How to Buy Monad (MON): A Step-by-Step Guide Using Backpack Exchange

‍

MON is the native token of the Monad blockchain, a high-performance Layer 1 network designed for speed, scalability, and full EVM compatibility. As the core asset powering gas fees, staking, governance, and ecosystem incentives, MON serves as the foundation of the Monad ecosystem. With increasing attention on Monad’s parallel execution engine and its efficient EVM-based architecture, MON has quickly become one of the most anticipated new assets in Web3.

Backpack Exchange makes it simple to buy and trade MON with confidence. With deep liquidity, competitive fees, and a self-custodial Backpack Wallet built right in, you can access MON markets quickly and securely, all within a single, seamless platform.
 

MON Token Details

‍

• Name: Monad
  ‍
• Ticker: $MON
  ‍‍
• Backpack Spot Trading Page: https://backpack.exchange/trade/MON_USD

‍

Step-by-Step Guide to Buy MON

‍

To get started, sign up and verify your account on Backpack Exchange, then fund it with USD or crypto. Go to the trading section, find the MON/USD pair, review the market, and place a market or limit order. Once you've bought MON, you can keep it in the Backpack's internal wallet or move it to your own Backpack Wallet. Be sure to track your investment, set price alerts, and use stop-losses to help manage risk.

‍

Step 0: Choose a Platform

‍

1. Popular centralized exchanges offer a wide range of cryptocurrencies and trading pairs. Backpack Exchange offers the MON trading pairs that you are looking for.
   ‍
2. Some Decentralized Exchanges (DEXs) allow direct peer-to-peer trading on the blockchain, but may require more technical knowledge.  You can access DEXs with a Backpack Wallet.

‍

Step 1: Create and Verify Your Account

‍

1. Visit Backpack Exchange on desktop or download our mobile app on iOS or Android and click Sign Up.
   ‍
2. Enter your email address or mobile number and create a secure password.
   ‍
3. Verify your account by entering the 6-digit code sent to your email.
   ‍
4. Complete identity verification (KYC) for full access.
   ‍
5. Once verified, you’re ready to fund your account and start trading.

‍

‍

Step 2: Fund Your Account

‍

1. Click on "Deposit" in the upper right corner of your screen
   ‍
2. Select your funding method from the available options - either USD for fiat deposits or cryptocurrency
   ‍
3. For USD deposits: Choose wire transfer (no fees, 1-3 days) or debit card (instant with fees) and follow the provided instructions
   ‍
4. For cryptocurrency deposits: Copy the provided deposit address to send funds from an external wallet, or purchase crypto directly on Backpack using credit/debit cards where available
   
   

Step 3: Navigate to the Trading Section

‍

1. Once your account is funded, go to the "Trade" or "Spot" section of the platform.
   
   
2. From the available trading pairs, look for Monad listed with trading pairs MON/USD.
   
   
3. Use the search function if you're looking for a specific token.
   
   
4. Tip: Always confirm you're trading the correct token by verifying the contract address on the trading pair page.
   
   

Step 4: Analyze the Market

‍

1. Before trading, examine the price chart of your chosen token to understand recent price movements.
   
   
2. Check trading volume to ensure there's sufficient liquidity for your intended trade size.
   
   
3. Review the order book to see current buy and sell orders.
   
   
4. Consider consulting external sources for sentiment analysis, as cryptocurrency prices are heavily influenced by social media trends.
   ‍

‍

Step 5: Buy MON

‍

1. Choose your preferred order type: Market, Limit, Conditional, TWAP, or Scaled Order based on your trading strategy.
   ‍

• Market Order: Buys instantly at the best price.
  
  
• Limit Order: Executes only at your set price.
  
  
• Conditional Order: Triggers automatically once your price conditions are met.
  
  
• TWAP Order: Splits your trade into smaller parts over time to reduce slippage.
  
  
• Scaled Order: Places multiple limit orders across a price range to average your entry or exit smoothly.

2. ‍‍Enter your trade details, confirm, and your order will either execute instantly, wait for your price, or run progressively over time, depending on the type selected.
   
   

‍

Step 6: Store Your MON

‍

If you bought Monad on an exchange, like Backpack, it's always stored in our safe custodial wallet.

‍

For greater control, you consider using a non-custodial wallet like Backpack Wallet. You'll need to transfer your Monad from the exchange to your chosen wallet.

‍

Step 7: Manage Your Position

‍

• After purchasing a token, monitor its performance regularly in your portfolio.
  ‍
• Set price alerts to notify you of large price movements.
  ‍
• Determine your exit strategy in advance. Do you plan to hold for the long term or take profits at specific price targets?
  ‍
• Remember that cryptocurrency are highly volatile. Use stop-loss orders to protect against sudden downturns.

‍

Important Considerations When Buying MON

‍

Before investing in crypto, it’s essential to understand the key factors that can impact your safety, costs, and legal obligations.

Fees: Exchanges and trading platforms charge varying fees for transactions, including trading, deposits, and withdrawals. Always review the fee structure before making a purchase.

Security: Choose reputable platforms with strong security measures. Protect your accounts using strong, unique passwords and enable two-factor authentication (2FA).

Risk: Cryptocurrency is a volatile asset class. Prices can fluctuate dramatically, and you could lose some or all of your investment. Invest only what you can afford to lose.

Regulations: Cryptocurrency laws differ by country. Understand the legal and tax implications in your region to ensure compliance and avoid penalties.
‍

Conclusion

‍

Backpack Exchange is a secure and user-friendly platform tailored to Solana-based assets, making it an excellent choice for people looking to explore cryptocurrency coin trading and buy Monad. With its regulated environment, integrated wallet functionality, and competitive features, Backpack ensures traders can navigate the market with confidence. Check the live Monad price today on Backpack Exchange before you buy.

‍

Learn more about Backpack
‍

Exchange | Wallet | Twitter | Discord

‍

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.