If you have any interest to buy Ocean Protocol (OCEAN), 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 Ocean Protocol (OCEAN).
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 Bittrex
Now, let me guide you on how to purchase Ocean Protocol (OCEAN) using your investment from Binance.
But remember you cannot trade every crypto in Binance you will have to transfer your coins to an exchange that Ocean Protocol (OCEAN) can be traded. So I will guide you to Bittrex which is a famous exchange to trade altcoins. Use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance you now are ready to transfer your Bitcoins.
Step 4: Depositing BTC to Exchange
If you have finished creating your new trading account setup at one of the exchanges that trades Ocean Protocol (OCEAN), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
You also need to click “Holdings” on the top right menu.
Look for “BTC” from Token section and copy the given “Deposit Address”
This process may be difficult a little bit but don’t worry, it is simpler than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance.
You have 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.
Then, you have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Then type the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
After you have done the above, click on the Submit button to begin with the withdrawal process. If you need to continue with the withdrawal, Binance may ask you for your 2-Factor Authentication code and also you will have to confirm the withdrawal with an e-mail.
That is all you are required to do, then you should wait for a few seconds so that the blockchain to confirm your transaction.
Step 5: Trading Ocean Protocol (OCEAN)
You now need to go back to Bittrex to buy Ocean Protocol (OCEAN) with the Bitcoins you sent over there.
You need to look for “Markets” and click that button and you will see altcoins list.
On your left side, there is a colum in which you have to make sure you select “BTC” pair and in the search bar type in “OCEAN”. If you have already moved your coin click on it and now you will see a price table of OCEAN/BTC in the middle of the page. Then select the “Market” tab as that is the simplest way of buying orders. 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.
When you have confirmed all details, click “Buy OCEAN”. Now you have just bought your own OCEAN!
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 Ocean Protocol 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 Ocean Protocol 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 Ocean Protocol 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 Ocean Protocol with cash?
The answer is No. Because there is no way you can directly buy Ocean Protocol 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 Ocean Protocol 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 Ocean Protocol 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 Ocean Protocol (OCEAN)?
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based datatokens.
Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. These datasets can be discovered on the Ocean Market, where they can be purchased and later consumed or sold.
On Ocean Protocol, each data service is represented by a unique datatoken, which is used to wrap a dataset or compute-to-data service — this essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.
OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.
Who Are the Founders of Ocean Protocol?
Ocean Protocol was co-founded in 2017 by an experienced group of consultants and entrepreneurs, who together have a wealth of experience in developing and growing high tech businesses.
The Ocean Protocol core team includes: Bruce Pon, an experienced international project manager and current CEO of BigchainDB; Trent McConaghy, an experienced engineer and AI expert; Cristina Pon, marketing director at both Ocean Protocol and BigchainDB; and Razvan Olteanu, who has more than 20 years of technical and management experience in senior roles.
The Ocean Protocol core team is currently composed of 15 individuals, and the platform is supported by a massive list of advisors — many of which are experts in AI, blockchain, big data and business, and have developed and managed their own successful companies.
What Makes Ocean Protocol Unique?
Ocean Protocol unlocks access to data that would previously be unavailable or challenging to access, by allowing anybody with sought-after datasets to tokenize their data and make it available on the Ocean Market.
This produces an additional income stream for data publishers while giving scientists, researchers, data analysts and anybody else access to more reliable data.
Ocean Protocol provides the tools needed for firms to build and launch their own data markets, by either directly forking the Ocean Protocol, or by using the supplied Ocean Protocol React hooks. It also provides extensive documentation to assist with this process.
Holders of OCEAN tokens can directly participate in the datatoken economy by staking their tokens on datasets on the Ocean Market. Stakers then become liquidity providers in the selected OCEAN-datatoken pool, and earn a fraction of the transaction fees generated by the pool.
Read about Uniswap (UNI) — the governance token of the Uniswap decentralized exchange.
Check out district0x (DNT) — a network of decentralized marketplaces.
Get up to speed with the latest crypto lingo with the CoinMarketCap Crypto Glossary.
Get an overview of the current market insights with the CoinMarketCap blog.
How Many Ocean Protocol (OCEAN) Coins Are There in Circulation?
As of November 2020, a total of 414 million OCEAN tokens are currently in circulation. This is out of a fixed maximum of 1.41 billion tokens, which was set in the new Ocean contract deployed on August 21, 2020.
It will take a total of 50 years for the full OCEAN supply to be released, whereas a total of ~600 million tokens are expected to be in circulation by May 2022, and 1 billion tokens by January 2031.
Of the total Ocean supply, 20% is allocated to the project founders, 15% to acquirors (SAFTE purchasers), 5% to the Ocean Protocol Foundation and the remaining 60% will be distributed to keepers (those that run Ocean network nodes).
How Is the Ocean Protocol Network Secured?
OCEAN is currently an ERC-20 token operating on the Ethereum blockchain. As a result, it is backed by Ethereum’s extensive proof-of-work (POW) mining and node network, which protect it against a variety of attacks.
Ocean Protocol previously operated on a proof-of-authority (PoA) sidechain, but this was scrapped to ensure datatokens remain compatible with the broader Ethereum ecosystem.
According to a 2019 blog entry, Ocean Protocol applied military-grade security practices when designing its smart contracts — ensuring they can be securely upgraded and deployed without opening up any attack vectors.
Where Can You Buy Ocean Protocol (OCEAN)?
Ocean Protocol (OCEAN) tokens can currently be traded on more than two dozen exchanges, including several top tier platforms — like Binance, KuCoin, Bittrex and Poloniex. As of November 2020, Binance is the most liquid centralized exchange for OCEAN, whereas Uniswap is the most liquid decentralized exchange for OCEAN.
OCEAN currently cannot be purchased directly with fiat currencies on any supported exchanges. But you can buy Bitcoin with fiat instead, and then exchange this to OCEAN.