Tutorial: Funding and Using AVAX
If you’ve heard about the Avalanche network, AVAX tokens, or why Arkius is launching on Avalanche, but aren’t familiar with Cryptocurrency or Decentralized Finance, this guide will walk you through the process of purchasing AVAX, which you can then use within the DeFi space at Pangolin or other decentralized exchange (DEX).
Section 1: Steps for United States Residents
You can choose to sign up for an Exchange, which will allow you to use Fiat currency to purchase Cryptocurrency. There are many available, with some of the larger exchanges being Coinbase, Kraken, Gemini, Bitfinex, Gate.io, and Binance.us. Coinbase maintains a list of exchanges where one can purchase or exchange AVAX.
There may be state-level restrictions limiting which exchanges you can use. Check etherum.org’s list for restrictions. If you can’t purchase AVAX directly on your exchange, you can link your bank account, and purchase a quantity of ETH or Ethereum Virtual Machine compatible ERC20 tokens instead.
Option A — Transfer from the Exchange
After purchasing your ETH or ERC20 tokens, you can send the tokens to the Avalanche (AVAX) network. Not all exchanges allow for withdrawals to the Avalanche C-Chain or X-Chain, but if yours does, this is considered the easiest way.
If you are able to withdraw from your exchange directly to the C-Chain, then simply follow your exchange’s directions for doing so.
If you choose to withdraw from your exchange to the X-chain, follow steps 1 and 2 of the instructions at their page to access an Avalanche Wallet. In brief, the steps are as follows:
- Create a new Avalanche Wallet. Ensure it’s connected to the Avalanche Mainnet.
- Access your Avalanche Wallet by logging in using one of the four verification options.
Now, copy your Avalanche Wallet’s X-chain address. Then return to your exchange’s “Withdraw” page and follow the steps to send your ETH to your new Avalanche Wallet X-chain address. Then, continue with Section 5 on this page below.
Option B — Avalanche Bridge
Another way to acquire AVAX is to transfer ETH (or other ERC20 tokens) to the Avalanche network using the Avalanche Bridge (AB). If you choose this option, follow the instructions on the AB Tutorial page to move assets from Ethereum to Avalanche. In brief, the steps are as follows:
- Connect Metamask or other wallet to the Bridge.
- Select the direction of transfer — from Avalanche or to Avalanche.
- Select the asset you wish to transfer.
- Select the “Transfer” button and approve the transaction.
Then continue with Section 6 on this page below.
NOTE: Ethereum network gas fees can be high, depending on demand.
Section 2: Setting up a Binance account (Outside the U.S.)
If you choose to set-up a Binance account outside the U.S., you can go to https://www.binance.com/en to open an account. This Binance account will be your primary exchange platform to which a bank account is connected. You can then link a bank account and buy some AVAX with your Fiat currency of choice. Then proceed to section 4.
If you already have some cryptocurrency, like Bitcoin, you can send the BTC to a wallet controlled by Binance. Follow these steps:
- Open binance.com
- Hover over the Wallet menu at upper right, and select “Fiat and Spot”.
- Then, you can select Deposit, Crypto, or BTC.
- Copy the address on the right. Then you may choose to send BTC from your exchange to this address.
Section 3: Exchanging BTC for AVAX
If you choose to exchange BTC for AVAX, hover over the grid of squares in the upper left of the Binance page and select Exchange from the drop-down list.
- Enter “AVAX” into the search field at upper right.
- Select the AVAX/BTC pair.
- Under the “Buy AVAX” field, move the slider to indicate how much of your BTC you want to exchange for AVAX, then select the Buy AVAX button.
The trade may take some time to execute, but should complete within 30 minutes at most.
Section 4: Sending AVAX to the X-chain
If you choose to send AVAX to the X-Chain, you can follow steps 1 and 2 of the instructions at their page to access an Avalanche Wallet. In brief, the steps are as follows:
- Create a new Avalanche Wallet. Ensure it’s connected to the Avalanche Mainnet.
- Access your Avalanche Wallet by logging in using one of the four verification options.
You can create a new wallet if you don’t already have one, copy the X-chain address, return to Binance.com. Then, hover over the Wallet menu at upper right, and select “Fiat and Spot”. Then select the “Withdraw”, “Crypto”, and “AVAX” tabs on their respective menus/windows.
Paste your Avalanche Wallet X-chain address in the Recipient’s AVAX Address field on the right, then select the AVAX network, enter the amount of AVAX you wish to send, and select the Submit button. The transfer may take several minutes.
Section 5: Moving AVAX to the C-chain
If you choose to move AVAX to the C-chain, you can follow steps 3–5 on this page to move the AVAX from the X-chain to the C-chain. In brief, the steps are as follows:
- Log in to your Avalanche Wallet.
- Open the Cross-Chain tab.
- Enter the amount to transfer from the X-Chain to the C-Chain.
- Confirm the transaction.
Remember to enter the address of your Metamask wallet in the destination field. The AVAX tokens should appear in your Metamask account within a few minutes.
Section 6: Using Pangolin
To learn about staking or exchanging your AVAX tokens, refer to the Pangolin Tutorials page. You can swap your AVAX for other tokens or stake them in liquidity pools to earn interest. If you choose to invest your AVAX, you can go to the Pangolin Exchange and connect your Metamask wallet by selecting the “connect to a wallet” button in the top right corner of your web browser (shown below).
The Pangolin Analytics page is considered useful for determining which liquidity pools you might like to join, as well as other information like tracking your portfolio’s performance over time. If you choose to use Pangolin, you can select the Accounts page and enter your wallet address to see your wallet statistics.
DISCLAIMER
This document mentions various third party services and products, including Avalanche, Coinbase, Kraken, Gemini, Bitfinex, Gate.io, Binance.us, Pangolin, Ethereum, etc. (“Third Party Services”). The Third Party Services are provided by various parties, and may be subject to intellectual property rights (including trademark rights) of such parties. Please ensure that you review and understand the terms and conditions applicable to all the Third Party Services, and all risks associated with your use of such Third Party Services. You are solely responsible for using any Third Party Services and assume all risk and liability associated with such Third Party Services. You will indemnify, defend and hold Arkius harmless against any claims or losses made against us in connection with your use of the Third Party Services. As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies. You should carefully consider whether trading or holding Digital Currencies is suitable for you in light of your financial condition.
