Looking to buy Enjin (ENJ) in the UK?
Enjin launched on the Ethereum (ETH) network in 2018. It’s available to buy and sell with some of the most popular cryptocurrency brokers and exchanges around.
Read on to see my top list of favourite places where you can buy ENJ.
Intro: Where to Buy Enjin in the UK
Here’s a quick overview of the best places where you can buy Enjin (ENJ) in the UK. Scroll down to learn more about my favourite choices.
|Kraken Pro||UK Bank Transfer||Up to 0.26%|
|Coinbase Pro||UK Bank Transfer||Up to 0.50%|
|CoinJar||UK Bank Transfer||1%+|
|CoinJar||Credit & Debit Card||2%+|
|BC Bitcoin||UK Bank Transfer||5%|
|Crypto.com App||UK Bank Transfer||Variable|
|Binance||BTC & Other Cryptocurrencies||Up to 0.10%|
How to Buy Enjin UK
1. Kraken Pro
Kraken is an established and reputable cryptocurrency exchange, which was founded more than 10 years.
In 2022, you can also deposit GBP directly with a UK bank transfer. This is processed via the Faster Payments Service (FPS), which means it should normally be credited quickly to your account.
In recent months, they’ve been adding more and more GBP trading pairs. This means that you can buy Enjin (ENJ) and a growing number of other cryptocurrencies directly with GBP (which isn’t possible everywhere else).
This means that you also won’t have to make multiple trades to get your hands on the cryptocurrency you actually want. Just deposit GBP and purchase Enjin on the ENJ/GBP market.
You’ll be charged fees of up to 0.26% when you use Kraken Pro. Alternatives like Binance might charge lower fees (up to 0.10%), but it’s not as straightforward to get GBP (or any other fiat currency) onto the exchange.
2. CoinJar (& CoinJar Exchange)
Established in 2013, CoinJar is a cryptocurrency broker and exchange where you can buy, sell, and store Enjin (ENJ) and more than 25 other cryptocurrencies.
You can deposit GBP into CoinJar using a simple UK bank transfer, or instantly buy Enjin (ENJ) with a credit or debit card.
If you buy Enjin (ENJ) using cash in your CoinJar account, you’ll be charged a fixed fee of 1%. Purchases made with a credit or debit card are charged a fixed fee of 2% instead. The exchange rate you’re quoted for Enjin (ENJ) might be a bit different from the exchange rate on exchanges like Kraken, Coinbase Pro, or Binance.
Alternatively, you can use the CoinJar Exchange. This is similar to other cryptocurrency exchanges, with an order book and advanced order types. On this exchange, you’ll be charged maximum fees of 0.10% – which is lower than both Kraken and Coinbase Pro.
3. Coinbase Pro
Founded in 2012, Coinbase is another well-known name in the cryptocurrency-space which allows you to buy, sell, and store Enjin (ENJ).
Since they acquired an e-money license in 2018, UK residents have been able to quickly deposit GBP using a UK bank transfer (via FPS). I’ve typically found that my deposits have been credited within minutes.
Although Coinbase has a simple and easy-to-use interface, it charges significantly higher fees than Coinbase Pro (up to 0.5% per trade). When you register with Coinbase, you’ll automatically get access to both platforms.
However, Coinbase Pro isn’t as simple to use as Coinbase – there’s much more that a beginner might get confused by.
Unlike Kraken or CoinJar, you also can’t directly buy Enjin (ENJ) with GBP on Coinbase Pro.
This means that you’ll have to:
- Deposit GBP with a UK bank transfer (free).
- Exchange GBP for BTC on Coinbase Pro (max 0.5% fees).
- Exchange BTC for ENJ on Coinbase Pro (max 0.5% fees).
As you need to make two trades, this effectively doubles the fees you’re being charged.
Best Enjin (ENJ) Wallets
The official Enjin (ENJ) wallet is available on Google and iOS devices.
In addition to Enjin (ENJ) and other ERC-20 tokens, this allows you to store Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Dogecoin (DOGE), and more. Check out this help article for a full list of supported coins.
As Enjin (ENJ) is an ERC-20 token on the Ethereum (ETH) network, you should be able to access it via most ERC-20 compatible software wallets. This includes multi-coin wallets like Exodus Wallet, Atomic Wallet, and Coinomi.
You can also receive, store, and send Enjin (ENJ) using these cryptocurrency hardware wallets:
- Ledger Nano S (via Ledger Live)
- Ledger Nano X (via Ledger Live)
- Trezor One (via Trezor Suite)
- Trezor Model T (via Trezor Suite)
What is Enjin (ENJ)?
Enjin also has its own trading platform where game developers can mint virtual assets in the form of both fungible and non-fungible tokens (NFTs) for gamers to buy, sell, and trade. ENJ tokens are the currency used to power the Enjin ecosystem and all the games that are built using its software development tools.
Founded back in 2009 by Witek Radomski and Maxim Blagov, Enjin originally got its start as a community gaming platform. In 2017, the firm held an initial coin offering (ICO) for ENJ tokens. The decentralised Enjin gaming and software development platform went live in 2018.
Here’s a quick video that explains the main benefits and use cases for ENJ tokens within the Enjin ecosystem:
Enjin is a multi-faceted platform that offers different services for individual users and software developers.
For software developers, Enjin primarily serves as the building blocks for creating online games on the Ethereum network. Enjin offers multiple software development kits (SDKs) for developers so that they can build decentralised apps (DApps), websites, and games without any prior blockchain coding experience.
When developers create decentralised games using Enjin’s SDKs, they can also create fungible and non-fungible tokens (NFTs) that can be used in their gaming worlds. In this context, fungible tokens might be a unique in-game currency while an NFT might be rare assets like special tools or weapons that can help a player defeat their in-game opponents.
Ultimately, the entire idea behind Enjin is that the platform gives developers the tools they need to create fully decentralised games that are powered by smart contracts. The fungible and non-fungible tokens that developers create and sell in their games can help them monetize their blockchain-based games, too.
On the flip side, for the individual user, Enjin provides an accessible way to play decentralised games.
That said, Enjin is far from the only decentralised gaming platform on the market. But what makes Enjin different is that the in-game assets that you buy while playing Enjin games technically have real-world value.
When developers create fungible and non-fungible in-game assets, they’re required to lock up a certain amount of ENJ tokens for each asset that they mint. Gamers then have to pay for these assets using ENJ. However, gamers can always swap their in-game assets for ENJ tokens – that they can later sell on an exchange for other crypto or fiat currencies.
The ENJ token is primarily designed to provide value to all assets that are minted and traded on games built using the Enjin platform.
Whenever a developer wants to create in-game assets, they have to lock up a certain amount of ENJ tokens in a smart contract to back each of the assets that they mint. Once these assets are available for purchase in a game built on Enjin, players can buy them using their own ENJ tokens.
Within a game, players can also trade their assets (which are either fungible or non-fungible tokens) to each other by bartering. Alternatively, a player can sell in-game assets tokens for ENJ in a process called melting. A player can then hold their ENJ tokens in their Enjin Smart Wallet or send them to an exchange to sell them for other crypto or fiat currencies.
ENJ tokens don’t currently have any other purpose than to back assets created on Enjin platform games.
However, there are plans in the works to create an Enjin rewards scheme on a new platform called Efinitiy. With Efinity, ENJ token holders will eventually be able to stake their ENJ and earn rewards in a new token called Efinity Token (EFI).
EFI will be used to pay transaction fees on the new Efinity network, which is an NFT blockchain built on Polkadot. Holders of EFI tokens will also get governance votes on the Efinity network, though the details of how this will work still need to be ironed out.
The main benefit of holding Enjin (ENJ) tokens is that they let you buy assets in virtual games that are built on the Enjin platform. Without ENJ tokens, playing these games simply isn’t as fun – as you won’t be able to purchase the various tools, resources, characters, and accessories you need to compete with other gamers.
But when compared to other blockchain-based game tokens, ENJ has some unique benefits.
Unlike other gaming platforms that only let you buy in-game assets, Enjin lets you buy and sell any fungible or non-fungible tokens that you purchase. Since each in-game asset on Enjin is backed by ENJ tokens, you should theoretically always be able to recoup some of the ENJ tokens that you spent when buying your in-game assets.
As a result, holding ENJ tokens gives you access to an entire NFT marketplace ecosystem where your in-game purchases are always redeemable for their original cryptocurrency – even if you can’t find another gamer that wants to buy your digital assets.
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