Last update: Jun 6, 2022

How to Buy Spell Token (SPELL)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Spell Token. Depending on your country, you’ll have different exchanges to choose from.

In this guide, we not only cover the top 3 global crypto exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Spell token

How to Buy Spell Token – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a crypto exchange isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Spell Token of course.

2. Sign up with the crypto exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger crypto trading platforms.

4. Buy Spell Token

Now that you have what you need to buy Spell Token, head over to the market or buy section of the crypto trading platform and buy some SPELL.

If the crypto exchange doesn’t have any Spell Token on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Spell Token first), and trade your Ethereum for Spell Token.

Where to Buy Spell Token (SPELL)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Spell Token

  1. Sign into the crypto exchange where you bought Spell Token.
  2. Move your Spell Token to the right place on the exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Spell Token.

 

Crypto trading

How to Buy Spell Token (SPELL) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Spell Token in Australia, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Spell Token if it’s available. If the exchange doesn’t have Spell Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Spell Token), and trade your ETH for Spell Token.

Also, take a look at our analysis of the best cryptocurrency trading platforms in Australia if you’re interested in learning more about which ones we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Spell Token (SPELL) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Spell Token in Canada, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Spell Token if it’s available. If the exchange doesn’t have Spell Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Spell Token), and trade your ETH for Spell Token.

It’s also possible to take a look at our analysis of the bitcoin exchanges in Canada If you’re looking to learn more about which ones we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Spell Token (SPELL) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Spell Token in the UK, the process remains the same:

  1. Find a crypto exchange below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Spell Token if it’s available. If the exchange doesn’t have Spell Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Spell Token), and trade your ETH for Spell Token.

Alternatively, if you want to know more about which exchanges we prefer, read our comparison of the bitcoin exchanges in the UK.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Spell Token? SPELL Rundown

Unfortunately, DeFi 2.0's launch has seen the return of inefficiencies from its predecessor. Capital inefficiency was key.

This lending protocol aims to solve the problem by using interest bearing tokens such as yvWETH and yvUSDC to serve as collateral for borrowing Magic Internet Money, also known as MIM.
MIM is a stablecoin which mirrors the stability the U.S. Dollar and does almost everything that any other stable coin (e.g. DAI or Tether) does. Abracadabra Money means that cash does not need to be sitting in a bank. You can passively earn using leverage with almost zero risk.

Two major tokens are used in the Abracadabra protocol's ecosystem. The first token is SPELL which is the platform's governance token. The other is MIM which is Magic Internet Money. The Spell Token's primary purpose is to allow for staking, among other benefits. SPELL, like all tokens on the Ethereum platform can be staked for various benefits. These two are:

Governance Because the Abracadabra protocol works decentrally, the number and value of your Spell Tokens will affect how heavy your opinion is in changing features like liquidation fees, collateral, and total value locked ( TVL).

Passive Income Users earn a portion of trading fees when Spell Tokens have been staked. These fees represent interest earned mainly from MIM borrowing. 75% of the fee is paid to token holders. 20% goes to the governance Treasury, which helps liquidity pools. The last 5% is held in a multisig Treasury to help mitigate market risks.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.