Binance and Gate.io are two of the more trusted crypto currency exchanges. To buy the Derace coin (DERC) you must first purchase Bitcoin (BTC), Ethereum (ETH) or Tether (USDT) to trade. This post reports on the process to but major cryptocurrency such as those mentioned above and then how to use these currencies to trade for DERC.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the Register tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. It is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, you will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
It is highly recommend buying Bitcoin first and then trading it for the right amount of DeRace (DERC).
It is easy to purchase Bitcoins via your credit card and the best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty will be explained:
- Move your mouse’s cursor to Buy Crypto tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the Credit/Debit Card to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click Pay now and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click Continue.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the Upload Document tab.
Lastly, your personal document will be approved once verified by the system and an email sent to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Gateio
It will now be explained how to purchase DeRace (DERC) using your investment from Binance.
But, not every crypto is traded on Binance and you need to transfer your coins (i.e. bitcoin) to an exchange that DeRace (DERC) can be traded.
Gate.io is one exchange which allows for the trading of many altcoins, including DERC. Firstly, use the link below to register your new account.
Once you have completed the similar processes as required before with Binance, you are ready to transfer your Bitcoins.
Step 4: Depositng BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades DeRace (DERC), you will need to transfer your BTC from Binance to your gate.io account.
In your gate.io account, click Wallet to access the wallet page. As the exchange support lots of coins, you may have to search for your coin sometimes – although bitcoin will be at the top. Click the Deposit button of the Bitcoin entry to access the deposit page to generate the deposit address distributed to you. Every user on gate.io has one unique address.
The process may appear difficult but don’t worry, it is easier than a bank transfer. Once you copy your unique BTC wallet address go back to Binance.
Then, move your cursor to Wallet on the right hand side of the topbar and once the popup shows up, click on Fiat and Spot (Deposit & Withdrawal).
Look for BTC in the list and click on Withdraw on the right hand side. Then, paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Next, type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, you click on the Submit button to begin with the withdrawal process.
To continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That is all you need to do, now you should wait for a few seconds to allow the blockchain to confirm your transaction.
Step 5: Trading DeRace (DERC)
Now, you need to go back to gate.io to buy DeRace (DERC) with the Bitcoins you sent.
Then move your mouse over to trading and then click standard under cash trading. Next, in the left column make sure to select “BTC” pair and in the search bar type in “DERC”.
After you have moved your coin click on it and now you will see a price table of DERC/BTC in the middle of the page. Select the “Market” tab as that is the easiest way of buying orders.
Or you can either choose to type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click Buy DERC. Now you own your DERC!
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