Chiliz (CHZ) is a young coin with only three years in the market. Alexander Dreyfus developed it in 2018, and it quickly emerged into a coin with a lot of potential. The coin operates on the Socios.com platform and is an Ethereum-based ERC-20 token.
What Is Chiliz (CHZ)?
Chiliz is the first sports-based platform that is based and currently operates in Malta. The platform runs under the Socios.com website, which includes fan tokens in them.
CHZ token holders can use these fan tokens to interact with their favorite sports and esports team in any way. They have the privilege to make some of the team’s most important decisions, such as choosing the celebration songs, uniform designs, stadium names, and many others. Chiliz’s main focus is on funding and engagement. Chiliz aims to allow sports fans to purchase a direct vote for their favorite team. It also plans to provide a centralized management platform for various sports, leagues, teams, and events.
Chiliz operates on the Ethereum blockchain and the Binance smart chain as an ERC-20 and BEP-2 token. It uses Proof-of-Authority (PoA) as a consensus mechanism method which is used to produce and verify fan tokens on the Socios.com sidechain. Proof-of-Authority differs from other mechanisms as it relies on a smaller number of authorized verifiers rather than a widespread network of anonymous nodes to ensure network authenticity.
But, how can you buy CHZ? Below we are going to show you some easy steps.
How To Buy Chiliz (CHZ)?
Immediately after its launch, Chiliz was listed on some of the biggest exchange platforms in the world. Some of them include:
- Binance
- Coinbase
- eToro
- Kraken
- Bitfinex
- FTX
- Huobi Global
We will show you how you can buy CHZ from Binance and eToro in three simple steps.
How To Buy Chiliz (CHZ) on Binance?
Binance holds first place on the biggest cryptocurrency exchange platforms in the world. Compared to other exchange platforms, Binance offers lower fees and increased liquidity. However, there is limited to no usage in the United States.
You can hold your CHZ coins in your Binance web wallet or your Binance app, which is available for iOS and Android.
Here are some simple steps on how to purchase Chiliz on Binance:
Step 1: Open An Account
The first step you need to take if you want to purchase CHZ is to open an account. The sign-up process is simple; you must put your email address and create a strong password.
After opening your account, the next step is to verify it by using a valid ID. Also, we recommend that you secure your account by setting a Two Factor Authentication as an extra security layer. This way, it is relatively hard for someone to hack into your account and steal your identity.
Step 2: Fund Your Account
The second step is to fund your account. Binance offers you a number of ways how you can fund your account, including:
- Credit/debit card
- P2P Trading
- Bank Deposit
- Third-party Payment (ADVcash, Simplex, Bifinity, GEO Pay, Flutterwave, Etana)
After choosing your preferred funding method, you can enter the amount you want to fund and continue with the next step.
One thing that is important to note is that the deposited funds will arrive in 1-3 working days, so you will need to be patient. However, once the account is funded, you will be eligible for extra-low fees on the platform.
Step 3: Buy CHZ
After funding your account, your third and final step is to buy your CHZ coins. This is a simple step as you only need to enter the amount of Chiliz you want to purchase and then press BUY.
How To Buy Chiliz (CHZ) on eToro?
eToro is considered one of the best places to buy CHZ regarding low fees, user-friendliness, regulation, and market diversity.
With eToro, you can deposit USD via credit/debit card without getting charged any fee. You have this advantage even if you deposit via bank or even e-wallets. eToro is a very safe platform when it comes to your fund, and that is part of the reason why it stands out.
Now that you might slightly understand what eToro is and how it works, we can continue to show you some steps to buy it.
Step 1: Open An Account
The first step if you want to buy CHZ is to open an account. You must provide your name, email address, and phone number. After that, choose a username and a strong password.
After completing the sign-up process, you will be required to fill in some additional information (which is needed to verify your account). This information includes nationality, home address, and birthdate.
Step 2: Fund Your Account
In eToro, you only need to deposit $10 if you want to activate your account. The platform provides you with a number of ways to deposit funds, such as:
- Credit/debit card
- Wire transfer
- Bank transfer
- E-wallet transfer
After you choose your preferred method and deposit your funds, you can continue to purchase your CHZ coins.
Step 3: Buy CHZ
The third and final step is to buy your CHZ coins. When you press trade, an order box will appear. There you will be required to put the amount you want to trade (up to $2000).
When you enter the amount, press Open Trade, and lock in your purchase.
Takeaways
- Chiliz (CHZ) is a young coin that, immediately after launch, was listed on some major exchange platforms.
- It operates in the Binance smart chain as a BEP-2 layer and the Ethereum blockchain as an ERC-20 token.
- You can buy Chiliz on many platforms, the most popular being: Binance, Coinbase, FTX, Bybit, and many more.
- Buying CHZ in Binance is relatively easy, and its main advantages are low commission fees and increased liquidity.
- Buying CHZ in eToro is a good alternative as you have no commission fees, and it is very user-friendly.
