The Mina Protocol and its native token, MINA, have created a blockchain with a fixed size of 22 kilobytes, irrespective of the number of network transactions completed.
MINA has become one of the fastest-growing cryptocurrencies due to the network’s interoperability and widespread acceptance by developers interested in building DApps quickly and safely.
This guide discusses how and where to to buy Mina Protocol MINA and why this unique asset is an attractive investment.
Where to Buy Mina Coin MINA
This section is our top picks of where and how to buy the Mina Protocol Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
Binance: Largest Crypto Exchange with Low Fees
eToro: Our Top Pick & Easy to Use Platform
Coinbase: Highly Regarded and Easy to Use for Beginners
Kraken: Great Exchange for Newbies & Advanced Users
Visit The Top Pick
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Binance: Reputable Exchange with High Liquidity
Binance is the largest cryptocurrency trading exchange in daily trade volumes. The exchange offers investors full access to trade over 600 crypto assets.
The renowned platform also features a well-detailed learning curve and advanced trading tools that support well-experienced traders and investors looking to learn how to buy different cryptos. Although Binance features a user-friendly interface that facilitates a great user experience, it is more suited for well-experienced traders.
Binance has a minimum deposit of $10. This enables investors to kickstart their investing journey with low fees. Investors can also initiate deposits through seamless payment methods like wire transfers, credit/debit cards, peer-to-peer (P2P) payments, and other e-wallet solutions.
Binance deposits come with a fee that varies based on the payment method used. For instance, the global exchange charges a standard fee of up to 4.50% for all deposits made with a debit/credit card.
All investors enjoy very low fees when trading on Binance, as it charges a standard trading fee of 0.1%. For investors that buy using Binance token (BNB), a discount of 25% on trading fees will be applied.
In addition, investors can rest assured that their funds and data are well protected whenever they trade on Binance. The broker features top-notch security measures like two-factor authentication (2FA), cold storage to keep most coins, whitelisting, and advanced data encryption to protect funds and data. Binance functions effectively in over 100 countries and has a spin-off regulated platform (Binance.US) that tends to US-based traders and investors.
Trading fees at 0.01%
Wide range of payment methods
600+ crypto assets in library
Interface is suited for advanced traders
US-based customers cannot trade most coins via its subsidiary
eToro: Easy to Use Platform
eToro is the one of the best exchanges to purchase crypto coins & tokens. It is one of the most popular social trading platforms in the investment space. This exchange gives traders and investors full access to trade over 78 crypto assets, including Bitcoin, Ethereum, and many more.
The broker’s user-friendly interface and simple layout is appealing to investors with no prior knowledge of crypto trading. To begin a trading journey on eToro, investors have to create an account. With a minimum deposit of as little as $10, US and UK-based investors can purchase tokens and other crypto assets seamlessly.
Investors also enjoy zero fees on all USD deposits, including debit card deposits. However, there is a standard fee charge of $5 on all withdrawals, a 1% flat fee for every completed trade on the platform, and a $10 inactivity fee charged monthly after an investor fails to trade for a year.
The broker offers seamless deposit methods that range from bank transfer and direct crypto deposits to debit/credit card and payment processors like PayPal. Although all USD deposits are fee-free, all bank transfer deposits have a fixed minimum of $500.
Another major feature that makes eToro stand out is its impressive CopyTrader feature. This integration enables novice investors to find well-experienced traders on the platform and copy their trade strategies to earn when they earn.
In terms of security, eToro scales to the top as it features two-factor authentication (2FA) protocol, advanced encryption, and masking technologies to secure all users accounts. eToro accepts users in over 140 countries and is regulated by top financial authorities like the U.S. Securities and Exchange Commission (SEC), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CYSEC). The exchange is also registered with the Financial Industry Regulatory Authority (FINRA).
Overall best social trading platform to buy
CopyTrader and CopyPortfolio
Highly regulated broker
Charges an inactivity fee
Charges a withdrawal fee
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Coinbase: Simple & Easy to Use Exchange
Coinbase is also a great option for investors looking for how to buy the crypto seamlessly. The US-based crypto trading platform enables users to buy, sell, and stake cryptocurrencies with zero complexity.
Coinbase integrates a user-friendly interface that simplifies crypto trading. The crypto trading platform supports well over 10,000 blockchain-based assets.
The exchange’s signup and verification process take less than 10 minutes. For traders looking to invest easily, Coinbase is a great alternative to Binance.
Coinbase has a minimum deposit of $2, the lowest minimum deposit in the market presently This exchange also offers a wide range of deposit methods like automated clearing house (ACH), Wire transfer, debit card, and e-wallet solutions, as well as cashouts in local currencies like USD, GBP, and EUR. Coinbase charges up to 3.99% for debit card deposits.
Investors enjoy a 4% cash back reward whenever a Coinbase debit card is used for crypto purchases.
For fees, Coinbase charges a competitive fee of 0.5% – 4.5% depending on the payment method, cryptocurrency type, and transaction sizes.
Coinbase has evolved from a traditional exchange to a versatile platform with great services dedicated to retail and institutional investors, such as an in-built exchange wallet, self-issued cash back visa card, staking, derivatives, asset hubs, ventures, and many more.
Furthermore, Coinbase has in-built security practices like 2FA verification as an added security layer to investors’ usernames and passwords, crime insurance that secures digital assets from theft and fraud, and many more.
Also, Coinbase is licensed by the Securities and Exchange Commission (SEC) and regulated by top financial authorities like Financial Conduct Authority (FCA), Financial Crimes and Enforcement Network (FinCEN), and the New York State Department of Financial Services (NYSDFS).
Licensed and reputable platform
Insurance in case of hacks
Low minimum deposit
High fee compared to competitors
No credit card deposits for US customers
Kraken: Top Crypto Platform with High Liquidity
The exchange has built a reputation as being a secure destination for anyone interested in trading cryptocurrencies and it is also a popular choice for both traders and institutions across a variety of locations.
Kraken retains an international appeal and provides efficient trading opportunities in numerous fiat currencies. Kraken is also the current world leader in terms of Bitcoin to Euro trading volumes.
Kraken is most well known for its Bitcoin and Ethereum to cash (EUR and USD) markets; however a wide range of both fiat and cryptocurrencies are tradable on the platform
Dedicated service for institutions
Great for beginners to use
High trading liquidity
The lengthy ID verification process
What Is Mina Protocol?
The Mina Protocol, often regarded as a “succinct blockchain”, is built to reduce all computational requirements to process decentralised applications (DApps) faster and more efficiently.
As blockchain technology continues to scale in popularity and adoption, the number of transactions stored and processed on most chains has increased tremendously. For instance, the Bitcoin blockchain has expanded to 300 GB and the Ethereum blockchain, which was just over 5 GB in mid-2016, expanded to more than 220 GB in April 2021. During those five years, the Ethereum blockchain processed millions of transactions.
Since blockchains are decentralised ledgers of recorded transactions, running a node has always required very high computing energy as the blockchain continues to scale in growth. This has created a downtrend, causing difficulty for average users seeking to participate in blockchain operations. It may also create centralisation as only those with the higher computing energy are most efficient in operating the large size of the blockchain.
In response, Mina’s unique blockchain tends to mitigate these problems. According to its website, Mina is the world’s lightest blockchain due to its fixed size despite huge growth in usage. It has a network size of just 22 kilobytes, which is minuscule compared to Bitcoin and Ethereum chains. Mina protocol’s minuscule size enables users to operate a node and secure its network without using high computational requirements.
Mina developers believe that more users can operate nodes and validate transactions will generate more nodes, supporting the entire network to become more decentralised, adopted, and secured. At the heart of this protocol is MINA, the native token used to process all network transactions and distribute fees in the network’s ecosystem.
Mina Protocol’s native token, MINA, is relatively new. It launched into the crypto market in June 2021. MINA is used to pay all users on the network for completing tasks, like block production. This token can be purchased, sold, and traded on a wide range of crypto exchanges in the industry. MINA is also used to interact with decentralised applications (DApps) deployed on the protocol. The digital asset has a market cap of over $552 billion, a circulating supply of over 637 million coins, and is currently trading at $0.87. Crypto analysts support the MINA token as an investment option for traders that see decentralised applications as an interesting development.
What Can You Do With MINA?
The Mina protocol is accessible to developers to build powerful and utility-based applications, but this is just one amongst so many use cases. This protocol is focused on three major utilities that will facilitate a private pathway between the real world and crypto.
End-To-End Data Encryption
Traders can use Mina to access online data effectively without losing sensitive or personal data. They can use Mina to prove they meet or pass a certain requirement. For instance, through the help of Mina’s Snapps (zero knowledge smart contracts integration), users can connect to a credit card score provider to verify if their credit score is above a particular limit.
Permissionless Web Oracles
Through Mina’s Snapps, developers worldwide can leverage real-world data from any website to create decentralised applications. They can access, use, and protect sensitive data without that website’s permission.
Private Internet Login
Mina allows users to access internet websites or services privately without creating an account and submitting required personal information. Instead, users log in securely with the Mina protocol—no centralised website or service provider can block them.
How Does Mina Protocol Work?
Just like Bitcoin and Ethereum chains, the Mina protocol chain is unique. The major pillar of the Mina protocol is the integration of Zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), a computing concept often regarded as a brief cryptographic proof that enables users to verify they can have specific data without exposing that data to each other.
Mina protocol network does not verify every transaction with every block created. Instead, the network features a cryptographic proof (Zk-SNARK). This proof is minuscule compared to other blockchains and represents the state of the whole blockchain rather than a block.
Mina features Ouroboros Samasika, a unique type of Proof-of-Stake consensus mechanism combined with Zk-SNARK implementation, which trims down resources often needed to process and record all transactions. Users or participants must run nodes to send and receive transactions on the Mina protocol network effectively. More so, the protocol requires two unique nodes deployed on the network to work effectively:
Block producers choose which transaction to add to the next block and win that block’s benefit or rewards. In other words, Block producers on the Mina network are like miners or validators of other chains.
Snarkers use computing energy to compress network data and effectively create validated proofs of transactions. When this is done, Block producers place a bid on these proofs, for which Snarkers are rewarded with MINA tokens.
Is Mina a Good Investment?
All investments in cryptocurrencies are at first considered high-risk, but some of these investments have already proven profitable in the long run. Because of its lightweight integration, the Mina protocol stands apart from other blockchains in its class. In addition to being unprecedented, the protocol possesses several characteristics that make it desirable for financial investment.
Easy Accessibility From Other Chains
Due to the Mina protocol’s lightweight design and its ZkApps (zero-knowledge apps) smart contract computations, users can easily use Mina-proof systems from other blockchains.
In addition, Mina developers are currently building a pathway between Mina and Ethereum, and every progress made on this can be distributed towards building trustless pathways between different blockchains. This will facilitate the ability of decentralised applications on other chains to leverage efficient proofs of high computation and secure login features of Mina’s ZkApps.
Strong ecosystem intermediaries power most blockchains. However, Mina tends to differ since participants power it. Mina’s strong, vibrant, and ever-growing communities unite people worldwide with a passion for decentralised blockchain. As it is common knowledge that the cryptocurrency market is driven by rumours and guesses made by the community, this has the potential to become a significant factor in its price appreciation.
As earlier stated, other blockchains are powered by intermediaries, making these chains rely on the same intermediaries to run nodes.
However, Mina’s 22KB minuscule chain enables anyone to effectively connect peer-to-peer and validate all transactions like a full node in a simplified way. As this continues, the Mina protocol has a strong chance to increase value due to high adoption as more participants use the network to leverage its features.
Best Undervalued Token
Although launched in June 2021, the MINA token has risen to be one of the fastest-rising crypto tokens in the network. It powers all transactions in the Mina network and smart chains in its ecosystem. Currently trading at $0.87 with a 24-hour trading volume of $21.2 million, crypto enthusiasts and analysts believe this token is one of the best-undervalued cryptos to invest in. Based on MINA protocol expanding utilities, investors stand a chance to enjoy massive gains in the future.
Partnerships are important to help crypto projects develop and become very successful. Mina has acquired renowned, highly reputable, and successful partners in the market, such as Hashkey, IOSG Ventures, Paradigm, Three Arrows Capital, and Coinbase Ventures. Also, the Mina protocol has raised a whopping $44.7 million in successful capital calls. This shows that Mina is appealing to both retail and institutional investors. This will likely grow exponentially in the future and increase the value of the network token, MINA.
How to Buy Mina Protocol on Binance
Wondering how to buy Mina protocol? Binance stands out as our top option among exchanges: this is due to its high liquidity, low fees, wide range of payment options, and top-notch security. Here is a detailed guide to get investors started in less than 10 minutes.
After exploring where to buy and the coin’s use cases, the next thing is to explore how to buy it for your portfolio. Binance is our recommended exchange, so we’ll explore how to purchase the asset using Binance.
Step 1: Sign Up
Go to the Binance home page and click on “Register”.
Binance allows investors to register using their mobile phone, email address, or Google account. Most users choose the first two options and provide their phone numbers, emails, and desired passwords. A link will be sent to their registration channel of choice, and investors can click on it to authenticate their accounts.
Step 2: Verify Your Identity
Like many other regulated brokers, Binance requires that investors verify their identity before commencing their purchase.
To complete the process, visit the “Identification” tab. Investors will have to share personal information, their proof of residence, and a government-verified means of identification. This process should take no more than a few minutes to complete.
Step 3: Deposit Your Funds
Next, investors will have to deposit into their Binance wallets. The exchange makes deposits possible using payment processors, wire transfers, bank deposits, and direct crypto transfers. And its required minimum deposit is $10.
Deposit on Binance
To make a deposit, go to the “Payment” section and click “Add a new payment method” to enter payment details. Alternatively, investors can click the “Buy Crypto” button to select a payment method and complete their transfer.
Step 4: Buy
With a funded wallet, investors are ready to make a your purchase. Head to the “Buy Crypto” section and enter the desired amount. Click on “Continue” after reviewing the terms, and the wallet should be updated immediately.
After making a payment in their local currency, investors can type ‘MINA’ into the search bar and click on the relevant result. Investors must place a buy order, so Binance knows they want to purchase MINA. Once the order is placed, the tokens will be added to their wallets when the transaction is processed and completed.
Best Mina Wallets
Hot wallets, also called software wallets, are one of the most popular cryptocurrency storage options. They are always online, hence the affiliation with the ‘hot’ tag. Investors can easily get a hot wallet once they open an account with a crypto exchange. This allows them to store and manage their private keys, which prove their ownership of their assets to the blockchain network. Hot wallets are usually more convenient for everyday crypto transactions and can be custodial or non-custodial.
A custody wallet is responsible for storing assets to an exchange or a third-party platform. The user only places an order for a transfer or receipt, and the exchange signs off on the transaction, much like the traditional banking system. Meanwhile, a non-custodial or self-custody wallet gives the full responsibility to the end-user.
Hot wallets are usually free, but they are largely considered less secure due to their constant internet connectivity. An instance of a hot wallet is the Binance Wallet.
A Hardware wallet is a device which has been created to provide an extra layer of security when interacting with your various cryptocurrency wallets.
Normally you would use your private key to move funds, the problem is though, if your computer has been compromised with malware or a virus, it is possible for your private keys to be captured and used to steal your funds.
With a hardware wallet, the private keys are stored on the device and never exposed to your computer, which means even if you are infected with such a program your private keys will remain safe. These options are safest way to store your crypto if you have more than a small amount.
Popular examples of cold storage offerings are the Ledger and Trezor line of hardware wallet solutions, read our reviews:
A mobile wallet is essentially a hot wallet on a smartphone device. They offer users an even more convenient way to use their coins for daily activities. Mobile wallets store and manage users’ private keys while enabling them to pay for things they love with their digital assets.
These wallets are usually free and always online for transactions to be processed. Popular mobile wallets are eToro Money Wallet and Coinbase Wallet.
A desktop wallet is a PC version of a hot wallet. It is essentially software that an investor downloads into their personal computer or laptop for easy interaction with their digital coins. They also offer a browser extension which allows users to interact using an extension instead of downloading the entire software. Desktop wallets are also hack-prone due to their online nature. A popular example is the Exodus Wallet.
The paper wallet is arguably the oldest form of crypto wallet. They are no longer common in the modern crypto industry. It contains users’ public and private keys. The paper wallet is the least secure type of wallet as it can easily be lost, stolen, or torched.
When Can You Purchase MINA?
Fortunately, investors can buy MINA at all times via crypto exchanges that support MINA. The process can be done quickly, easily, and securely. To have the best trading experience, we recommend Binance as the best exchange to buy MINA.
What Exchanges Have Mina Protocol?
Mina protocol’s utility has made it popular. This popularity has led to its listing on several crypto exchanges. Top exchanges like Binance and Coinbase support MINA, which means investors can buy, sell, and trade this unique asset seamlessly.
Can You Buy MINA In The US?
US-based investors can buy and trade MINA via US-based exchanges like Coinbase, as well as Binance’s subsidiary, Binance-US, created to tend to all US trader’s needs.
Can I Buy Mina Protocol On Binance?
Yes, investors can easily buy Mina protocol (MINA) with the lowest fees, high liquidity, and top-notch securities anywhere Binance is available.
The post Where to Buy Mina Protocol Coin (MINA): Beginner’s Guide appeared first on Blockonomi.