Today we are going to be discussing OAX, the native token of the OAX Foundation. OAX token aims to be an important part of technological development on the exciting Polkadot network and in this guide we are going to cover what these tokens are about, where to get them, and how to store them.
What is OAX?
OAX Foundation was started in 2017 and later went on to launch its prototype in June 2018. In 2020 OAX announced its successful integration into Polkadots para chain network. CEO’d by Camilo Mendoza, the OAX Foundation aims to bring a host of development tools to the parachain system, responding and growing alongside the emerging needs of the system.
With a focus on ‘speed, scalability, interoperability, and trust’ OAX aims to create solutions to the challenges faced by new parachain systems. As such OAX and its native token offer DeFi solutions, building tools, and Layer 2 Solutions (L2X) for the increasingly popular Polkadot blockchain system.
On the technical side, this token functions via the ERC-20 standard and is well integrated into the Polka cross-chain system.
Step 1: Register on Fiat-to-Crypto Exchange
For your first step on the road to OAX, you’ll need to purchase another cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH). In this tutorial, we’ll be buying Bitcoin (BTC).
To do so, you’ll need to sign up for a Fiat-to-Crypto Exchange. When it comes to picking a crypto exchange, you have lots of alternatives, and each one is a little different, so it pays to shop around. We shall, however, be using CryptoWallet in this example.
CryptoWallet is a secure and easy-to-use app that can be downloaded from the Apple App Store and Google Play Store. Simply follow the onscreen instructions to link one of your current fiat accounts to CryptoWallet after you’ve downloaded it. After that, you may deposit funds directly from your bank account into your CryptoWallet account.
Step 2: Buy BTC with Fiat Money
You may now trade your cash for BTC after depositing it to your CryptoWallet account.
To start, go to the trading page of the CryptoWallet app and look for Bitcoin. Now choose the quantity you want to buy and click “Buy.” To assist you in making the best investment decisions with your money, CryptoWallet provides many price comparison charts, market statistics, and trading options.
After your BTC purchase, there will be a brief confirmation period before the quantity of BTC purchased, as well as any remaining money, are displayed in your CryptoWallet account.
Step 3: Transfer BTC to an Altcoin Exchange
So now that you have some BTC, you’ll need to trade it for OAX, and to do this, you’ll need to sign up for an Altcoin Exchange.
As there are so many different Altcoin exchanges to choose from, it’s always a good idea to shop around. The first thing you should check is if the exchange supports the BTC/OAX trading pair. In the case of OAX, our options are fairly restricted, since only Binance, Gate.io, and CoinDCX handle the pair. As a result, we’ll be utilizing CoinDCX in this tutorial.
The next step is to sign up with CoinDCX and start trading. The registration procedure will be simple, needing only basic information, KYC standard information, and the establishment of security measures such as passwords and two-factor authentication. (2FA)
After you’ve completed these steps, CoinDCX will notify you that your account is ready for trading. Then transfer some BTC from your old CryptoWallet account to your new CoinDCX account. Select “deposit funds” from the “funds” tab. CoinDCX will then provide you with a wallet address or QR code. Then go to your CryptoWallet account and select ‘send funds’. Now scan/input the CoinDCX address and enter the amount you wish to send into your CryptoWallet.
Your BTC will appear on your CoinDCX account after a brief confirmation period, and you may exchange it for OAX. From the CoinDCX trading menu, select the BTC/OAX trading pair and the amount you want to trade. Now hit trade!
Congrats you are now the proud owner of some OAX token.
Last Step: Store OAX Securely
So you got yourself some OAX, but you might be wondering where you keep it? For this, you’re going to need a storage wallet.
For OAX, your options are relatively restricted, with MetaMask and TrustWallet being the two most popular options. But in most cases, it’s a good idea to consider a host of different options.
After you’ve chosen a wallet, you’ll need to transfer your coins from CoinDCX to your chosen system. Now go to CoinDCX’s ‘withdraw money option and enter or scan your code into the address box; your OAX will be safely saved in your wallet after a brief period.
Another wallet solution to keep an eye on in the future is the aforementioned CryptoWallet. While it does not now store OAX, this wallet is secure and simple to use, with the outlined plan of adding more cryptocurrencies in the future.
Other Useful Tools for Trading OAX
We do not offer trading or financial advice in this guide, however, we can give you a quick summary of some of the tools available on most exchanges that, when utilized correctly, can help you make the best financial decisions possible.
The On-Balance-Volume (OBV) indicator is a simple tool that shows both positive and negative volume movement, as well as the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a straightforward indicator that tells traders how strong a trend is. The asset’s movement intensity may assist you in determining how frequently long motions occur.
The Stochastic Oscillator allows traders to see the asset price over time and concerning a certain condition inside that period.
Latest News for OAX
On March 25 2022 OAX Foundation released a Blog post in which they discussed the ‘perks of a crypto Winter.’ This blog post discusses how the recent year has indeed been tough for the general crypto market, but that such slumps offer investment opportunities and a chance for reflection on the market itself.
In a blog post titled ‘Payments of the Future’ by the OAX Foundation in March 2022, OAX discusses the future of the DeFi industry and the future of the digital asset marketplace. Discussing some of crypto’s advantages over other fiscal methods.
Can I buy OAX with cash?
Like most altcoins, you cannot purchase OAX directly with cash
Are there any quick ways to buy OAX in Europe?
CoinDCX is a readily available exchange that can allow trading BTC for OAX that is available in the EU.
Are there any alternative platforms to buy OAX or Bitcoin with credit cards?
No, OAX is purchasable via credit card or cash.