How to Buy Reef (REEF) [For Beginners]

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)

binance homepage

Sign Up Binance Now

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)

buy bitcoin with credit card

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 Reef (REEF).

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.

  1. 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.
  2. 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.
  3. Next, click “Buy BTC. A window that contains all the details of your order will pop up. However, before you confirm your order you need to read the disclaimer and Terms of Use. Once satisfied, confirm your order by ticking the tab and head to “Go to payment’’; click.
  4. 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.
  5. 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”.
  6. 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 FTX

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.

Sign Up FTX Now

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)

Bilaxy

OKEx

Huobi Global

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

Ledger Nano S Live Crypto Wallet

  • 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

Buy Ledger Nano S Now

2. Ledger Nano X

Ledger Nano x Live Crypto Wallet

  • 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

Buy Ledger Nano X Now

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,

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 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?

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 Reef 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 Reef 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.

About Reef (REEF)

What Is Reef (REEF)?

Reef is a DeFi platform built on Polkadot that aims to deliver cross-chain trading. A yield engine and a smart liquidity aggregator are among the project’s offerings.

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.

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