What is Storj coin (STORJ) and what is it used for?
Storj is an open-source file storage platform that uses a decentralized network of nodes to host users’ data. The main goal of the project is to make cloud file storage cheaper, faster, and private than traditional methods like centralised servers. The peer-to-peer network secures hosted data using advanced encryption and file sharding to bring higher confidentiality compared to other cloud storage solutions. Unlike Google Drive or Dropbox that control access to files, the Storj project guarantees users are the only ones who can access stored files.
The Storj white paper was published back in 2014 to introduce the general concept. Two years later it was updated with more information about the decentralized network and how it is going to work. The Storj platform was launched in 2018.
Storj network has a native token called STORJ that is used as a means of payment within the project. Tenants pay fees in STORJ for getting storage space, while farmers receive native tokens for providing bandwidth resources and storage space.
Where to buy STORJ token and how to select a platform?
STORJ is available on many major cryptocurrency platforms so you can simply search the internet for a place where to get the token. But a lot of people still try to find out how to buy Storj tokens and crypto coins and find the most appropriate bitcoin exchange for themselves. And one of the reasons is that some countries don’t allow buying and selling some cryptocurrencies for some reasons. That is why it is recommended to make sure that your country is supported on the platform and STORJ is available for your region.
CEX.IO is a global crypto exchange with 99% countries supported and over 4 million users worldwide, so it could be one of the most suitable options for you to buy STORJ. Also, CEX.IO Exchange is only a part of the CEX.IO ecosystem that consists of multiple crypto-related services like staking, savings, loans, spot and margin trading, etc. So with a CEX.IO account, you can greatly expand your crypto experience and find multiple ways to benefit from the digital economy.
Another important thing to consider when trying to select a crypto exchange is available payment options. CEX.IO supports numerous of them for fiat transactions such as Visa and Mastercard payment cards, domestic (ACH, SEPA, Faster Payments) and international (SWIFT) bank transfers, and online wallets (Skrill, AdvCash, Epay, QIWI).
Besides, you can find on CEX.IO dozens of digital assets available for trading, giving you even more options to buy cryptocurrencies.
What to know before buying STORJ on CEX.IO?
CEX.IO provides several options with different features that you can use to buy cryptocurrencies:
- Instant Buy/Sell;
- Spot trading;
Also, please note that you need to be verified for making deposits/withdrawals and buying/selling cryptocurrency. So before selecting the way to buy STORJ on CEX.IO, you should:
- Sign up for a CEX.IO account — enter a valid email address, set a strong password, and enable 2FA to protect your account;
Verify your account — various verification levels have their own account limits and open access to payment options. So if you want to use a specific payment option or buy STORJ for a specific amount, make sure that it corresponds with your current verification level. More information about payment options and verification limits you can find on our Limits and Commissions page.
How to buy Storj with a credit card using the Instant Buy/Sell service?
Instant Buy is one of the easiest ways to buy Ethereum with a credit or debit card as well as many other Ethereum-based tokens available on CEX.IO, including STORJ. With the Instant Buy service, you can also buy Bitcoin instantly since the whole process of buying cryptocurrency takes a few clicks.
If you want to know how to buy STORJ cryptocurrency using Instant Buy, then follow these steps:
- Choose STORJ in the list of available cryptocurrencies;
- Select fiat currency for transaction;
- Enter the amount you want to buy or use one of the pre-calculated packs;
- Verify a payment card or use an already added card for transaction;
- Double-check the details and confirm the purchase.
And that’s all. STORJ cryptocurrency will be added to your CEX.IO balance in a matter of minutes.
The Instant Sell service works in a similar way but it is available only via CEX.IO mobile app. With this service, you can sell Bitcoin instantly or use it for selling other cryptocurrencies available on CEX.IO.
How to buy STORJ with a debit card in my local currency?
CEX.IO supports 4 fiat currencies on the platform — USD, EUR, GBP, RUB. But you still can buy STORJ even if you don’t have a payment card in one of these currencies. Moreover, you can do it with a card in your local currency. Just make sure that your card supports currency conversions and international transactions.
After that, select one of the fiat currencies available on CEX.IO for a transaction, for example USD, make a deposit with your card and your local currency will be converted on your bank’s conversion rates.
Note that only personal payment cards are allowed to use, also make sure that you don’t use prepaid, gift, or business cards for purchases.
After funding your account with a debit card or any other payment method, you can go trading STORJ with the market and limit orders. Also, you can also buy 80+ cryptocurrencies via the Instant Buy/Sell service.
Frequently asked questions
How to trade STORJ?
If you want to trade STORJ to USD, then just go to the Trade page on the CEX.IO website or select the Trade Pro section in the CEX.IO mobile app. Although the first market you’ll see on the Trade page will be BTC to USD, you still can find there more than 200 markets available for trading. In the case of the STORJ cryptocurrency, you can trade on both crypto-to-fiat and crypto-to-crypto currency pairs.
Just find STORJ in the list of supported cryptocurrencies and select the appropriate market. You will find the current market price, price chart, trading volume, and other information that will be useful to make well-informed decisions. After that, use one of available order types to place a buy or sell order on the STORJ market.
How to choose the order type for trading on CEX.IO?
On CEX.IO Exchange, you can find two basic order types — market and limit. A market order can be used when you want to buy or sell an asset at the best available price in the order book. Market order has instant execution, so it can’t be canceled. On the flip side, a limit order allows you to set the price to buy or sell an asset. It is executed when there are opposite orders in the order book that can match it or when the market price reaches a specified price in the limit order. Until then, a limit order can be canceled.
If there is not enough volume to fulfill your limit order, then it can be partially executed. In such a situation, the remaining part of the order may be canceled until full execution.
Why consider using the CEX.IO app for buying and selling STORJ?
If you want to buy and sell STORJ on the go, then CEX.IO mobile app may become a handy solution for you. There you can find Instant Buy and Trade services that are available on the CEX.IO website, as well as some features exclusive to the app. These services are Instant Sell and Exchange. The Exchange tab provides you an opportunity to convert crypto and fiat currencies even when there is no direct market for trade.
Using CEX.IO mobile app, you can also set up Price alerts to receive notifications when crypto prices reach specific levels to be always aware of recent market changes.