If you have any interest to buy SafeOHM (SOHM), 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 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)
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 SafeOHM (SOHM).
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: Create a Metamask Account
Open https://metamask.io website or search for “Metamask extension” in your favorite browser (you can install Metamask for Chrome, Firefox and Opera browsers).
We will show you how to install MetaMask extension for Chrome.
Click Add to Chrome to install MetaMask as Google Chrome extension.
Click Add Extension.
You have successfully installed MetaMask extension. That was easy, isn’t it? Now, it is time to add your existing cryptocurrency wallet.
If you don’t have a wallet yet, you can create one straight away.
When the extension is installed, click on the icon in the upper right corner to open the MetaMask, read and accept the terms.
Create a strong password and click Create.
You will see a 12 words seed phrase. Save seed words as a file or copy them to a safe place and click “I’ve copied it somewhere safe”.
Congratulations! You have successfully created an account in MetaMask with a new wallet address!
Now you can view your address on Etherscan (Ethereum blockchain explorer), check the QR code, copy your wallet’s address to clipboard or export your wallet’s private key.
Step 4: Connecting MetaMask to Binance Smart Chain
We want to access the Settings to point the wallet towards Binance Smart Chain nodes.
On the Settings page, we want to locate the Networks menu.
We want to click Add Network in the top-right corner to manually add the Binance Smart Chain one – it doesn’t come packaged with MetaMask. It’s important to note that there are two networks we can use here: the testnet or the mainnet. Below are the parameters to fill in for each.
Mainnet (This is the one you are probably looking for)
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
Once you Save the Network and return to the main view, you’ll notice one things: the network has automatically been set to the one you just entered.
Step 5: Deposit BNB to your MetaMask wallet
Hover over the account name at the top of the window, which will display “Copy to clipboard”
Click on the account name to copy your address
Paste your address in the “recipient” field in the application where you are sending your BNB or tokens from.
Select the amount you want to send, along with any other necessary steps to complete and submit the transaction and make sure to select transfer network “Binance Smart Chain (BSC) BEP20(BSC)”.
Note: Please consult with the organization of the application you are using for information on how to transfer your BNB/tokens.
Step:6 How to Make Your First Trade on Pancakeswap
First head over to the Pancakeswap exchange platform.
On the top right, click the ‘Connect to a wallet’ button, and log in with the wallet you wish to trade with.
We’ll log in with a MetaMask wallet.
Once logged in, the trading interface will appear.
In the top field, select the token you wish to exchange for the token you want. We’ll select BNB. In the bottom field, search for the token you wish to purchase, or select it from the drop-down menu, in this case (SOHM).
Now you’re ready to set up your order. You can either choose how much you want to spend by entering a number in the top field, or choose how much to buy by entering a number in the bottom one.
At the bottom of the order menu, you’ll then see how much you can expect to receive.
If you’re happy with these figures, click the ‘Swap’ button.
Your wallet click will then prompt you to confirm the trade, and potentially adjust the fees to a number that works best for you.
When you’re ready, confirm the transaction and it will then be processed. Once it’s done, your tokens will appear in your ERC20 wallet.
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 SafeOHM 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 SafeOHM 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 SafeOHM 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 SafeOHM with cash?
The answer is No. Because there is no way you can directly buy SafeOHM 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 SafeOHM while living in Europe?
Can I use alternative platforms to purchase SafeOHM or Bitcoin with credit cards?
SOHM is a hybrid of SafeMoon and OHM, a decentralized financial reserve protocol that provides compounding interest through its community-owned and protected treasury. $SOHM is backed by BNB in the treasury, giving it an intrinsic value.
$SOHM also introduces a better (3,3) game-theory through staking ,bonding and selling penalty.