Axion (AXN) is an exciting project which rewards you just for holding the token. Sounds good right?
In this easy to follow step by step guide, you will learn all about Axion and the easiest ways for you to buy and hold AXN in no time.
What is AXN?
Axion is a staking ecosystem, with AXN being the ecosystem’s native token. Staking is the process of locking up your tokens over a period of time in exchange for rewards (yields). Axion currently offers an 8% return on your AXN tokens for every year that you keep them staked.
Axion also offers several other features and benefits in addition to yields when you stake your AXN on their platform. This includes the ability to participate in exclusive token launches and airdrops. This means you are given the ability to purchase new tokens before they are released to the public when you stake a certain amount of tokens on Axion. Stakers are also given the chance to win prizes such as a 10X boost on your yields.
In addition to this, the AXN token itself benefits from such a high percentage of the total tokens being staked. Currently, 75% of all AXN tokens are staked on the Axion platform due to its unique rewards. This means that 75% of the total supply of AXN is unavailable, which creates extra scarcity. The hope is that this scarcity can help drive the value of the underlying tokens even higher.
Now that you’re familiar with how AXN works, read on to learn the easiest ways for you to purchase and store it.
Step 1: Register on Fiat-to-Crypto Exchange
Before you can trade cryptocurrencies like AXN you will need to register on a fiat-to-crypto exchange. This type of exchange will allow you to enter the crypto economy by trading fiat money for a cryptocurrency of your choice.
CryptoWallet is an excellent choice for a fiat-to-crypto exchange since it is safe, fully regulated, and provides a guided registration process on its easy-to-use app which is available on both Apple and Android devices. In addition to this, all funds stored on CryptoWallet are secured by BitGo, a leader in the digital asset security space. CryptoWallet even offers a crypto debit card that allows you to spend your cryptocurrencies anywhere that accepts debit payments, should you choose to do so.
Once you have downloaded the CryptoWallet app and completed the guided registration process you can move on to the next step below.
Step 2: Buy ETH with Fiat Money
Now that you are registered on a fiat-to-crypto exchange it is time to convert your fiat money into crypto. CryptoWallet offers five major large-cap cryptocurrencies to choose from including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). Purchasing cryptocurrencies on CryptoWallet is as easy as regular online shopping using your debit or credit card. While AXN is not available on CryptoWallet, it will be very easy for you to convert your crypto into any other cryptocurrency of your choice (including AXN) in the next step.
In the case of AXN, we recommend purchasing Ethereum (ETH) to trade for AXN since AXN is currently only available on Ethereum based decentralized exchanges (DEXs). Decentralized exchanges allow you to trade your crypto directly from your wallet without needing to give up custody to a different exchange.
After purchasing ETH on CryptoWallet you are ready to trade that ETH for AXN which we will cover how to do in the next step.
Step 3: Use a DEX to Trade ETH for AXN
Before you can trade your ETH for AXN you will need to find a decentralized exchange that supports AXN as well as a wallet that supports AXN to send your new cryptocurrency to after the trade.
As mentioned AXN is currently only supported on Ethereum based decentralized exchanges, and decentralized exchanges allow you to swap your cryptocurrencies directly to your own wallet without relying on a centralized entity.
SushiSwap is one of the most popular decentralized exchanges and likely your best option to swap between ETH and AXN. In terms of wallets, MetaMask is a good option for a wallet that is widely trusted and supports all ERC-20 tokens such as AXN.
To make your trade on SushiSwap you will need to first send your ETH to your MetaMask wallet and then connect your MetaMask wallet to the SushiSwap DEX. SushiSwap provides excellent instructions on how to execute trades on their platform here.
Once you have finished executing your trade you will now own AXN which will be available in your MetaMask wallet. Your next step is to consider where you will store AXN for the long term.
Last Step: Store AXN Securely
You have several options to store your AXN, but the two primary ways are to use either a software wallet or a hardware wallet. Software wallets are free to use and provide easy accessibility to your crypto. They are generally secure and good options for small to medium amounts of funds. Hardware wallets are usually considered the most secure option since they store your keys offline, however, they can be costly and cumbersome if you want regular access. Hardware wallets are therefore generally the best option for storing large amounts of money over long time periods.
CryptoWallet is an excellent option for storing large-cap cryptocurrencies like Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). Your wallet is secured by BitGo, an industry-leading custodian. CryptoWallet also allows you to trade, sell, store, and even spend (using their unique crypto debit card) with ease. Unfortunately, CryptoWallet is not an option for more niche cryptocurrencies like AXN.
A separate software wallet option is to use MetaMask, where your AXN will already be stored if you followed the steps above. MetaMask is very convenient and a great option for small to medium amounts of funds.
However, the fact that MetaMask stores your keys online without a custodian means that it may not be the best option for those who are storing large amounts of cryptocurrency over long periods of time. If this is the case you should consider using a hardware wallet such as a Ledger or a Trezor, both of which support ERC-20 tokens like AXN.
You should consider your situation and needs before deciding which of the options highlighted is the best for you.
Other Useful Tools for Trading AXN
Other useful tools for trading AXN include price-feed tools like CoinGecko.com and CoinMarketCap.com. Both of which provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading AXN as well as the trading pairs they support (for example ETH to AXN).
Latest News for AXN
Axion recently announced that it will be supported on Polygon, a layer-2 scaling solution for the Ethereum blockchain. Due to the high gas fees on the main Ethereum chain, many projects have taken similar steps recently. This exciting news means that you can trade for AXN on SushiSwap (which supports Polygon) with even lower fees.
Can I buy AXN with cash?
Unfortunately, you cannot buy niche cryptocurrencies like AXN directly with cash. However, a cash-like way to purchase AXN is to use your debit or credit card to purchase ETH on CryptoWallet and then trade that ETH for AXN directly on SushiSwap.
Are there any quick ways to buy AXN in Europe?
The quickest way for you to buy AXN in Europe is to use the CryptoWallet app which will allow you to buy Ethereum (ETH) directly with your debit or credit card. Once you have completed this purchase you can easily swap your ETH for AXN on a decentralized exchange such as SushiSwap.
Are there any alternative platforms to buy AXN or Bitcoin with credit cards?
While the combination of CryptoWallet and SushiSwap is likely the easiest and best option to purchase ETH with a credit card and then swap that ETH for AXN, other options may exist. You should do your own research as to which option is best for you and what the potential trade-offs are for your chosen platform.