If you want to trade cryptocurrencies you generally have two options: centralized (traditional) exchanges and decentralized exchanges. Each comes with its own set of trade-offs. Centralized exchanges are faster and offer lower fees, but require you to give up custody of your coins to execute trades. Decentralized exchanges, meanwhile, allow you to retain custody but often have much higher fees than their centralized counterparts.
Bytedex and its BEXT token aim to solve this by offering the best of both worlds through its hybrid exchange. If this sounds interesting to you then the BEXT token is definitely worth considering.
In this easy step-by-step guide, we will show you exactly how you can buy and store BEXT in no time.
What is Bytedex?
Bytedex is a hybrid exchange. This means it incorporates elements from both decentralized exchanges as well as traditional centralized exchanges. The decentralized exchange element of Bytedex allows for users to connect their own noncustodial wallets (meaning you do not have to give up custody of your actual coins). Once your wallet is connected, however, the centralized exchange aspect allows you to make traditional custodial trades which provide extraordinary savings on fees. Custody of your coins is only transferred to the exchange momentarily and once the trade is executed your new coins are sent directly to your non-custodial wallet.
Bytedex’s native token (BEXT) is available in three forms: as an ERC-20 (Ethereum) token, a TRC-20 (Tron) token, and a BEP-20 (Binance Smart Chain) token. Forming the backbone of the project, BEXT is used to pay for fees on the exchange and can also be used to stake (lend for a period of time) to receive rewards.
Read on to learn more about how you can buy and hold BEXT in no time.
Step 1: Register on Fiat-to-Crypto Exchange
Before you can buy cryptocurrencies like BEXT you need to find a way to move your fiat money (such as dollars) into the crypto world. This is done through a fiat-to-crypto exchange. These exchanges are your onramp and once you have registered and converted your fiat money into crypto it will be much easier to move and make trades with cryptocurrencies without needing any permission.
For an easy and streamlined registration process, we recommend using CryptoWallet.com as your fiat-to-crypto exchange.
Step 2: Buy BTC with Fiat Money
Now that you have registered on CryptoWallet.com you are ready to do your first exchange from fiat money to crypto. CryptoWallet.com allows you to buy crypto with just a credit or debit card, making the process as easy as a regular online purchase. Currently, CryptoWallet.com supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT).
We recommend purchasing BTC, to begin with. In the next step, we will show you how to trade your BTC for BEXT. The reason we recommend buying BTC is that it is the most widely accepted cryptocurrency and will make it easier for you to find a suitable altcoin exchange to trade on in the next step.
Now that you have your BTC you are ready to learn how to trade it for BEXT in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
BEXT is currently supported on several altcoin exchanges. You should do your own research to find the best exchange that meets your needs and provides you with the best trading rates. Another important thing to consider is that the altcoin exchange you choose is reputable and trustworthy.
Once you have selected which altcoin exchange you will use to trade BTC for BEXT, you will need to sign up on that new exchange. Since fiat money is not involved and you will only be trading crypto-to-crypto from here on out, the sign-up process should be fast and easy.
After completing sign up it is time for you to send your BTC to your chosen altcoin exchange. First, find your BTC receive address on the altcoin exchange, then paste that address into the ‘Send To’ field on the CryptoWallet.com app.
It will generally take 15-45 minutes before your BTC will arrive on the new exchange. Once this is done you are ready to find the BTC/BEXT trading pair and make your trade. Once the trade has been executed you are now the proud owner of BEXT.
Step 4: Store Bytedex Securely
Even small amounts of cryptocurrency have the potential to significantly rise in value so it is important that you consider secure options to store your BEXT.
There are generally two options for storing cryptocurrencies: software (online) wallets and hardware (offline) wallets. Each option has its own set of trade-offs. Software wallets are generally free, easy to use, and convenient. A software wallet is usually the best choice if you are storing small to medium amounts of crypto and want easy access to it. Hardware wallets, on the other hand, are the most secure option since they keep your keys offline. However, hardware wallets can be expensive and more difficult to use, particularly if you require regular access.
For a hardware wallet, you may want to consider a Ledger or a Trezor. Both of which are reputable, widely available and offer options that support tokens such as BEXT.
Other Useful Tools for Trading Bytedex
If you prefer, you can also trade for Bytedex on an Ethereum, Binance Smart Chain, or Tron decentralized exchange (DEX). This is because BEXT is available in all three token types. Decentralized exchanges allow you to execute trades directly from your chosen wallet without needing to rely on and give up custody to an exchange.
One such option that supports Bytedex is PancakeSwap, the most popular DEX running on Binance Smart Chain. On Ethereum, Uniswap is the most popular DEX while on Tron the most popular DEX is TronTrade.
Can I buy BEXT with cash?
Unfortunately, you cannot buy niche cryptocurrencies like BEXT directly with cash. However, a cash-like way to purchase BEXT is to use your debit or credit card to purchase BTC on CryptoWallet.com and then trade that BTC for BEXT on an altcoin exchange.
Are there any quick ways to buy BEXT in Europe?
The quickest way for you to buy BEXT in Europe is to use the CryptoWallet.com app which will allow you to buy Bitcoin (BTC) directly with your debit or credit card. Once you have completed this purchase you can easily swap your BTC for BEXT on an altcoin exchange.
Are there any alternative platforms to buy BEXT or Bitcoin with credit cards?
While the combination of CryptoWallet.com and an altcoin exchange that supports BEXT is likely the easiest and best option to purchase BTC with a credit card and then swap that BTC for BEXT, 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.