If you have any interest to buy Reef (REEF), 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
1.3 Allow 2FA-Two-factor authentication (Optional)
Step 2: Buying your first Bitcoin (BTC)
I highly recommend buying Bitcoin first and then trading it for the right amount of Reef (REEF).
Step 3: Transferring Your Cryptos to an Altcoin Exchange FTX
Now let us purchase Reef (REEF) using your investment from Binance.
But, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Reef (REEF) can be traded.
Let me guide you to FTX which is a famous exchange to trade altcoins. We will use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance we 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 Reef (REEF), you will need to transfer your BTC from Binance to that specific exchange.
You will need to use a wallet system. Deposit BTC to ftx Click “Wallet” from the top left menu. Then, you will see the coin list, find BTC and lick deposit button and copy the given “Deposit Address” This part may be a little bit difficult but don’t worry, it is easier than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance. 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, 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). Then, Click on the Submit button to begin with the withdrawal process.
For you 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 shortly so that the blockchain to confirm your transaction.
Step 5: Trade Reef (REEF)
Now you need to go back to Bitmax to buy Reef (REEF) with the Bitcoins you sent.
You will have to move your mouse over to trading and then click standard under cash trading.Then, in the left column make sure to select “BTC” pair and in the search bar type in “REEF”.
After you havemoved your coin click on it and now you will see a price table of REEF/BTC in the middle of the page. Select, the “Market” tab as that is the most straight-forward type of buying orders.
The, you have to 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 REEF”. Now you own your REEF!
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 Reef 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 Reef 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 Reef for some long time, you need to find ways to ensure it stays safe safe,
Frequently Asked Questions
Is it possible to buy Reef with cash?
The answer is No. Because there is no way you can directly buy Reef 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 Reef while living in Europe?
Can I use alternative platforms to purchase Reef or Bitcoin with credit cards?
What Is Reef (REEF)?
Work began on the project in the second half of 2020. Those behind Reef argue that the process of trading, lending and staking crypto is currently fragmented — creating “a painful experience for all of its participants.”
Reef aggregates liquidity and provides automation. It also aims to address the drawbacks associated with existing trading platforms. While centralized exchanges are prone to security breaches, decentralized rivals can lack liquidity and are often difficult to use.
Who Are the Founders of Reef?
Reef was founded by Denko Mancheski. His motivation was to remove technical barriers to entry for retail investors who want to get involved with DeFi — and offer a straightforward decision-making process that takes a user’s appetite for risk into account.
Mancheski wanted to help crypto newcomers overcome the complexities associated with using order books, and enable them to learn how different protocols work with ease.
Born in Macedonia, Mancheski said that his passion for fintech led to him being introduced to blockchain technology. He has described forming a competent team as the biggest challenge associated with bringing Reef to life.
When asked about the personal attributes that will help him become a successful entrepreneur, he added: “I have a very addictive personality — I just can’t stop doing something until I get to the imaginary goal that I set for myself.”
Mancheski previously worked as a chief technology officer for Adel, a global crypto community that serves as a “technology incubator for blockchain innovation.” He was also appointed as CTO for Viewly, a social video platform without advertisements.
What Makes Reef Unique?
Reef is geared towards newcomers, as well as current DeFi users who find it difficult to keep up with the best investment strategies. The company also wants to tackle the high gas fees that are seen on the Ethereum blockchain, which some claim renders DeFi protocols “unusable.”
When it comes to Reef’s unique attributes, one is linked to how any DeFi protocol can integrate into its operating system. Users can enter and exit into their chosen positions in a single click — and removes some of the hassle associated with managing liquidity pool tokens.
Because of how it has been built on Polkadot, Reef is able to support DeFi protocols on Avalanche, Moonbeam and Plasma, as well as on Ethereum and the Binance Smart Chain. As a result, Reef users have access to a broader number of platforms without requiring multiple accounts and a myriad of usernames and passwords that can be difficult to keep track of.
Find out more about Polkadot.
Check out our deep dive into decentralized finance.
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How Many Reef (REEF) Coins Are There in Circulation?
At present, REEF has a circulating supply of above three billion tokens. When it comes to the total token supply, approximately 3% has been allocated to Binance Launchpool, while 21% has been distributed to investors through token sales. The Reef team holds 16% of the supply and a specially created foundation has 17.5%, with about 12.5% earmarked for developing the ecosystem. The remaining 30% is devoted to protocol emissions and liquidity rewards, and tokens are going to be gradually released between now and the end of 2025.
How Is the Reef Network Secured?
According to Reef, the network is secured under the shared security model operated by Polkadot. Not only does this make the network resilient, but it also means that upgrades can be performed without forks.
A decentralized autonomous organization has also been established that is governed by those who hold REEF tokens.
Where Can You Buy Reef (REEF)?
REEF is available on Binance in two trading pairs — linking this token with Bitcoin and the USDT stablecoin. It has also been listed on Bilaxy. REEF can also be acquired through the decentralized Uniswap exchange using Wrapped Ether and USDT. Read more about how to convert fiat currencies to crypto here.