How to buy Magic Internet Money (MIM) in the UK

Learn how to buy Magic Internet Money (MIM) in our step-by-step guide.

Magic Internet Money (MIM) is the 300th largest cryptocurrency by market cap, valued at US$82,172,590.

Magic Internet Money is a highly volatile asset capable of major price swings in a single day. Today MIM is trading for $1.001 USD, which is lower than yesterday's trading price of $1.00 USD. Over the past year, Magic Internet Money's price has seen an increase of 0%.

So before you buy Magic Internet Money, make sure you understand these unique risks as well as its legal and tax status here in the UK.

If you're ready to get started, read on for step-by-step instructions on how you can buy Magic Internet Money.

How to buy Magic Internet Money in 4 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.

  1. Compare crypto exchanges
    The easiest way to buy Magic Internet Money 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.
  2. 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.
  3. Make a deposit
    Once verified, you can deposit GBP using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy Magic Internet Money
    You can now exchange your funds for Magic Internet Money. 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 Magic Internet Money to your personal wallet.
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

Where to buy Magic Internet Money in the UK

Find an exchange to buy, sell and trade MIM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
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Name Product Deposit methods Fiat Currencies Cryptocurrencies Offer Disclaimer
OFFER
Gemini Cryptocurrency Exchange
Debit card, Apple Pay, Google Pay, SWIFT
GBP, EUR

106
cryptocurrencies

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How we keep this Magic Internet Money guide up-to-date

  • MIM price data is regularly updated through data feeds so you always have the latest information.
  • Magic Internet Money performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.

How do I find the best places to buy Magic Internet Money?

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 UK 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 Magic Internet Money?

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 Magic Internet Money.

  • 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 MIM 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.

What is the easiest way to buy Magic Internet Money?

The easiest way to buy MIM 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 MIM, 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 all-time high tool to get an idea of how the price of Magic Internet Money has been performing recently.

Best Magic Internet Money wallets to store your MIM

You can keep your MIM 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 take a look at some of our top hardware wallet picks for self-custody of your MIM below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

1,317+

Price (USD)

$149

Price (USD)

$186

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

Is Magic Internet Money a good investment?

MIM, being a stablecoin pegged to the value of the USD, does not have to face a lot of market volatility, which is in stark contrast to most other cryptos in the market today. Some key aspects of the project worth considering before investing in it include:

  • Arbitrage-driven finance model: MIM tokens are designed to remain pegged to USD using arbitrage incentives. For example, whenever MIM’s value dips below $1, arbitrageurs are provided with rewards to accrue the token at a rate lower than its actual value. Similarly, if MIM is trading above the $1 mark, arbitrageurs are given incentives to borrow more MIM and eventually sell it for a premium.
  • Control over collateral rates: According to data available onlinedata available online Magic Internet Money’s parent governing platform Abracadabra serves as a lending pool for interest-bearing tokens. As a result, it affords users the ability to have complete control over their collateral rates, especially when compared with traditional lending ecosystems. To elaborate, collateral is first stored on the platform following which its native debt allocation and accrued interest is duly divided amongst its borrowers.
  • No details regarding founding team known:A quick look at the official project websitewebsite shows that it’s operations are currently helmed by an anonymous co-founder, who goes by the code-named ‘Squirrel’. Not only that, there are no details available regarding any of the platform’s other core members./li>

      Today's Magic Internet Money price versus ATH

      Compare today's price of Magic Internet Money ($1.001 USD) against its all-time-high price of $1.041 USD on 06 October 2021. The closer the bar is to 100%, the closer MIM is to reaching its ATH again.

      Magic Internet Money's price: $1.001
      ATH date: October 06, 2021
      96.16%

      Magic Internet Money ATH: $1.041


      How to trade, convert or sell Magic Internet Money

      You can convert or sell your MIM with the same exchange you bought it through:
    1. Sign in to the exchange you have MIM on.
    2. If you store your Magic Internet Money in a digital wallet, compare crypto exchanges to convert or sell it on.
    3. Choose Sell or Convert and place a sell order.
    4. Choose the amount of MIM you'd like to convert or sell.
    5. Confirm the sell price and fees and close your sale of Magic Internet Money.
    6. Complete your transaction and move your MIM to a wallet for storage.

    * Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

    Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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