How to Buy DFY Tokens For Beginners (20 min process)
The DFY token is the native crypto token for the DeFi For You lending and borrowing platform. DeFi For You lets borrowers use crypto assets and NFTs, including NFTs attached to underlying physical assets. All of this is powered by blockchain.
Buying DFY tokens gives you access to the DeFi For You platform and its features, as well as exposure to an innovative sector in the crypto market.
To buy DFY tokens, you’ll first need a crypto wallet.
Bear in mind the steps you’ll take for buying DFY tokens will also onboard you into the crypto world and give you a much broader understanding of how cryptocurrency works and how you can use it, trade it, store it, and earn from it.
Step One: The Wallet
It’s easy to set up a crypto wallet. Download the Trust wallet app on your phone from the Google Play Store or App Store. This is the official wallet of Binance (the world’s biggest crypto exchange) and uses industry-standard encryption for the best security.
- Download Trust app
- Open account
- WRITE DOWN YOUR SEED PHRASE — don’t save it on your computer or phone. Write it on paper. This is so important for keeping your crypto assets secure.
Your wallet is where you can store your coins and tokens securely and transfer them to exchanges or other users wallets.
Step Two: Buying USDT on an Exchange
USDT — or USD Tether — is a stable coin. This means it’s pegged to the value of the US dollar and backed dollar-to-dollar by cash reserves and debt instruments. Crypto traders generally store their money in USDT when they’re out of the market.
USDT is a logical pair for most cryptocurrencies as its price is always stable. You can buy USDT and then use that to buy DFY tokens.
Open an account on a major cryptocurrency exchange, for example:
These exchanges allow you to deposit USD, GBP, EUR, and other major currencies. They also allow you to buy USDT directly with a credit or debit card for practically no fee.
You’ll find your USDT in your Spot Wallet once you’ve purchased it. I’d recommend watching a ten minute YouTube tutorial on the exchange you’re using to get to grips with the basics. There are plenty of these videos and tutorials available.
Step Three: Open an Altcoin Exchange Account to Buy DFY
DFY is an Altcoin. This basically means it’s an alternative cryptocurrency as opposed to a major established one like Bitcoin, Ethereum, or Binance Coin. Alton exchanges specialize in smaller market cap cryptocurrencies, although they do also allow you to buy major cryptos as well.
DFY is traded on:
DFY also trades on decentralized exchanges, including:
A decentralized exchange is not run by a company and there is no one to stop its functions or to choose what is listed there. You can find DFY on decentralized exchanges by search its smart contract:
Honestly, for beginners, it’s easier to just use the regular exchanges like CoinTiger and Hotbit.
Step Four: Transfer USDT to the altcoin exchange:
You need to transfer the USDT to the exchange in order to buy DFY with it. To transfer, you need to copy your receive address on the altcoin exchange and then paste it when you send it on the major exchange.
- Open the exchange spot wallet with your USDT inside.
- Open the altcoin exchange.
- Press Withdraw next to the USDT
CHECK the network — this is important:
Make sure you’re sending USDT with the right network. Then paste your receive address when asked and transfer.
TIP: Always do a test transaction of $1 first to ensure that everything is being done correctly. Wait until you receive the $1, then proceed to make the actual transaction.
Step Five: Buy DFY
Now your USDT is on the altcoin exchange, all you have to do is search DFY in the Exchange and fill out your order.
Make sure you understand the difference between a market order and a limit order before buying.
Market orders get you the best price at the time, whereas limit orders allow you to set a specific price and then you wait until the market reaches that price to fulfil your order. It’s recommended that you use limit orders to avoid fees and to get the best price.
You can now transfer the DFY back to Trust Wallet for added security. Or you can keep it on the exchange. It’s up to you!