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How to Buy Mirror Protocol (MIR) in the UK (2022)

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Coinbase’s Advanced Trade dashboard is currently one of the cheapest ways to buy Mirror Protocol (MIR) directly with GBP. You’ll pay a maximum of 0.6% in fees.

CoinJar is another competitively priced way to buy Mirror Protocol (MIR) in the UK. You’ll pay 1% in fees if you deposit GBP with a UK bank transfer, or 2% in fees if you instantly buy Mirror Protocol (MIR) with a debit/credit card.

Check out this post for more details.

Quick Overview

Here’s a quick overview of some places where I’ve found that you can buy Mirror Protocol (MIR) in the UK.

ProviderPayment MethodTrading Fees
Coinbase (Advanced)UK Bank TransferUp to 0.6%
CoinJarUK Bank Transfer1%
CoinJarCredit & Debit Card2%
GeminiUK Bank Transfer1.99% (if > £150) AppUK Bank TransferVariable AppCredit & Debit Card2.99% + Variable

Scroll down to learn more about my favourite choices.

How to Buy MIR UK

1. Coinbase

Coinbase Logo

Founded in 2012, Coinbase is one of the oldest and largest cryptocurrency exchanges in the world. It’s also the only one that’s currently listed on NASDAQ (COIN).

And with Coinbase’s Advanced Trade dashboard, you’re able to buy Mirror Protocol (MIR) and dozens of other cryptocurrencies without paying more than 0.6% in trading fees.

You can deposit GBP using a UK bank transfer for free too. This is processed via Faster Payments (FPS), which means that – after your initial deposit – anything you transfer over should be credited within minutes.

Like in most other places, you will be charged a fee when you come to withdraw any Mirror Protocol (MIR) to an external account. Coinbase doesn’t have fixed withdrawal fees, so it’s worth double-checking what you’re really being charged – as it can sometimes be cheaper to initiate a withdrawal in off-peak periods.

Coinbase WebsiteCoinbase Review

2. CoinJar

Founded in 2013, CoinJar is a cryptocurrency platform that allows you to buy Mirror Protocol (MIR) and 50+ other cryptoassets.

Compared to alternatives like Coinbase, it has a decent Trustpilot rating (4.2-star rating, 1950+ reviews). They’re also now registered with the FCA (Financial Conduct Authority) as a cryptoasset business.

You can deposit GBP into your CoinJar account using a UK bank transfer. After your initial deposit, it’ll be credited quickly too. You’ll then be charged a 1% fee to buy any cryptocurrency using the GBP you’ve just deposited.

Alternatively, you can instantly buy Mirror Protocol (MIR) using a debit or credit card. This works out a tad quicker, but it costs twice as much (2% fee).

While it works out a little more expensive than using an exchange, CoinJar’s web interface and mobile app are much easier to use.

CoinJar WebsiteCoinJar Review

3. Gemini

Established in 2014, Gemini is a well-known cryptocurrency broker (and exchange) that’s available in the UK and 50+ other countries.

You can use its web interface, or mobile app, to buy Mirror Protocol (MIR) and dozens of other cryptocurrencies. I prefer CoinJar’s interface, but it’s still easier to use than a cryptocurrency exchange.

Like CoinJar, you can deposit GBP into Gemini with a UK bank transfer (via Faster Payments) or instantly buy whatever cryptocurrency you want with a debit or credit card.

Depositing GBP with a UK bank transfer is free, but you’ll be charged at least 1.99% in fees to buy Mirror Protocol (MIR) with any cash you deposit into your Gemini account. However, you will be charged more if you buy chunks of less than £150 in value.

Gemini WebsiteGemini Review

What is Mirror Protocol (MIR)?

Mirror Protocol (MIR) is the native governance and reward token for Mirror Protocol, a DeFi platform where anyone can create and issue synthetic assets. Technically, the token is called Mirror Token (MIR) and the protocol itself is called Mirror Protocol. However, you may see these terms used interchangeably.

Both MIR and the Mirror Protocol were developed by Terraform Labs, the same company that’s behind TerraUSD (UST) and Terra (LUNA). Founded in 2019, Terraform Labs is a South Korean firm spearheaded by Do Kwon and Daniel Shim that offers a number of innovative blockchain-based technologies. MIR tokens became publicly available in late 2020.

The Mirror Protocol primarily operates on the Terra network (but it’s now available on the Ethereum network, too). Its primary purpose is to facilitate the creation of synthetic assets called mAssets (Mirrored Assets). A synthetic asset is a crypto token that’s programmed to track the price of other assets, such as stocks or commodities.

For example, the synthetic version of Apple (APPL) stock on the Mirror Network would be called mAPPL. Its price would be tied to that of actual APPL stock, but it would be tradable for cryptocurrencies or even other synthetic assets rather than fiat currencies.

Synthetic assets like mAPPL are also tradable 24/7 and they’re accessible to anyone that has a device that can connect to the Mirror Protocol web app. This makes synthetic assets different from traditional assets, which normally can only be traded during market hours and aren’t available to traders in all geographic areas.

Here’s a video that explains how MIR tokens and the Mirror Protocol work:

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What are the benefits of holding Mirror Protocol (MIR)?

The MIR token is technically the governance and rewards token of the Mirror Protocol network.

You don’t need MIR tokens to buy mAssets on Mirror Protocol. Rather, you can trade mAssets using TerraUSD (UST) on the Terra network or Ethereum (ETH) on the Ethereum network (via Uniswap).

So, what’s the point of holding MIR tokens if you can’t use them to buy mAssets?

There are two benefits to having MIR in your wallet, namely:

  • Governance: Each MIR token holder gets governance votes on any proposed changes to the protocol.
  • Staking Rewards: You can earn rewards on your MIR tokens by staking your tokens on the network. Rewards on the native Terra network are paid out in MIR and the APR can be as high as about 12.3%.

Best Mirror Protocol (MIR) Wallets

There are 3 kinds of MIR tokens:

  • Native Terra: The original MIR tokens were created on the native Terra network, which is also used for TerraUSD (UST) and Terra (LUNA). This is the version of MIR that you will receive if you swap UST or LUNA for MIR directly on the Mirror Protocol web app or on TerraSwap.
  • ERC-20: MIR tokens are now available as ERC-20 tokens on the Ethereum network through a bridge. The ERC-20 version of MIR might be what you get if you buy MIR on a centralized exchange or on Uniswap.
  • BEP20: Although not common, there are some BEP20 MIR tokens out there. These tokens are compatible with the Binance Smart Chain (BSC).

Not all wallets are compatible with all forms of MIR. This means you need to verify the type of MIR that you have so that you don’t send it to the wrong address. But you can use Terra Bridge to process interchain transfers and swap one version of MIR for another.

As far as MIR key storage goes, there is an official Mirror Wallet in the works – but it’s not currently available.

Here are some other MIR wallets to consider for storing the keys to different versions of MIR tokens:

Native Terra MIR Wallets

If you want to manage the private keys to native Terra MIR, you can use the Terra Station wallet. Terra Station is available as a mobile app (iOS and Android), a desktop app (OS, Windows, and Linux), or as a Chrome extension.

It can support all native Terra tokens, including UST, LUNA, and MIR. Terra Station is also compatible with the Mirror web app where you can stake your tokens.

ERC-20 MIR Wallets

For ERC-20 MIR tokens, you have many wallet options. If all you want to do is have a safe place to store your keys, you can use nearly any software wallet that supports ERC-20 tokens for your MIR.

But if you want to stake ERC-20 MIR into liquidity pools, you’re better off using an ERC-20-compatible wallet that integrates well with mETH (the Ethereum-based Mirror web app).

mETH supports direct connections with MetaMask and Coinbase Wallet. You can also use any ERC-20-compatible wallet that integrates with WalletConnect. This includes the DeFi Wallet and Atomic Wallet.

Alternatively, if you prefer a hardware wallet, you can store the keys to ERC-20 MIR on the following devices:

However, the wallet interfaces for Ledger and Trezor wallets (Ledger Live and Trezor Suite) don’t support MIR tokens. To manage your MIR tokens on Ledger or Trezor devices, you need to integrate your hardware wallet with MetaMask or another similar service.

Or, if you use a CoolWallet S, you can link it and your MIR tokens to mETH directly using WalletConnect.

BEP20 MIR Wallets

If you happen to have BEP20 MIR tokens, your best bets for storage include Trust Wallet or MetaMask. But note that you have to add Binance Smart Chain as a custom network to store BEP20 MIR on MetaMask.

You can also store the keys to BEP20 MIR tokens on Ledger devices, but you can’t manage BEP20 MIR on Ledger Live. So, you would still need to integrate with MetaMask in order to manage BEP20 MIR on a Ledger wallet.

Thanks for Reading!

Thanks for checking out this guide about how to buy Mirror Protocol (MIR) in the UK!

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