Reflect.Finance is a decentralized automatic yield provider that rewards every token holder! It allows you to use your RFI tokens in a range of DeFi services while passively gaining income with every transaction made in the RFI ecosystem. We’ve put together a simple step by step guide to buying RFI tokens securely online.
What is RFI?
Reflect Finance is a decentralized DefI blockchain that offers “Frictionless Yield Generation”.
Reflect claims to be truly decentralized with no team or central party managing their reward system or governing the protocol. They have no central treasury and launched without an ICO, pre-sale or future plans. In 2021, they announced a new roadmap but since then their social media has been inactive.
Reflect Finance is built within the Ethereum ecosystem. The native token, RFI, is an ERC-20 token built to the Ethereum Standard.
Reflect offers a 1% transaction fee which is then split proportionately between RFI holders. This allows all RFI holders to passively gain income while also using their RFI tokens in a range of DeFi services like yield farming, liquidity pools or third party lending.
You’ll need to head to a cryptocurrency exchange to buy RFI tokens. This is an online platform for purchasing and trading cryptocurrency tokens. Some crypto exchanges like CryptoWallet let you to buy tokens using a credit or debit card while others are crypto-only exchanges. These are altcoin exchanges that only support trading cryptocurrencies and do not support fiat currencies.
Many altcoins like RFI can only be traded on altcoin exchanges. You’ll need to use fiat money to buy Bitcoin (BTC) or Ethereum (ETH) on an exchange like CryptoWallet or Coinbase. Then you can trade your tokens on an altcoin exchange for RFI tokens.
While this may sound complicated – don’t worry! We’ve got you covered with our easy step-by-step guide to buying Reflect tokens online using CryptoWallet.
CryptoWallet lets you buy crypto coins securely using a credit/debit card via our mobile app or website. Our crypto card lets you spend your tokens at retailers all around the globe.
Step 1: Register on Fiat-to-Crypto Exchange
Firstly, you’ll need to register your account on CryptoWallet and set up a crypto wallet:
- To register, click New Account at the top of this web page. You’ll have to verify your identity at this stage.
- You’ll be guided through the process of setting up your new cryptocurrency wallet. You’ll receive a seed phrase that you’ll need to recover access to your account if needed. It’s safest to write this phrase down on paper rather than on an electronic device and store it somewhere secure.
- Once your registration is complete you’ll be ready to start buying and trading crypto tokens!
Step 2: Buy ETH with Fiat Money
The next step is to deposit fiat currency into your new wallet and use it to buy Ethereum tokens. Using a bank card, you can easily add fiat money to your wallet. You can also transfer money to your wallet via wire transfer. Once your funds have been transferred and the settlement clears, you’re ready to buy ETH!
Go to our cryptocurrency exchange and choose the currency you wish to purchase. Specify the number of ETH tokens you want to purchase and confirm the amount you’re ready to pay.
When you click the Select button, your ETH tokens will be sent to your wallet. It may take a few minutes for the trade order to be finalized and displayed in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
The next step is to transfer your BTC tokens to an exchange that accepts RFI. Bilaxy and Uniswap are two options available. To use either you’ll need a wallet that supports ETH and RFI tokens. Two reputable options that let you hold ETH and RFI tokens are: TrustWallet (a mobile based wallet) and MetaMask (available as a browser extension, mobile app and desktop app).
Bilaxy is a centralized exchange that handles a large selection of altcoins. UniSwap is an Ethereum-based Decentralized Exchange (DEX) that currently accepts RFI trading. A DEX is a decentralized exchange that facilitates trading without the use of a middleman.
Once you’ve set up your new wallet you’ll need to move your ETH tokens to it. Then you can head to UniSwap or Bilaxy and trade them for RFI tokens. Select the trading pairs of ETH/RFI and check the trading price offered. If you’re happy with the price offered you can trade your ETH tokens for RFI tokens.
Last Step: Store RFI Securely
The most crucial step is to keep your digital assets secure. You’ll need to choose a secure wallet that can’t be accessed by others. We’ve taken a look at some of the options available for you.
Because many cryptocurrencies aren’t supported by the wallets offered by leading exchanges, you’ll need to use a separate wallet for altcoins like RFI. There are various sites that claim to support altcoins; however, not all of these wallets are trustworthy. Some wallets are even built to steal your funds.
A cryptocurrency wallet is made up of two keys that will allow you to access and use your assets. To send tokens, a private key is needed, while to receive tokens, a public key is utilized. They are analogous to a password and an email address. There are two types of wallets: “hot” online wallets and “cold” hardware wallets.
Hardware wallets are the most secure option as your keys are stored offline in a physical device. However there is no official option to store RFI tokens on any of the more reputable hardware wallet providers like Trezor or Ledger. You can use a third party application like MyEtherWallet or MyCrypto to add RFI tokens to these wallets.
Because they can be accessed anywhere, hot wallets are far more convenient to use. Your personal information is kept online. They are, however, substantially more vulnerable to hacking because of their constant connection to the internet. MetaMask is a popular wallet that works as an in-browser extension. TrustWallet works as a mobile application or desktop extension.
Many major exchanges have addressed this issue by assuring assets stored in their wallets. BitGo, a leader in digital asset protection, assures all of your tokens held with CryptoWallet. You can easily buy the largest cryptocurrencies (based on market cap), and your money will be protected at all times.
Many cryptocurrency traders will keep the majority of their assets in a secure wallet such as CryptoWallet.That way they can keep the majority of their crypto secure while using a seperate altcoin wallet to trade and store altcoins like RFI.
We feel CryptoWallet is a perfect solution since it allows you to hold the top five cryptocurrencies (BTC, ETH, XRP, USDT, and LTC). Our mobile app lets you access and trade your tokens from anywhere, and our crypto card allows you to spend your tokens at shops around the world. BitGo will guarantee all of your cash, giving you peace of mind that your money is safe.
Other Useful Tools for Trading RFI
Messari is a great online resource that provides a range of services. It provides in depth analysis of most cryptocurrencies as well as market data and a calendar feature to keep track of updates and changes to different networks. You can filter cryptocurrency charts by yield farming options, DeFi asset, larger gainers and much more. You can also take a look at their own research and top picks.
Coindar is a crypto calendar app that will keep you up to date on any airdrops or hard forks occurring. It also keeps you abreast of any important crypto related news.
LiveCoinWatch is a crypto chart app that helps track the movement of different cryptocurrencies. It has a range of categories so you can list the top cryptocurrencies from different sectors of the digital finance industry.
Can I buy RFI with cash?
No. Although many platforms claim to allow this, often these are scams designed to defraud you of your funds. It’s vital to do thorough research before buying any crypto tokens online.
Are there any quick ways to buy RFI in Europe?
We believe that buying BTC tokens with CryptoWallet and then exchanging them for RFI tokens on an altcoin exchange is the fastest and safest way to get Reflect Finance tokens. Our mobile app makes it simple to purchase tokens, allowing you to trade crypto currencies wherever you are. Because CryptoWallet is a certified and regulated site for purchasing digital assets, you can be confident that your funds are secure.
Are there any alternative platforms to buy RFI or Bitcoin with credit cards?
Many websites claim to accept credit or debit card purchases of RFI or Bitcoin. However, many of these networks are scams intended to steal your personal information or funds. That’s why you should always do your own research (DYOR) before buying any cryptocurrency online. When using a credit card, always buy cryptocurrencies from a regulated and secure platform like CryptoWallet.