How to Buy ENS Token – Beginner’s Guide

Ethereum Name Service is an Ethereum-based open source, distributed, and extendable naming system that can convert human-readable crypto addresses, such as a dot.eth domain, into machine-readable alphanumeric code. It is powered by the ERC-20 token ENS, the protocol’s utility and governance token.

The ENS token has risen over 2.3x in value since finding a bottom of $11.8 in February 2022. ENS aims to play a central role in Web3 – if it can, it has the potential to reach new all time highs in the near future. In this guide, we review how to buy ENS on a safe, regulated crypto platform.

Where to Buy ENS Token – Best Platforms

With the increasing popularity of the open-source naming protocol, ENS is getting listed on many major crypto exchanges. This section examines four of the best places to buy ENS or any other cryptocurrencies.

1. eToro – Overall Best Platform to Buy ENS Token

eToro is a good place to start if you’re new to investing. This crypto platform is simple to use and may be accessed via a browser or a mobile app. It is the industry-leading social trading platform that allows beginners to imitate the trades of experienced investors – some of those pro traders will be trading ENS too.

This multi-asset investing platform allows users to trade cryptocurrencies, stocks, and ETFs all in one location. It has listed more than 60 crypto assets and offers a free wallet to keep your holdings safe.

ENS was on eToro listed March 15th, 2022. Since its launch in 2007, eToro has grown to over 27 million registered members. Currently over 20,00 people are following the ENS price action.

eToro connects investors with a social media-style news stream where they can discuss news and strategy, such as a good price to buy ENS at, and where to take profit. Users can also keep themselves updated with the crypto market through regular blogs and personalized alerts.

eToro also supports crypto staking, currently on ETH, ADA and TRX.

Cryptoassets are a highly volatile unregulated investment product. 

2. Crypto.com – Margin Trade ENS

Founded in 2016, Crypto.com now has over 10 million users in 90 countries, this platform has come out as a one-stop solution for crypto enthusiasts without getting too complicated for newcomers.

With its emphasis on security, user-friendliness, and reasonable price, Crypto.com is one of the most popular crypto trading platforms. The exchange listed ENS on its platform in November 2021, and users can buy ENS at actual cost using USD, EUR, GBP, and 20+ fiat currencies.

The Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), US dollar (USD), and Brazilian real (BRL) are among the fiat currencies supported by Crypto.com. This flexibility enables customers in a variety of nations to buy crypto assets with their local currency.

As the platform also launched an NFT marketplace, now users can easily purchase, sell, and showcase NFTs.

When you hold at least 5,000 CRO in your crypto wallet, the native token of the exchange, you receive a discount on trading fees. Users can also earn up to 14.5 percent interest on their crypto by locking it up for three month fixed terms and staking CRO.

Customer service at Crypto.com is offered by email, live chat, and a help page.  Crypto.com is proud of its security precautions, which include crypto exchange best safety practices.

External addresses must be whitelisted, and transactions must require multi-factor authentication.

Crypto.com has listed more than 250 digital assets on its platform, including XRP, ETH, BTC, DOGE, DOT, and ADA, in addition to ENS.

Cryptoassets are a highly volatile unregulated investment product. 

3. Coinbase – Easy Way to Buy ENS

Coinbase is often used by beginners for its one-click style simple UI allowing users to buy crypto without needing to look at a price chart.

Having a user base of more than 70 million customers worldwide, Coinbase listed ENS token in November 2021, and in total supports over 100 cryptos.

Being SEC compliant to operate in the United States, the KYC documents required can be more than on other crypto exchanges – for example a selfie is also required.

Those that trade a high volume have at time also been asked to prove where their funds are sourced from, to meet anti-money laundering laws.

Coinbase can be accessed over the web or through iOS and Android devices using their mobile app.

To ensure customer deposits and assets are safe, Coinbase employs industry-leading security procedures and encryption, along with keeping customers’ funds in cold storage.

Cryptoassets are a highly volatile unregulated investment product.

4. Binance – 0.10% Fee to Trade ENS/USDT

Binance is the world’s largest crypto exchange by trading volume and listed ENS in November 2021. Binance now supports over 600 different cryptocurrencies.

It provides a variety of trading platforms to accommodate traders with varying levels of experience – both spot trading, and futures trading. Users can switch between a classic view and an advanced view with more indicators. Tradingview indicators are integrated to use for free.

Users can earn rewards by staking crypto, including over 100 locked staking products, as well as obtain fast loans backed by their crypto assets.

Binance has some of the lowest fees in the industry, with a 0.1% trading fee that is reduced to 0.075% when using BNB to pay fees.

A comprehensive FAQ section and a Learn Center are also available to help beginners explore the platform.

The exchange also has its online education portal, Binance academy, to learn the basics of cryptocurrency and blockchain. Hundreds of hours of content about Blockchain, cryptocurrencies, economics, and other topics are available, similar to the eToro academy.

Cryptoassets are a highly volatile unregulated investment product.

What is ENS?

Increasing blockchain’s usability and accessibility is one of the main difficulties the crypto market faces. When it comes to ETH or BTC payments, beginners and sometimes even experienced investors may find long wallet addresses inconvenient and complicated. It is difficult for beginners to get used to hexadecimal strings of numbers when they buy cryptocurrency.

This is where Ethereum Name Service comes in. It tackles this issue by enabling anyone to generate simple website-style addresses that are easy to remember. Launched by Nick Johnson, Ethereum Name Service makes it possible for users to present long Ethereum public addresses in a simple text-based format.

ENS isn’t just for wallet addresses, though. It can represent transaction IDs, hashes, and information, all of which are common in the crypto world. In simple terms, it is regarded as the Domain Name System (DNS) of the Ethereum blockchain.

If you’ve ever had trouble transferring cryptocurrency because of wallet addresses, you’ll recognize the need for ENS. It allows users to convert long numbers into simple-to-understand words, similar to how you would save your friend’s phone number under their name. This results in a more simple experience with fewer opportunities for mistakes.

What is ENS Token?

As part of its shift to a decentralized autonomous organization (DAO), ENS introduced a governance token, i.e. the ENS token. The ENS token, an ERC-20 token, is the protocol’s governance coin, allowing users to submit suggestions and decide on how the protocol develops in the future. On the ENS DAO, anyone who owns ENS can vote for proposals.

How Does Ethereum Name Service Work?

ERC-721 non-fungible tokens (NFTs) are used to indicate a unique address in an ENS domain name. Domains can be traded by transferring or selling the NFT to another person. Every token has a wallet address and other data associated to it, which the owner can manage.

A smart contract termed as a registrar owns a top-level domain like .eth and oversees the development of subdomains. Users would have to work with the .eth registrar if they want to develop DomainName.eth.

Users can verify the availability of an Ethereum domain name and rent it for a year. Popular names, on the other hand, were first auctioned off. After winning the domain, the highest bidder might add addresses, establish subdomains, and lend or sell it.

If anyone has the website: DomainName.eth, for example, he might also create learn.DomainName.eth for free. The owner of an ENS domain can develop various subdomains to allocate some data or information. This information doesn’t necessarily have to be a wallet address every time, it could be used to point to a smart contract, metadata, or any transaction.

How Much Does an ENS Domain Cost?

The price of an ENS domain can be split into two parts: auction costs and rental costs. In an auction, the cost of an ENS domain name was determined by its popularity. Small, three-letter terms were often the most costly, and well-known names like God, Car, or ETH attracted greater prices.

For example, sportsbet.eth was sold for a high price of $142,000, similarly, well-known names like casey.eth and boy.eth were sold for $89,900 and $62,300 respectively.

Once you’ve purchased an ENS domain, you’ll have to pay a yearly renewal fee in ETH. For domains with five characters or more, the annual renewal fee is roughly $5 per year, although it rises as the number of letters decreases.

Is ENS a Good Investment?

Many experts and crypto analysts are of the opinion that ENS is potentially good investment, if a volatile one. ENS could become the naming protocol of the decentralized internet, and it aims to create portable Web3.0 usernames that can be used across all blockchains and decentralized apps.

Given its increasing utility in the crypto space, some predict its price to go beyond the $100 mark by the end of 2023. Considering that would be a 400% move from the current ENS price, that would be a good return on investment.

ENS Price

At the time of writing, the price of ENS is around $22 – $25 with a 24-hour trading volume of $320 million. It has pumped over 20% in recent 24 hour periods, suggesting high investor interests.

ENS may have put in its 2022 low of $11.8 in February. That was an over 90% correction from its all time high of $120, where most altcoin projects would expect a bounce.

ENS price chart via CoinMarketCap

Currently its CoinMarketCap ranking is #121, with a market capitalization of over $485 million.

ENS has a circulating supply today of just over 20 million tokens and a maximum supply of 100 million ENS tokens.

The 2022 yearly open was $38.9 and the current 2022 high is $41.7. Crypto assets do tend to revisit and ‘tag’ previous important levels such as the yearly open, even if they do then continue their trend.

ENS Price Prediction

Many investors are optimistic ENS could retest the psychological $50 area, which would line up with a short squeeze above the yearly open. ENS could easily move up another 100% from today’s price to that area, given its low marketcap.

$70 will be an important resistance level – where the November 2021 monthly candle closed. The blow-off top that month was the same time period that Bitcoin hit $69k and Ethereum hit $4.8k. If the ENS price can close HTF candles above $70 and flip it to support then new all time highs and price discovery would be achieveable.

At a market cap of say $4 billion, the ENS price would be around $200. That’s the marketcap ApeCoin currently still has after its retrace to $14. ENS and APE have seen similar levels of excitement and hype.

Cryptoassets are a highly volatile unregulated investment product.

Best Ways to Buy ENS

Users can invest in ENS in a variety of ways, depending on their preferred payment methods:

Buy ENS with Credit or Debit Card

Using a bank card is the fastest way to purchase ENS, however can incur high fees especially on Coinbase. Using a bank transfer may be slower to process but comes with low fees in comparison.

Buy ENS with PayPal

PayPal is an option for those who want to invest in ENS but don’t want to give their bank account information. Users will be able to link their PayPal accounts to eToro and then make payments using just their PayPal account number.

Buy ENS without ID

ENS is available on Changelly which doesn’t require ID. It’s also listed on Bybit with both spot and futures trading pairs. You can buy ENS without KYC on Bybit although the max daily withdrawal is lower for non-verified accounts.

Best ENS Wallet

The eToro Money wallet supports over 120+ cryptos including all those listed on eToro such as ENS.

The eToro wallet has an unlosable private key and free recovery service, and uses industry-leading security protocols.

Also see our reviews of other top crypto wallets.

Cryptoassets are a highly volatile unregulated investment product.

How to Buy ENS Token – Complete Guide

The following is a step-by-step tutorial on how to buy ENS:

Step 1: Make an eToro Account

Visit eToro.com, and provide a few personal details to start the signup process and register your account.

Step 2: Complete the KYC Process

Since eToro is a well-regulated platform, it is mandatory for the users to complete the identity verification process. Before that you can browse the platform to learn how it works.

To complete the KYC process, users must submit a clear copy of a government-issued ID as well as proof of residence.a

Step 3: Deposit Funds

After completing the KYC verification, users are required to make a minimum deposit of $10 or more, in the US and UK, and slightly more in other countries.

Beginners can either experiment with a demo account or begin making an investment with actual money straight away.

Step 4: Buy ENS

Once you’ve made a deposit, enter ‘ENS’ in the search box. Then click the ‘Trade’ button, which will take you to the ENS investment page.

Then decide the amount you want to invest in ENS and confirm your buy order with the ‘Open Trade’ button. You’ve now bought ENS tokens and they’ll be in your eToro account balance.

Cryptoassets are a highly volatile unregulated investment product.

How to Sell ENS

Below are the steps to close a trade at eToro and sell ENS back into cash:

• Step 1: Log in to your eToro account, and click on ‘Portfolio’ to see all of the financial assets in which you are presently trading.
• Step 2: Tap on “ENS” to see its breakdown into individual positions.
• Step 3: Once you have clicked on ‘ENS’, now you have to press the red X icon, which is next to the position you want to close.
• Step 4: Press ‘Close Trade’ to close your position.

Conclusion

In today’s time of decentralized networks, ENS could be a way forward in terms of making blockchain interaction more accessible. With its innovative use case and growing popularity, we may see mass adoption of ENS names, just as people no longer need IP addresses to access the web.

In terms of where to buy ENS token safely and securely, eToro supports the widest range of deposit methods and is the most well-regulated crypto platform. The ability to copy trade professional investors with a proven track record in the past 12 months, is also an advantage as ENS is a highly volatile low cap crypto.

Cryptoassets are a highly volatile unregulated investment product.

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