Today we’re going to take a look at SparkPoint Fuel. This Philippines-based altcoin seeks to promote financial literacy and fast-track blockchain integration as a ‘digital revolution.’
In this guide, we’re going to cover the background of this coin, provide a guide on how to get it, and answer a few questions about the coin.
What is SFUEL?
SparkPoint Fuel (SFUEL) is an BEP20 token on the Binance Smart Chain that was launched on December 20th, 2020. This blockchain is based in the Philippines, in the Naga and Legazpi region, and was founded by Sarah Ennis, and today is CEO’d by Crystal Lee Patriarche.
SparkPoint Fuel is the governance token of the SparkDeFi finance platform. Allowing holders to take part in staking, governance and rewards.
Sparkpoint and its own coin SRK operates a variety of different services including DeFi, games in which players can earn cryptocurrency, their own wallet system as well as website-based courses supposedly designed to promote cryptocurrency financial literacy. On a business level, SparkPoints revenue model aims to create an ecosystem in which value is created through an interest in its DeFi services, cheap fuel prices, and then to use the revenue to buy back SRK coins until the overall coin supply is reduced to 10 Billion.
At the time of writing, SFUEL has a current market cap of $221,606.45 3.41 and is currently listed as #2223, according to coinmarketcap.com.
Step 1: Register on Fiat-to-Crypto Exchange
As an altcoin, SFUEL is best procured via trading it for a different cryptocurrency, such as Bitcoin (BTC) or Ethereum. (ETH) So for this example, we are going to be using BTC.
So for starters, you’re going to have to get your hands on some BTC. To do this you’re going to have to register on a Fiat-to-Crypto Exchange. There are a lot of different options available to you when it comes to selecting a crypto exchange and each one will be a little different, with different costs and services. To start, sign up to CryptoWallet.com and follow the on-screen isntructions to deposit fiat money.
Step 2: Buy BTC with Fiat Money
Now that you’ve sent some fiat into your CryptoWallet.com account, you can trade that fiat for some BTC.
To start, look for the trading tab, in this, you will find the option to sell some fiat currency for some BTC. Simply select the amount you want to be purchased, and select buy. Due to CryptoWallet.coms’ up-to-date market data and prices charts, you will be able to make the possible trading decision with your money.
After a brief pause, the purchased amount of BTC will be displayed in your CryptoWallet.com account, as well as any other funds you may have leftover.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have some BTC your next step will be to trade that BTC for some SFUEL, and to do so, you’re going to have to register to an Altcoin Exchange.
Firstly you have to find an altcoin exchange that handles the trading pair BTC/SFUEL. Helpfully in the case of SFUEL, you have many different options to choose from, such as Kucoin, Gate.io. Uniswap v2 and MEXGLOBAL. In this guide, however, we’re going to be using Kucoin.
Your next step will be to register on Kucoin so you can begin trading. The registration process will be pretty straightforward, requiring some basic information, some KYC information as well as setting some security measurements, usually in the form of passwords and 2-step-verification.
Once you’ve done all that, Kucoin will inform you that your account is ready to trade, but to do so you are going to have to transfer some BTC over from your CryptoWallet.com account. To do this find your way over to the ‘funds’ tab and select ‘deposit funds.’ From here Kucoin will provide you with a wallet address or QR code. Then go to your CryptoWallet.com account and select BTC and ‘send funds.’ Simply input the amount you wish to send and scan/input the address provided by Kucoin.
After a short confirmation period, your BTC will now be visible in your Kucoin account, which you can now trade for SFUEL. Now find your way over to the Kucoin trading tab, select the BTC/SFUEL trading pair and the amount you wish to trade. Select trade and you’re done!
Congratulations, you are now in possession of some SFUEL!
Last Step: Store SFUEL Securely
But now that you have some SFUEL, you’re going to have to find a way to store it securely and for this, you’re going to need a wallet.
In the case of SFUEL, you have a few different wallet options from which to choose, and it’s important to consider your options carefully so as to make the best decision that suits your needs. For example, SFUEL can be held by a native wallet designed by SparkPoint Fuel itself, which can be downloaded via the App Store or Google Play Store. Additionally, MetaMask will also hold this kind of altcoin.
Once you’ve selected a wallet you’re going to have to move your funds from Kucoin onto your system. To do this find the ‘withdraw funds’ option on Kucoin and input/scan your code into the address box, after a brief period your SFUEL will be safely in your wallet.
In the future, another wallet system that might be worth keeping an eye on is the aforementioned CryptoWallet.com. While it currently does not hold SFUEL this wallet is safe and easy to use and has road mapped its intention to bring more altcoins into its capacities.
Other Useful Tools for Trading SFUEL
While we are not permitted to give trading advice or suggestions, we can provide information regarding trading tools that, when utilized properly, can help you make better judgments when trading.
In general, most trading tools give you some type of on-screen information that allows you to track the asset movements, growth, price, volume, or intensity of a particular token.
One of the most basic is On-Balance-Volume (OBV), which 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 simple indicator that informs traders about the strength of a trend. This is the asset’s movement intensity, which provides you a better picture of how often long movements are.
The Stochastic Oscillator shows traders the asset price over time and concerning a given condition inside that time frame.
Latest News for SFUEL
Here we will discuss some of the more recent news updates in regards to SparkPoint Fuel.
On March 16 2022 SparkPoint Fuel released the recap of their AMA with The Head of Communications Mr. Harrison Seletsky. In this AMA various questions were asked and addressed largely in relation to SparkPoint Fuels NFTrade systems, technical matters, and the future prospects for the marketplace.
On March 8th of 2022, SparkPoint Fuel released a beginners guide and how-to about their system, SparkSwap. Thus the DeFi system built upon the Binance Smart Chain promises a variety of new DeFi opportunities for SparkPoint Fuel users.
Can I buy SFUEL with cash?
No, you cannot purchase SFUEL directly with cash, however, you can purchase BTC with fiat services like eToro and then follow our above guide to trade that BTC for SFUEL.
Are there any quick ways to buy SFUEL in Europe?
Kucoin is an altcoin exchange platform that is available throughout Europe and trades SFUEL.
Are there any alternative platforms to buy SFUEL or Bitcoin with credit cards?
You are not able to purchase SFUEL with a credit card, instead follow our simple step-by-step above.