So you’d like to get onto the brand new FODL platform and take advantage of the great low-cost de-fi leveraged crypto trading opportunities to be had there? Well before you start you’ll need to get hold of some funds in the platform’s native token, conveniently named $FODL. But how does one get hold of such a new and relatively unknown token? You probably won’t find it in your local 7/11 just yet, so read on to find out your best options.
You can buy cryptocurrencies on either a centralized exchange (CEX) or a decentralized exchange (DEX). In this guide, we’ll show you examples of both.
Put very briefly, DEXs run on smart contracts on a decentralized network such as Ethereum. The fees you pay will be lower but DEXs are more vulnerable to errors in coding and malicious actors. Check out this guide on how to navigate more safely in the world of de-fi. With a CEX you’ll need to go through a procedure called ‘Know Your Customer’ (KYC) in order to prove your identity and there’s more likely to be some form of customer support if you’re stuck.
First of all, you’ll need to find an exchange where the $FODL token is listed. Go to coinmarketcap or coingecko and type FODL into the search box. Scroll down a little and just above the price chart, next to the Overview you’ll see the Markets tab. Here you’ll find all the exchanges where FODL is currently listed along with a host of information relative to each one. Among that information is the current price, the currencies that they’ll accept in return for FODL, and the spread (that’s basically the fee you’ll pay to the exchange, not including the gas fee for the transaction).
Today we’ll look at Gate.io and Sushiswap (CEX and DEX respectively) and the FODL/USDT market pair.
Gate.io
The first thing you’ll need to do is to open an account at the Gate.io exchange if you don’t have one already. You can follow the link to see their official tutorial here. Then you’ll need to deposit some USTD. It is very important to deposit the funds to the correct deposit address on your Gate.io account: if you are sending $ETH make sure that you send it to your ETH deposit address and not BTC or any other asset address, otherwise your funds will be lost!
1.) Go to Deposit in the Wallet tab
2.) Select the right address where you will deposit your funds
3.) Select the network you wish to use for transferring your funds
4.) Copy the address and transfer the funds
Once you’ve successfully deposited USDT to your account wallet on the exchange go to the trade tab and choose beginner or professional layout on Spot Trading. Search for the FODL/USDT pair and set your bid.
How do you set a bid?
1.) Decide at which price you want to buy the token:
2.) Decide how many tokens you want to buy:
You can set your bid in terms of how much USTD you want to deposit (the system will calculate how much FODL you’ll get),
or how much FODL you want (the system will calculate how much USTD you need to deposit).
3.) Click Buy and your order will be placed in the order book. If the price of the token reaches your bid price your order will be filled and you’ll become the proud owner of the equivalent value of $FODL!
If you don’t already own $USDT to begin with, you’ll either need to buy some using whatever currency you do have or look for an alternative pairing with FODL. (At the time of writing, the only exchange offering any other pairing is Sushiswap: FODL/WETH). Keep in mind that for each trade you make there’s a fee to pay, so plan ahead!
Sushiswap
Sushiswap is a decentralized exchange and therefore trading is a quicker process in that you don’t need to sign up for an account first. Simply connect your wallet (Metamask, Coinbase Wallet, etc) and swap your $USDT for $FODL as explained above. Enter your desired amount and approve the transaction.
1.) Go to “connect to a wallet”
1.) Choose which wallet you want to connect to Sushiswap
2.) Select the network you want to use
3,) Enter your desired amount and approve the transaction. Then swap your $usd for $fodl tokens
If you don’t see the acquired tokens in your wallet, you may need to add the FODL token address manually by going to coinmarketcap.com and copying it from there.
For more details on how to use the Sushiswap exchange, check out their Youtube tutorial.
This is all there is to it! Hope this helped you, friends! Cheers!
Related Guides that may interest you:
1.) HOW TO LEND OR BORROW xFODL ON RARI CAPITAL’S FUSE POOLS
2.) BASIC GUIDE FOR LEVERAGE TRADING ON FODL
3.) HOW TO USE BOTS ON FODL
4.) HOW TO FARM FODL-MATIC LP ON QUICKSWAP IN LESS THAN 10 MINUTES
5.) HOW TO DO SINGLE CURRENCY STAKING ON FODL
6.) HOW TO INSTALL WALLET CONNECT AND CONNECT IT TO FODL FINANCE
“Disclaimer: This article is not trading or investment advice. The above article is for informational and educational purposes only. Please do your own research before purchasing or investing in any cryptocurrency or digital asset.”
