How to Buy Telcoin (TEL) – Forbes Advisor UK

TEL is the native currency of Telcoin, a platform built on the Ethereum blockchain that acts as an equivalent to traditional money transfer services like Western Union and XE.

Founded in 2017, Telcoin partners with telecom providers around the world to provide fast and cheap mobile payments. The project aims to reduce the average cost of global money transfers from around 6% to 2%.

Telcoin has a market cap of around £83m and is trading at £0.0013 at the time of writing – down from a peak of 5p in May 2021. That 97% drop in value means that TEL is worth £100, the bought at its peak would now be worth just £3 and shows just how volatile the cryptocurrency market can be.

If you are aware of the risks of investing in crypto and still want to get involved, here is how to buy Telcoin (TEL).

Remember: investing, including cryptocurrency trading, is speculative and your capital is at risk. You may lose all or part of your money.

Choose an exchange

You can buy cryptocurrencies like TEL from crypto exchanges. A crypto exchange is a website or app used to buy and sell crypto assets.

There are many exchanges to choose from, but not all support TEL. For example, Coinbase is a major exchange that does not support TEL. However, many other exchanges trade TEL, including the likes of KuCoin.

When choosing an exchange, things to consider are whether there are fees for transactions, what payment methods are accepted, whether an integrated wallet is included, and how withdrawals work.

We’ve ranked what we think are the top 10 crypto exchanges to help you with your decision.

Choose a payment method

The cheapest way to pay for cryptocurrencies is direct bank transfer.

Many exchanges allow you to pay by other means, including debit card, but charge fees for the privilege. For example, you typically pay a 3.99% fee for debit card purchases. Any money you have to spend on fees is money you could have invested in your purchase.

Using credit to fund crypto purchases is widely considered a bad idea.

To order something

Once you’ve selected a payment method, navigate to the Telcoin (TEL) page on your chosen exchange’s website or app. Enter the amount you want to spend on TEL and confirm your purchase.

You should receive a confirmation email and see your purchased TEL in your account.

Choose a storage method

Many exchanges securely store your public and private keys for you, so only you can access your TEL.

But crypto exchanges are prime targets for hackers and have been hacked – which is why you might prefer to store your keys in an uncustodial third-party wallet outside of your exchange, or offline in a cold wallet.

There may be charges for transferring your TEL out of your exchange and you will need to pay for either an external wallet or a storage device where you can store your personal and private keys.

Cold wallets are theoretically more secure from hackers as they are not connected to the internet, but there is some risk in plugging your cold wallet drive into your computer depending on how secure you keep it.

Keeping your keys in a cold wallet also means taking responsibility for your access codes which, if lost, would mean you would effectively be locked out of your own holdings – possibly forever.