If you have any interest to buy Swipe (SXP), 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 Swipe (SXP).
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 FTX
Now let us purchase Swipe (SXP) using your investment from Binance.
But, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Swipe (SXP) 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.
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 Swipe (SXP), 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 Swipe (SXP)
Now you need to go back to Bitmax to buy Swipe (SXP) 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 “SXP”.
After you havemoved your coin click on it and now you will see a price table of SXP/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 SXP”. Now you own your SXP!
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 Swipe 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 Swipe 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 Swipe 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 Swipe with cash?
The answer is No. Because there is no way you can directly buy Swipe 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 Swipe 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 Swipe 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 Swipe (SXP)
What Is Swipe (SXP)?
Swipe is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its three main existing products: the Swipe multi-asset mobile wallet, the Swipe cryptocurrency-funded debit card and the Swipe Token (SXP).
The Swipe wallet acts as the main access point to the Swipe ecosystem and can be used to store and manage a wide variety of assets — including both cryptocurrencies and fiat currencies. The wallet can also be used to manage Swipe’s second product — the Swipe debit card. This debit allows users to spend their cryptocurrencies at Visa payment terminals and comes in a variety of flavors, each of which offer increasing perks and benefits.
This ecosystem is powered by the Swipe Token (SXP), which functions as the fuel for the Swipe Network, and is used for paying transaction fees. Holders of SXP tokens are eligible for exclusive discounts on the Swipe app and the token can be used for making fiat payments with the Swipe debit card.
Who Are the Founders of Swipe?
Swipe was founded by Joselito Lizarondo, an early Bitcoin investor and individual with a wealth of experience in startup businesses. Lizarondo currently serves as CEO of the platform.
In addition, former senior creator at Vibial Group John Khenneth is the Swipe’s COO, while Anecita Sotomil — a former tax and legal officer at PricewaterhouseCoopers — is its chief legal officer (CLO). Lastly, the Swipe executive team is rounded out with newly added CTO Henry Niduaza, an accomplished two-time CTO with more than thirty years of experience in banks, retail and fintech.
The entire Swipe team comprises just over a dozen individuals, including developers, engineers, marketing and community management staff. Swipe is the first crypto-oriented position for the majority of current team members.
In July 2020, it was announced that Swipe was acquired by Binance — one of the world’s leading digital asset exchanges — for an undisclosed sum.
What Makes Swipe Unique?
Swipe is designed to allow users to take full control over both their crypto and fiat finances through its easy to use mobile application and associated range of crypto debit cards.
One of its key distinguishing features is its usability. Swipe is designed to be accessible to users of all experience levels, making it a simple task to store and manage cryptocurrencies on the Swipe wallet app, or spend cryptocurrencies using the Swipe Visa debit card.
As previously touched on, the Swipe (SXP) token sits at the core of the Swipe ecosystem. Users will need to hold a fixed minimum amount of SXP to be eligible to purchase a Swipe Sky, Steel or Slate debit card — and hence benefit from the perks these offer, such as up to 8% cash back on purchases, improved spending limits and zero foreign transaction fees.
By making it extremely simple to convert cryptocurrencies to fiat, which can then be spent using the Swipe debit card, Swipe targets the increasing number of cryptocurrency holders looking to use their assets for everyday purchases. It also generates revenue from transaction and exchange fees, which is used to support the expansion of the ecosystem and its rollout to new regions.
Besides unlocking a variety of perks for holders, SXP can also be used for creating and voting on governance proposals, allowing holders to help shape the development of the Swipe ecosystem.
Read about MCO — a utility token launched by crypto debit card provider Crypto.com.
Check out the NEXO token — a token used to unlock better interest rates at Nexo.
Want to learn more about crypto debit cards? Check out our simple guide with CoinMarketCap Alexandria.
Stay on top of the industry with the CoinMarketCap blog.
How Many Swipe (SXP) Coins Are There in Circulation?
The Swipe (SXP) token has its maximum supply set at 300 million tokens. As of November 2020, just over a quarter of this is already in circulation.
As per the project white paper, a total of 1.2 million SXP will be made available each month for ecosystem rewards, in addition to a further 600,000 SXP for company operations. On top of this, 10 million SXP will be made available annually for the Swipe team and founders.
A total of 100% of the token supply will be reached by 2028, but this will likely be somewhat lower than 300 million tokens since 80% of all SXP used for transaction and withdrawal fees will be burned. This on-chain burn process will continue until the circulating supply is brought down to 100 million.
SXP holders can also stake their SXP and bond it to the Swipe network to earn a fraction of the network rewards — capped at a total of 40,000 SXP per day. A proportional fraction of this sum is distributed to anybody staking more than 1,000 SXP.
How Is the Swipe Network Secured?
Swipe (SXP) is an ERC-20 token, as a result, its integrity is maintained by Ethereum’s proof-of-work (POW) consensus mechanism and massive node network.
Beyond this, Swipe Wallet users benefit from a $100 million insurance plan offered through Coinbase Custody, and have the ability to lock down their Swipe debit card whenever needed through the Swipe Wallet app.
Swipe is authorized to distribute Visa debit cards in a variety of jurisdictions, including over 30 countries in Europe, but also recently received the green light to launch its wallet and Visa debit card products in the United States.
Where Can You Buy Swipe (SXP)?
The Swipe token is currently available to trade on more than 50 different exchanges, including several of the largest and most reputable platforms — including Binance, KuCoin and Poloniex.
SXP is currently listed against a variety of cryptocurrencies, including Tether (USDT), Bitcoin (BTC) and Ethereum (ETH), as well as several fiat currencies, like Korean won (KRW), euros (EUR), and U.S. dollars (USD). For more information about purchasing cryptocurrencies with fiat, check out our comprehensive guide.