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How to buy Enzyme (MLN)
Learn how to buy Enzyme (MLN) on 9+ crypto exchanges in our step-by-step guide.
You can buy Enzyme (MLN) on a cryptocurrency exchange like Kraken. These specialized marketplaces allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Enzyme Finance, formerly known as the Melon Protocol, is a decentralized finance (DeFi) application built on the Ethereum blockchain. Here's how to buy Enzyme.
How to buy Enzyme in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Enzyme is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, wire transfer and osko payments are widely accepted.
You can now exchange your funds for Enzyme. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Enzyme to your personal wallet.
Where to buy Enzyme
Find an exchange to buy, sell and trade MLN by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Enzyme?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the US to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Enzyme?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Enzyme.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing MLN with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Enzyme with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy MLN with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy MLN on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase MLN by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for MLN on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Enzyme?
The easiest way to buy MLN is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying MLN, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Enzyme has been performing recently.
Best Enzyme wallets to store your MLN
You can keep your MLN on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Recent Enzyme developments
December 2020: Melon Finance announced it was rebranding to Enzyme Finance.
Is Enzyme a good investment?Before purchasing any cryptocurrency, a user should always consider the risks involved with both the token and the associated platform. For Enzyme Finance and the MLN token, these are some factors to consider:
- Supply: Upon launching Enzyme Finance, 1.25 million MLN tokens were minted. In the latest MIP7 tokenomics update, it states that 300,600 MLN tokens were released each year post the ICO. However, that annual release is now set to depreciate by 20%, starting in 2021.
- Disinflation: To incentivise support of the protocol, all newly minted MLN tokens are given to those that maintain and develop the network. Any remaining tokens are burned to prevent the overinflation of MLN tokens. The burn model implemented should have a disinflationary effect on price.
Additional information about Enzyme can be found using our MLN analysis tools.
Today's Enzyme price versus ATH
Compare today's price of Enzyme ($19.44 USD) against its all-time-high price of $258.26 USD on 04 January 2018. The closer the bar is to 100%, the closer MLN is to reaching its ATH again.
ATH date: January 04, 2018
Enzyme ATH: $258.26
How to trade, convert or sell EnzymeYou can convert or sell your MLN with the same exchange you bought it through:
- Sign in to the exchange you have MLN on.
- If you store your Enzyme in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of MLN you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Enzyme.
- Complete your transaction and move your MLN to a wallet for storage.
Disclaimer: Cryptocurrencies, including Enzyme, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of MLN is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Enzyme or any other cryptocurrency discussed.
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