Looking for a simple walkthrough showing you exactly how to buy Monaco (MCO) coin? If so, you’ve come to the right place. We’ll show you all the steps you need to take in our detailed guide.
- 1 Good Time To Buy Monaco Coin?
- 2 Monaco Coin Price Prediction
- 3 Where To Buy Monaco?
- 4 Getting Good To Go On Coinbase
- 5 Coinbase Account Ready To Go? What Now?
- 6 Creating A MCO Wallet
- 7 How To Get Started On Binance?
- 8 How To Transfer Funds From Coinbase To Binance?
- 9 How To Buy Monaco (MCO) Coin With Binance?
- 10 How To Send MCO Coins To The Ethos Wallet?
- 11 Final Word
Good Time To Buy Monaco Coin?
As with most cryptocurrency projects, Monaco is still exceptionally new. It’s only been around a year since the project held their initial coin offering on the 18th June 2017. During the ICO, Monaco coins were sold to investors for $2.89 each. Interestingly, the cryptocurrency didn’t hit all-time-highs in December or January like so many other coins. Instead, MCO coins hit record highs on the 29th of August 2017 and recorded a price point of $24.22. Right now, you can buy Monaco coins for just $4.34 each. Yes, that’s higher than the ICO price but not too far off. If Monaco coin were to reach all-time-highs again, that would reward investors with around a 500% return.
What Other Reasons Are There To Buy Monaco Coin?
- MCO’s core product is their crypto Visa card. These have not yet been launched. Once they are it wouldn’t be surprising to see MCO coin prices soar.
- The MCO wallet app has limited functionality right now and it’s only possible to buy five coins through the app. However, if Monaco made it possible to buy and store 100’s of cryptocurrencies, then they would be operating a competitive crypto exchange. This would be an exceptionally powerful and easy solution and if it becomes a reality then the price of Monaco coins could be set to soar.
- Crypto Invest has the potential to be a really popular product. Right now, it’s hard and time-consuming to buy a basket of cryptocurrencies. The intention of Crypto Invest is to change all that, by enabling investors to get exposure to a range of cryptos in a few clicks. This product is likely to appeal to new cryptocurrency investor. However, we need to see more newcomers entering the space for it to live up to its potential.
Monaco Coin Price Prediction
Cryptocurrency price predictions are rife. Usually, the one thing they all have in common is that they end up being wrong. Instead of focusing on the price, it is maybe better to look at the value of the industries that MCO are building products in and what the future outlook is.
The Monaco project can be seen as trying to gain market share in five main industries:
- Crypto Visa card solutions.
- A cryptocurrency exchange.
- A universal wallet solution used to store different types of cryptos.
- A solution to get exposure to a basket of cryptocurrencies
- Cryptocurrency credit services.
When it comes to cryptocurrency Visa cards, no project has been able to pull this off successfully yet. Few would argue that cryptocurrency isn’t still a rapidly growing market. Across the board, levels of adoption are still extremely low. This means that most investors are still using crypto purely as a way to speculate. It is therefore unlikely that many crypto investors would want to actually spend their crypto on a card right now. After all, investors generally believe they have bought a winning lottery ticket so why would they trade this for a consumer item now? Once the cryptocurrency market matures, that’s when we are likely to see increased demand for crypto Visa cards. Until then, it seems a limited market at best. The main value seems to be the status of actually having a premium crypto Visa card.
Cryptocurrency exchanges are exceptionally valuable right now. 2018 has seen Coinbase rise to a valuation as high as $8 billion and cryptocurrency exchanges like Binance are now more profitable than Deutsche Bank. On the Universal wallet side of things, the cryptocurrency Ethos provides such a solution and reached all-time-high valuations of $785 million in January 2018. On the crypto credit service side of things, the most well-known competitor is SALT lending. SALT managed to reach valuation levels of over $900 million in late 2017.
That’s not even counting the valuation upside of offering a simple way to buy a basket of cryptos. The point is that MCO has plenty of short, medium and long-term valuation drivers if they can roll out their products and gain market share.
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Where To Buy Monaco?
Monaco is trying to create a simple one stop shop to buy and spend cryptocurrencies. Unfortunately, the products have not been properly rolled out yet and until that happens there is no direct way to buy MCO coin. To get your hands on it, you will need to exchange your fiat currency for Bitcoin or Ethereum at an exchange like Coinbase. You then transfer this to another exchange that offers a market for MCO, where you can finally buy Monaco coin.
So where does TotalCrypto do their MCO coin shopping? Well, our top way to convert our fiat currency into Bitcoin or Ethereum is Coinbase. We feel this is the simplest and most straightforward way to enter the cryptocurrency market. A lot of thought has gone into making the process of buying crypto as beginner friendly as possible. That’s why it’s the most popular way for newcomers to enter the cryptocurrency markets.
For the best exchange to use for buying MCO coin, we always try to use Binance whenever possible. The exchange is the firm favorite of altcoin investors and has the largest daily volume. The Binance exchange is also incredibly well laid out and is significantly more beginner friendly than other exchanges.
Getting Good To Go On Coinbase
- #1 Choice For Entering Crypto Markets: The simplicity of Coinbase means it’s the most popular way for newcomers to enter the crypto market, The company also has a six-year track record.
- Regulated: Unlike other cryptocurrency exchanges, Coinbase hasn’t cut any corners & is completely compliant with regulations.
- Deposit Options: Bank transfer, card & PayPal (for select countries).
- Available Cryptos: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic & Litecoin.
- Easy For Beginners: CoinBase is the easiest way to make your first crypto investment.
Looking To Invest More Than $100 In The Crypto markets? Sign Up Through Us & Get $10 Free.
If you need a helping hand getting set up on Coinbase then just read our account setup walkthrough.
Coinbase Account Ready To Go? What Now?
When you have created your Coinbase account, the next step is to buy some Bitcoin or Ethereum. Just follow the stage below and you will have your crypto shortly:
- Once logged into your account click the ‘Buy/Sell’ button at the top of the screen.
- Next, you will see a prompt to ‘Add a Payment Method’. Hit that button.
- Selecting a way to deposit: The cheapest way of depositing on Coinbase is by using a bank transfer. The only issue with this method is that you may have to wait up to five working days for the funds to hit your account. If you’re interested in the fastest way of depositing, then this will be via PayPal or bank card. However, you will pay higher fees for the privilege.
- When your fiat currency deposit has been processed, the next step is to buy some Ethereum or Bitcoin. To get this done, select the ‘Buy/Sell’ button and choose Bitcoin or Ethereum as the crypto you wish to buy.
- Enter the amount of fiat you want to spend and select your wallet with funds in it as the payment method.
- Once you have checked your order, hit the ‘Confirm Buy’ button. Your Bitcoin or Ethereum will then be instantly credited to your account.
There is an even cheaper way to buy your Ethereum or Bitcoin. However, this does involve additional hoops to jump through. To get your crypto with the lowest fees possible, you will need to use CoinbasePro (formerly GDAX). We show you how to buy on CoinbasePro in our dedicated Coinbase guide. Check it out if you’re interested.
Creating A MCO Wallet
What’s our favorite way of storing MCO coin? Well, if you are looking for the best free option on the market, we recommend using the Ethos Universal wallet. This wallet allows you to store over 100 different cryptocurrencies in one place. Quite simply, cryptocurrency is complicated enough as it is and we believe there is a lot of value in having a simple way to store all your coins in one place. Ethos does just that and they also claim their wallet is as secure as expensive hardware wallets.
The truth is that most cryptocurrency investors buy multiple different coins. After all, it’s very difficult to work out which projects will succeed in the long term. The Ethos wallet stops you being that guy that has ten different cryptocurrencies in ten different wallets. Save yourself some time now and just go for Ethos.
Store Your Crypto In The Most Secure Universal Wallet.
How To Get Started On Binance?
By now, you should have your Ethos wallet ready to go and have your Bitcoin or Ethereum on Coinbase. The next decision is which exchange you will use to buy your Monaco coins? The exchange with the highest MCO trading volume is OKEx. However, we are frankly suspicious about how much of that trading volume is real.
Binance is an exchange we trust. Overall, it has the highest trading volume in the world and is the most popular crypto exchange. This means that if you would like the option of buying other cryptocurrencies in the future, then Binance is likely to have you covered. The exchange is also significantly more straightforward and simple to use too. As we use Binance ourselves to do most of our crypto shopping, we highly recommend them.
Binance Important Info
- The Most Popular Option For Altcoin Investors: Quite simply Binance is the home of the highest crypto trading volume in the world.
- Perfect For Beginners: The exchange’s simple layout and interface makes it the ideal choice for crypto newcomers.
- Wide Selection Of Coins: Offers access to over 100 high-quality cryptos.
- Buy Or Sell Anywhere: Binance offers both Android & iOS apps.
- Supported Deposit Methods: Cryptocurrency only.
Buy MCO Coin On The World’s Favourite Exchange.
If you need some help getting set up on Binance just read our getting started on Binance walkthrough.
How To Transfer Funds From Coinbase To Binance?
Once your Binance account has been created, the next thing to do is to deposit your Bitcoin or Ethereum on the exchange. To get this done, you need to transfer your Bitcoin or ETH from Coinbase to Binance. Just follow the steps below and you will have it done shortly.
Stage 1: Locating Your Binance Deposit Address
- Once logged into Binance, hit the ‘Funds’ button and select ‘Deposits’ from the drop-down.
- Important Info: Make sure you select Bitcoin if you have Bitcoin on Coinbase or ETH if you have Ethereum. Sending crypto to the wrong type of address could mean you lose your funds.
- You will then see your Binance deposit address. Copy it to paste into Coinbase later.
Stage 2: Transferring From Coinbase To Binance
- Make sure you logged into Coinbase and hit the ‘Accounts’ button.
- Select the crypto you hold and smash the ‘Send’ button.
- A send crypto form will then pop up. Paste your Binance deposit address into the ‘Recipient’ box. Then key in the amount of crypto you wish to deposit on Binance.
- Finally, click ‘Continue’ and your funds will be deposited on Binance shortly.
How To Buy Monaco (MCO) Coin With Binance?
When your Binance deposit has gone through you will then be ready to buy MCO coins. To do this, follow the three steps below:
- Make sure you’re logged into your Binance account and navigate to the exchange homepage. You will then see a wide choice of different cryptocurrency markets. The first thing to do is to find the correct trading pair for you. Choose ‘ETH Markets’ if you have Ethereum on Binance or ‘BTC Markets’ if you have Bitcoin. The next step is to search ‘MCO’ in the search bar. This should bring up either the ‘MCO/ETH’ or ‘MCO/BTC’ market. Click on the market to begin trading.
- You will then see the Binance trading screen. To buy MCO coin right now at the current market price, select the ‘market’ button. Then key in the number of MCO coins you want to buy. You also have the option to use the percentage buttons to use a fixed percentage of your binance balance to buy MCO coins.
- Finally, hit the ‘Buy MCO’ button and your order will be filled. Your MCO coins will be immediately credited to your Binance account.
How To Send MCO Coins To The Ethos Wallet?
Now that you know how to buy MCO coin, the final thing to decide is where to store them? Some people go for the easy option and keep their MCO coins on Binance. However, we do not recommend doing this. The reason is that exchanges are lucrative targets for hackers. Exchange hacks have happened in the past and customers lose their crypto. Why not go that extra mile and make your crypto that bit safer?
It’s your crypto and only you can decide what to do with it. If you would like to transfer your MCO coins to your Ethos wallet then here is how to do it:
- Copy your public address for MCO coin – if you need help then just read our Ethos wallet guide.
- Login to your Binance account and click the ‘Funds’ button from the bar at the top of your screen. You will then see a ‘Withdrawal’ button in the drop-down. Click it.
- Select the cryptocurrency box and a drop-down of every coin listed on Binance will appear. Choose MCO coin. You will then see a withdrawal form. Paste your Ethos public address for MCO coin into the ‘MCO Withdrawal Address’ box and type in the number of coins you want to withdraw.
- Once you hit the withdrawal button your funds will be sent to your Ethos wallet.
We are exceptionally interested to see if Monaco can pull off their proposed ecosystem. If they can, they will be in the unique position of providing a cryptocurrency Visa card, universal wallet, a crypto exchange, and crypto financial services all in one ecosystem. Right now there is no solution that offers all these services in one place and if it can be pulled off, we have little doubt that MCO will be exceptionally popular with investors.
The problem the project faces is that no crypto project has properly pulled off a crypto Visa card. We must accept that card issuers have to comply with regulation and it’s hard for cryptocurrencies to meet those standards. This means it’s possible that MCO will never amount to much and a key component of their ecosystem will be missing. However, if Monaco pulls it off, then MCO coin could be one of the most in-demand cryptocurrencies out there.
Ultimately, it’s on you to make the decision on whether MCO coin is a risk worth taking. All we can say is that of the project succeeds then it highly likely that MCO coin will soar to astronomical valuations.