If you have any interest to buy Karura (KAR), 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.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
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.
1.3 Allow 2FA-Two-factor authentication (Optional)
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 Karura (KAR).
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: Transferring Your Cryptos to an Altcoin Exchange Kucoin
Let us now purchase Karura (KAR) using your investment from Binance.
However, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Karura (KAR) can be traded.
So I show you how to on KuCoin which is a famous exchange to trade altcoins. We will use the link below to register your new account.
Once you have completed similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades Karura (KAR), you will need to transfer your BTC from Binance to that specific exchange.
You will have to so this via a wallet system. Then, deposit BTC to kucoin, just move your cursor to “Assets” from the top right menu and click “Main Account (Deposit & Withdraw)” look for the search box, type “BTC” and click deposit button and copy the given “Deposit Address”.
This part may be a bit difficult to do but don’t worry, it is easier than a bank transfer. After you have copied your unique BTC wallet address go back to Binance.
Then 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.
You need to 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).
Next you need to click on the Submit button to begin with the withdrawal process. To continue with the withdrawal, Binance may ask you for 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 for a few seconds while so that the blockchain to confirm your transaction.
Step 5: Trading Karura (KAR)
Now you are free to go back to Bitmax to buy Karura (KAR) with the Bitcoins you sent.
Move the mouse over to trading and then click standard under cash trading. Then, in the left column make sure to select “BTC” pair and in the search bar type in “KAR”.
If you have moved your coin click on it and now you will see a price table of KAR/BTC at the center of the page. Select the “Market” tab as that is the most straight-forward type of buying orders.
Also you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy KAR”. Now you own your KAR!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
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 Karura 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 Karura 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
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an 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 Karura 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 Karura with cash?
The answer is No. Because there is no way you can directly buy Karura 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 Karura 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 Karura 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.
What Is Karura (KAR)?
Karura is an all-in-one decentralized finance (DeFi) hub and stablecoin platform built on Kusama (KSM) and integrated into Polkadot (DOT). Karura was created by the Acala Network, which has won four Web3 Foundation grants and founded the Substrate Developer Academy.
To learn more about this project, check out our deep dive of Karura.
Both Karura and Acala are backed by multiple funds, including Coinbase Ventures, Pantera Capital, Polychain Capital and Hypersphere. Karura and Acala operate in parallel. Specifically, Karura is implementing DeFi on Kusama in the same way that Acala is offering DeFi on Polkadot. The network is built with almost the same codebase as Acala: the two platforms provide scalable, convenient and fast DeFi cross-chain ecosystems for Kusama and Polkadot.
Parachain Karura is a platform that allows users to create effective, low-cost and complex financial applications, saving time and increasing trading efficiency.
The platform itself provides a multi-collateralized stablecoin backed by cross-chain assets (kUSD), a trustless staking derivative (liquid KSM), and an automated market maker (AMM) decentralized exchange (DEX) for unlocking liquidity and supporting financial innovation.
Who Are the Founders of Karura?
Karura was founded by the same team that is behind the Acala Network: Ruitao Su, Bette Chen and Bryan Chen.
Ruitao Su is a co-founder of Acala and current CEO of Laminar Protocol. Prior to that, he was the CTO of Centrality. Su is an award-winning software engineer, entrepreneur, investor and advisor to tech companies and startups.
Bette Chen is a co-founder at Acala Network and the COO at Laminar. She is an experienced product manager and entrepreneur. Chen holds academic degrees in software engineering and business (MBA). She has 10 years of experience managing products in the fields of software and high technologies.
Bryan Chen is another co-founder at Acala Network. He is also a co-founder and CTO of Laminar. Chen is a major contributor to the Substrate codebase and a Polkadot Ambassador.
What Makes Karura (KAR) Unique?
All developments and technological updates made by the Acala team will always be delivered to Karura before any other Polkadot platforms. Thus, Karura users will be among the first to take advantage of the latest DeFi technologies.
Karura offers a stablecoin — Karura Dollar (kUSD), which maintains a 1:1 peg to the value of the U.S. dollar. This removes the need to send KSM tokens to Binance because users can safely swap KSM to a stablecoin (or to other assets such as Bitcoin).
Karura also provides a liquidity protocol for KSM tokens if you don’t want to participate in auctions, but still aim to receive staking rewards. However, users will have to wait seven days to unfreeze the tokens. Users can leverage the liquidity protocol and swap KSM to LKSM; this token will include the annual percentage yield that you receive, and, most importantly, it will be liquid, making the staking itself liquid.
One of the main advantages Karura offers is the ability to execute hundreds of DeFi strategies without leaving the platform. Users can use cross-chain tokens (like BTC or ETH) to issue a self-service loan in kUSD. They can also earn fees by providing liquidity to the Karura DEX. Furthermore, users will receive rewards and benefits with an unlocked and liquid KSM staking derivative by simply maintaining liquidity while staking.
To sum up, the Karura DeFi Hub on Kusama offers liquid KSM (LKSM) staking, a decentralized exchange, an algorithmic stablecoin and a fixed KAR token supply.
Take a deep dive into the Karura ecosystem.
What is Acala? Learn more about Polkadot parachains with CMC Alexandria.
Read more about Decentralized Finance.
How Many Karura (KAR) Coins Are There in Circulation?
Karura is a blockchain platform custom-built for DeFi. It is powered by KAR, a utility token with a maximum supply of 100,000,000. KAR’s value is backed by a certain volume of reserved ACA tokens.
The total supply is allocated as follows: 60.87% to the сommunity, 10% to the founding team, 10.08% to the backers and 18.33% to the early backers. The community allocation is further broken down as follows: 34% to the auction reward and liquidity program, 10.25% to the reward reserve, 5% to ecosystem development and 11.62% to the treasury/reserve.
The participants of the parachain auction will be rewarded with KAR tokens. 30% of KAR will be unlocked and transferable upon receipt and 70% will be released within 48 weeks.
The KAR token supports six distinct use cases: transaction fees, node incentivization, governance, algorithmic risk adjustment, pallet deployment and smart contract deployment.
How Is the Karura Network Secured?
Where Can You Buy Karura (KAR)?
As of June 2021, KAR tokens are not available for trading on any cryptocurrency exchanges. However, users can try out Karura’s decentralized applications (DApps) on the Mandala testnet.
To learn more about buying crypto, check our extensive guide.