If you have any interest to buy Source Token (SRCX), 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 Source Token (SRCX).
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: Transfer Your Cryptos to an Altcoin Exchange Lbank
Now let us buy Source Token (SRCX) using your investment from Binance.
But, remember that, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Source Token (SRCX) can be traded.
ButI will guide you to LBANK a famous exchange to trade altcoins. We will use the link below to register your new account.
Once you have completed similar processes as we’ve done before with Binance you are ready to transfer your Bitcoins.
Step 4: Depositing BTC to Exchange
If you have created your trading account setup at one of the exchanges that trades Source Token (SRCX), you will need to transfer your BTC from Binance to that specific exchange.
You will have to use a wallet system for that. Next, deposit BTC to lbank, place your cursor on “Wallet” on the top right menu and click “Spot Wallet”. Look for the search box, type “BTC”, click deposit and copy the given “Deposit Address”.
The process may be a little difficult but don’t worry, it is easier than a bank transfer. Once you copy your unique BTC wallet address go back to Binance.
Then 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.
Next, you have to 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). After that, click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance request 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: Trading Source Token (SRCX)
You can now go back to Bitmax to buy Source Token (SRCX) with the Bitcoins you sent.
You just need to move your mouse over to trading and then click standard under cash trading. Then look in left column make sure to select “BTC” pair and in the search bar type in “SRCX”.
If you have moved your coin click on it and now you will see a price table of SRCX/BTC at the center of the page. Then select the “Market” button as it is the easiest way 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.
If you have confirmed everything, click “Buy SRCX”. Now you own your SRCX!
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 Source Token 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 Source Token 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 Source Token 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 Source Token with cash?
The answer is No. Because there is no way you can directly buy Source Token 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 Source Token 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 Source Token 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 Source Token (SRCX)?
Source Token (SRCX) is Source Protocol’s first automated liquidity acquisition and DeFi market participation token built on Binance Smart Chain. Engineered to drive solvency and self-sustainability, SRCX rewards participants by-the-block with automated Loyalty and Yield Echoes. SRCX’s liquidity acquisition and reward distribution functions are automatically executed by the SRCX smart contract. As transaction volume increases, network fees will be automatically reduced at various milestones to incentivize even greater volume.
Dual-reward incentives for SRCX users, solvent growth mechanisms, and a deflationary function that burns tokens with every transaction, are all built into the independently-audited smart contract behind SRCX’s brilliant architecture. These functions provide SRCX with a progressive system that supports itself and its users with perpetually increasing liquidity, a decreasing token supply and block-by-block network rewards populated automatically into user’s wallets. Combined, these features create a tremendously attractive value proposition for SRCX that outperforms its predecessors by every standard.
Who Are the Founders of Source?
Source’s founding team is comprised of 6 people, including Ben Gunn (CEO), Paul Regalado (EDRD), Walter Mello (CFO), Cory Clinton (CTO), Jack Karger (CSO), and Jesse Darnell (CBDO). The Source Protocol team has former employees of Black Rock, Fidelity, Armis Security and Core Network Technologies, with over 30 years combined experience in crypto and blockchain tech, as well as over 20 years in traditional finance.
What Makes Source Token (SRCX) unique?
Developed by the Source Protocol Ltd team, SRCX is a rewards-based global transaction network supported by automated liquidity capture mechanisms to ensure solvent growth with every transaction. In addition to its sustainable design, SRCX users benefit from earning automated DeFi rewards called “Echoes,” without having to participate in any complex DeFi processes themselves.
Fair-launched to the Binance Smart Chain early June of this year, SRCX has already garnered over 2000 users and listed on 8 exchanges as the community continues to grow. Dual-reward incentives for SRCX users, solvent growth mechanisms, and a deflationary function that burns tokens with every transaction, are all built into the independently-audited smart contract behind SRCX’s brilliant architecture. These functions provide SRCX with a progressive system that supports itself and its users with perpetually increasing liquidity, a decreasing token supply and block-by-block network rewards populated automatically into user’s wallets. Combined, these features create a tremendously attractive value proposition for SRCX that outperforms its predecessors by every standard.
The Source Protocol team also has plans to integrate SRCX into Source Protocol’s peer-to-peer, non-custodial DeFi marketplace (Source One Marketplace), where it can be supplied, borrowed and collateralized against. Not only does this increase utility for users, it also allows for more tokens to be removed from circulation as users supply it for collateral. This creates an additional deflationary economic factor. The Source Marketplace is currently in full beta testing and will be deployed to the Binance Smart Chain in the coming months.
In addition to the above, SRCX’s deflationary mechanism can also be disabled at times of promotion. This temporarily re-routes tokens from being sent to the burn wallet (where they are removed from circulating supply) and sends them to all SRCX users instead, increasing reward distribution to the community. Disabling the burn function is done randomly so it cannot be gamed, and is designed to incentivise more rewards and attract more users.
As part of the developers’ vision and commitment to SRCX’s success, their focus will remain on adoption and acceptance of SRCX by the crypto community and enterprises alike, while retaining its role as the top sustainable DeFi reward token. In addition, the Source Protocol community will have access to a Source Members Rewards program that includes further incentives and benefits like exclusive access to Source NFT mints, Source partner discount programs, events, and more. The Source team will continue to list SRCX on an increasing number of high volume exchanges in the coming months. This will bring more awareness to the project globally.
How Many Source Token (SRCX) Coins Are There in Circulation?
Source Protocol’s white paper describes the following: a total supply of 500,000,000, with 200,000,000 burned at genesis, and a fair launch supply of 300,000,000.
Source Token (SRCX)’s protocol, according to the white paper, incurs a fee on every transaction to provide an automated DeFi participation service to its users. At genesis, the levy will start at 10% of all transactions, and is broken down into 3 parts within the SRCX smart contract. 6% is contributed to Source’s Dynamic Liquidity Pool Acquisition (DCLP), 3% is immediately redistributed to all SRCX wallet holders via Loyalty Echo rewards, and 1% is used for BNB Liquidity Pool Acquisition. As the network grows and hits various milestones of trading volumes that are sustainable, the automation fee will be adjusted downward by the protocol’s algorithm.
How Is the Source Token Network Secured?
Source Protocol’s white paper outlines the following plan for the safety of its protocol: Source Protocol Ltd burned all tokens in the Dev Wallet before launch, there was a fair launch on DxSale, the LP is locked on DxLocker, and an LP is generated with every trade and locked on PancakeSwap.
Where Can You Buy Source Token (SRCX)?
SRCX tokens can be purchased on many exchanges. One choice to trade SRCX is on LBANK, as it has the highest SRCX/USDT trading volume, $115,213 as of June 2022.
Other options for the SRCX/USDT trade pair include COINSBITS, P2PB2B, AZBIT, INDOEX, and TOKPIE. Of course, it is important to note that investing in cryptocurrency comes with a risk, just like any other investment opportunity. To check SRCX price live in the fiat currency of your choice, you can use CoinMarketCap’s converter feature directly on the Solana currency page, or the dedicated exchange rate converter page.
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