How to buy Opium (OPIUM) in the UK

Where to buy Opium in the UK

It looks like OPIUM may not be available to purchase on an exchange in the UK.

You can still purchase OPIUM by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

How to purchase OPIUM using a decentralised exchange.

1. Find OPIUM on a decentralised exchange and make sure Opium can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
2. Buy ETH to trade for OPIUM using an exchange like CoinJar. You will need to purchase enough ETH to swap for OPIUM as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
4. Trade ETH for OPIUM on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
5. Wait for the transaction to finalise and the OPIUM tokens will arrive in your wallet.
6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the UK.

Best Opium wallets to store your OPIUM

You can keep your OPIUM 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 OPIUM below.

Recent Opium developments

December 2021: Opium Network became one of the earliest adopters of utilising NFTs for verification purposes.
May 2021: After already launching apps on Polygon, Opium released a product available for use on the Binance Smart Chain for the first time.

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

Is Opium a good investment?

Cryptocurrencies are highly volatile assets that come with a number of risks. Before you make an investment decision, it is essential to understand the factors that could impact the price of the cryptocurrency. You may want to consider the following before investing in OPIUM:

• Simplicity of use: The user is only required to choose the ticker (instrument) they want to trade, and the rest is managed by the ecosystem, which creates the contract and trades until the expiration of the contract.
• Controlled risk: As the user provides collateral in the form of margin for the contract, the risk and return are capped based on the fixed initial margin until the derivative contract matures. This mitigates tail risk for users and makes the instruments dynamic as they can be designed to suit different risk appetites.
• Trading risk: The user must be cautious as sometimes the ticker can be corrupted. You may want to stick to the tickers created by notable projects, which can be easily found on the “Derivative Explorer” page. The most popular derivative products have already been created by Opium, including futures, options and collateral debt swaps (CDS).
• Opium insurance: The platform also offers tradable insurance to insure against smart-contract hacking or against a stablecoin default. The insurance can be bought or sold at any time as per the user’s need.

Today's Opium price versus ATH

Compare today's price of Opium ($0.12902 USD) against its all-time-high price of $23.01 USD on 04 February 2021. The closer the bar is to 100%, the closer OPIUM is to reaching its ATH again.

How to trade, convert or sell Opium

You can convert or sell your OPIUM with the same exchange you bought it through:

1. Sign in to the exchange you have OPIUM on.
2. If you store your Opium 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 OPIUM you'd like to convert or sell.
5. Confirm the sell price and fees and close your sale of Opium.
6. Complete your transaction and move your OPIUM 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.