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How to buy WAX (WAX) – A beginner’s step-by-step guide


The guide is divided into 4 parts: Buying Ethereum, Transfering coins to Exchange, Creating a Wallet and Transfering Tokens to Your Wallet. So, to get some WAX (WAX) tokens you first need to buy Bitcoin or Ethereum, then exchange it to WAX (WAX) and transfer it to your wallet.

For a better experience, all pictures in this tutorial are zoomable. Just click on any and it will open in full screen.

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.

Buying Ethereum

1. So first, we need to purchase some Ethereum so we could exchange it to WAX (WAX). 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 the "Register" button and you will be taken to the registration page.

 

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”.

10. In the next page enter your payment card information and click “PROCEED”.

11. Most of the well-respected currency 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 all your documents are real and belong to you. So you will have to take a selfie holding your payment card and upload it to the website. Yes, it might take some time to go through all these steps, but everything is done for your 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.

If you see this message then congratulations, you just added funds to your account.

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”.

17. You will be asked to confirm the transaction. If everything is correct, just press “Buy Now.”

Congratulations! You just bought Ethereum.

Transfer coins to Exchange

18. Now we have Ethereum and we need to exchange it to WAX (WAX). There are many exchange platforms where you can do that, but in this tutorial, we are going to use KuCoin.

 

Go to their official page www.kucoin.com. On the top right corner, you will see a "Sign up" button. Click on it and you will be taken to the registration page.

19. You will have to go through a 2-step registration process.

 

In the first one, enter your email and password (the password should contain one capital letter and numbers). Click "Next" and you will be asked to do a short test in order to get verified that you are a human. Finally, you will be taken to the last step saying that a confirmation letter was sent to your email.

Go to your inbox and open the email. Click the confirmation link and you will be taken to your KuCoin account.

 

In order to able to exchange coins, you need to set up 2FA and security question on your account.

20. In your account look for the line that says: 'Google 2-step', and press 'Bind 2-step verification.'

21. You will immediately be taken to a Google 2-Step verification set up. This is a very important part of the registration process to keep your account as safe as possible. It takes 3 steps to complete.
The first thing you will have to do is download a special Google Authenticator app to your smartphone. Once you do that click "Next".

 

In the second step, you will get a secret back up key. Write it down and keep somewhere very very safe. This is your last resort if you lose your phone or uninstall the Google Authenticator app. Otherwise, you are risking losing all your money in the account.

 

Finally, in the third step, you will be asked to bind the 2-step verification with your smartphone app. There are 2 methods you can do that:
1. Scan a two-dimensional code
2. or manually enter the key into the app.

 

Open the app on your phone and choose the preferred method. You will receive a 6 digit verification code that needs to be entered in the final step. Do that and press 'Submit.'

22. Now press 'Overview' to get back to the main account page from where we started. Look for the section 'Security Questions' and click 'Enable.'

 

This is also a 3-step process. In the first one, just enter your password and click "Next". Then you will be asked to enter three different questions and their answers. Make sure only you know those answers. Press "Submit." A confirmation letter will be sent to your email. Open the message and click on the confirmation link.

 

In the confirmation window click on the "Overview" link on the left menu to get back to your account.

If you are planning to trade often and in large amounts then you will have to go through one more process called KYC Verification. I will not go into details about that because we do not need this for now. But keep in mind that you might need it someday.

23. Now on the main menu at the top click "Assets" and pick a "Deposit" section. This is the place where we will transfer our Ethereum.

 

Choose the needed currency (in this case Ethereum), carefully read the 'Caution' message and click Confirm.

 

Now you will see your wallet address where the funds need to be transferred.

24. Return to CEX.IO and click on "WITHDRAW" from the menu.

25. 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 KuCoin. 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.”

26. 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.

27. Get back to Kucoin and go to 'Assets->Overview' to check if your funds are already transferred. It might take a few minutes.

 

28.  Now it is time to exchange the Ethereum to WAX (WAX).

 

Go to the 'Markets' page. Click on ETH because we are going to use this currency. In the list below find WAX/ETH and click on it. Also, you can use the search bar as well to find the desired currency.

 

Also you can click on this link and it will automatically pick the currency we are using.

29.  You will be taken to the trading platform where you first will have to input Google 2-step verification code.

30. Then, in the price field press on "Best price" and in the "Amount" field enter how of this currency you want to buy. Double check the numbers and click "Buy". If everything went well then you will receive a message: "Buy order has been placed."

Sometimes the order might not be completed immediately because there aren't enough coins for the price you asked. In that case, your order will appear in the 'Active orders' section. You can wait until more coins become available for that price or you can cancel it and submit a new one with a higher price.

31. Now press on the Kucoin logo to get back to the main page and go to 'Assets' to check your balance.

 

We have exchanged our coins so now we can transfer them to our personal wallet. But first, we need to create one.

Creating a Wallet

32. 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!

33. 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."

34. 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."

35. 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.

36. From the list, choose to open your wallet with Keystore File. This is the same file we downloaded in Step 33.

 

You will be asked to upload your Keystore file and enter the password. Once you do that, click "Unlock."

37. 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

38. So, the final step we need to take is to transfer our tokens to myetherwallet.com. Go to the "Assets" -> "Withdraw" page.

 

Choose WAX (WAX). Enter that long MyEtherWallet address that you copied just recently and the amount you want to transfer. Answer the security question, input Google 2-step verification code and press "Confirm."

 

39. Now go back to your MyEtherWallet and press Show All Tokens.

 

Congratulations! You have funded your wallet with WAX (WAX) tokens.

 

WAX (WAX) 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 WAX (WAX) 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 WAX (WAX) to Binance, exchanging it for Ethereum, sending to CEX.IO and finally selling for your preferred currency. That's it!