If you have any interest to buy Radix Protocol (XRD), 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 Radix Protocol (XRD).
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: Transfering Your Cryptos to an Altcoin Exchange Bitfinex
Let me show you how to purchase Radix Protocol (XRD) using your investment from Binance.
Not every crypto can be traded in Binance you will have to transfer your coins to an exchange that Radix Protocol (XRD) can be traded. So I will guide you to Bitfinex which is a well-known exchange to trade altcoins. You need to use the link below for a new account registration.
You need to follow the processes we used in the above steps and after you complete similar processes as we’ve done before with Binance you are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your new account at one of the exchanges that trades Radix Protocol (XRD), you will need to transfer your BTC from Binance to that specific exchange. Transferring is done via a wallet system.
Move your cursor on to “Funds” from the top right menu and click “Balances” on dropdown menu.
Once you click the “Balances” tab, you will see BTC top on the currency list. Click deposit button and copy the given “Deposit Address”
You may face some difficult in doing this part but don’t worry, it is easier than using bank transfer.
After you have copied your unique BTC wallet address go back to Binance.
Place your mouse’s 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 will be required to Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Next, write down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
After clicking the Max button, the next thing is 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 is all you need to do, now you should wait for a few seconds so that the blockchain confirms your transaction.
Step 5: Trading your Radix Protocol (XRD)
You now need to go back to Bitfinex to buy Radix Protocol (XRD) with the Bitcoins you sent. Move your mouse over to trading and then click standard found under cash trading.
On the left side there is a column, make sure to select “BTC” pair and in the search bar type in “XRD”.
After you have moved your coin click on it and now you will see a price chart of XRD/BTC in the middle of the page. Select the “Market” tab as that is the most straight-forward type 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.
After you have confirmed everything, click “Buy XRD”. Now you have bought your XRD!
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 Radix 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 Radix 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 Radix 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 Radix Protocol with cash?
The answer is No. Because there is no way you can directly buy Radix 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 Radix 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 Radix 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 Radix? (XRD)
Radix (www.radixdlt.com) is the first layer-one protocol specifically built to serve DeFi. Radix is “layer 1 DeFi done right” because it is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.
The Radix Public Network was launched on July 28th, 2021, and is the first step on the roadmap to creating a new, decentralized global financial system by offering three huge improvements to DeFi technology that will be released over the next three years.
What Makes Radix Unique?
1. 10x DeFi developer productivity. Right now, DeFi developers spend up to 90% of their time securing their code rather than building functionality. Despite that, there have still been over $285m of DeFi hacks, bugs, and exploits to date on Ethereum.
To solve this, Radix is building a purpose-built DeFi programming environment called Scrypto, that will enable fast AND secure development, giving DeFi developers more time to focus on innovation rather than security.
Scrypto is scheduled to be released in Q4 2021.
2. 100x DeFi execution efficiency. The Ethereum Virtual Machine (EVM) is where all DeFi smart contract logic is executed and it is SLOW. So slow in fact that it is one of the biggest bottlenecks of DeFi today.
The Radix Engine is designed to change the game by replacing the EVM with a lean, mean, state-executing machine. You can think of it like upgrading a 20-year-old computer CPU to Apple’s best new processors. Incredibly fast, more energy-efficient, and able to do a whole heap of stuff in parallel.
The Radix Engine v1 is released with the first Radix mainnet launch on the 28th of July 2021. The Radix Engine v2 is scheduled to be released in 2022.
3. 1000x DeFi scalability. DeFi on Ethereum is expensive to use. This is because it is not scalable, but popular, which creates a huge amount of congestion. What many underestimate is the sheer magnitude of transactions these systems will have to deal with as DeFi goes mainstream: to replace the global financial system will require processing millions of transactions per second, which is well beyond the capabilities of platforms like Ethereum 2.0 or Solana, and also completely beyond the capabilities of layer 2 scaling solutions.
The Radix consensus algorithm, Cerberus, delivers something entirely unique to the blockchain industry – linearly scalable atomic composability for DeFi. This means the Radix system will deliver millions of transactions per second in an entirely DeFi native way.
The fully sharded, linearly scalable version of the Radix public network is scheduled for the Xi’an release in 2023.
Radix is being built to deliver at each of the critical layers of the DeFi stack: the consensus layer, the application layer and the ecosystem layer. Combined, these give users and developers the tools needed for unparalleled scalability, ease of use, and liquidity potential.
Application Layer – Radix Engine
Today, DeFi developers have to choose between security and speed to market. For DeFi to continue to grow, Radix believes that developers need to be able to build fast without breaking things. To address this, Radix has a purpose-built DeFi programming environment that will enable fast AND secure development.
The Radix Engine v2 is designed to bring the next generation of Secure-By-Design DeFi programming tools to help developers build complex financial applications with less bugs and less hacks.
On Radix, developers will be able to quickly assemble DeFi applications from the on-ledger DeFi blueprint library. This is designed to deliver Faster-To-Market builds for DeFi app creators, as well as lower on-ledger running costs.
Behind every successful DeFi component will be the potential for a successful developer. The Radix Dev Royalties are designed to provide on-ledger revenue for component contributors. This is intended to make sure that individual community members, as well as big projects, can become successful building on Radix.
Radix Consensus Layer – Cerberus
For DeFi to become the new global financial standard, it needs to be able to scale to meet global demand. Radix uses a proprietary consensus algorithm that enables unlimited linear scalability.
This novel, academically proven consensus algorithm: Cerberus, provides the groundwork for the delivery of a public network with Linear Scalability. This means a public ledger could scale seamlessly to thousands of nodes and billions of users. Once delivered, this is designed to remove the congestion issues currently faced by Ethereum and others.
Cerberus is designed to deliver True Finality, meaning that once a transaction is final, it is final. No waiting for several blocks and wondering if your transaction has gone through. More importantly, no rollbacks of dependent transactions.
Lastly, Cerberus is designed to provide cross-shard Atomic Composability. This will allow DeFi applications on different shards to simultaneously work together without stalling other applications or transactions. This is a highly technical feat that, so far, only the coming Radix Public Ledger is designed to achieve.
At Radix, Improving Access for users is a key strategic goal. Radix founded GoodFi, a non-profit with the goal to get 100m users into DeFi by 2025 that already has members including Aave, Sushiswap, Chainklink, mStable, Terra & more. Radix has the ethos that the easier the ecosystem is to access, the more value can be brought on to the Radix Ledger.
Liquidity is the lifeblood of any DeFi ecosystem. Radix intends to take a multi-pronged approach to Improving DeFi Liquidity. First, the Radix Engine v2 is designed to give developers the tools to quickly build liquidity incentives into their applications. Second, the Radix Ledger is designed to be low-cost and high-throughput, allowing liquidity to more easily and cheaply move between DeFi applications.
Improving Access and Liquidity can also improve how attractive it is to build new DeFi applications on top of Radix. Improving Choice for the user is directly linked to improving Access and Liquidity. The Radix Engine v2 is designed so that as user choice grows, so too can the Radix developer ecosystem through the on-ledger developer royalty system and the blueprint catalog.
Access, Liquidity, and Choice all feed and build on each other. At Radix this is called the DeFi Cycle, and outside of the technology, it is one of the most important factors in building traction in the ecosystem.
Radix Token (XRD)
XRD is the native token for the Radix Public Network. The Radix XRD token is a fixed supply token that is used to pay for transaction fees on Radix. All transaction fees on Radix are burnt, which creates a direct relationship between the frequency of token burn with the frequency of Network use.
XRD can also be used by holders to participate in Delegated Proof of Stake (dPoS) on the Radix network and receive network emissions to incentivize staking.
Radix DLT founder, Dan Hughes, has been working on the problems associated with scaling public ledgers since 2013. In recent years the research work has expanded out to include academic collaborations, such as the research collaboration with the University of California Davis, and their dedicated blockchain research team.
The team also includes YCombinator alumni, ex-Consensys engineers, and builders of professor-beating chess bots! The wide-ranging skills set found within Radix is augmented by backers and advisors that have founded and run multi-billion dollar businesses in finance and beyond.