In this tutorial, I show you how to buy EGLD in a really easy-to-follow way using Binance. EGLD has gained some traction over the past couple of weeks and many of you have asked me to provide a tutorial on how to buy EGLD on Binance, so here we go!
Table of Contents
- What is EGLD?
- How to buy EGLD on Binance
- Where to store EGLD
- The Best Way to stay Up-to-Date with my Content
What is EGLD?
As always, a short primer on what the currency you are looking to invest in is. Feel free to skip ahead. So what is EGLD? EGLD is a blockchain protocol that tries to provide extremely fast transaction speeds by utilizing something called sharding. Some of their technologies include but are not limited to: fintech, decentralized finance, and IoT.
They actually have something really impressive going for them: Their smart contracts platform is processing up to 15.000 transactions per second with a 6-second latency and a fee of only $0.001. That in my opinion is pretty impressive!
How to buy EGLD on Binance
Binance is by far our favorite exchange, I have been using Binance since 2016 and trust it due to its history of security. If you sign-up using this link, you’ll receive discounts on all your trades, and help out my blog at the same time – a Win-Win situation!
Step 1 – Sign up for Binance
As I have mentioned above, sign up for Binance first. Their onboarding is really straight-forward, just follow through with their steps and make sure to enable 2-Factor Authentication. I like using Google Authenticator.
Once you are signed up, we can go ahead and deposit USD to Binance.
Step 2 – Deposit USD to Binance
We are going to use a method that has proven to be the cheapest way to buy cryptocurrencies throughout all of my guides. We are going to buy USDT, which is a stable-coin that is not subject to market volatility, and then we are going to buy EGLD with USDT.
That way we avoid loosing money on market volatility by trading with something like Bitcoin or Ethereum (also, no high gas fees.)
When you are logged in and ready, click Buy Crypto -> Credit/Debit Card.
Now follow the sub-steps below:
1 – Change Coin to USDT
2 – OPTIONAL: Change deposit Currency
3 – Enter amount of USD to deposit
4 – Check what you get back in USDT (Minus a minor fee)
5 – Click Buy USDT
Well done, now we can go ahead and buy EGLD on Binance!
Step 3 – Buy EGLD on Binance
Click on Trade -> Classic on the top navigation bar.
Don’t be scared by what you see if you have never traded, I’ll guide you through the process.
First, click on the search bar and type EGLD. Choose the EGLD/USDT trading pair.
Next, find the Buying Window down below.
Then select Market to buy EGLD at the current market price, enter an amount of USDT you want to spend for your EGLD and finally click Buy EGLD.
And that’s it. You just bought yourself some EGLD!
Where to store EGLD
When it comes to storing cryptocurrencies, I always discourage people from leaving their funds on an exchange. It’s just bad practice, no matter how safe the exchange is.
My preferred way of storing cryptocurrencies is using a Ledger. A Ledger is a hardware wallet. It’s by far the safest way to store cryptocurrencies. Unfortunately, Ledger does not support EGLD yet. You can always check which coins Ledger supports with this link on their official website.
Store EGLD on the official EGLD wallet
Gladly, EGLD is providing their own wallet. You can set it up by following through the steps on their website. This also comes with some staking options, which is great.
And that’s how simple it is to buy EGLD. If you want to check out other Cryptocurrency Buying Guides, check them out here.