How to buy Elon Musk (MUSK) Guide (2024)

Step 1: Choose a Crypto Wallet.

Choose a crypto wallet to store your cryptocurrency. Pick one that works well in your area, accepts your payment method, and follows your preferred policies. Some popular and reliable crypto wallets are Coinbase Wallet, MetaMask, TrustWallet and so on. You can download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

Quick tip: Do your research on types of crypto wallets most suitable for your trading preference. For beginners, it is usually advised to use hot wallets as you can make quick and online payments for frequent swapping. However, if you want a more secure wallet, you can consider cold wallets since it is not connected to the internet. Cold wallets are suitable for storing large amount of crypto over a long time.

Step 2: Set up your Wallet.

First, create an account: Provide your personal information and select a strong password. Then, you will be provided with Secret recovery phrase or Seed Words. This consists of 12 randomly generated words and serves as a precautionary measure in case you loose this wallet. It's vital to accurately note it down carefully before moving on to other steps.

Step 3: Buy your base currency.

This is the currency that you will use to trade MUSK and other coins. For this you need to choose a cryptocurrency exchange platform and buy your base currency. For buying Elon Musk (MUSK), there are different base currency you can used. Usually, these could be the fundamental and widely popular coins such as Bitcoin, Ethereum, Tether and so on.

Quick tip: If you are a new trader, start with small amount to avoid risks. Be aware of the market trends, trading fees and crypto taxes due to high volatility.

Step 4: Transfer funds to your Wallet.

Once you have bought your base currency, you can withdraw it to your crypto wallet. Log into your account on exchange platform you chose in Step 3. Next, you need provide your wallet address (from your crypto wallet) and the amount you want to transfer. After a brief wait, you should see your funds appeared in your crypto wallet.

Step 5: Choose a Decentralized Exchange (DEX).

A decentralized exchange (DEX) is a peer-to-peer (P2P) platform that links individuals looking to buy and sell cryptocurrencies. There are several DEXs available; you only need to confirm that the exchange supports the wallet you choose in Step 2. For instance, you can go to Pancake Swap to complete the transaction if you are using the Binance wallet.

Quick tip: Besides considering exchange’s trading fees, you should also compare liquidity of the trading pairs. Higher liquidity typically leads to better pricing and tighter spreads.

Step 6: Buy Elon Musk (MUSK) with your base currency.

Once you have chosen a DEX, you need to connect it to your wallet and start to trade. Select MUSK from the list and enter the amount you want to trade.

Quick tip: Remember to diversify your portfolio. Investing all or most of your funds into a single cryptocurrency can be highly risky. Be aware of the market hype and avoid FOMO trading. Diversifying your portfolio helps you spread the risks and raise the chances of success in general. Check out the similar coins listed below.

Step 7: If you can't find Elon Musk (MUSK), look for its Smart Contracts.

You can use bscscan or etherscan to locate the smart contract address if the coin you seek is not listed on the DEX. After that, you may copy it and paste it into Pancake Swap. Be aware of scams, and make sure you have the correct contract address.