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Where and How to Buy Frax in 2022 – A Beginner’s Guide

By Meghan M. 10 min read

Frax is only available on few crypto exchanges and you can't purchase it directly from fiat. First, You have to buy a widely used cryptocurrency like Bitcoin or Ethereum, after that you can easily buy you desired coin like FRAX.
In this section we will first give you a complete guide on How can you buy Bitcoin on top exchanges like coinbase, binance etc.


Coinbase

Coinbase is also well-known for its strong liquidity, large variety of viable cryptos, and good security. It provides two methods to enter the cryptocurrency market, depending on the sort of trader you are.

While there are many cryptocurrency trading platforms available today, Coinbase readily makes an impression. It is one of the most well-known and trustworthy digital currency exchange organizations today, with a reputation for being the ideal trading platform for newcomers. This is owing to its basic and easy-to-use interface.

How to buy Bitcoin on Coinbase

If Coinbase appears to be the perfect platform for you, follow the step-by-step instructions below to open an account and begin trading (Dogecoin).

Step 1: Create Coinbase Account

Coinbase is accessible as a webapp and a mobile app for iOS and android. We'll be focusing at the web version for this guide. To begin, go to the sign-up page.

Step 2: Add Funds

Other possibilities for financing accounts could be available in other nations. Please consult this list to discover if purchasing bitcoin is legal in your country.

There are various different financing alternatives available to inhabitants of the United States.

  • Bank account transfers enable you to issue fast buy orders and conduct large-scale transactions.
  • PayPal transfers also allow you to buy cryptocurrency or withdraw dollars instantaneously.
  • Debit card payments may only be used for small-value investments and require a connected bank account or wallet.
  • Wire transfers take longer to process and are suggested for big payments of more than $25,000 USD.

Step 3: Buy Bitcoin

To begin, ensure that you have financed your account to use one of the ways provided above. Then, from the list of cryptocurrencies, pick Bitcoin from the Trade panel. Then you'll see a chart with the coin's price history and a button to place a purchase order.

Next, input the amount of money you wish to spend, and it will compute the matching BTC value for you. Finally, submit your order, and it will be completed as soon as possible.

If you wish to convert another cryptocurrency into BTC, go to the order box's Convert tab and choose your desired coin. Then, input the amount you wish to convert in USD, and the BTC value will be determined. Finally, click Preview Convert to check the conversion information and, if necessary, accept the rate.

You are now the proud owner of Bitcoin!


Binance

The Binance exchange is the simplest and most basic approach to begin purchasing the Bitcoin, since it is one of the most well-known and finest exchange platforms that provides an easy and rapid set-up to begin with the BTC.

How to buy Bitcoin on Binance

Follow the step-by-step instructions below to open an account and begin your first purchase of bitcoin.

Step 1: Create Binance Account

To begin, open a Binance account in order to purchase BTC. Binance accounts can be created by email or mobile. Choose your option and enter your personal information appropriately.

Visit the Binance Website. Click on the “Register” option in the upper right-hand corner and complete the relevant information. Binance will validate your account details throughout the registration process, which may take a few minutes.

After you've created your Binance account, you'll need to verify it. Select Identification from your profile icon to go to the verification screen. This Process is quite simple and straightforward. Just follow the steps that Binance Screen is showing.

Step 2: Select a Payment Method

Go to the Buy Crypto page. It contains a list of all available payment options. You can purchase BTC using a variety of fiat currencies. Enter the amount of fiat money you wish to spend, and the system will calculate the amount of Bitcoin you can acquire. Select your preferred payment method. Following the selection of your payment option, you will be brought to the buy crypto screen.

Step 3: Purchase Bitcoin

To proceed with the transaction, enter your amount that how much you want to spend on it or how much you want to Buy.

Now here you will have to be quick. After selecting your desired amount please double-check the payment details and expenses, and finish your purchase within 1 minute, otherwise the amount of Bitcoin you will get will be modified based on the current market price. Because in crypto market things change within seconds or minutes.

Following that, you will be able to immediately view the bought bitcoin in your Binance Spot Wallet.


OKx

OKx is a blockchain-powered digital asset exchange that offers high-level financial services to seasoned sellers and traders all around the world. This platform offers four key trading categories: C2C, Index, Token, and Futures. We'll guide you through the procedures necessary to begin buying Bitcoin with OKx.

How to buy Bitcoin on OKx

 Buying Bitcoin on OKx is very easy. To buy USDT on OKEx, Follow these steps:

Step 1: Register on OKx

Go to the Official website of OKx platform. Make sure that the website you are is Official. Now on the main screen of website you will see a ‘’Sign Up’’ Button.

Now OKx will sent you a code on your email address Verify the code and click continue.

Step 2: Add Funds

Sign in to your OKEx account and go to the top menu and select "Buy Crypto".

The Quick Trade tab will appear, along with the dynamic Buy widget. First, select the currency in which you wish to make your transaction. Then, choose the cryptocurrency you wish to purchase. In this case USD/Bitcoin;

Enter the amount of USD that you wish to use to buy BTC. Additionally, you can enter the amount of BTC you wish to purchase and OKx will calculate how much you'll need to spend.

Step 3: Buy Bitcoin

Choose a payment method for acquiring cryptocurrency. Depending on your location, you may have numerous alternatives for purchasing.

To complete your purchase order, click Buy.


Transfer BTC/ETH to a Frax supported exchange

These are few cryptocurrency exchanges where you can buy Frax. Transfer your Bitcoin/Ethereum to one of the below listed exchange and purchase FRAX using simple steps.

1. Solarbeam Join Now
2. SpiritSwap Join Now
3. Sushiswap (Arbitrum One) Join Now
4. TempleDAO Join Now
5. Bilaxy Join Now
6. Sushiswap (Polygon POS) Join Now
7. Sifchain Join Now
8. Sushiswap (Harmony) Join Now

Buy Frax on Decentralized Exchanges.

Below, you will find comprehensive and detailed review about top rated decentralized exchanges using which you can buy Frax (FRAX) easily.

1. Pangolin

The Pangolin project is a decentralized exchange that uses Avalanche Blockchain as a backend. This platform's automated market-making model allows users to make trades at a fraction of the price of the underlying currencies.

The native token of Pangolin (PNG) allows users to vote on development decisions and the creation of new liquidity pools. It will be distributed in a transparent fashion, and the community will be able to make decisions about what to do with it.

With transaction fees as low as a few cents, users can easily invest in the crypto market. In addition to the PNG, other top tokens on the platform include Wrapped AVAX (WAVAX), BENQI (QI), and Roco Finance (ROCO).


2. Uniswap (v3)

Uniswap is a decentralised exchange (DEX) that allows users to finance liquidity pools and benefit from them.

The platform's user-friendly online interface allows users to exchange Ethereum-powered ERC-20 tokens. Previously, decentralised exchanges had small order books and poor UXs, leaving a huge opportunity for successful decentralised exchange.

Users no longer have to accept defects because they can easily exchange Ethereum-based protocols using a web 3.0 wallet thanks to Uniswap. You can do so without having to deposit or withdraw funds from a centrally controlled order book. Uniswap allows users to trade without the intervention of a third party.

How to buy Frax on Uniswap (v3)

In this section, we'll go through below steps on how to make your first Frax purchase on Uniswap.

Uniswap allows you to buy Frax (FRAX) and any of the thousands of ERC20 tokens offered by the Ethereum network. To do so, you'll need sufficient ETH on hand to cover any transaction costs, as well as anything to exchange for the ERC20 token you desire mostly Ethereum or USDT (ERC-20).

 

Step 1: Navigate to the Uniswap exchange platform. Click the 'Connect to a wallet' option in the upper right corner and log in with the Metamask or Trust wallet.

Step 2: After logging in, the trading dashboard will be shown. Select the token you want to trade for, and the token you want in the top section (in our case Frax), You can also search Frax (FRAX) in Coinmarketcap and copy/paste the FRAX contract in uniswap.

Step 3: You are now ready to place your order. You can put a number in the top area to specify how much you want to spend, or a number in the bottom field to specify how much you want to purchase.

Step 4: At the bottom of the order menu, you'll see how much you'll be charged. If you're satisfied with these numbers, click the 'Swap' option. When you're finished, confirm the transaction, and it'll be processed. Once completed, your tokens will be available in your ERC20 wallet.


3. OpenOcean

OpenOcean is a decentralized exchange that aggregates derivatives, lending products, and insurance products on multiple blockchains.

They also have a large community of existing users. The company's roadmap is full of exciting features. Additionally, the platform is transparent when it comes to trading fees and aims to offer optimal user experience for its users.

If you're a crypto investor and want to buy using decentralized exchange, OpenOcean can be the right choice for you.


4. Sushiswap

SushiSwap is an exchange that is moving in line with the larger uniswap ecosystem. It uses a system called an automated market maker to settle orders just like uniswap or pancakeswap.

While traditional exchanges have order books with buyers and sellers, SushiSwap uses an algorithm to create a "liquidity pool" of tokens. This way, users are able to trade in a range of prices. Tokens are listed in the "liquidity pool" based on price history.

There are a number of people behind the project, including 0xMaki, who is an anonymous core contributor, and Joseph Delong, the Chief Technology Officer. These members will also remain anonymous, as it is the policy of the company not to disclose who they are or their positions with the project. Although SushiSwap has no current investors, there are discussions about acquiring funds in the future.

The first step is to connect your wallet to the SushiSwap pool. This is very easy, as the platform supports MetaMask and WalletConnect. Once connected, you'll need to select a token and swap it with desired token.



Conclusion

Choosing the best cryptocurrency platform for Frax (FRAX) might be a difficult task, there are various factors that one should consider before selecting a crypto exchange. These include the fees structure, security, exchange features, and whether it is based on fiat or crypto.
Remember, once you have shortlisted some exchanges, do your research on each of them to identify the most appropriate for you.




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