If you have any interest to buy Orchid (OXT), 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 Orchid (OXT).
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 Orchid (OXT) 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 Orchid (OXT) 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 Orchid (OXT), 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 Orchid (OXT)
You now need to go back to Bittrex to buy Orchid (OXT) 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 “OXT”. If you have already moved your coin click on it and now you will see a price table of OXT/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 OXT”. Now you have just bought your own OXT!
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 Orchid 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 Orchid 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 Orchid 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 Orchid with cash?
The answer is No. Because there is no way you can directly buy Orchid 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 Orchid 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 Orchid 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 Orchid (OXT)?
Orchid (OXT) is the native token of Orchid, a cryptocurrency-powered virtual private network (VPN).
Launched in December 2019, Orchid describes itself as the world’s first incentivized, peer-to-peer privacy network.
Its aim is to overcome internet freedom limitations by using cryptocurrency payments to allow anyone to purchase bandwidth from any participating provider. This is done using so-called probabilistic nanopayments, which occur using OXT, an ERC-20 standard token on Ethereum.
The service is pay-per-use, meaning that users only have to contribute funds when they actually connect, instead of paying monthly or annual fees.
Who Are the Founders of Orchid?
Orchid’s four co-founders come from the blockchain and financial spheres. They are Dr. Steven Waterhouse as CEO, Jay Freeman, Brian J. Fox and Gustav Simonsson.
Waterhouse is a well-known figure within cryptocurrency, having also co-founded venture capital outfit Pantera Capital, which is responsible for investing in some of the industry’s most popular companies.
Freeman is the creator of Cydia, an alternative Apple App Store for jailbroken Apple devices and currently used by around 30 million jailbroken Apple products.
Fox is responsible for the creation of United States bank Wells Fargo’s first interactive online banking system in the mid 1990s.
Simonsson, meanwhile, is one of the Ethereum network’s core security developers, helping with its original launch in 2015.
According to official literature, Waterhouse became alerted to the need for internet privacy improvements after becoming the victim of a SIM-swap attack, and began researching VPN technology.
What Makes Orchid Unique?
The main idea behind Orchid is the use of blockchain technology to enhance the existing VPN experience.
Using cryptocurrency-based probabilistic nanopayments, users can benefit from anonymous VPN usage which does not rely on a centralized server and the risks associated with a particular country’s infrastructure.
As a freely-exchangeable ERC-20 token, OXT also provides a trading incentive to own and increase network value for owners.
A separate feature allows users to purchase so-called “Orchid credits” with fiat currency. In this instance, OXT cannot be withdrawn and converted elsewhere, only spent with network providers. This is designed to appeal to those who do not wish to transact in cryptocurrency.
The appeal of Orchid, however, is not just among cryptocurrency users. Developers highlight a growing trend for internet freedom in the face of mounting geopolitical tensions and local restrictions.
Web 3.0 technology is used to provide some semblance of an open internet, as it was conceived when consumer access began to go mainstream in the early 1990s.
Learn more about Mysterium here.
New to cryptocurrency? Check out everything you need to know with CoinMarketCap’s educational resources here.
How Many Orchid (OXT) Coins Are There In Circulation?
OXT has a supply of 1,000,000,000 (1 billion) units. There is no inflation, but the possibility for deflation is maintained by possible token burns of OXT as part of regular network function.
Of the total supply, 51.13% are earmarked for network incentives (held in the Orchid Treasury) and other purposes. 17.3% went to investors as part of the seed Simple Agreement for Future Tokens (SAFT), 4.49% for SAFT 2a and 3.38% in SAFT 2b.
The remaining tokens will be distributed among four development teams. Multiple vesting schedules are in place, depending on the purpose and destination of the tokens.
How Is the Orchid Network Secured?
OXT is an ERC-20 standard token on Ethereum, and security risks revolve mainly around an attacker’s ability to harvest user data from Orchid itself.
Given that very little information is contained in the platform’s smart contracts used for payments, the weak links in the chain mostly lie with the user. As developers note, involving third parties in token purchases to use Orchid — for example, major exchanges — could ultimately lead to an attacker learning a user’s identity by tracing transactions to their exchange wallet.
Where Can You Buy Orchid (OXT)?
OXT is freely tradeable on major exchanges such as Binance, Kraken and Coinbase Pro, with cryptocurrency, stablecoin and fiat pairs available.