Where to Buy Meme Coins?

By now, you have probably heard about the wealth of meme coins that exist in the crypto space. Perhaps you have read about how they are breaking boundaries, seeing impressive price spikes, and fostering communities around the world. You might have even read about them in our meme coins guide series – “Introduction to Meme Coins”, “Understanding Meme Coin Basics”, and “Exploring Popular Meme Coins”.

If you want to take the leap and buy meme coins, you probably want to know how to go about this. The good news is that buying meme coins is not an overly complex process, though it can take some research to get done.

Broadly speaking, there are three ways to buy meme coins: presales and ICOs, centralized exchanges, and decentralized exchanges. In this guide, we will go through all three and explain how their ins and outs.

Buying Meme Coins via Presales and ICOs

We tend to hear about meme coins doing well after they are already released into the market but it is possible to get your hands on them even before. This can be done by participating in a meme coin presale or a meme coin ICO. Presales are limited sales of a certain amount of a token before it is listed on exchanges. ICOs, otherwise known as Initial Coin Offerings, are sales of a token held by a particular project as a means of raising funds.

Both presales and ICOs come with many benefits, such as:

• Lower costs. As a way of encouraging investments, presales, and ICOs offer access to tokens at a cheaper cost than their initial listing price. If a token will be listed for $1 per unit on Binance, for example, its presale or ICO cost will be cheaper than that, say $0.75.
• Profit potential. When you buy a token at presale or in an ICO, there is the chance that it will see its value increase when it is finally listed. In that case, you can sell your tokens and make a profit.
• Non-monetary benefits. ICOs and presales come with many non-monetary benefits such as free merchandise, access to the community, and so on.

While they have all these benefits, there are still some downsides to be aware of:

• Risk of loss. While you may make money from a presale or ICO investment, there is a risk that the token will underperform when it hits the market. In that case, you would have lost money instead.
• Project cancellations. When you buy a token as part of a presale or ICO, it is with the expectation that it will be rolled out to the wider market. At the same time, some projects do not get off the ground, which leaves early investors with assets that are essentially worthless.
• Rug pulls and scams. While some projects may be canceled for some legitimate reasons, the crypto world also deals with rug pulls and scams. It is not unheard of for ICOs or presales to be nothing but ruses to con investors out of their money, leaving them either with shitcoins or nothing at all.

If after weighing the pros and cons, you decide to invest in a meme coin presale or ICO, here are some steps to doing so:

1. Seek out token sales. Presales and ICOs are typically announced through social media, newsletters, crypto news sites, and so on. Subscribe to relevant groups and publications so that you can hear about these opportunities when they are announced.
2. Do your research. Because of the risks we’ve highlighted, you should do your research on every presale or ICO you are considering investing in. This means looking into the team behind it, the token’s whitepaper, its use cases, and so on.
3. Sign up. Each presale and ICO will have its own unique rules but usually, you will have to sign up via an official website. You will also likely have to connect your digital asset wallet to enable you to buy the token. Depending on the project, you will have to specify how many units of the token you want to purchase and whether you’ll be paying in crypto or fiat.
4. Buy. On the specified date, the ICO or presale will be open to investors and buying will simply require you to pay for the number of tokens you want and have them transferred to your crypto wallet.

Buying Meme Coins via Centralized Exchanges

Meme coins can also be bought through centralized exchanges (CEXs). These are essentially crypto trading platforms that hold customer funds in a custodial wallet. CEXs like Coinbase and Binance list dozens of meme coins for users to buy. Perhaps the most common form of crypto exchanges, they come with certain benefits:

• High liquidity. Because these exchanges are so popular, they tend to have the highest liquidity you’ll find in the industry. This means that even large meme coin orders can be fulfilled.
• Simpler user interfaces. Centralized exchanges are known to have simpler interfaces, which makes them a better fit for beginners especially.
• Wide range of tokens. Because centralized exchanges are the most popular, they tend to have a wider selection of tokens, including meme coins.

Even with these, there are a few downsides to centralized exchanges to be aware of:

• Security risks. Because centralized exchanges hold customer funds in their wallets, they are a target for hackers. If they are hacked, customer funds can and have been stolen.
• Higher fees. Centralized exchanges tend to attract higher transaction fees than decentralized ones.

If you want to buy a meme coin from a centralized exchange, you should take the following steps:

1. Choose your exchange. Compare options in the market based on fees, reputation, and so on. Choose the one that will best meet your needs.
2. Set up your account. Signing up with a CEX will require you to provide some personal details and complete their know-your-customer (KYC) processes.
3. Choose your payment method. Centralized exchanges tend to offer several payment routes, including bank cards, bank transfers, crypto-to-crypto payments, and so on. Choose and set up the one you prefer.
4. Choose your token. Search for and choose the meme coin you are most interested in.
5. Place your order. Select the amount of tokens you want to buy and initiate an order.

How to Buy Meme Coins via Decentralized Exchanges

Besides CEXs, meme coins can also be bought using decentralized exchanges (DEXs) such as Sushiswap and Uniswap. These exchanges do not require users to deposit their tokens into a custodial wallet but instead, allow them to connect their crypto wallets, non-custodial, such as Metamask. They come with several benefits such as:

• Greater control of assets. You do not need to give the exchange control over your assets to complete your transactions. This also means that you get to preserve your privacy as their KYC processes are less stringent.
• Lower fees. Decentralized exchanges are known to have lower fees compared to CEXs.

At the same time, these exchanges come with certain downsides, the main one of lower liquidity. DEXs tend to have lower liquidity than centralized exchanges, which might be an issue if you are placing a large order.

If you’re looking to buy your meme coins on a DEX, here are some steps to follow:

1. Select your DEX. Consider all of the options available in the market and choose the DEX that best meets your needs based on fees, token selection, and so on.
2. Connect your wallet. Completing your transaction will require you to connect your crypto wallet to the DEX.
3. Choose your token. Search through the selection of cryptos available and select the one you want to purchase.
4. Swap your tokens. Choose the amount of tokens you want to buy and initiate a swap. The exchange will debit your wallet with the equivalent amount and deposit your new tokens.
5. Complete transaction. Disconnect your wallet once you are done.

Storing Meme Coins

After you have bought your meme coins from whatever platform you choose, you have to consider how you plan to store them. Meme coins, like all cryptos, need to be stored correctly to avoid loss or theft.

One of the first things to note is that you should not store your tokens on a centralized exchange long-term. Any tokens stored there are not under your exclusive control and you risk having them lost if the exchange is compromised.

The best way to store your meme coins is in your non-custodial wallet. These could be paper wallets, hot wallets connected to the internet, or physical hard wallets. Regardless of which you choose, make sure you keep your wallet details safe.

Conclusion

The world of meme coins is an exciting one with thousands of tokens to buy. In this guide, we have broken down how you can buy meme coins, where you can buy them, and the benefits of each of these options.