If you want to know where to buy Illuvium tokens (ILV), this article will explain the entire process in three easy steps.
Keep in mind that you will need somewhere to store your ILV once the purchase is made. More on this at the end of the article.
Without further ado, let’s get started!
Table of Contents
1) Open Your Account on a Crypto Exchange
In order to buy any cryptocurrency, you will need to have an account capable of holding and exchanging crypto tokens and coins. You can swap existing cryptocurrencies for ILV if you have an existing reserve of other tokens. The easiest way to proceed is to use a crypto exchange.
A crypto exchange allows you to exchange crypto in pairs. For example, BTC/EUR means you can get BTC (Bitcoin) by trading in EUR.
This is actually how every market works. The forex market, which works with trillions of dollars, converts money in the same fashion. So, if you’re American and go to Europe, your bank will automatically convert USD to EUR using a similar mechanism.
You can check all the exchanges where you can trade ILV here.
Centralized Crypto Exchanges
Users can purchase and sell cryptocurrencies on centralized exchanges for fiat money like the US dollar or digital assets like BTC and ETH. They act as reliable brokers in transactions and frequently act as custodians, preserving and protecting your money.
If you’re a beginner, we strongly recommend using a centralized exchange. Most users buying ILV choose Binance, one of the most popular worldwide.
Binance lets you buy ILV with credit cards, bank transfers, and even P2P transactions. You can buy ILV trading in EUR, USD, or GBP. It covers all the main fiat currencies.
Additionally, if you live in a country with unsafe banking institutions, you can privately exchange your tokens for ILV on the platform.
For example, if you’re Chinese, you can’t currently buy ILV with any currency. This is because China uses its own protocols, and transactions could be banned on the platform. However, if you have rubles and find a user on Binance willing to exchange those rubles for USDT or USDC, you can then trade in your USDC for ILV.
You will frequently need to exchange your tokens two times by going through a popular stablecoin, usually USDT or USDC. Get used to it – the more you do it, the easier it becomes!
Amongst the stablecoins available, USDC is by far the best.
Decentralized Crypto Exchanges
An exchange is, by definition, centralized. However, “Swap” platforms can be decentralized and serve the same exact purpose.
Instead of going through Binance, you can use your Ledger wallet to exchange USDC for ILV. Additionally, you might use your Metamask wallet loaded with BSC coins and exchange those for ILV through Pancake Swap, SushiSwap, or other exchanges of this sort.
Going through decentralized swaps allows you to stay anonymous, but we strongly suggest you don’t do this if you’re a beginner. Centralized exchanges are a better option for you.
2) Where to Buy Illuvium | Buy ILV
Once you have an account with an exchange, let’s say Binance, buying ILV will be very simple. Most of the exchanges also have specific articles detailing the steps. For example, here’s an article detailing where to buy ILV on Binance.
If Binance is not available in your country, Coinbase also features a detailed explanation of how to buy ILV.
Once you buy ILV, it’s time to understand how to store it!
3) Store your ILV tokens
ILV tokens are ERC-compatible tokens, meaning they are usually able to be stored anywhere you can store Ethereum.
When transferring ILV in and out of a wallet, you will pay gas fees. That’s because each transaction on the Ethereum blockchain (which includes transactions to exchange tokens working on its protocols) requires a fee.
We suggest you keep track of the average and median gas fee when you want to exchange your ILV. Up-to-date values are available on Etherscan.
For example, if you buy less than $1000 worth of ILV, you can start storing it on a cloud wallet such as MetaMask or the exchanges themselves. Binance, Coinbase, and Kucoin all allow you to store ILV and even stake it for a profit.
However, if the value of your tokens exceeds $1000 right now or does in the future, you should immediately move your funds to a cold wallet, like Ledger.
It’s extremely important that you keep your tokens away from cloud platforms. Although secure, crypto wallets such as Binance and Coinbase are a buffet of money for hackers who try to enter those platforms 24/7.
Trust us on this: a physical wallet is absolutely a must if you want to invest in or store cryptocurrencies such as ILV.
Make sure you only buy Ledger from their official website: https://www.ledger.com/, and avoid marketplaces like eBay or Amazon. Devices can be hacked.
Right now, you might think spending $100 for a wallet is silly. But it is far less shocking than losing tens of thousands of dollars because someone hacked into your Gmail and was able to restore your password on Binance.
ILV hit an all-time high of $1,100 back in November 2021, and with the game dropping soon, it’s sensible to think the token might increase in value.
Don’t blindly trust everyone on the internet regarding investment advice. Always do your own research before investing your hard-earned money. As always, this is not financial advice!