Fan Tokens are a new invention that connects fans to their favorite teams by giving them a voice and making them feel like they own part of their favorite sports club. Sports clubs use Fan Tokens to create unique fan experiences through cryptocurrencies and increase the level of engagement with fans.
The world’s most famous football teams, including Manchester City, FC Barcelona, Flamengo, Paris Saint-Germain, AS Roma, Atletico Madrid, Juventus, Galatasaray, Inter Milan, Arsenal, FC Porto, and Corinthians, have launched Fan Tokens through Socios.com. The Socios app is a product of Chiliz that lets fans acquire tokenized voting rights in their favorite clubs and engage with their teams and provides token holders access to unique rewards and exclusive promotions.
If you’re interested in investing in Fan Tokens, you must first purchase Chiliz CHZ tokens that fuel the Socios platform and use them to purchase and trade different Fan Tokens on Socios.com.
- If you’re interested in investing in Fan Tokens, you must first purchase Chiliz CHZ tokens and use them to purchase and trade different Fan Tokens on Socios.com
- CHZ is the digital currency for the Chiliz and Socios.com platforms and the native ERC20 utility token for the Chiliz network
- CHZ has become very popular among investors and is available for buying, selling, or trading on all major crypto exchanges
- You can visit the market page on CoinStats to check the list of exchanges to purchase Chiliz CHZ tokens.
Read on for our quick step-by-step guide on where and how to buy CHZ.
Let’s get started!
What Is Chiliz?
Chiliz (CHZ) prides itself on being “the world’s premier blockchain financial service for sports and entertainment.” It’s a popular cryptocurrency for sports tokenization and the most popular Fan Token platform to date. Chiliz is famous for the invention of the Fan Token and is the first sports-based crypto exchange where fans can trade customized Fan Tokens and participate in club-based surveys and pools.
Socios.com is the first consumer-facing product of Chiliz. It’s a mainstream app that enables fans to get tokenized voting rights in their favorite clubs and engage with their teams. It also grants access to unique rewards, experiences, prediction games, and challenges.
Socios.com connects clubs to their fan bases, securing additional revenue streams that are digital, secure, transparent, and wholly integrated with the real fan experience. It allows interested teams to issue Fan Tokens.
CHZ is the digital currency for the Chiliz and Socios.com platforms and the native ERC20 utility token for the Chiliz network secured by the Ethereum blockchain.
Chiliz was founded by Alexandre Dreyfus, the company’s current CEO, in 2017. The Chiliz token’s total supply is 8,888,888,888 tokens, with a circulating supply of 5,344,064,580 tokens. Check the Chiliz token current price and other metrics on CHZ Price on CoinStats.
Chiliz (CHZ) tokens were launched in 2019 and have since become one of the industry’s biggest earners, giving returns as high as 4000 percent. As a result, CHZ has become very popular among investors and is available for buying, selling, or trading on all major crypto exchanges across the world.
Some of the best crypto exchanges where you can buy, sell, or trade Chiliz (CHZ) tokens are Binance, Kraken, Huobi Global, Kucoin, Coinbase, Uniswap, etc.
Follow our step-by-step buying guide below to buy CHZ tokens hassle-free.
Step #1: Select a Crypto Exchange
Several leading cryptocurrency exchanges offer Chiliz (CHZ), so visit the market page on CoinStats to view the exchange platforms supporting Chiliz. Compare the exchanges’ security, user experience, fee structure, supported crypto assets, deposit methods, etc., to choose the one with the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA) and allows buying crypto using your preferred payment method.
In the crypto world, any trader is confronted with the initial choice between centralized and decentralized crypto exchanges, so let’s look into the details of each type below.
Centralized Cryptocurrency Exchange
A centralized crypto exchange or CEX, such as Coinbase, eToro, Binance, etc., is governed by a centralized system and charges specific fees for using their services. Most crypto trading takes place on centralized exchanges, allowing users to convert their fiat currencies directly into crypto easily. Centralized exchanges require users to follow KYC (know your customer) and AML (anti-money laundering) rules by providing information and personal identification documents. However, a CEX holds your digital assets on its platform while trades go through – raising the risk of hackers stealing the assets.
Decentralized Cryptocurrency Exchange
On the other hand, a decentralized exchange (DEX), like Uniswap, SushiSwap, Shibaswap, etc., is not governed by any central authority; instead, it operates over blockchain and charges no fee except for the gas fee applicable on a particular blockchain, i.e., on the Ethereum blockchain. Decentralized exchanges use smart contracts to let people trade crypto assets without needing regulatory authority. They deploy an automated market maker to remove any intermediaries and give users complete control over their funds. Decentralized exchanges are less user-friendly in terms of interface and currency conversion. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto. It also takes longer to find someone looking to trade with you as DEX engages in peer-to-peer trade, and if liquidity is low, you may have to accept concessions on price and quickly sell or buy low-volume crypto.
Step #2: Create an Account
After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. So, for example, if you want to buy Chiliz (CHZ) on Binance, you must create a Binance account. The benefits of purchasing Chiliz (CHZ) here are the lowest fees and higher liquidity. Binance, like many other cryptocurrency exchanges, offers a hassle-free registration with only an email address or valid mobile number. A link will be sent to your address or mobile phone, and you must click it to verify your account. Once the account is activated, you must create an elaborate password, and you’re good to go.
While Binance doesn’t have mandatory KYC and AML requirements, users must complete the KYC verification process to gain full access and increase higher deposits and withdrawal limits. You must provide personal information and a government-issued identity card to verify your account.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step #3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currencies like USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit card, e-wallet, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit and click “Deposit.”
Some deposit methods are extremely fast, while others, depending on the amount, require a confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have more significant fees than others.
- Credit or Debit Card
Linking your credit/debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
- Bank Account
It’s usually free to make a bank transfer from your local bank account, but you should still double-check with your exchange. Also, sometimes, a bank transfer can take longer to process.
Chiliz (CHZ) can be traded for another cryptocurrency or a stablecoin; the trading pairs vary between exchanges. So, you must search for CHZ on the spot market to select a pair from the list of available trading pairs.
You can also keep track of your Chiliz tokens and all your crypto investments from one platform at all times with the CoinStats crypto portfolio tracker. One of the best crypto portfolio trackers in the market, it also lets you monitor the profit, loss, and liquidity of Chiliz (CHZ) across several exchanges.
Step #4: Buy Chiliz
Follow the steps below to place a market order for buying Chiliz instantly at the current market price:
- Click the search bar, enter CHZ, select Chiliz, then “Buy CHZ” or the equivalent.
- Select a trading pair you wish to purchase Chiliz (CHZ) against.
- Choose the payment method and the currency you wish to use, and input how much Chiliz you want to buy or the fiat amount to be spent. Most exchanges automatically convert the amount to show you how many CHZ tokens you’ll get.
- Double-check the transaction details and click “Confirm.”
- The Chiliz CHZ tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating you want to purchase Chiliz at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price exceeds your limit.
If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a secure wallet.
To start buying Chiliz on the spot market, go to the Trade page and search for the CHZ pairs (CHZ/USD, CHZ/USDT, etc.). Select the trading pair and check the price chart. Click “Buy CHZ,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy CHZ.”
Congratulations on purchasing CHZ tokens!
Step #5 (Optional): Store CHZ
While your SRM tokens can be stored in your cryptocurrency exchange wallet, experts highly recommend storing your precious coins and private key away from exchange wallets, as those might be susceptible to hacks and interference. Besides, the recent case with the FTX centralized exchange shows that companies holding crypto for customers can make investment decisions that end in disaster, and there’s no explicit guarantee that customers will get their assets back.
We highly recommend creating a private cryptocurrency wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets:
If you’re looking to trade Chiliz regularly, software or hot wallets provided by your selected crypto exchange will suit you. The strength of software wallets lies in their flexibility and ease of use. A software wallet is the most easy-to-set-up crypto wallet and lets you easily interact with several decentralized finance (DeFi) applications. However, these wallets are vulnerable to security leaks because they’re hosted online. So, to keep your private keys in a software Chiliz wallet, conduct due diligence before choosing one to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
Examples of software wallets include CoinStats Wallet, MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Pro-tip: The CoinStats Wallet not only ensures your assets’ security but can also be used to access DeFi services and earn interest on your assets. Moreover, it comes with a portfolio tracker enabling you to track all your assets stored across various exchanges from one platform.
Hardware or cold wallets are usually considered the best way to securely store your cryptocurrencies as they offer offline storage, thereby significantly reducing the risks of a hack. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm transactions on the blockchain, giving you an extra layer of protection against cyber attacks. These are more suitable for advanced traders with large amounts of tokens.
Ledger hardware wallets are arguably the most secure hardware wallets letting you securely manage your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S, designed for crypto beginners.
A hardware wallet is more expensive than a hot wallet, with prices ranging between $50 – $200.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
Chiliz CHZ can be a good investment due to the growing popularity of Fan Tokens with the FIFA World Cup playing now.
Step #6 (Bonus Step): Track Chiliz Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfolio tracker will help you keep track of your Chiliz tokens and all your crypto investments from one platform at all times. CoinStats offers one of the best crypto portfolio trackers in the market.
You can also monitor the profit, loss, and liquidity of Chiliz (CHZ) across several exchanges on CoinStats.
CoinStats supports over 250 cryptocurrency exchanges and over 7,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, and up-to-date news. Here you have the opportunity to connect an unlimited number of portfolios (wallets and exchanges), including:
- Trust Wallet
- Bitstamp and 500 others.
To connect, go to the CoinStats Portfolio Tracker page and:
- Click Add Portfolio and Connect Wallet.
- Click the wallet you want to connect to (e.g., Ethereum Wallet).
- Input the wallet address and press Submit.
Although the Chiliz token’s price has decreased significantly in the past year, it was simply the result of the crypto bear market that has been brutal to all tokens, even Bitcoin. To sum up, Chiliz CHZ can be a good investment due to the growing popularity of Fan Tokens with the FIFA World Cup playing now. Also read: “Fan Tokens for FIFA World Cup 2022” and “What Are Fan Tokens“.
Read our CoinStats guide, “What Is DeFi,” to gain a fundamental understanding of Decentralized Finance, and see our “Crypto Portfolio Trackers” to learn more about the best crypto portfolio trackers in the market.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Any use or reliance on our content is solely at your own risk and discretion.
Cryptocurrency is a highly volatile market, do your own research, consult your financial advisor, and only invest the money you can afford to lose. Performance is unpredictable, and the past performance of Chiliz is no guarantee of its future performance.