Cosmos is an innovative network built for interoperability in the blockchain ecosystem, which has created interest in its native token, ATOM. There are several ways to purchase the cosmos (ATOM), including bank transfer, debit and credit card, Apple Pay, and Google Pay. This guide will demonstrate how to buy cosmos with a credit card.
Best exchanges to buy crypto with a credit card within a minute
OKX
Best for demo and spot trading
Coinbase
Best for beginners
Methodology: How we chose the platforms to purchase Cosmos (ATOM)?
Our methodology for selecting the top platforms to purchase ATOM was thorough and methodical. Platforms were tested over a period of six months. This process also utilized primary research and secondary research to ensure the accuracy of the information provided.
To gain a deeper understanding of the market, our researchers reviewed a wide range of product literature, press releases, annual reports, and other documents from important industry participants as well as practically testing the platforms.
Some of the prerequisites BeInCrypto’s recommended platforms are:
• Security/compliance
• Products/features
• User-experience
OKX: OKX is a global exchange founded in Seychelles that also supports over 100 countries. The exchange uses a tiered fee structure that benefits frequent traders.
• Security/compliance: Proof of reserves, Expiry and Safety fund, account controls
• Products/features: Derivatives, Earn, wallet
• User-experience: Mobile app, multiple order types, Tradingview integration
Coinbase: Coinbase is a publicly traded company that is based in the U.S. and has both an exchange and brokerage.
• Security/compliance: Publishes financial reports, holds both broker and money transmitter licenses
• Products/features: Staking, learn-to-earn, Base blockchain, Coinbase Wallet
• User-experience: user-specific interfaces, mobile app, multiple order types
Kraken: Kraken is one of the oldest Bitcoin exchanges based in the U.S. but also offers altcoin trading.
• Security/compliance: Proof of reserves, account controls, holds multiple licenses
• Products/features: Staking, derivatives, 200+ cryptocurrencies
• User-experience: Mobile app, multiple order types, advanced trading interface
This methodology was peer reviewed and fact checked for accuracy. To learn more about BeInCrypto’s verification process, click here.
What is Cosmos (ATOM)?
Cosmos is known as the Internet of Blockchains, and with good reason: it is one of the most progressive networks facilitating blockchain interoperability. The network also helps developers to build application-specific functions and blockchains within its ecosystem.
Here are some crucial features of Cosmos that help the blockchain to function effectively:
Cosmos Hub
Blockchains built on Cosmos depend on the Cosmos Hub to store information and monitor their health. It also facilitates communication across blockchains in the Cosmos zones. Zones use the Interoperability Blockchain Communication protocol to link to the Hub.
All these functions ensure that the differences between blockchains built on Cosmos don’t affect their communication abilities. However, every zone independently handles its transactions, governance, decision-making, and upgrades.
Tendermint
Tendermint is the application layer protocol enabling the core functions of Cosmos, including securing the ecosystem, connecting applications, and running Cosmos’ open-source code. Combined with the Cosmos software development kit (SDK), Tendermint enables developers to leverage this code and build on the blockchain.
Tendermint also powers Tendermint Core, the proof-of-stake layer enabling the consensus between Cosmos nodes, transaction verification, staking, and governance.
ATOM
ATOM, Cosmos’ native cryptocurrency, also contributes to the interoperability of the Cosmos network while enabling functions like staking and exchange.
ATOM is also crucial to the voting system on Cosmos. Therefore, any user who desires voting rights in the ecosystem must be among the top 100 stakers. However, other users can contribute their votes by delegating their tokens to other validators. In turn, they earn some revenue besides staking rewards.
How to buy cosmos (ATOM) with a credit card
You can purchase ATOM on exchanges like Kraken, Binance, OKX, and Coinbase. The process is similar in most centralized exchanges. Here is a step-by-step guide to help you navigate how to buy cosmos with a credit card, using Kraken as an example.
Step 1: Create an account or sign in
If you don’t have an account, you must sign up and create one. If you do, you only need to sign in. You will find both functions on the top right-hand corner of the Kraken homepage.
If you create a new account, the exchange will ask for your personal information and identification (ID, passport, or driver’s license) as part of the KYC to confirm your identity.
After verification, you can deposit, withdraw, buy, sell, and swap ATOM while utilizing different cryptocurrency trading options on the platform.
Step 2: Buy ATOM
Now that your account is verified, you can easily buy ATOM by selecting “Buy Crypto.”
Here, you will select “Buy” to access various currencies. Afterward, you can choose ATOM and the amount in USD you want to spend.
Alternatively, you can use the double-slanted arrows to key in the number of ATOM coins you want to purchase instead.
Step 3: Select payment method as credit/debit card
Select “Add Payment Method” after inputting the token amount. Then, choose the debit and credit card options to link your card.
Afterward, you must verify your bank details for instant ATOM acquisition. After receiving them in your Kraken wallet, you can swap, trade, or stake the coins. Otherwise, you can transfer your ATOM for storage in a non-custodial wallet.
Things to consider when buying cosmos with a credit card
There is added convenience in buying cryptocurrency with a credit card, especially for novice traders. And while it is straightforward, a few more things are crucial when coming to this choice. Some of them are:
Choosing an exchange
You can choose between centralized and decentralized exchanges since most offer ATOM. Nonetheless, their differences will play a significant role in your final decision. Some include ease of use, fees, security, KYC/AML requirements, intermediaries, geographical limitations, and crypto trading options.
Transaction fees
You must account for possible transaction fees that could throw off your purchases. While centralized exchanges are mostly similar, some present higher fees than others. Explore different pricing options before settling on the exchange and mode of payment.
Storing your ATOM
Consider the wallet you require to store your ATOM, such as a hot or cold wallet. Explore their advantages and disadvantages and whether you can work around them. Otherwise, you have more secure options, such as multisig wallets and air-gapped wallets. The most essential factor to consider is crypto wallet security, which is the line between your coins’ safety and loss.
Safety
Like any other cryptocurrency investment, you should take the necessary steps to keep your funds safe, including keeping your private keys private. Note that any action you take after buying your ATOM requires due diligence. Finally, the cryptocurrency market is still prone to fraudsters despite the safety measures in place. Therefore, explore options to protect yourself from crypto scams.
Should you invest in cosmos?
As a decentralized network of parallel blockchains, Cosmos facilitates blockchain interoperability and scalability in a novel way. As more entities build upon the network, the Cosmos ecosystem is well-placed to pioneer new paths in decentralized finance. If you want to buy cosmos (ATOM), ensure you believe in the project long-term and are not just interested in short-term gains (unless you plan to buy ATOM as part of a well-planned trading strategy). Never invest more than you can afford to lose, and remember to prioritize asset security every step of the way.
Frequently asked questions
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