A lot of people into cryptocurrency find it difficult to buy altcoins. Elrond is one of the alt coins they also find difficult to buy. The coin is not one of the stable coins in the market that are commonly listed on popular ready-to-buy exchanges.
As such, this article should guide you through the steps you can easily use to buy the coin.
Elrond has been listed on a number of crypto exchange platforms, unlike other main cryptocurrencies, it cannot be directly bought with fiats money. However, you can still easily buy the coin by first buying Bitcoin from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade the coin.
There are simple ways to buy Elrond or any other cryptocurrency. These methods requires you have an idea of what the coin or token is about and what you can use it for.
Elrond can be used outside its original use which it was designed for; It can be traded for or as an investment (Elrond trading) or can be held (hodl) until the value goes up.
How To Buy Elrond (EGLD)
To buy Elrond, you will need to buy a more stable coin. It’s easier to use Bitcoin for this transaction. If you have Bitcoin already available in your wallet, you can move over to the next step.
If you haven’t bought Bitcoin yet, go through this easy steps on “How and where to buy Bitcoin”
Step 1: Transfer Bitcoin to an Altcoin Exchange
To convert Bitcoin to Elrond, I’ll recommend we use HotBit as our exchange.
N/B: HotBit is available to all US users.
HotBit is one the popular exchange to trade altcoins and it has a large number of tradable altcoins pairs.
To start, register and create a new account on HotBit using this link:
Fill in your name, email and choose a simple password only you can remember. Go through the verification processes and confirm your identity. Also verify your email. Ensure to activate 2FA authentication to keep your account safe.
After registration and going through the KYC processes, which should usually take 30 minutes. In some cases, few days maximum. For first timers, the process should be straight-forward and easy to follow. Once you’re done with it, you should have full access to your exchange wallet.
Step 2: Deposit BTC to exchange
Locate your Bitcoin wallet on the HotBit app or web (Whichever you are using). At the box on the right, you will see a string of random numbers saying ‘BTC address‘, this is a unique public address of your BTC wallet at HotBit and you can receive BTC by giving this address to the person to send you the funds. Since we are now transferring our previously bought BTC on Coinbase to this wallet, click on ‘Copy Address‘ or right-click on the full address and click copy to grab this address to your clipboard.
Go back to Coinbase or wherever you have your Bitcoin, select the Portfolio page and click on BTC on your asset list, then click on ‘Send‘.
Paste the wallet address from your clipboard in the recipient box (for security consideration, always check if both addresses matches each other). Click ‘Send‘ to proceed.
A confirmation email will be sent to you instantly, click on the confirmation link in the email and your Bitcoin will reflect on HotBit after confirmation.
Step 3: Trade or Elrond (EGLD)
After confirming your Bitcoin in your HotBit wallet, open your HotBit app or web and click ‘Exchange‘. Locate the right column where there is a search bar, make sure “BTC” is selected as we are trading BTC to altcoin pair. Click on it and type in “EGLD”, you should see EGLD/BTC, select that pair. A price chart of EGLD/BTC will pop up in the middle of the page.
Choose the “Market” tab because that is the most straight-forward type of buying orders. You can manually type in your amount or choose what portion of your deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy EGLD“. After some seconds or within minutes, your EGLD will be credited into your Elrond wallet.
Do you have any good and easy method that have worked for you?
Share it on the comment section below.