If you have any interest to buy Stratis (STRAX), 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 Stratis (STRAX).
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: Transferring Your Cryptos to an Altcoin Exchange Bittrex
Now, let me guide you on how to purchase Stratis (STRAX) using your investment from Binance.
But remember you cannot trade every crypto in Binance you will have to transfer your coins to an exchange that Stratis (STRAX) can be traded. So I will guide you to Bittrex which is a famous exchange to trade altcoins. Use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance you now are ready to transfer your Bitcoins.
Step 4: Depositing BTC to Exchange
If you have finished creating your new trading account setup at one of the exchanges that trades Stratis (STRAX), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
You also need to click “Holdings” on the top right menu.
Look for “BTC” from Token section and copy the given “Deposit Address”
This process may be difficult a little bit but don’t worry, it is simpler than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance.
You have to 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, you have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Then type the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
After you have done the above, click on the Submit button to begin with the withdrawal process. If you need to continue with the withdrawal, Binance may ask you for your 2-Factor Authentication code and also you will have to confirm the withdrawal with an e-mail.
That is all you are required to do, then you should wait for a few seconds so that the blockchain to confirm your transaction.
Step 5: Trading Stratis (STRAX)
You now need to go back to Bittrex to buy Stratis (STRAX) with the Bitcoins you sent over there.
You need to look for “Markets” and click that button and you will see altcoins list.
On your left side, there is a colum in which you have to make sure you select “BTC” pair and in the search bar type in “STRAX”. If you have already moved your coin click on it and now you will see a price table of STRAX/BTC in the middle of the page. Then select the “Market” tab as that is the simplest way of buying orders. 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.
When you have confirmed all details, click “Buy STRAX”. Now you have just bought your own STRAX!
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 Stratis 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 Stratis 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 Stratis 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 Stratis with cash?
The answer is No. Because there is no way you can directly buy Stratis 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 Stratis 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 Stratis 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 Stratis (STRAX)?
Stratis is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services.
Stratis operates its own blockchain powered by a native token, STRAX, used to purchase and operate services such as executing smart contracts, paying for sidechains, and staking as collateral to operate a Masternode — a node on the network that provides a specific needed service.
Who Are the Founders of Stratis?
Stratis Group Ltd., the company behind the Stratis platform, was founded in 2016 by Chris Trew. He started the company with the purpose of developing an enterprise-focused blockchain platform, which he felt was missing from the industry at the time. He decided to base the platform on the Bitcoin (BTC) protocol, believing that Bitcoin would become dominant in the crypto space — meaning that its codebase would be consistently improved over time.
Before starting Stratis, Trew’s background was in enterprise information technology. He taught himself the programming language C# and spent 10 years serving in various IT roles in the legal, aviation and public sectors as well as with financial institutions such as Barclays. He also operated an internet marketing and search engine optimization business.
Within the crypto and blockchain industry, Trew was a volunteer developer for the cryptocurrency project Blitz and social networking platform The Viral Exchange.
What Makes Stratis Unique?
According to its whitepaper, the Stratis BaaS platform is designed for financial service providers and other enterprises to test, develop and deploy blockchain-based applications in a way that avoids the overhead and security concerns of operating their own networks. To do so, Stratis offers businesses the opportunity to run permissioned, private sidechains that interact with its primary chain, as well as to host decentralized applications, launch smart contracts and utilize various privacy and identity verification tools. Its whitepaper argues that this approach gives enterprises the freedom to completely customize their platforms without the limitations of relying on a major blockchain, such as Bitcoin or Ethereum (ETH).
Stratis has announced business partnerships with companies such as software giant Microsoft, technology markets intelligence firm International Data Corporation, and pharmaceutical blockchain development company MediConnect, among others. In addition, it has sponsored professional athletes as a way to raise awareness of the platform.
With the launch of its new STRAX-based blockchain in November 2020, Stratis unveiled an updated development roadmap for the end of 2020 and the first half of 2021. It includes interoperability with Ethereum, an Internet of Things software development kit, a decentralized finance software library, the launch of a decentralized autonomous organization, and more.
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How Many Stratis (STRAX) Coins Are There in Circulation?
Stratis launched its first STRAT token with a total supply of 98 million, with 84 million STRAT (85.7%) sold during an initial coin offering that ended in July 2016 and raised 915 BTC — worth nearly $600,000 at the time. Of the remaining supply, 8 million STRAT (8.2%) was reserved for the Stratis team, 2 million STRAT (2%) for advisors and partners, and 4 million STRAT (4.1%) for bounties and campaigns.
In October 2020, Stratis initiated a token swap process for STRAT holders to exchange their tokens for STRAX at a one-to-one ratio. As a part of the transition, 25 million STRAX was newly minted, of which 8.125 million STRAX was reserved for the Stratis Foundation, 6.375 million STRAX for network incentivization, 5.5 million STRAX for enterprise incentivization, and 5 million for the Stratis DAO. The tokens will be issued over the course of five years.
New STRAX is introduced through a proof-of-stake mining process, and each block produces a block reward of 18 STRAX, putting its annual inflation rate at around 10%. Half of the block reward is awarded to the block producer, while the other half is sent to its Cirrus sidechain and distributed to block-producing masternodes.
How Is the Stratis Network Secured?
The Stratis network is secured through its PoS consensus protocol in which nodes must stake STRAX to participate in the block validation process, and the more STRAX staked, the greater the chance of being able to create a block. According to Stratis, this makes the network more secure because the more STRAX a user stakes, the less likely they are to want to manipulate the network, as they risk losing their stake or causing the value of their stake to plummet. A majority of nodes must agree that a transaction is accurate for it to be added to the blockchain.
With the launch of its STRAX-based blockchain in November 2020, Stratis announced new security-enhancing features, including the ability to “cold-stake” — stake STRAX through an offline, cold wallet — which it argued will increase network security by enabling more users to participate in the consensus process. It also reported that it would activate Segregated Witness, or SegWit, which will increase transaction security because transaction IDs are no longer malleable.
While Stratis is a private company, its blockchain’s codebase is open source, meaning that it is available for community audit.
Where Can You Buy Stratis (STRAX)?
STRAX can be purchased on exchanges such as Binance, Upbit and Bithumb. It can be traded on spot markets against fiat currencies such as the U.S. dollar and the euro, cryptocurrencies such as Bitcoin and Ether, and stablecoins such as Tether (USDT) and Binance USD (BUSD).