How to Buy ApeCoin (APE)

Emerging from the infamous Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) token collection, ApeCoin (APE) is a crypto token that powers the APE ecosystem and gives holders access to exclusive physical and digital events , online games and web3 services offers , merch and more. For investors, ApeCoin offers an investment exposure to the Web3 ecosystem, built on the Bored Ape brand.

What is ApeCoin?

ApeCoin (APE) is a utility and governance token created to empower the community around the APE ecosystem built on the back of the Bored Ape Yacht Club (BAYC).

The Bored Ape Yacht Club (BAYC) is an extremely popular NFT collection consisting of 10,000 unique images of cartoon monkeys. During the peak of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare monkeys selling for hundreds of millions of dollars.

The popularity of BAYC led to athletes, musicians and actors buying Bored Ape NFTs to use as profile pictures on social media, further enhancing the iconic status of Bored Apes as Profile Picture (PFP) NFTs. However, the Bored Ape Yacht Club and the company behind the company, Yuga Labs, have also faced numerous controversies and challenges, ranging from allegations of racist imagery to an SEC investigation into possible violations of securities laws.

Launched on March 17, 2022 by the APE Foundation as an ERC-20 token, ApeCoin allows token holders to participate in the decision-making process of the APE ecosystem through the ApeCoin DAO and gain access to exclusive events, games, services and merchandise. and use the token as currency within the ecosystem.

The token also exists to incentivize third-party developers to participate in the APE ecosystem by building applications that include ApeCoin.

Cryptocurrencies like ApeCoin are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. Investors buy them to speculate on future appreciation. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded by thorough research of the cryptocurrency you intend to buy.

How to buy ApeCoin

Buying ApeCoin works just like buying any other cryptocurrency. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges.

Crypto exchanges are online trading platforms for digital assets that work in a similar way to online stock brokerage platforms like Fidelity or Charles Schwab. The only difference is that you use US dollars to buy and sell cryptocurrencies instead of traditional financial assets like stocks and bonds.

Step 1: Sign up for a crypto exchange

The first thing you need to do if you want to buy ApeCoin is to sign up with an exchange that supports the cryptocurrency. Currently, Binance, Coinbase, and Kraken are among the largest exchanges that support APE.

Step 2: Perform KYC and deposit funds into your exchange account

Once you have selected which exchange you would like to trade on, register with your email address and a password, complete the Know Your Customer (KYC) onboarding process and pay in US dollars using one of the available payment options into your account. Bank transfers are usually available for US customers.

Step 3: Select ApeCoin among the available assets and buy the token

Once you have funded your account, click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you wish to buy. Verify that all order details are correct and confirm the transaction. As soon as your order is executed, you will receive the APE tokens on your exchange account.

Step 4: Keep your ApeCoin safe in your personal wallet

Finally, make sure to transfer your APE tokens from the exchange to your personal non-custodial crypto wallet powered by ApeCoin. By securing your tokens in your own wallet instead of on an exchange, you can avoid losing your assets in the event of an exchange bankruptcy or hack.

Alternative ways to buy ApeCoin

While buying ApeCoin on a crypto exchange is arguably the easiest option, you can also buy APE on a peer-to-peer (P2P) or decentralized exchange (DEX).

To Buy APE coins on a P2P exchangeyou must first select a marketplace that supports ApeCoin, sign up for the platform and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. Click on an offer that suits you and complete the purchase. These marketplaces usually use escrow to increase security, but it is still advisable to only trade with users with high trust scores.

Alternatively you could Buy ApeCoin on a decentralized exchange by exchanging another cryptocurrency for it. For example, since APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH for ApeCoin on a decentralized exchange like Uniswap. Additionally, numerous crypto wallets also offer in-app token swapping, allowing you to exchange other ERC-20 tokens for APE.

What You Need to Open a Cryptocurrency Exchange Account

Let’s take a look at the requirements to open an account with a crypto exchange.

Personal Information

When exchanging digital assets, you typically need to provide the following information:

• Full name
• home address
• email address
• phone number

To pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government issued ID and proof of address. You may also be asked questions about your income and expertise as an investor.

minimum deposits

Crypto exchanges typically require a minimum deposit of between $10 and $20. However, there are a handful of trading apps that will let you buy crypto for as little as $1.

Types of cryptocurrency exchanges

Centralized Exchanges

Centralized cryptocurrency exchanges are online trading platforms similar to online brokers like Merrill Edge, Fidelity or E*TRADE. You can use them to trade a variety of digital currencies and tokens using US dollars, just like you would buy stocks through your online brokerage account after registering for an account and completing the KYC process.

Decentralized exchange

Decentralized exchanges are smart contract-based online trading platforms that allow users to trade crypto on a peer-to-peer basis without the need for a central authority. Assets are traded from wallet to wallet. No account creation or KYC process is required.

Hybrid exchanges

Hybrid exchanges combine a centralized order book for trade reconciliation with decentralized asset custody to allow investors in digital assets to benefit from the best of both centralized and decentralized trading venues.

Best cryptocurrency exchanges