If you have any interest to buy CloakCoin (CLOAK), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of CloakCoin (CLOAK).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transfer Your Cryptos to an Altcoin Exchange Yobit
Now, let me show how to buy CloakCoin (CLOAK) using your investment from Binance.
Although, not every crypto can be traded in Binance we need to transfer your coins to an exchange that CloakCoin (CLOAK) can be traded. Therefore, I will guide you to YObit which is a perfect exchange to trade altcoins. We will use the link below to register your new account.
If you complete similar processes as we’ve done before with Binance you are now ready to transfer our Bitcoins.
Step 4: Deposit BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades CloakCoin (CLOAK), you have to transfer your BTC from Binance to that specific exchange.
You will need to use your wallet system. Then, to deposit BTC to yobit Click to “Wallets” from the top menu. Next, look for BTC at the top of the currency list. Then click deposit button and copy the given “Deposit Address” . Be careful because this part may be a little bit difficult but don’t worry, it is simpler than a bank transfer. Once you copy your unique BTC wallet address go back to Binance.
Now after that, you need to move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
Now paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, click on the Submit button to begin with the withdrawal process.
To continue with the withdrawal, Binance may request your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all you need to do, then wait shortly as the blockchain confirms your transaction.
Step 5: Trade CloakCoin (CLOAK)
Now, you can click Bitmax to purchase CloakCoin (CLOAK) with the Bitcoins you sent. Next, move your mouse over to trading and then click standard under cash trading. Found, in the left column make sure to select “BTC” pair and in the search bar type in “CLOAK”.
After you have moved your coin click on it and now you will see a price table of CLOAK/BTC in the center of the page. Then, select the “Market” button as that is the simplest way to purchase orders. Also, you may either type in your amount or choose what portion of your BTC deposit you would like to use on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy CLOAK”. Now you have bought your own CLOAK!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever CloakCoin gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store CloakCoin securely in hardware wallets
1. Ledger Nano S
Easy to set up and has a friendly trading interface.
Allows use on desktops and laptops
Lightweight and Portable too
Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
Has many trading languages.
Designed by a well-established company found in 2014 with great chip security
It is not expensive but can be acquired at affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your CloakCoin for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy CloakCoin with cash?
The answer is No. Because there is no way you can directly buy CloakCoin with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy CloakCoin while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase CloakCoin or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
Launched in Jun 2014, CLOAK is a provider of Open Source blockchain solutions using ENIGMA® technology, which reportedly helps to make transactions completely confidential. The technology is designed to be decentralized, reliable, secure, and scalable. It is based on Proof Of Stake, which was designed to reduce operating costs and carbon footprint.
Cloakcoin uses onion routing enabled by default with ENIGMA® technology. This, coupled with CloakShield® function, reportedly provides end-to-end encryption and offers direct and secure communication that allows nodes to evade traffic analysis. Combined with ENIGMA®, Cloakcoin aims to offer a high level of confidentiality that uses up to 25 jumps with symmetric RSA encryption and ECDH key exchange.
Anyone can generate Cloakcoin with annual interest rates of 6%.
Cloakcoin aims to allow any computer or smartphone user to participate in the cryptomarket with complete security and without the fear of unwanted hacking or multi-channel spying activity.