How to Buy Celo (CGLD) Right Now • Benzinga


Want to jump straight to the answer? You can buy CGLD on Coinbase and Voyager.

Have you ever wished that cryptocurrency was easier or more inviting to use? Celo, an active project, hopes to make it easier for everyone to connect using cryptocurrency. Our guide to Celo makes it easy to get started. 

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 (CGLD) 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 CGLD token. Unlike CUSD, CGLD 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. CGLD 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 CGLD. 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 CGLD token has been adopted by a number of major cryptocurrency exchanges, including Coinbase. CGLD, currently the 98th largest cryptocurrency token in the world when measured by total market capitalization, has an overall market cap of more than $453 million and an average daily trading volume of about $59 million.

Step 1: 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.

Not sure where to start searching for a broker? Consider a few of our top choices below. 

Commissions

FREE

Account Min

$10.00 USD

1 Minute Review

Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users. 

When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments. 

Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.

Best For
  • Cryptocurrency investors looking for a wide selection of supported projects.
  • Investors who prefer mobile trading.
  • Anyone interested in earning interest on their crypto investments.
Pros
  • Simple, straightforward and intuitive mobile platform
  • Wealth of investment opportunities
  • Allows users to earn interest on select crypto investments
Cons
  • Only available for mobile users — no desktop platform
  • Limited routes to contact customer service team

Best For

Crypto Investing

Commissions

0.50% per sale

Account Min

$0

1 Minute Review

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

Best For
  • New cryptocurrency traders
  • Cryptocurrency traders interested in major pairs
  • Cryptocurrency traders interested in a simple platform
Pros
  • Simple platform is easy to operate
  • Comprehensive mobile app mirrors desktop functionality
  • Coinbase Earn feature rewards you with crypto for learning about available coins
Cons
  • Higher fees than competitors

Step 2: 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 CGLD. 

Best Hardware Wallet: SecuX W10

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.