How to Buy ERC20 Tokens: 5 Simple Steps with 2 Individual Approaches
ERC20 Tokens! It’s one of the popular and demandable cryptocurrencies for all crypto traders. In 2017, the ERC20 tokens were introduced in the crypto market with lots of significance. Most significantly, you need to buy an ERC20 token to get these remarkable advantages. But the question is, do you know how to buy ERC20 tokens?
Until now, most of the traders are searching for ways to buy ERC20 tokens. Sounds complex??? Just relax and you can take a cup of coffee. I am damn sure that you will be the owner of ERC20 tokens before your coffee runs out. Interested to take this challenge? Let’s take it.
With this article, I will demonstrate 2 individual approaches to buy an ERC20 token, the first one is from a crypto marketplace that will complete with the simple 5 steps, and another is by using a crypto wallet which will be done in just 2 easy steps.
Want to Know about the Marketplace & Wallet to Buy ERC20 Tokens?
Are you looking for a marketplace where to buy ERC20 tokens? Most novice traders do not understand which marketplace will be the best for buying ERC20 tokens. Thus, the first confusion will arise to choose a marketplace where you can buy your desired ERC20 tokens by exchanging other cryptocurrencies or fiat currencies. Another confusion will be to choose a wallet where you will store your ERC20 tokens. So, give me some time to clear it.
A Crypto exchange platform is a marketplace where traders can buy, sell, or exchange any cryptocurrencies. If you want to buy an ERC20 token, you need to select a marketplace. Here, I will provide the best 5 crypto exchange platforms that will create the opportunity to buy ERC20 tokens. So, you can check out these marketplaces and pick your preferable one.
Binance is one of the trustable and well-known trading platforms that allow traders to buy, sell, or exchange more than 150 cryptocurrencies. The most significant advantage is that you can integrate this platform with your current trading application through an API, as well as it will ensure enough security for your exchange.
- Allows two-factor authentication system
- Compatible with Web, Android, iOS, and Desktop
- Integrated with multiple payment methods
- Provides both basic and advanced trading interface
- Offers low trading fees and so on.
Coinbase is another trading platform that can allow the trader to trade with ERC20 tokens. Also, this platform will be the best for beginners to trade Bitcoins. Moreover, it can cover around 30 million users worldwide as well as available in 103 countries. The most significant advantage of this platform is that it can be able to store your digital assets in its own wallet.
- Compatible with both Android and iOS devices
- Offers a sign-up bonus
- Limited payment option
- Allows daily, weekly, or monthly based trading schedule
- Provides FDIC insurance and more.
Gemini is one of the best trading platforms for US traders. It can support around 20 cryptocurrencies like Bitcoin, Litecoin, Ethereum, and so on as well as more than 25 fiat currencies. Moreover, this platform provides a user-friendly interface, and there is no deposit fee as well to ensure enough liquidity. But it will take higher trading fees and require a lot of personal information to open an account.
- Provides advanced charting system
- Allows insurance system
- Provides 19 trading pairs
- Allows to use your own wallet
- Provides customer support via email & live chat
Crypto.com is another popular crypto trading platform where you can trade with more than 100 cryptocurrencies. This platform can offer up to a $50 sign-up bonus and it provides enough security. Moreover, it will take a low trading fee which is around 0.04% to 0.20%. Also, if you complete your trading with your visa card, you will get back up to 8%.
- Allows to provide an instant loan with no deadline
- Provides multi-factor authentication
- Integrated with the AES-256 encryption system
- Allows buy, sell, exchange, withdraw, send, and receive
- Provides FDIC insurance, cold storage, and bug bounty program
Kraken is another reputed crypto exchange platform that allows traders to deal with more than 50 cryptocurrencies. Also, it can offer three individual packages: Starter, Intermediate, and Pro. Moreover, the traders can be able to deposit, withdraw, and exchange through the starter package. Most significant thing is that it can support 7 fiat currencies, such as USD, CAD, EUR GBP, JPY, CHF, and AUD.
- Provides highly secured platform
- Ensure the highest legal compliance
- Allows two-factor authentication
- Provides cold storage and smart charting system
- Reasonable trading fees but no mobile application
There are also a lot of crypto trading platforms available but in this section, I have discussed the best 5 trading marketplaces. So, you can choose any of them from this list.
Another concerning factor is to choose a wallet. Though there are numerous crypto wallets, all of them are not supported for ERC20 tokens. In this regard, you need to choose a compatible wallet for your ERC20 tokens, and you have to know the features and functionalities before choosing. So, I will provide a list of the top 5 crypto wallets which will be compatible with ERC20 tokens, and you can easily pick up your preferred one.
MetaMask is one of the well-known crypto wallets and it is completely free to use. For that reason, most novice traders prefer to create a MetaMask wallet. This wallet can allow the traders to send, receive, store, and swap their ERC20 tokens.
- Allows to interact with the Ethereum network
- Compatible for both browser and mobile devices
- Provides full control for the users to manage their wallet
- Integrated with several Blockchain technologies such as decentralized exchange, decentralized finance, distributed ledger, and so on.
- Allows store and manage the broadcast transactions
Coinbase wallet is one of the most trustable crypto wallets. This wallet can allow the traders to store any cryptocurrencies and ERC20 tokens as well. Also, it can store NFTs and you can trade with more than 500 digital assets on the DEX through this wallet. The most significant thing is that it is not required to have a Coinbase account for using this wallet. So, if you don’t have a Coinbase account, you can use the Coinbase wallet to store your crypto coins and NFTs as well.
- Provides secure enclave and biometric authentication
- Allows cloud backup system
- Compatible with mobile app and desktop
- Allows decentralized trading access
- Provides a certain amount of interest
MyEtherWallet is Ethereum’s original wallet that can allow the traders to interact with the Ethereum Blockchain. This wallet allows the traders to send the transactions anytime and anywhere without any middlemen or intermediaries. So, it can assist you to create a direct connection with the Ethereum network and support all Ethereum-based coins and ERC20 tokens to buy, send, or receive.
- Easy to use and free
- Allows to swap for ERC20 tokens
- Supports DApps
- Allows to cash out in fiat currencies
- Supports some major hardware wallets such as Ledger, Trezor, and so on.
This one is another cryptocurrency wallet that can support Bitcoin, Ethereum, XRP, Litecoin, XLM, and more than 300 coins and tokens, especially it can support all ERC20 tokens. Currently, it has 1,000,000 users worldwide and it provides full control of its users to manage their private key and assets. This wallet can allow the users to buy and exchange the supported cryptocurrencies and the most significant aspect is that it has its own official token which is AWC.
- Basically, desktop wallet but the mobile version is also available
- Highly secured and decentralized
- Allows 60+ crypto pairs to swap
- Provides a certain amount of cashback
- Allows USD, EUR, and local currencies
This is one of the most secure and trustable wallets to store your ERC20 tokens or other cryptocurrencies. It can allow users to buy, store, and exchange any supported cryptocurrencies and ERC20 tokens, as well as collect NFTs through this wallet. Moreover, more than 10 million users are using this wallet. The most significant thing is that it provides around 10% to 80% APR according to the transactions.
- Only for mobile devices
- Provides a fully private and secure system
- Provides unified wallet address to manage Ethereum and ERC20 tokens
- Allows staking system
- Ensures a decentralized exchange
Do you know the effectiveness of ERC20 tokens? It is basically an Ethereum-based token and it has been used worldwide in the crypto market after Bitcoin. According to a report of CoinMarketCap,
“The total market capitalization of ERC20 tokens is around $28,335,673 and the growth rate is almost 4.82%.”
But the value of market capitalization is not constant, it will be variable according to the market demand. Also, there is a lot of significance of ERC20 tokens which will create an extra milestone for your business. The ERC20 tokens can be able to ensure secure transactions and protect your wallet by the private key from any kind of hacking or threats.
Moreover, ERC20 tokens can assist to create a direct connection with the Ethereum network, for that reason it will ensure smooth interaction and speedy transaction among all cryptocurrencies.
Know about ERC20 Tokens???
It’s Essential to Know Before Buying!!!
An ERC20 token is mainly a digital asset that can allow traders to complete their trading activities with the Ethereum Blockchain network. If you compare the ERC20 tokens with other cryptocurrencies, you can realize that the others cryptocurrencies have their own Blockchain network but ERC20 tokens are created and hosted in the Ethereum network.
Anyone or any business organization can launch their own ERC20 tokens in the Ethereum network for various purposes, such as:
- To create smart contracts
- To conduct fundraising process
- For ensuring voting rights
- To represent physical objects
- To ensure transaction fees
Do You Know How Many ERC20 Tokens Exist?
According to the information of Ethereum data provider in August 2021,
“In the Ethereum network, there are 847 ERC20 project-based coins, and 448,697 token contracts have been found in the crypto market.”
According to this data, the most well-known ERC20 tokens are:
- BNB Coin (BNB)
- Tether USD (USDT)
- HEX (HEX)
- USD Coin (USDC)
- Binance USD (BUSD)
- Uniswap (UNI)
- ChainLink Token (LINK)
- Wrapped BTC (WBTC)
- Bitfinex LEO Token (LEO)
- Dai Stablecoin (DAI), and so on.
So, you can buy any of them which will be available on your selected crypto exchange platform.
LET’S TURN AROUND YOUR SOLUTION!!!
If I am not wrong, your main reason to come to this article is to know how to buy ERC20 tokens. Now, you have reached your desired section. Here, you will get a step-by-step guideline to know the buying process of ERC20 tokens.
After all, you need to know a proper guideline for buying an ERC20 token. Are you excited to purchase ERC20 tokens? If so, you will get all of your solutions in this context.
From the previous section, you have already been informed about the marketplace and the crypto wallet. So, you can buy ERC20 tokens by following the given steps.
You can choose any marketplace from the above list to open an account. Also, if you have any preference, you can select it. In this regard, I have selected the Binance crypto exchange platform and will provide the buying process of ERC20 tokens from the Binance marketplace.
Firstly, you have to create an account on your chosen marketplace. Here, I have signed in on my Binance account by providing the required information such as Email, and password. After verifying, you can sign in to your Binance account. Also, you can log in to your Binance account by scanning the QR-code.
If you don’t have an account, you can click on the register now option. After completing the registration process, you can log in to the Binance account.
If you do not have any balance in your account, you need to deposit a certain amount of balance in BTC or USD or any fiat currencies to buy ERC20 tokens. Here, I will deposit BTC on my Binance account. So, if you want to do it, you can follow these processes. Otherwise, you have to deposit any cryptocurrencies or fiat currencies according to your preferred crypto exchange platform.
To deposit in the Binance platform, you need to click on the Wallet menu, then go to the Overview option.
After that, you need to go to the Deposit option to deposit the balance in your Binance account.
Here, you can select the coin which you want to deposit and select the deposit network. Afterward, the Binance will provide you a deposit wallet address in your Binance account where your deposit amount will be stored.
If you have a balance in your Binance account, then you can skip step-2. Otherwise, after completing the deposit process, you need to go to that marketplace where you can trade ERC20 tokens.
In this regard, I will select the BNB coins and go to this marketplace to buy the ERC20 tokens. You can follow the same process if you want to buy BNB coins. Also, there are a lot of ERC20 tokens. So, according to your platform, you can select any of them.
Now, I will go to the BTC market because I can deal with the BTC currency. If you deposit another currency, you have to choose the market based on this.
In this regard, I will look for a BNB/BTC pair in this BTC market because I already have BTC cryptocurrency in my Binance account, and I want to buy BNB coins.
So, if you want to do it, you need to follow the same process and have to enter the amount of BNB coins that you want to purchase, then click on the Buy BNB option.
Finally, you have completed the buying process and bought your desired ERC20 tokens in your Binance wallet.
After buying the ERC20 tokens, the tokens will be stored in your Binance wallet. If you want to withdraw it into your own crypto wallet, you need to follow this step. But before doing it, you have to make sure your wallet supports ERC20 tokens. According to my previous discussion, you can choose any crypto wallet which is compatible with ERC20 tokens.
In this regard, I will withdraw my purchased ERC20 tokens into my MetaMask wallet. Similarly, you can withdraw your ERC20 tokens into any crypto wallet. Moreover, you just need to go to the Withdraw option, select the BNB coin.
After that, you need to enter your Wallet Address, here I have entered my MetaMask wallet address. Then, you have to put the BNB amount which you want to withdraw into your wallet and click on the Withdraw button.
After clicking the withdraw button, the ERC20 tokens will be sent into your wallet and you can use this token for any valid purposes.
IT’S JUST A MATTER OF TIME NOW!!!
An ERC20 Token Is Hanging on Your Wallet
Win over the challenge??? It’s really easy to buy ERC20 tokens from a crypto exchange platform. In my previous discussion, I have illustrated a step-by-step direction to buy an ERC20 token. Also, you can also buy ERC20 tokens through your wallet. You just need to configure your wallet and can buy any ERC20 token by paying with other cryptocurrencies or fiat currencies.
Here, I will provide the simple 2 steps to buy ERC20 tokens through your wallet. So, let’s start it.
Here, I will buy ERC20 tokens by using my MetaMask wallet. Similarly, if you want to do this, you need to deposit any Ether currencies at first by clicking on the Buy option.
After that, you can swap the Ether-based coins with ERC20 tokens. You just need to click on the Swap option. Then, you have to enter the amount and select which ERC20 token you want to swap with your Ether coins.
Finally, you can convert your Ether coin into ERC20 tokens through your wallet. So, it’s so simple and easy, you just need to follow the proper steps.
Definitely, you have learned the process of how you can buy ERC20 tokens. As a crypto trader, you can deal with the ERC20 tokens but do you know? You can easily be a crypto entrepreneur to build a cryptocurrency trading platform that can allow the traders to buy, sell, exchange any cryptocurrencies and ERC20 tokens as well.
In this regard, it would be better if you choose Tradebox software because it has an exclusive ERC20 module that can assist you to create a direct connection with the Ethereum network and support all Ethereum-based coins. Also, the traders can easily buy any ERC20 tokens from this platform. Moreover, this trading software is not limited only to such kinds of functionalities, rather it has a lot of remarkable advantages. If you are curious to know about it, you can check out this article.
So, why do you miss the massive opportunity??? Grab it NOW by purchasing Tradebox - Cryptocurrency Trading Software.
You have arrived at this article to learn how to buy ERC20 tokens and I am damn sure that you have understood it easily and effectively. In this article, I have tried to explore two possible ways for buying an ERC20 token. Also, it provides another direction to launch your own cryptocurrency trading marketplace where the traders can trade with the ERC20 tokens easily. Through this way, you can establish yourself as a crypto entrepreneur, as well as make your own crypto trading platform with ERC20 tokens.
So, this article will assist you not only buy ERC20 tokens but also give an exclusive idea to become a crypto entrepreneur.
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