How to Buy Injective Protocol (INJ) in the UK (2021)

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Looking to buy Injective Protocol (INJ) in the UK?

In this quick post, I go through a few of the cheapest and easiest places where you can get it in the UK.

Ways to Buy Injective Protocol in the UK

Here’s a quick overview of some places where you can buy Injective Protocol (INJ) in the UK.

ProviderPayment MethodTrading Fees
Kraken ProUK Bank TransferUp to 0.26%
CoinJarUK Bank Transfer1%
CoinJarCredit & Debit Card2%
GeminiUK Bank Transfer1.99% (if > £150)
BC BitcoinUK Bank Transfer3% (Exclusive Discount)
Crypto.com AppUK Bank TransferVariable
Crypto.com AppCredit & Debit Card2.99% + Variable

How to Buy INJ in the UK

1. Kraken Pro

Although you can’t directly buy Injective Protocol (INJ) on Kraken Pro, it still works out as one of the cheapest ways to get this token in the UK.

The available markets for Injective Protocol (INJ) on Kraken are:

  • INJ/EUR
  • INJ/USD

This means that you’ll have to deposit GBP into Kraken, and then convert it into EUR or USD before you can buy Injective Protocol (INJ).

Fees on Kraken Pro are competitive. You’ll pay maximum trading fees of 0.26% when buying Injective Protocol (INJ) on Kraken Pro. You’ll also be charged up to 0.2% in fees when exchanging between GBP and fiat currencies (like EUR) or stablecoins (like DAI).

When you look at the alternatives out there, Kraken Pro isn’t the easiest thing to use. It’s built more for traders and professionals, rather than everyday people.

Kraken WebsiteKraken Review

2. CoinJar

CoinJar currently allows you to buy, sell, store, send, and receive 42 cryptocurrencies – including Injective Protocol (INJ), Fantom (FTM), and Loopring (LRC).

Unlike on Kraken, you can directly buy Injective Protocol (INJ) with GBP on CoinJar. It also has a much simpler and easier to use interface – which makes it more beginner-friendly.

CoinJar supports two payments methods in the UK. You can deposit GBP with a UK bank transfer or use a credit/debit card to instantly buy any supported cryptocurrency.

If you deposit GBP with a UK bank transfer, you’ll be charged a 1% fixed fee when buying Injective Protocol (INJ).

If you use a credit or debit card, then you’ll be charged a 2% fixed fee instead. Although that’s double the cost of just depositing with a UK bank transfer, it is competitive when compared to other options out there.

CoinJar WebsiteCoinJar Review

3. Gemini

As a UK resident, you can use Gemini to buy Injective Protocol (INJ) and more than 40 other cryptocurrencies.

Like CoinJar, you can transfer GBP over to Gemini using a UK bank transfer or instantly buy whatever cryptocurrency you want with a credit/debit card.

You’ll be charged about 1.99% in fees if you buy at least £150 worth of Injective Protocol (INJ). This is more than twice the cost of using CoinJar. This is also quite a high threshold to get the lowest fees – if you spend less, you’ll be charged higher fees.

And if you use a credit/debit card to buy Injective Protocol (INJ), then you’ll be charged an additional 3.49%.

Although the fees aren’t great, the one advantage of Gemini is that the first 10 cryptocurrency withdrawals every month are free. This isn’t something that’s commonly offered in other places.

Gemini WebsiteGemini Review

Extra: What is Injective Protocol (INJ)?

Injective Protocol (INJ) is the native token of a decentralized exchange (DEX) protocol that supports cross-chain margins, futures, synthetics, derivatives, and forex trading.

Technically, the token is called Injective Token (INJ) and the exchange is called Injective Protocol. But most people call the token Injective Protocol (INJ) for convenience.

The protocol and the token were developed by a team at Injective Labs, which was founded by Albert Chon and Eric Chen in 2018. Injective Labs’ mission is to “create a truly free and decentralised financial network for everyone”.

The inner workings of the Injective Protocol are pretty complex. But the idea is that Injective Protocol is a layer-2 decentralised exchange protocol that can support cross-chain transactions.

As a result, it can support crypto, perpetuals, derivatives, futures, and synthetics trading on a range of blockchain networks. It processes trades super fast and it has no gas fees despite its native Ethereum compatibility.

There are currently about 43.6 million Injective Protocol (INJ) tokens in circulation out of a maximum supply of 100 million tokens. The rest of the INJ supply will be released through staking rewards.

What are the benefits of holding Injective Protocol (INJ)?

The Injective Protocol (INJ) token plays 4 primary roles:

  • Governance: INJ token holders get governance votes during proposed changes to the protocol.
  • Derivatives Collateral: Derivatives traders can use INJ tokens as collateral when trading on the Injective Protocol.
  • Proof of Stake: The Injective Protocol operates on Tendermint-based Proof of Stake (PoS), so staked INJ is critical for confirming transactions on the blockchain.
  • Incentives for Market Makers: Traders who provide liquidity on the Injective DEX can get rewards for their trades paid out in INJ tokens.

Therefore, Injective Protocol (INJ) provides token holders with governance votes and staking rewards. If you trade on the Injective DEX, you can also access additional collateral methods for derivatives trading using INJ or you can earn rewards for creating market liquidity.

Extra: Best Injective Protocol (INJ) Wallets

There is no native INJ wallet.

However, because Injective Protocol (INJ) is an ERC-20 token, there are plenty of wallets you can use to store it.

Some of the most popular software wallets that you can use to store the keys to INJ tokens include:

  • MetaMask: A super popular hot wallet that can be used as a Chrome extension or as a mobile app. Supports nearly every coin and token you can think of, plus a wide range of blockchain-based apps.
  • Atomic Wallet: Arguably my favourite multi-currency hot wallet, the Atomic Wallet combines convenience, functionality, and a sleek wallet interface. It also supports over 500 coins plus any ERC-20 token.
  • MyEtherWallet: MyEtherWallet is an Ethereum network-specific wallet that can store all ERC-20 tokens, including INJ. The wallet also gives you access to a number of top DApps and to multiple integrated DEXes.
  • Trust Wallet: One of the most highly rated mobile wallets, Trust Wallet is a multi-currency platform that can also be used to hold NFTs and other collectables. It supports thousands of coins and it has a built-in DApp browser.

If you’d prefer a hardware wallet, your top options include:

That said, only the Ledger wallet interface, Ledger Live, currently supports Injective Protocol (INJ). You can still store private keys to INJ on Trezor wallets, but you’ll need to use MetaMask or another similar platform to manage your assets.

However, if you want to stake your INJ, you need to transfer your ERC-20 INJ tokens to the Injective Protocol mainnet using the Injective Peggy Bridge. As of the time of writing, you have relatively few wallet options for managing your tokens during this process.

The Injective Staking Hub currently supports staked mainnet INJ tokens from MetaMask and Ledger wallets. You can learn more about how to stake and manage your INJ from your supported wallet in this article.

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