Hyve has become a very interesting project in recent weeks and the token certainly has gained some traction after being mentioned by a few Cryptocurrency bloggers. In this article, I will show you how to buy HYVE in the easiest and most cost-efficient way, completely avoiding high Ethereum fees. You’ll also learn where to buy HYVE for the most efficient dollar-cost averaging effect.
Table of Contents
- What is HYVE?
- How to buy HYVE – Our gameplan
- Step 1 – Sign up to Binance
- Step 2 – Buy USDT on Binance
- Step 3 – Sign up to Gate.io
- Step 4 – Copy USDT Wallet Address on Gate.io
- Step 5 – Transferring USDT from Binance to Gate.io
- Step 6 – Buy HYVE on Gate.io
- Conclusion
What is HYVE?
HYVE is a ecosystem that is entirely governed by it’s community. HYVE tries to solve problems in the multi-billion workforce and freelance sector leveraging the blockchain and has turned out to be a very promising platform.
It also currently sits on top of the CoinMarketCal event calendar, indicating a PancakeSwap listing on March 17, which probably will add to its current popularity.
How to buy HYVE – Our gameplan
I found the most cost-efficient way on how to buy HYVE by leveraging the USDT stable-coin. This not only avoids high Ethereum fees, but also doesn’t make us subject to market volatility by buying something like ETH.
We will buy USDT on the most popular exchange (Binance) using our Credit Card and then transfer those USDT over to another exchange called Gate.io that is currently listing HYVE.
Let’s get started
Step 1 – Sign up to Binance
I personally have been using Binance for several years and found it to be the best and safest exchange next to Coinbase. If you sign up using my link, you enjoy Discounted Trading Fees on Binance. That means, you get 5% of every coin I buy or trade, but you also support me by doing it!
I highly recommend setting up 2-Factor Authentication before doing any trades or putting money on an exchange. Also, go through their verification process to be able to trade. It’s quick and easy, just enter your name and address.
The sign-up process is straight forward and doesn’t need any further explanation.
Step 2 – Buy USDT on Binance
Next, we need to buy some USDT using our Credit Card or SWIFT Bank Transfer. Once you are logged in to Binance, click on Buy Crypto in the top navigation bar.
Select either Bank Deposit or Credit Card, according to your preference.
Once you are there, choose USDT as your Coin, enter an amount of USD you want to buy (USDT almost equals the value of the USD, excluding a minimum fee). Then click on Buy USDT and enter your Credit Card Details. You see the amount of USDT you’ll receive on the image below at point 4.
Your USDT should appear in your wallet within a few seconds, but more on that later. Let’s continue.
Step 3 – Sign up to Gate.io
Alright, next we need to sign up to Gate.io. You might ask yourself why do I need to sign up for two different exchanges when I want to buy HYVE? Well, the Crypto space is still in its infant shoes, so smaller altcoins are mostly listed on smaller exchanges first. Binance is one of the biggest exchanges, so Binance usually only lists coins with a higher market cap. But don’t worry, the process is as easy.
If you use my link to sign up, you also get Discounted Trading Fees.
Their sign-up process requires you to set up 2-Factor Authentication, so go ahead and follow their instructions. I like using Google Authenticator, it’s super easy and frictionless!
Step 4 – Copy USDT Wallet Address on Gate.io
To buy HYVE, we need to transfer our USDT from Binance to Gate.io now.
On Gate.io navigate to Account Setting on the top-right navigation bar and click on Deposit/Withdrawal.
Once you are there, either choose Deposit next to USDT, which should be on the top of your list, if it isn’t just search for it using the search field on the right.
The next step is very important, don’t get this wrong. To avoid high ETH fees, choose Tron/TRC20 as the transport network. It might take a minute or so until your wallet address is generated. Click on Copy to copy it.
Step 5 – Transferring USDT from Binance to Gate.io
Back on Binance, click on Wallet -> Fiat and Spot on the top navigation bar.
Search for USDT in the search bar and click on Withdraw.
Let’s walk through the process:
1 – Enter your Gate.io wallet address that you had copied earlier.
2 – IMPORTANT – Select Tron (TRX) as the transport network.
3 – Enter the amount of USDT you want to transfer. The transaction fee is 1$ so take that into consideration.
4 – Click Submit
Now we are almost ready to buy HYVE! It might take a few minutes until your USDT arrives on Gate.io. You can check your funds by navigating to Account Settings -> My Funds on Gate.io.
Step 6 – Buy HYVE on Gate.io
Now it’s finally time to buy some HYVE.
Back on Gate.io navigate to Trade -> Spot Trading from the top navigation bar. Don’t be overwhelmed by what you see, I’ll take you through.
Search for HYVE in the search bar. Select HYVE_USDT as a trading pair.
In the Buy HYVE field, enter the total amount of USDT you want to spend to buy HYVE. You’ll see the amount of HYVE you receive above. Once you are ready, hit Buy (USDT->HYVE).
Congratulations! You have just bought HYVE!
Conclusion
And this is the easiest way to buy HYVE. I’m very excited to see where HYVE is headed in the upcoming months, having a couple of very promising events in the pipeline!
Follow my YouTube Channel: Crypto with Stefan for more Cryptocurrency tutorials!
