If you have any interest to buy sBTC (SBTC), 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 sBTC (SBTC).
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 Okex
Let us now see how to buy sBTC (SBTC) using your investment from Binance.
But you have to keep in your mind that, not every crypto can be traded in Binance we need to transfer our coins to an exchange that sBTC (SBTC) can be traded. Therefore, I will guide you to Okex which is a famous exchange to trade altcoins. We will use the link below to register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
If you have already created your trading account setup at one of the exchanges that trades sBTC (SBTC), you will need to transfer your BTC from Binance to that specific exchange.
To do this you have to use a wallet system. okex deposit Mouse over to “Assests” on the top right and click “Deposit”. Just look for “BTC” from Token section and copy the given “Deposit Address” This process may be a little bit difficult but don’t worry, it is simpler than using a bank transfer. Once you have copied your unique BTC wallet address go back to Binance.
Next you 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.
After that, just paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Also you will have to click on the Submit button to begin with the withdrawal process. To continue with the withdrawal, Binance mayrequest you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all you need to do, wait shortly so that the blockchain to confirm your transaction.
Step 5: Trading sBTC (SBTC)
Now you can head back to Okex to purchase sBTC (SBTC) with the Bitcoins you sent.
Just move the mouse over “Trade” and click “Spot” then you will see trading menu. okex trade In the left column make sure to select “BTC” pair and in the search bar type in “SBTC”. Then after you move your coin click on it and now you will see a price chart of SBTC/BTC at the center of the page. Select the “Market” tab as that is the most straight-forward type 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.
After you have confirmed everything, click “Buy SBTC”. Now you own your SBTC!
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 sBTC 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 sBTC 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 sBTC 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 sBTC with cash?
The answer is No. Because there is no way you can directly buy sBTC 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 sBTC while living in Europe?
Can I use alternative platforms to purchase sBTC or Bitcoin with credit cards?
What is sBTC?
sBTC is a synthetic Bitcoin token enabled by the Synthetix protocol. It tracks the price of Bitcoin through price feeds supplied by Chainlink’s decentralized network of oracles. It can be traded without slippage for other assets native to the Synthetix protocol at Kwenta or Synthetix.Exchange.