Interested in parachains? Starting to hear more about the blooming opportunities that these multichain ecosystems represent? Well, the Polkadex Token, or PDEX, might be something for you!
Parachain opportunities have long been earmarked by many of the crypto wise guys as likely to be a big part of the future of the market, bringing blockchains together through new and exciting technologies. So in this guide, we are going to be discussing this particular project, inform you about its place in this new kind of ‘blockchain of blockchains’ and provide you with a handy guide on how to get some of your very own.
What is PDEX?
PDEX is the native token of the Polkadex system, and Polkadex is a parachain member of the Polkadot Network. Don’t worry if that seems a little confusing!
Essentially, the Polkadot Network allows multiple different blockchains to operate in tandem with each other as a cohesive system, each fulfilling its functions yet still integrated and benefiting the overall network in what is described as Cross-Chain Interoperability. Polkadot has a capacity of over 100 slots available that different blockchain projects can bid on in succession, with the overall goal of creating a seamless network of networks that is secure, stable, and profitable for those using the system.
Polkadex is just one of the many members of this system and has its own native token called PDEX. Polkadex works as an order book, facilitating P2P trading and merging both centralized and decentralized trading elements. The goal of this is to reduce problems that are commonly felt on these kinds of trading platforms, such as high transaction fees, price slippage issues, and arbitraging.
Polkadex aims to alleviate or remove these problems entirely by truly capitalizing on the potential that the Polkadot Network may offer.
Chaired by CEO Gautham J, this crypto project operates off the mainstay ERC20 standard and can be found on a host of different exchanges and held in a variety of different wallets.
So if you are looking to get some of your very own PDEX, take a look at our handy guide below and you’ll have some of your own PDEX in no time!
Step 1: Register on Fiat-to-Crypto Exchange
To start, you’ll need to buy a more popular cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH), which we will then use later on to purchase some PDEX. In this example, we will be using BTC.
So next, you’ll need to locate a fiat-to-crypto exchange to purchase some BTC.
You have a wide variety of exchanges to pick from, and various providers will offer all kinds of services at different prices, so it’s always a good idea to compare and contrast these businesses to find the one that works for you.
But for the sake of this article, let’s pick our very own CryptoWallet.com because we think it’s speedy, reliable, and suitable for both crypto enthusiasts and crypto newcomers. Make an account and send fiat by bank transfer or credit/debit card.
Your money will appear in your CryptoWallet.com Account after a brief confirmation period, and will then be free to be traded at your leisure.
Step 2: Buy BTC with Fiat Money
You may exchange the newly arrived money in your CryptoWallet.com account for Bitcoin once it’s displayed. Simply check the trade tab, choose BTC, the desired quantity, and click confirm. The new BTC as well as any outstanding fiat money will be seen inside your CryptoWallet.com account after a very quick confirmation period, which might vary depending on congestion.
You may access a range of asset price charts, trading tools, and real-time market data when you utilize cryptocurrency exchanges like TrustWallet, CryptoWallet.com, or Metamask. These kinds of industry-standard tools are extremely useful, so it is a good idea to become familiar with them, as if utilized properly, they may assist you in making financial decisions that are more effective and possibly even more profitable.
Step 3: Transfer BTC to an Altcoin Exchange
When you have got BTC, you may register with an altcoin exchange and trade it for some PDEX.
Find an altcoin exchange that trades the BTC/PDEX pair first. Although other exchanges like KuCoin, Gate.io, Uniswap (V2) and KuCoin also facilitate PDEX trades, we will choose KuCoin in this case because it is the easiest to use. The requirements for registration might vary amongst these kinds of exchanges, and each one offers a varied range of pricing and services.
You must first register a profile with KuCoin before you can start trading. Information, KYC procedures, and industry-standard security will all need to be submitted throughout the fairly simple registration process.
You will need to deposit some BTC from your CryptoWallet.com account into your current KuCoin account after KuCoin notifies you that your account is ready to trade. Go to the KuCoin “funds” tab and choose “deposit funds” to complete this step. You will now receive a wallet address or a QR code from KuCoin. After that, access your CryptoWallet.com account and select “transfer funds.” Enter the desired amount into your crypto wallet now, then scan or type in the KuCoin address.
The BTC will show up on your KuCoin account after a small confirmation period, and you may exchange it for PDEX. Simply select the BTC/PDEX trading pairs, and the trade amount, and confirm.
If you’ve been following along, you should now be the proud owner of your very own PDEX.
Last Step: Store PDEX Securely
You should have some of your very own PDEX if you’ve been following along. While some people are contended to leave their crypto up on the exchange, many would think of this as something of a security concern.
So at this stage, we think it’s a good idea to start thinking about wallets.
In the case of PDEX, your options are a little limited, with your primary options being the popular TrustWallet, MetaMask, and a variety of hardware options such as the Ledger series.
To move your new PDEX funds from the KuCoin exchange, select the ‘withdraw funds’ option found on the KuCoin interface. From here, KuCoin will provide some instructions and require you to input your new wallet address either manually or by scanning a QR code. Once completed, there will be a brief confirmation period, after which your PDEX will be displayed in your new wallet.
While CryptoWallet.com provides several wallet services and a high level of security, it does not yet host PDEX. It does, however, host several other coins and financial services and could be considered to be something of a one-stop shop for your various crypto needs. So you might want to keep an eye on our services as it develops in the coming months.
Other Useful Tools for Trading PDEX
If you are something of a newcomer to the crypto space, or even somebody a little more experienced, it’s always a good idea to stay abreast of some of the handy trading tools that are available, which can help make your crypto trading experience simpler, safer, and perhaps even a little bit more lucrative.
So the first trading tool we are going to be taking a look at is Accointing. For traders, especially those that may operate across a multitude of different exchanges and wallets, keeping records in order, specifically for tax reasons, can really end up being quite a challenge. That’s why services such as Accointing can be so useful, letting you keep track of your overall net worth and tax requirements, and letting you quickly and accurately report earnings and file records. While free beneath a certain threshold, Accounting offers a far more extensive plan for a yearly rate.
The next handy trading tool that we will be looking at is LocalBitcoins. This Helsinki-based business offers a unique Peer-to-Peer trading system for your cryptocurrency. Users of this service create posts stating their intention to sell their own cryptocurrency for local currency directly between partners, allowing for a more tailored and mutually agreed upon trading experience for both parties.
Can I buy PDEX with cash?
PDEX tokens cannot be directly bought with fiat currency. To get some PDEX on an exchange, you must first purchase a cryptocurrency like BTC, ETH or USDT, which you must then swap for the desired coin, in this case, PDEX. Look at the directions above to learn how to accomplish this task.
Are there any quick ways to buy PDEX in Europe?
PDEX purchases do include a few extra procedures that can seem to be more difficult than those in other crypto transactions. However, if you go through the instructions we’ve supplied, we can lead you through each step. Fortunately, this aforementioned process is quick, easy, and perfectly legal in the EU.
Are there any alternative platforms to buy PDEX or Bitcoin with credit cards?
PDEX, in contrast to other cryptocurrencies, cannot be purchased with fiat currency. Alternatively, you might purchase a cryptocurrency like Bitcoin, USDT, or Ethereum and then exchange it for another that you could use to swap PDEX. To find out how to do this, go to the instructions above.
On the other hand, by looking for a cryptocurrency exchange that takes credit or debit cards, it is possible to buy Bitcoin with a credit card rapidly and in a far more direct sense. Companies like eToro and many more provide this service.