If you have any interest to buy Parasol Finance (PSOL), 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)
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 Parasol Finance (PSOL).
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.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Huobi
Now let me show you how to Parasol Finance (PSOL) using your investment from Binance.
But not every crypto can be traded in Binance we need to transfer our coins to an exchange that Parasol Finance (PSOL) can be traded.
I will show you how to use Huobi 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 you have done before with Binance you 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 Parasol Finance (PSOL), you will need to transfer your BTC from Binance to that specific exchange.
Usually done through a wallet system. to huobi deposit move your mouse over to “Balances” on the top right and click “Exchange Account”. Look for “BTC” from Token section and copy the given “Deposit Address”
To do this part may be a little difficult but don’t worry, it is easier than a bank transfer. Then copy your unique BTC wallet address and 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 have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Next, click on the Submit button to begin with the withdrawal process. To proceed 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, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade Parasol Finance (PSOL)
Now you have to go back to Huobi to buy Parasol Finance (PSOL) with the Bitcoins you sent.
Move your mouse over “Spot Trading” and click “Exchange” then you will see trading menu. Look for huobi trade in the left column make sure to select “BTC” pair and in the search bar type in “PSOL”.
After you move your coin click on it and now you will see a price chart of PSOL/BTC in the middle of the page. Select the “Market” tab as that is the Easiest way 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 PSOL”. Now you own your PSOL!
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 Parasol Finance 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 Parasol Finance 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
- 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 Parasol Finance 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 $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy Parasol Finance with cash?
The answer is No. Because there is no way you can directly buy Parasol Finance with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
What are the quickest ways I can buy Parasol Finance while living in Europe?
Can I use alternative platforms to purchase Parasol Finance or Bitcoin with credit cards?
What Is Parasol Finance(PSOL)?
Parasol Finance is the first-ever community governed IDO platform built on Solana with the needs of both projects and investors alike.
The key advantage as the ownership of Parasol tokens ($PSOL) gives a right of governance and voting on projects. Our governed platform will be an integral part of bringing new and existing projects and protocols into the Parasol ecosystem with the possibility to invest early. In the process, Parasol and the $PSOL token will become a foundation for enabling further development with partners, its own platform, and the ecosystem as a whole.
PSOL is the native utility token that is used for:
- Voting with the Token
- Governing with the Token: By using the DAO structure, PSOL holders can use Parasol Finance to participate in Governance decisions of the platform, such as deciding pools ratio on upcoming IDO, or voting on which IDO will be launched on Parasol
- Staking to participate in Parasol IDO
How Many PSOL Coins Are There in Circulation?
Parasol Finance launches its platform on January 7, 2022, with 21 million PSOL tokens created at genesis. 3,045,000 $PSOL (14.50%) to Liquidity Providers: Distributed retroactively to existing liquidity providers, 3,150,000 $PSOL (15%) to Ecosystem Development, 105,000 $PSOL (0.50%) to Launch Rewards, 1,470,000 $PSOL (7%) to the Team, 4,410,000 $PSOL (21%) to the Marketing and Rewards, 4,410,000 $PSOL (21%) to the Private Sale and 4,410,000 $PSOL (21%) to the Public Sale.
What Is A Token Sale?
Token sales are a crowdfunding tool used to build capital by startups or in order to launch a new project. In a token sale, a certain amount of new cryptocurrency created by the organizers is acquired by investors in exchange for other cryptocurrencies (e.g. Solana, USDC). Token sales can be also called IDOs (initial decentralized coin offerings).
What Is Parasol Finance Token?
Parasol Finance (PSOL) is a token based on the SPL standard and Solana blockchain. Thus, this token is guaranteed to work properly in the ecosystem. It can be used in other decentralized programs without any problems. SPL standard ensures the token meets the security requirements that are common in the industry.
PSOL Token Presale Overview
Minimum Purchase Threshold: 10 USDC
Maximum Purchase Threshold: 5000 USDC
Start Of The Presale: December 12, 2021
End Of The Presale: January 1, 2022
Soft Cap: 463,050 USDC (Phase 1), 595,350 USDC (Phase 2), 714,420 USDC (Phase 3)
Hard Cap: $5,264,700
How To Participate In Parasol Token Presale?
During the presale of PSOL, 42% of released tokens (21,000,000 PSOL) will be available to the public and private for making an investment in exchange for USDC. In case there are tokens left unsold by the end of the presale, they will be transferred to the crowd sale.
The presale is going to last for 13 days in total.