Getting tokens to trade
How to get tokens to begin swapping and trading
So you created your wallet and want to fill it with crypto; let's get started! Getting tokens in your wallet depends on a few factors.
- 1.What type of tokens you are trying to get?
- 2.What type of wallet do you have?
Native tokens on the Binance Smart Chain are what we call BEP-20 tokens, but these may not be something you can buy directly and would instead need to trade for (hence Swych). Before you can do this, however, you will need a popular stable coin on the network or BNB.
Please ensure you know your wallet address and do not link to unknown websites while getting/purchasing tokens.
There are a few ways to buy tokens: purchasing through a centralized exchange and transferring them to your wallet. The other option is purchasing through your wallet using a provider.
Wallet Purchase
CEX Purchase
Buying coins through your wallet can often be the easiest way to start your crypto journey and open the doors to trading multiple coins across Swych. Of course, there are pros and cons to doing so.
Pros
- Purchases through wallet are often more instant and don't require additional account setup.
- Allows direct wallet access; no need to transfer from one wallet to another.
- Offers multiple payment options such as Apple Pay, Google Pay, Credit, Debit, or a Bank Account.
- Multiple purchase options for better rates.
Cons
- Prices can often be higher than CEX's
- Where you are located may require additional tax information causing delays.
- Not all wallets support the direct purchase of crypto.
So you want to get tokens through your wallet, no problem. After following the setup instructions, purchase a suitable coin to trade your tokens; some of these include:
- BUSD
- USDT
- BNB (BEP-20)
When purchasing directly through your wallet, you will see a few options of who to purchase through.
Some of these include MoonPay or Transak. They will offer different pricing/rates depending on the purchase amount, so choose carefully. Depending on who you purchase through, you may use multiple ways to pay, like Apply Pay or a Debit card. Once you complete your transaction, the funds will be sent directly to your wallet and ready to be traded.
Firstly, let's look at how to purchase tokens through your wallet; for example, we will use Trust Wallet.
- 1.Open the Trust Wallet app and select "buy" at the top of the screen.
- 2.Select the token you wish to buy.
- 3.Enter the amount of money you wish to spend and convert it into that token
- 4.Select a provider from the list below, go with the automatically recommended one, and follow the prompts to purchase. Once complete, tokens will be sent directly to your wallet and ready to be traded.
Once you have acquired one of the above tokens and it is within your wallet, head over to How to Trade tokens!
Centralized exchanges (CEX), such as Crypto.com or Binance, allow you to trade tokens and purchase using fiat (traditional money). Although centralized exchanges provide ease of use, there are many more regulations and limitations.
Cons
- A centralized exchange will require personal tax information to report to the proper governing in your country. This can sometimes cause delays in setup or require additional verification steps before you can use the system.
- Other draws include not truly owning your crypto and potentially being subject to locks or holds on your account. This means you do not have the freedom to transfer or move your crypto as you never truly hold it.
- It does not list all Cryptos, and because so, it limits you on what you can invest in.
Pros
- Setting up a CEX account is more traditional and familiar for newer investors.
- Maybe the only option available is to acquire tokens to trade/exchange.
So you want to use a CEX to get tokens to trade, no problem. After following the setup instructions, purchase a suitable coin to trade your tokens; some of these include:
- BUSD
- USDT
- BNB (BEP-20)
You must purchase tokens using a debit, credit, or bank account. Once you have purchased your tokens, the transaction may take some time to clear/remove a hold. Once that is done, however, you will need to send your tokens to your wallet.
Once you have acquired one of the above tokens and it is within your wallet, head over to How to Trade tokens!
Last modified 5mo ago