Purchasing crypto online can be confusing with so many different platforms and options. We’ve made it easy with our simple step by step guide. We’ll walk you through the steps for buying Tecloin tokens online.
What is Telcoin?
Telcoin is a blockchain money transfer solution with a mobile platform. It is built on the Ethereum network and is designed as a decentralized cryptocurrency and a remittance payment system. It can be seen as a blockchain solution to traditional money transfer firms like Western Union or MoneyGram with lower network fees.
Telcoin allows users to send money glocally at a low cost and quicker than traditional systems. It claims a 2%-2.5% remittance fee compared to the average 7% transfer fee of traditional money transfer companies.
Telcoin has a native coin TEL that is used as a utility token for the remittance payment system and can be issued by telecom companies. TEL is an ERC-20 token which means it is built to the Ethereum standard.
How to Buy Telcoin
To buy TEL you’ll have to use a cryptocurrency exchange – a platform where users can trade between different cryptocurrencies. While many of the more well-known cryptocurrency exchanges let you purchase crypto tokens with traditional fiat money, most altcoins are only available on altcoin exchanges where crypto can only be traded for another cryptocurrency.
In spite of Telcoins growing popularity, Telcoin is not currently supported on any of the main cryptocurrency exchanges like Coinbase, Binance or CryptoWallet. To purchase Telcoin tokens you will first have to buy an established cryptocurrency like Bitcoin or Ethereum using fiat money and then transfer it to an altcoin exchange where it can be traded for TEL coins.
We believe the easiest option is to use CryptoWallet to purchase BTC and then transfer it to an altcoin exchange and it’s even easier using our mobile app which allows you to trade cryptocurrencies no matter where you are.
Step 1: Register on Fiat-to-Crypto Exchange
Firstly you’ll want to register on a crypto exchange that allows you to purchase crypto tokens with fiat money (US dollars or Euro for example). We’ll outline the steps to get set-up and trading on CryptoWallet in just a few minutes.
Click register on the banner of the CryptoWallet website to begin setting up your account – you’ll have to provide proof of your identification for this.
Once registered you can follow the steps to set up your personal and secure crypto wallet with a recovery phrase that will help you regain access to your wallet if necessary.
When the verification process is complete you’ll be equipped to buy crypto and start trading instantly!
Your wallet will consist of a public key (similar to an email address or username) and a private key (similar to a password) which can be used for receiving and sending crypto respectively.
Step 2: Buy BTC with fiat money
Now that you have your wallet set up on a secure trading platform like CryptoWallet, you can deposit or transfer fiat money to your wallet. Some exchanges will facilitate using a credit or debit card. With CryptoWallet you can easily add funds using our mobile application!
When your funds have been added to your crypto wallet you can now purchase Bitcoin (BTC) on the trading platform using your fiat funds.
Step 3: Transfer BTC to an Altcoin Exchange
At this stage, you will have BTC tokens which can now be sold on an altcoin trading platform for TEL coins. You will need to set up a wallet on one of these exchanges or use a different wallet that accepts TEL tokens.
You can use these wallets to transfer your Bitcoin to the altcoin exchange and exchange them for TEL. Exchanges that support the trading of Bitcoin and Telcoin include Kucoin and HitBTC.
Last Step: Store TEL Securely
It’s important to keep your crypto funds in a safe and secure wallet that will stop anyone from accessing them. As many altcoins are not supported on well-known exchanges, hackers have developed malicious wallets that are designed to scam users out of their personal information and funds. We’ve looked at a number of options available for storing your cryptocurrencies securely.
Crypto wallets may be either a hardware or software wallet. A wallet can be considered as simply the information needed to access your funds. It consists of a private key and a public key. A hardware or “cold” wallet keeps your keys offline which makes it one of the most secure ways to store your crypto funds.
However, cold wallets can be much less convenient as they have to be linked to an online device to access your funds. The cold wallets, Ledger and Trezor, each accept MIR tokens and are secure and established hardware wallets.
Software or “hot” wallets are used to store your keys and funds online. As they are always online they provide less security but offer much more convenience. Some hot wallets offered by exchanges have tackled this problem by assuring your finances with the use of a crypto protection provider. Any tokens held on your CryptoWallet wallet are completely backed up by BitGo, a frontrunner in crypto custodial protection.
Some customers choose to keep the bulk in their crypto in more popular tokens with the use of an assured wallet. They will use a separate wallet to keep and exchange altcoins. CryptoWallet allows you to store the five top cryptocurrencies based on market cap and all of your funds will be covered by BitGo. This means you can store your crypto tokens safely and securely and whenever you want to trade for altcoins you can transfer a small portion out.
Other useful tools for trading TEL
Telcoin can also be traded on many of the Decentralized Exchanges built within the Ethereum Virtual Machine. A Decentralized Exchange or DEX is a platform that allows the trading of tokens without the need for an intermediary. DEXs on Ethereum include Uniswap and Sushiswap. Using these exchanges, you can trade TEL tokens with any other ERC-20 token such as Tether or Graph tokens.
Latest News for TEL
Telcoin has announced the launch of their new mobile trading platform which lets you trade Telcoin with ten other ERC-20 tokens. The platform will be built into their mobile remittance payment application.
Can I buy TEL with cash?
At the moment it is not possible to buy TEL with cash or any fiat currency. TEL can only be traded for other cryptocurrencies on crypto-only exchanges. You will need to purchase another crypto token (BTC or ETH for example) using cash on an established exchange such as CryptoWallet.
Are there any quick ways to buy TEL in Europe?
The simplest way to purchase TEL tokens is to buy BTC using a simple and quick method like using the CryptoWallet mobile app. Buying BTC using a trustworthy exchange will let you access the wider cryptocurrency landscape and trade BTC for altcoins like Telcoin on a smaller altcoin exchange.
Are there any alternative platforms to buy TEL or Bitcoin with credit cards?
There is a wide range of trading platforms popping up nowadays that claim to allow you to purchase cryptocurrencies including TEL and BTC using a credit or debit card. However many of these platforms are not secure and some are even malicious scams that have been designed to steal your credit card details or wallet information.
We would always recommend that you research thoroughly before purchasing crypto online. The safest way to buy BTC using a credit card is by using a secure crypto exchange where your funds are always protected.
With CryptoWallet you can buy BTC tokens easily and your funds will always be protected by BitGo, a leading digital funds custodian.