Want to jump straight to the answer? You can buy CELO on Binance.US (or Binance).
Private and public keys are integral parts of cryptocurrency, but they can be confusing for new users. Celo, an active project, hopes to make it easier for everyone to connect using cryptocurrency. The project does this by tying private and public keys to one's phone number, making it easy to identify your contacts cryptocurrency wallets and transfer digital assets. Our guide to Celo makes it easy to get started.
- What is Celo?
- Brief History of Celo
- Steps to Buy CELO
- See All 10 Items
What is Celo?
New cryptocurrency investors might find it challenging to understand Celo’s infrastructure because the Celo network uses 2 native assets to manage and stabilize the network. You can use the first, Celo Dollars (CUSD), a stablecoin, to transfer value to one another. The value of CUSD is pegged to the dollar, which means that it will very rarely move away from a value of $1.
When you buy and sell Celo on crypto exchanges, you’re likely investing in the cryptocurrency’s native Celo Gold (CELO) token. Celo Gold is an ERC-20 token, which means that it’s built on the Ethereum network and uses Ethereum’s basic infrastructure to function. When you buy and sell Celo on platforms like Coinbase, you buy the CELO token. Unlike CUSD, CELO varies on a day-to-day and minute-to-minute basis, depending on the current market demand for the tokens. Celo Gold has no type of connection or correlation to gold as an asset. CELO is used as a validator token and a governance token, which can be used in future staking endeavors.
Brief History of Celo
Celo, a mobile-first blockchain platform, allows you to transfer value in crypto quickly from your smartphone. The goal behind the Celo network and its token is simple — make cryptocurrency payments more accessible for the everyday investor, less expensive and less intimidating for those who aren’t already invested in the crypto market. Sending CUSD is even possible if you don’t have the Celo app, though you will need to download it at some point to claim your funds.
Celo works by linking your phone number to a cryptocurrency wallet that supports CUSD and CELO. A hash of the phone number gets stored on the blockchain, which ensures that any payments made to your phone number only go to you. Celo verifies your phone number using a series of authentication methods to finalize account creation. Celo charges a small fee to verify the phone number and you can connect multiple phone numbers to a single wallet address. Polychain Capital CEO once described Celo as “the WhatsApp for money.”
Celo was introduced to the cryptocurrency market in May of 2020. Since this time, its CELO token has been adopted by a number of major cryptocurrency exchanges, including Coinbase. CELO, currently in the top 100 largest cryptocurrencies measured by total market capitalization, has an overall market cap of more than $2 billion and an average daily trading volume of about $100 million.
Steps to Buy CELO
- Open an online account.
The first step to investing in cryptocurrencies like Celo is to open an account with a cryptocurrency broker. A cryptocurrency broker is similar to a stockbroker. It allows you to buy and sell supported coins and tokens using a unique investing platform. Most brokers charge a small fee or commission in exchange for executing your trades, but more and more brokers reduce their commissions based on trading volume.
- Buy a wallet (optional).
If you plan to store your Celo long term, you’ll want to invest in a cryptocurrency wallet. A cryptocurrency wallet provides you with an additional layer of security for your investments. You can use either a hardware (physical device) or a software (computer or mobile application) wallet to secure your crypto. Cryptocurrency wallets allow you to store your investments off your exchange of choice, which leaves you less susceptible to hacks.
Let’s take a look at a few of our favorite wallet options that you can use to store CELO. - Make your purchase.
After you’ve opened your account and you’ve chosen where you want to store your tokens, you can finally place your order to buy CELO. Though the specific process that you’ll go through to buy Celo will vary depending on the specific trading platform you’re using, here are the steps you can expect to take when you buy.
Step 1: Fund your account. Like any type of brokerage account, you’ll need to add trading funds or a source of funding to your crypto trading account before you can buy or sell assets. Link your bank account and schedule a fund transfer. Many crypto brokers also allow you to buy and sell crypto with a credit card as well.
Step 2: Look at the current market price of CELO. The market price of a cryptocurrency is the current trading price. Market prices are constantly changing, and the amount that you’ll pay for each CELO token will vary depending on current demand conditions. First, decide how much money you want to invest in Celo and base the number of tokens you purchase off the current market price. Don’t worry if your purchase doesn’t round to an even number of tokens. Your broker will calculate this on your behalf and provide you with a fraction of a token if needed.
Step 3: Check your account. After submitting your order to your broker, you can relax. The broker will execute the order according to your instructions. If your broker is not able to fill your order, it may remain open or it may be canceled at the end of the trading day.
Where to Buy Celo
Not sure where to start searching for a broker? Consider a few of our top choices below.
Where You Can Store Celo
Best Hardware Wallet: SecuX W10
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Though hardware cryptocurrency wallets provide you with the highest level of security, they can often cost up to $100, which might not be feasible for all investors.
The SecuX W10 combines an affordable price point with a host of features and plenty of compatibility. The SecuX W10 allows you to store Bitcoin, ERC-20 tokens, Ripple, Litecoin and a host of additional projects as well. The wallet offers a full-color touchscreen, which makes it easier to manage your coins no matter where you are.
- Active Crypto Traders
Best Software Wallet: Coinbase Wallet
Though you might already have a Coinbase account to buy and sell some of the most popular cryptocurrencies, you can also use Coinbase’s independent and free software wallet.
The Coinbase Wallet allows you to safely store ERC-20 tokens, Bitcoin and additional projects all in a single place. You can also send cryptocurrencies to other users with just a name — no more memorizing endless strings of numbers and letters before you transfer your funds.
Bonus Tip:
Investor sentiment toward Celo has been positive in the past week. Celo raised $20 million in sales of its native token to jumpstart the platform. This surge in value can allow the company more flexibility to branch into new services, which may cause a rise in the price of CGLD.
Trade or Sell Your Cryptocurrency
If you plan on frequently trading your cryptocurrency, then you'll need to keep your funds on an exchange. This presents more risk than holding your funds in a hardware wallet, so if you plan on trading an exchange's security should be your top priority. Some exchanges, like Coinbase, store the majority of users' funds on a hardware wallet for them, making it a very secure option.
You can also actively trade CGLD like any other type of crypto. Active traders strategically buy and sell their coins and tokens when the price is most beneficial to the asset they’re holding. Though active trading requires more of a time commitment than long-term investing and selling, it may allow you to start seeing profits immediately.
Current Crypto Prices
The cryptocurrency market is always open and prices always change. Many investors are bullish heading into 2021, with Bitcoin and Ethereum recently hitting new all-time high prices. Check out a few of today’s top market movers using the chart below.
Consider Cryptocurrency for the Future
From the technology set in place by Bitcoin to new and exciting projects like Celo, you can find tons of new technology to get excited about in the realm of cryptocurrency. You may want to research a few competing cryptocurrency projects before investing to diversify your portfolio. Exploring multiple cryptocurrencies can help ensure you choose a secure initial investment.
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About Sarah Horvath
Sarah Horvath is a prominent freelance senior copywriter renowned for her expertise in cryptocurrency. As one of the leading voices in the industry, Sarah’s insightful analysis and comprehensive understanding of cryptocurrency trends have made her a sought-after contributor to major finance sites. With a focus on providing clear, accessible information, Sarah empowers readers to navigate the complex world of cryptocurrency with confidence. Her dedication to delivering high-quality content has established her as a trusted source for cryptocurrency enthusiasts seeking valuable insights and guidance.