Want to jump straight to the answer? You can buy AION on Binance.
Aiming to allow individual blockchain projects to “communicate” with one another, the Aion coin may be fundamental for its role as security for the Open Application Network. Learn more about how to buy Aion, where the Aion coin might move in the future and what makes this project unique with our guide for beginners.
What is Aion?
One of the largest problems when it comes to the wide-scale adoption of cryptocurrency technology is inter-blockchain compatibility. Allowing individual blockchain projects to share data and “communicate” with one another can greatly improve the functionality of each individual blockchain.
AION is the token that manages and secures the Open Application Network (OAN). The OAN allows users to develop Open Apps, which can store data, execute smart contracts and share information between individual blockchain projects. By making AION the core of the network, the project can facilitate inter-compatibility between Open Apps.
Brief History of Aion
Aion was introduced in 2018 as a way of facilitating data transfers across blockchains. Aion quickly attracted a large amount of investors attention, peaking at a value of $10 on January 7th of 2018. Since this time, investor interest in the project has largely diminished, with the value of each AION dropping more than 95% since its all-time high. Aion is currently the 559th largest cryptocurrency project in the world with a total daily trading volume of about $11.7 million.
Steps to Buy Aion
- Open an online account.
If this is your first time buying crypto, you’ll need to open an account with a broker that supports AION trading before you can place your first order. A cryptocurrency broker is a financial service provider that offers you a trading platform that you can use to buy and sell cryptocurrencies. Binance is one of our favorite brokers supporting the token.
In exchange for filling your orders, most brokers will charge you a small fee or commission on each trade that you place. Depending on where you live and your local regulations, you might have dozens of brokerage options or you may only have a few.
Not sure where to begin your search for the best broker? Consider a few of our top choices for AION trading below. - Buy a wallet (optional).
Storing your AION on your exchange wallet can leave you vulnerable to hacks, which can jeopardize your investment. If you don’t plan on actively trading your coins, it’s a good idea to store your crypto using a private physical or software wallet. There are 2 major types of cryptocurrency wallets:
Hardware wallets. Hardware wallets are devices that store your cryptocurrency investments without needing to connect to the internet. Hardware wallets are the most expensive option for storing cryptocurrencies but provide you with the highest possible level of security. If you have large cryptocurrency holdings, you may want to choose a hardware wallet.
Software wallets. Software wallets are desktop or mobile applications that allow you to store your coins and tokens for free online using a private set of keys. Though software wallets offer an affordable way to keep your cryptocurrency investments off-exchange, they don’t provide you with the same level of security that you’ll find with offline hardware wallets.
If you aren’t sure where you want to store your AION, consider a few of our favorite wallet options below. - Make your purchase.
After you’ve opened your trading account and you know how you want to store your coins, you can place your buy order to purchase AION. If you’ve ever bought or sold shares of stock before, the process of buying and selling cryptocurrency will be familiar to you. First, search for the investment by its ticker (in this case, “AION”) and take a look at the current market price of each coin. When you decide to place your buy order, you can expect to pay around the market price for each coin that you invest in. Market prices change frequently, so you might want to keep track of prices and price movements for a bit before you decide to buy.
When you place your buy order, you’ll need to choose an order type. There are many types of orders, and the order you choose will dictate when your broker can fill your order. Some examples of order types you might see can include:
Market order. Market orders are executed at the current market rate as soon as your broker can fill the order.
Limit order. Limit orders are executed at a specific “limit price” that you specify when you place the order. For example, if you set a limit order to buy AION at a price of $0.50 per coin, your broker would not fill the order unless it was possible to buy each coin at a price of $0.50 per coin.
Trailing stop order. Trailing stop orders are executed as a market buy once the price of the coin you’re buying rises above its lowest price by a certain percentage or dollar amount.
You may have access to additional types of orders depending on your broker’s offerings.
Where to Buy Aion
Where to Store Aion
Choose from a hardware wallet or a software wallet.
- ERC-20 tokens
Best Hardware Wallet: Ledger Nano X
The Ledger Nano X is one of the most popular hardware wallets available for a variety of cryptocurrency coins and tokens. In addition to popular offerings like Bitcoin and Ethereum, you can also customize your Ledger Nano X to support independent blockchain projects like Aion.
Manage your cryptocurrency and transfer coins and tokens directly to your wallet using the Ledger Live app and a local Bluetooth connection. You can also buy, sell and exchange your cryptocurrency investments through the application as well, providing you with a one-stop-shop for your investment management.
Best Software Wallet: Trust Wallet
If you’ve never bought or sold crypto before, Trust Wallet is an excellent place to begin your investing journey. Trust Wallet is a multi-currency anonymous software wallet offering free apps for Android and iOS devices. Get started with a new account in as little as five minutes, earn interest on your crypto investments, view and collect NFTs and much more all through the Trust Wallet app.
You can also purchase and exchange major crypto assets without leaving the app as well. With a straightforward design and simple startup process, Trust Wallet is an excellent choice for beginners and investors with a number of assets under management alike.
Trade, Sell or Convert your Aion
When your broker is able to fill your order, you’ll see your coins in your exchange wallet. From here, you’ll need to decide how you want to use your investment and how long you want to hold onto your coins. Some of the most common strategies cryptocurrency investors use to earn a return on their investments include:
- Trading. Active cryptocurrency traders convert their AION to a stablecoin or fiat currency when the price of each coin is high and convert their lot back to AION when the price falls. If you believe that the price of AION will be more volatile, this can be an effective strategy to accumulate more AION or to take profits.
- Selling. Sellers usually hold onto their AION for weeks, months or even years at a time, selling only when they’ve reached a total overall profit goal. If you plan to hold your AION long-term, you should consider transferring your coins to a private wallet for safe keeping.
- Converting. Some wallets and exchanges allow you to instantly convert cryptocurrency investments into another crypto asset. This can be a good option if you’re searching for a smaller crypto project and you need a medium to convert through. The assets you’ll be able to convert between will vary depending on the platform you’re using.
Current Crypto Prices
Unlike some other markets (like the New York Stock Exchange) the cryptocurrency market is open 24 hours a day and 7 days a week. This means that prices may change frequently, sometimes on a minute-to-minute basis. Keep track of how today’s market prices are moving using the chart below.
Is Aion a Good Investment?
Contrary to what price charts might indicate, the Aion project has not been abandoned. However, it’s important to note that the initial hype of the coin project has largely died down from what it once was. If you do decide to invest in AION, do not invest more money than you know you can afford to lose comfortably, as the price of the coin may continue to drop.
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About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.