A beginner’s guide to buying and trading the METAL cryptocurrency (MTL) in India.
Metal Pay is a blockchain-based payment processing platform designed to introduce cryptocurrency to the masses. It offers a secure cryptocurrency wallet that connects to your bank accounts and allows you to send instant transfers around the globe.
METAL (MTL) is the native currency of the platform and is used for proof-of-processed payment rewards to Metal Pay users. Let’s take a closer look at how the Metal Pay platform works and how you can buy, sell and trade MTL in India.
Where to buy, sell and trade MTL
MTL is currently available on a number of cryptocurrency exchanges, including:
How to buy MTL: A step-by-step guide
If you want to buy MTL, here’s an example of how you can do it:
Step 1. Create an account with an Exchange
Register with an exchange that allows you to trade for MTL. You may not be able to trade Indian Rupees (INR) directly for MTL. You might have to trade a popular cryptocurrency like bitcoin (BTC) or Ethereum (ETH) for MTL. Before you can buy, you’ll need to sign up for an account by entering your email address and creating a password. You’ll also likely be asked to verify your account by providing your full name, contact information and proof of ID before you can make a deposit.
We also recommend that you enable two-factor authentication to provide an extra level of security for your account.
Step 2. Deposit funds
Many cryptocurrency exchanges don’t allow you to swap fiat currency, such as INR, for cryptocurrencies. This means that you’ll often need to acquire a cryptocurrency that’s available in a pairing with MTL, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for MTL.
To deposit funds, login to your account and click on the “Deposit” link. Enter the amount you want to deposit and generate a wallet address to transfer your chosen crypto from another exchange or your own wallet into your account.
Step 3. Buy MTL
Once the funds have been deposited, search for the cryptocurrency pair you want to exchange, such as MTL/BTC, and click on “Buy MTL”. Enter the number of MTL you want to buy and don’t forget to review the full details of the transaction before confirming the purchase.
How to sell MTL
If you want to sell your METAL tokens, you can do so by searching for your chosen currency pair and clicking on “Sell MTL”. The process after that is more or less the same as that outlined in Step 3 above, but it’s important to remember that you may not be able to directly exchange MTL for the currency you want to acquire.
Which wallets can I use to hold MTL?
For security reasons, it’s recommended that you move your cryptocurrency holdings into a secure wallet for safe storage instead of keeping them on a crypto exchange.
MTL is an ERC20 token on the Ethereum network. You can sign up for Metal’s web wallet, known as Vault, through the Metal Pay website.
Other ERC20-compatible wallets include:
How Metal Pay works
Despite their rise in popularity and public consciousness in recent times, cryptocurrencies are yet to break into the mainstream. It’s this challenge that Metal Pay aims to overcome.
This blockchain-based system utilises proof-of-processed-payments to identify users, rewarding them for converting legacy fiat currency into cryptocurrency. When people send money or make purchases using the Metal Pay platform, they receive METAL tokens as a reward, with the ability to earn up to 5% MTL on every purchase.
The basic idea behind Metal Pay is to introduce cryptocurrency to the masses. It aims to do this by providing a secure digital wallet that allows users to manage their cryptocurrency and fiat currency funds. The wallet is designed to have an easy-to-use interface, offer simple fiat-to-crypto conversions, and allow users to send money around the globe instantly with nothing more than a phone number.
From the whitepaper:
“Without an incentive to purchase, cryptocurrency may never reach mass adoption. Metal proposes a system utilising provable payments attached to verified identities to distribute currency. Anyone can participate to earn MTL as a reward for converting fiat to cryptocurrency.”
What to consider before you buy MTL
Buying cryptocurrency is risky and speculative, and there are several complicated factors that can influence the value of digital currencies. As a result, it’s critical that you consider all the risks associated with any crypto before deciding to buy.
If you’re thinking of purchasing MTL, take these factors into account:
- Supply. According to CoinMarketCap, at the time of writing (01/02/2018) the circulating supply of MTL was 19,300,994, out of a total supply of 66,588,888 MTL.
- Rewards. METAL rewards are distributed through the proof-of-processed-payments system, allowing users to earn up to 5% MTL on every purchase. 26,341,112 MTL tokens are set aside for this purpose. An additional 13,378,888 MTL are kept in the Metal operational pool to be used at the company’s discretion.
- Use. MTL tokens are offered as a reward to encourage the widespread adoption of cryptocurrency. However, they also have a range of other uses in the platform. For example, merchants will be able to purchase platform credit with MTL, which will entitle them to a discount on all associated payment processing fees and merchant services. Merchants may also receive an additional 5% discount off payment processing fees for offering a discount to customers who pay with MTL.
- Business targets. In the whitepaper, Metal says its goal is to provide all of the financial services small to medium sized businesses might need but can’t access currently. Its initial target market will be high-risk merchants, cash-intensive merchants and those who want to accept cryptocurrency. Moves to acquire traditional merchants will occur at a later stage, and Metal’s ability to attract and seamlessly integrate merchants into its system will therefore be crucial to the value of MTL tokens.
- Market competition. Finally, it’s also important to assess the challenges Metal Pay could face from competitors. For example, OmiseGo (OMG) offers a similar product that is well worth researching.
By considering all the available information about the potential future value of MTL, you’ll be able to make an informed decision about whether this particular cryptocurrency represents a sound purchase.