worldwide.
It is a feature-packed exchange with an extremely competitive trading fee but no deposit fees, thus, making it a good trading tool for experienced crypto traders and investors. In the case of beginners, Binance may come across as a little overwhelming, but once you get the hang of it, you will start to understand why it is a recommended platform among crypto investors wanting to buy Moonriver.
Step 1: Open an Account
You can go to the main page and click on ‘create account’ to fill out the main application form. It will require you to fill in only the basic information, which only takes a couple of minutes.
Step 2: Upload ID
The next step before funding your account is uploading your identity card.
Step 3: Make a Deposit
Following the creation of your account, the next step is to finance it. The funds deposited will be used to purchase MOVR. Depending on your place of residency, brokers and exchanges offer various financing possibilities.
To fund your account, just go to “Deposit” option and choose the specific features of how you want to invest your money, for example, the amount and payment method.
Step 4: Search for MOVR
How to search for MOVR on the eToro platform.
Step 5: Trade MOVR
How to Buy MOVR Token with PayPal?
Cryptocurrency exchanges differ in terms of payment methods; this article is thus here to provide you with cryptocurrency exchanges that offer PayPal as a deposit method, namely eToro.
Currently, those looking to buy Moonriver cannot purchase this token using PayPal directly. In other words, if you want to use PayPal as a deposit method, you will first have to purchase Ethereum or Bitcoin in order to then exchange it for Moonriver through a cryptocurrency platform such as Binance or the others mentioned above.
How to Buy MOVR Token with Credit Card?
It has become relatively easy to purchase Moonriver. By following three basic steps, you can change the Bitcoins or Ethereum you purchased with your credit card from a Moonriver exchange into Moonriver at a later stage.
These steps are as follows:
- From Your Chosen Crypto Platform, Purchase Either Bitcoin or Ethereum
To buy either Bitcoin or Ethereum, which you will later exchange into Moonriver, you need to set up an account on a cryptocurrency exchange platform such as Coinbase. By clicking ‘signup,’ you will be required to enter basic personal information and confirm your identity.
Once your account on Coinbase has been verified, you will be able to purchase cryptocurrency. In this case, you are buying cryptocurrency with a credit card, and as a result, your purchase will be speedy but have higher fees.
On the top menu, click on the buy/sell button, then click on the cryptocurrency you have decided to purchase and fill in the amount of money you want to spend. When this is complete, click the “Buy” button and confirm your purchase by tapping on the “Buy now” button.
- Transfer the Purchased Bitcoin or Ethereum to an Exchange Supporting Moonriver
In this step, you are required to create an account with Binance or another cryptocurrency exchange that supports Moonriver. Create an account with an email and password, verify that you are not a bot, agree to the terms and conditions, and lastly, select the register button.
You will then be sent an email requiring you to confirm registration. A pop-up will then appear to advise you to set up two-factor authentication. To protect your money against attempted hacking, this is highly recommended.
Next, you should see at the top menu a “WALLET” option. Hover the cursor over this and then click on the “Overview” option. Furthermore, click on the “Deposit” option and select “Deposit Crypto.”
A coin list should pop up next. If you purchased Bitcoin in the step above then you should select “BTC” as a coin to deposit, but if you purchased Ethereum, then you should select “ETH” as a coin to deposit.
Once selected, a large string consisting of letters and numbers will appear, known as your Bitcoin or Ethereum deposit address. Copy the address and store it somewhere safe, so you are able to use it when it is required in the following step.
- Exchange the Purchased Cryptocurrency into Moonriver
Lastly, to transfer your cryptocurrency from Coinbase to your Binance wallet, copy your Bitcoin deposit address given in the step above. Reopen Coinbase, select “Pay” on the left menu, and choose Bitcoin or Ethereum from your list of assets.
This will display a recipient field; it is here where you will paste the deposit address. To transfer the Bitcoin or Ethereum to your Binance address, click “Continue.” You may be asked for further confirmation using either your password or phone.
After around 30 minutes or more, go back to your Binance account to check your funds have arrived in the exchange wallets. When you get notified by email of your transaction, your account balance should show the arrival of your purchased cryptocurrency. You are now ready to trade Bitcoin or Ethereum for Moonriver by visiting the Exchange feature on the top menu.
On the top right corner, select either Bitcoin or Ethereum and search for a MOVR/BTC or a MOVR/ETH trading pair. A price chart will appear in the center, requiring you to enter the price you desire (in Bitcoin or Ethereum) and the amount of Moonriver you want to purchase. Fill this in, click “Buy MOVR” and your job is done. You are now a proud investor in Moonriver.
One of the most popular things on a hacker’s radar is cryptocurrency transactions. Therefore, it is very important that you take all the necessary safety precautions.
Even though you have secured your assets in a safe place through the use of a physical wallet, keeping your cryptocurrency safe from hackers should be looked upon from all aspects. Thus, to further protect yourself and your cryptocurrency from cyber predators, you should use an encrypted virtual private network connection as well, such as NordVPN.
By default, cryptocurrency is decentralized, and as such, it is the responsibility of the users to secure their assets.
Alternative Ways to Buy MOVR Token
There are alternative ways to purchase Moonriver, such as with cash. If you want to purchase Moonriver with cash, then it is important to know that you cannot directly purchase Moonriver using cash. You will first have to purchase either Bitcoin or Ethereum and then exchange the cryptocurrencies for Moonriver using a supported exchange platform.
Depending on where you are located, you may be able to buy cryptocurrency from a local crypto ATM near you. Some ATMs support Moonriver, but they comprise less than 1% of all cryptocurrency ATMs.
The cryptocurrency exchange platforms mentioned above, namely Binance and Coinbase, are called P2P exchanges. They allow users to buy and sell digital currency, such as Moonriver, without the involvement of a third party using a transparent process that connects users directly.
In modern times, physical currencies are being used less and less. Traders have started to view cryptocurrency as the new future as electronic virtual currency becomes more and more convenient. It is important to trade through reputable cryptocurrency brokers when trading in cryptocurrency.
By opening an account with a broker, such as eToro, you will have the option to buy Moonriver, which will be credited automatically to your account where you can monitor its performance.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More