If you have any interest to buy Only 1 Token (O1T), 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 Only 1 Token (O1T).
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: Create a Metamask Account
Open https://metamask.io website or search for “Metamask extension” in your favorite browser (you can install Metamask for Chrome, Firefox and Opera browsers).
We will show you how to install MetaMask extension for Chrome.
Click Add to Chrome to install MetaMask as Google Chrome extension.
Click Add Extension.
You have successfully installed MetaMask extension. That was easy, isn’t it? Now, it is time to add your existing cryptocurrency wallet.
If you don’t have a wallet yet, you can create one straight away.
When the extension is installed, click on the icon in the upper right corner to open the MetaMask, read and accept the terms.
Create a strong password and click Create.
You will see a 12 words seed phrase. Save seed words as a file or copy them to a safe place and click “I’ve copied it somewhere safe”.
Congratulations! You have successfully created an account in MetaMask with a new wallet address!
Now you can view your address on Etherscan (Ethereum blockchain explorer), check the QR code, copy your wallet’s address to clipboard or export your wallet’s private key.
Step 4: Connecting MetaMask to Binance Smart Chain
We want to access the Settings to point the wallet towards Binance Smart Chain nodes.
On the Settings page, we want to locate the Networks menu.
We want to click Add Network in the top-right corner to manually add the Binance Smart Chain one – it doesn’t come packaged with MetaMask. It’s important to note that there are two networks we can use here: the testnet or the mainnet. Below are the parameters to fill in for each.
Mainnet (This is the one you are probably looking for)
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
Once you Save the Network and return to the main view, you’ll notice one things: the network has automatically been set to the one you just entered.
Step 5: Deposit BNB to your MetaMask wallet
Hover over the account name at the top of the window, which will display “Copy to clipboard”
Click on the account name to copy your address
Paste your address in the “recipient” field in the application where you are sending your BNB or tokens from.
Select the amount you want to send, along with any other necessary steps to complete and submit the transaction and make sure to select transfer network “Binance Smart Chain (BSC) BEP20(BSC)”.
Note: Please consult with the organization of the application you are using for information on how to transfer your BNB/tokens.
Step:6 How to Make Your First Trade on Pancakeswap
First head over to the Pancakeswap exchange platform.
On the top right, click the ‘Connect to a wallet’ button, and log in with the wallet you wish to trade with.
We’ll log in with a MetaMask wallet.
Once logged in, the trading interface will appear.
In the top field, select the token you wish to exchange for the token you want. We’ll select BNB. In the bottom field, search for the token you wish to purchase, or select it from the drop-down menu, in this case (O1T).
Now you’re ready to set up your order. You can either choose how much you want to spend by entering a number in the top field, or choose how much to buy by entering a number in the bottom one.
At the bottom of the order menu, you’ll then see how much you can expect to receive.
If you’re happy with these figures, click the ‘Swap’ button.
Your wallet click will then prompt you to confirm the trade, and potentially adjust the fees to a number that works best for you.
When you’re ready, confirm the transaction and it will then be processed. Once it’s done, your tokens will appear in your ERC20 wallet.
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 Only 1 Token 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 Only 1 Token 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 Only 1 Token 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 Only 1 Token with cash?
The answer is No. Because there is no way you can directly buy Only 1 Token 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 Only 1 Token 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 Only 1 Token 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 O1T?
Only 1 Token (O1T) is a single token with 18 decimals. It is shared by each of its holders who are working together to make O1T the single most valuable asset in the world. Built into the code are features to provide sustainable benefits to every holder and powerful incentives for holders to provide trading liquidity. Built on this token will be an intuitive Binance Smart Chain (BSC) portfolio tracker and a fundraising platform for charity tokens on BSC.
Tokenomics and how it works:
Initially, every transfer of O1T incurs a 7% fee which is broken down into 3 parts: 4.9% is awarded to all holders, 1.9% is awarded to all PancakeSwap liquidity pool (LP) token holders, the remaining 0.2% is sent to the project evolution fund.
Hold to earn: 4.9% of every transfer of O1T is distributed instantly to each O1T holder’s wallet. This is known as a “reflection fee”, and is achieved through a mechanism originally developed by Reflect Finance, which has been popularized by other projects such as SafeMoon.
Hold to farm liquidity: Inspired by the way the reflection fee works, O1T set out to devise a way to incorporate the same type of hold-to-earn mechanics as a way to reward LP token holders. This is accomplished very simply by accumulating the 1.9% liquidity fees from every transfer in the token contract and sending them to the liquidity pool on every buy and sell. The amount of tokens awarded to LP token holders is 2.5% of every buy and sell, as long as there are sufficient tokens in the contract to pay the reward. On the release of O1T, 25% of the supply is initially sent to the contract to provide these rewards, and it is sustained by the liquidity fee on every transfer. Since 2.5% of every buy and sell is being rewarded to LP holders, and the liquidity fee is only 1.9% this results in a 0.6% deficit which allows the initial 25% of the supply that is in the contract to slowly enter circulation, until the contract is depleted and the liquidity fee can be reduced to 0%.
Project evolution: The project evolution fund is how O1T finances project development and paid marketing. It is funded by a 0.2% fee on every transfer. Being a community based project, holders will have the opportunity to help decide what utilities and features are developed and where marketing funds are spent.
Contract ownership/fee reduction: O1T aims to eventually become a fee-less token for maximum usability and transferability. The first fee to be reduced will be the liquidity fee. As liquidity grows and becomes more decentralized, this can be gradually reduced until there is no fee. As the O1T ecosystem grows, and more DAPPs and utilities are developed, the reflect and project evolution fees will also be reduced gradually to 0%.
In order to accomplish this, contract ownership must be retained. The ability to change these fees has been programmed in a way where the developer can never raise fees, only lower them, to prevent any risk of abuse.
Beyond the meme. O1T Utilities:
Portfolio tracker: The first project to provide utility for O1T will be a BSC portfolio tracker. This will allow anyone to connect to their Web3 wallet provider to view a list of all their tokens and current prices on PancakeSwap, and quickly trade them with the single press of a button. Shortly after the initial release, additional features such as viewing contents of other wallets, more detailed token information and sorting options will be unlocked automatically for people who hold at least $100 worth of O1T.
$10k Portfolio Giveaway/Fundraiser: Upon initial release of the portfolio tracker, O1T will have an ongoing $10k portfolio giveaway/fundraiser. The home page of our portfolio tracker (when there is no wallet connected) will feature the giveaway wallet which displays all the tokens that have been donated to it sorted by the BNB value of each token amount. O1T will approach other token projects to partner with them to donate, and encourage their communities to donate their token as well. When more than $100 worth of a token is donated to the $10k portfolio giveaway, O1T will recognize them out on their telegram/discord and twitter. The highest valued amount of tokens donated will be displayed the most prominently on the page which acts as advertising for the token with the option to trade right next to their token name and logo.
Charity Wallet Fundraiser: Only 1 Token’s $10k Portfolio Giveaway wallet will act as a prototype for our charity wallet fundraiser offering. O1T will partner with charity token projects by allowing them to create a custom themed UI to display their charity wallet holdings as well as a progress meter of their current charity fundraising goals. O1T will have a dropdown menu listing each charity that they partner with on the website so people can explore and find various charities that they may want to follow or donate to. O1T will also encourage their partners to display a link to their charity wallet page on their website and social channels. By utilizing Only 1 Token’s advertising model which incentivizes other token projects to donate, O1T will create a new type of advertising network which will help them become known as the official aggregator of charity tokens.
The utilities described above are their initial vision for O1T, but they are a project that intends to grow and expand their ecosystem. They intend to continually develop tools that provide a more user friendly environment in the world of cryptocurrency.