How to buy POE (Po.et) – A beginner’s step-by-step guide
For a better experience, all pictures in this tutorial are zoomable. Just click on any and it will open in full screen. Also, some parts have more than one picture so they are made as sliders. Just swipe left or right to see them.
Before we jump into details, I would like to inform you that most of the links provided in this guide are affiliate links. If you register through them and make a transaction, I will receive some commissions. So, if you are considering following this guide, I would appreciate if you support me.
Final thing before we get started. When dealing with cryptocurrency, you need to take every precaution you can. One of my recommendations would be to install a Metacert extension on your browser. When you use it, a green shield icon near the address field will appear indicating that the page you are visiting could be trusted. If the website does not have this icon, leave it immediately and do not take any actions there.
1. So first, we need to purchase some Ethereum so we could exchange it to POE. There are many digital currency exchange platforms on the market. But in this tutorial, we are going to use CEX.IO as it has one of the lowest deposit limits on the market.
Just press the button below and you will be taken to their official website.
2. Click on the "Register" button and start the registration process.
Fill in the email, password fields and press “Register”.
3. It will ask you to confirm your email address. So, if everything is correct, press “Proceed”.
The confirmation code will be sent to your email.
Open the confirmation email. You will see 2 options: press the “Confirm” button, or copy the code and paste it. Do one of the actions you prefer.
If everything is correct, you will see a confirmation window.
Press “Proceed” and you will be taken to your account.
4. CEX.IO has very strict privacy rules and anti-money laundering policies, so you will have to verify your identity before you are allowed to fully use the platform. In the top right corner, in the drop-down menu press “Verification”.
5. You will be taken to the verification page. Click on “Start verification” and a 4-step process will start.
In the first step, you will be asked to provide your ID information. Fill all the fields and make sure everything is correct. Click “Next step.”
The second step is all about your personal information. Fill it as well and go the next step.
In the third step provide your address information and press “Next step”.
Finally, in the last step, you will have to upload a photo of your ID, a selfie of you holding the ID and a proof that the address you provided is correct. It is not required to provide all 3 documents, but the more information you give, the more chances you have to be approved. Make sure all the pictures are high-quality and all the information is seen very clearly. You can find more information about it on their official page.
Once all the documents are uploaded click “Complete verification”.
6. It will ask you one more time to review the application and submit for approval.
The approval might take up to 24 hours. Personally, I received it in a couple of minutes.
7. If you want to check whether you are approved, go back to the verification page in your account and this time you will see the status page of the verification process. If you have been approved everything will be as in the picture.
Also, you might be asked to set up a 2FA on your account. We strongly recommend doing this because it will make your account much safer.
8. Once everything is set up, it is time to buy some Ethereum. But first, you need to deposit money into your account.
Go to the main page and click „DEPOSIT“ on the top right corner.
There is more than one method how you can deposit money into your account. However, it takes way more time. That's why we are going to use a credit card in this guide. But, if you are using other methods just jump to STEP 16.
9. You will be taken to a deposit page where you will have the same view as in the picture. Unless you already added your payment card.
So the first thing you need to do is add your personal payment card. Choose the payment method and press “Add new card”.
11. Most of the well-respected cryptocurrency exchange platforms are very serious about fraud and data validation procedures, so nothing different is on this website. Once you enter your card information, you will be taken to the next step as you see in the picture on the left.
This is a place where you'll have to prove that the payment card belongs to you. You will have to take a selfie holding it and upload to the website. Yes, it might take some time to do that, but everything is done for your own safety. Once you've done everything the platform asks, click on “Proceed” and you will be taken to the last step.
12. Finally, you will be asked to enter a CVV/CVC code that is a 3-4 digit number on the back of your payment card. Click ”Proceed”.
You will get charged a few cents when you add the card. Do not panic because at the same time this amount will be refunded. This is a standard procedure to check if your payment card is legit and really working.
13. In the next step, you will be asked to enter the exact amount you have been charged. You can find this information in your bank account in the payment card statement.
14. If everything is correct, you will receive a confirmation message telling that your card is being processed. Go to the main page and click again on “DEPOSIT” button.
15. Now, on the deposit page, you will see the information about your payment card. So enter the amount of EUR/USD you want to deposit and pick the card from which you want to transfer the money.
Once again, you will be asked to enter CVV/CVC code and press “Deposit”.
The minimal amount of Ethereum you can buy on this platform is 0.05ETH. So, when you deposit the money, make sure it will be enough to meet the minimum requirement.
16. Now in the top left corner of a page click on the button “BUY/SELL” and you will be taken to the exchange section.
First, choose which cryptocurrency you want to buy and what traditional currency you want to use.
Below you will see 4 different options. The first three are already prepared transactions for a certain amount. If any of these meet your demand then pick one of them. If not, enter your preferred amount in the fourth box and click “BUY”.
Transfer coins to Exchange
18. Now we have Ethereum and we need to exchange it to POE. There are many exchange platforms where you can do that, but in this tutorial, we are going to use Binance.
Go to their official page www.binance.com or press the button below and click "Registration."
19. Enter your email and a strong password that you will not forget. Click "Register" and a confirmation link will be sent to your email. Open it and verify your address.
You will be informed that your account is activated, so click the link and log in to it.
A popup will appear recommending you to set up 2FA on your account.We strongly recommend doing this because it will make your account much safer.
20. From your account page click "Funds->Deposit" in the top right corner and you will be taken to a Deposit page.
21. Type 'Ethereum' in the search field and select it.
You will be given an Ethereum deposit address where the ethereum should be transferred. Save it.
Double check you've actually selected 'ETH - Ethereum' otherwise you might lose your coins.
23. In the withdrawal page, change the currency to ETH and enter the amount you want to transfer.
A recipient’s address field will appear where you will have to paste the Ethereum wallet address we just copied from Binance. One more time check if everything is correct, confirm that you have double checked everything and press “Withdraw.”
You will be asked for a 2FA number. Choose the method you have selected to generate the code and enter it in the box below. Press “Confirm.”
24. An email will be sent to your inbox asking to confirm the transaction. Open it and click on the confirmation link.
Congratulations! Your coins have been sent.
25. The transaction should take no longer than 1-2 minutes. So just wait a bit and your Binance balance will refresh automatically once the Ethereum is received. You can find your account balance in "Funds->Balances."
26. The exchange process might look a bit too complicated at first, but I am not going to jump into all the details. We'll just take the basic steps to exchange the currency.
First of all, click this link to get straight into the POE/ETH exchange market. The page might look also a bit complicated, but just look for a green button at the bottom, that says "Buy POE." Above it, click the "Market" button.
Enter the amount of POE you want to buy and press green button "Buy POE."
Congratulations! You just bought POE!
27. Now if you go to your Binance balance and look at the line where it says POE, you will see the amount of this currency you have.
You can keep your POE tokens on Binance, if you want. But my advice would be to transfer everything to a personal wallet which is much safer. In this case, we will use MyEtherWallet.
Do not close the Binance account yet because we will need it soon after we create our wallet.
Creating a Wallet
28. Go to a website myetherwallet.com and enter a password. Make sure it is long and complex so that no one could easily guess. Write it down somewhere on a paper and keep it safe in case you forget.
Press "Create a new Wallet."
If you lose your password there is no way of recovering your account and you will lose access to all of your tokens!
29. On the next window click "Download Keystore File".
Please read the warnings! Make sure you follow them and back this file somewhere safe outside of your computer.
Once you've done that, press "I understand. Continue."
30. So, now you will be given an unencrypted private key to your wallet.
This key opens your wallet, so keep it safe as well and do not reveal to anyone. The best option would be to print it out and delete any files on your computer related to it. That way you will be sure that no virus or malware could steal it. The private key is your last resort in case you lose a Keystore file or forget a password. With the key, you will still be able to access your account.
Once you've done that, click "Save your address."
31. Finally, your wallet is set up. If you went through all the steps written above you should see the window as in example.
This is the place where you are going to open your wallet. If you have one of the hardware wallets then choose one of them. If not, then follow the steps below.
32. From the list, choose to open your wallet with Keystore File. This is the same file we downloaded in Step 29.
You will be asked to upload your Keystore file and enter the password. Once you do that, click "Unlock."
33. If the information is correct, you will be taken to your wallet's page.
As you can see, there you can also print Paper Wallet if you lost it, download Keystore file or find out what is your Private Key. Or simply just check your account balance. But this time our main focus in that long string of random letters and numbers in "Your Adress" field. This is the address of your personal wallet to where the tokens will be sent. Copy this address and also keep somewhere safe.
We have successfully created our wallet, so let's transfer tokens now.
Transfer Tokens to Your Wallet
34. Go back to Binance. In the balance section click on "Withdrawal" in the POE line. You will be taken to a withdrawal page where you'll be asked to enter "POE Withdrawal Address" and the amount you want to transfer.
In the address field paste that long MyEtherWallet address that you copied just recently. Enter the amount you want to send and press "Submit." You might be asked to go through 2FA authentication, so just follow the instructions.
A confirmation email will be sent. Go to your inbox, open the letter and click on the link.
35. Now go back to your MyEtherWallet and press Show All Tokens.
Congratulations! You have funded your wallet with POE tokens.
POE exist as tokens on the Ethereum network. To move those tokens across that network costs 'gas', which are in the form of Ether coins. So keep in mind, that if you decide to move your POE tokens to another address, you're going to need some Ether coins to power the transaction.
But what if you decide to sell your tokens? No worries, just reverse the order of tasks you performed in this guide. For example, you start by sending POE to Binance, exchanging it for Ethereum, sending to CEX.IO and finally selling for your preferred currency. That's it!