Setting Up Your KuCoin Account
To begin your trading journey on KuCoin, the first step is to create an account. KuCoin stands out as a prominent cryptocurrency exchange, offering a wide range of digital assets for trading. In addition to popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), KuCoin also supports several well-known stablecoins, including USDT, USDC, TUSD, PAX, and DAI. Notably, the exchange has its own native token, KuCoin Shares (KCS), which can provide additional benefits to users.
Depositing Cryptocurrencies
Once your account is set up, the next step is to deposit cryptocurrencies. The most flexible options for deposits are Bitcoin (BTC) and Ethereum (ETH), as they feature trading pairs with the majority of cryptocurrencies available on KuCoin. Both BTC and ETH can be exchanged for WAX on the platform. Before making your initial deposit, ensure that you’ve completed the Google 2FA verification and set a trading password; without these steps, you won’t be able to obtain your KuCoin deposit address. To deposit funds, navigate to the top of the site, click on Assets, then Deposit. Use the search bar to type in the ticker symbol (BTC for Bitcoin, ETH for Ethereum) of the cryptocurrency you want to deposit, select it from the dropdown, and you will receive a deposit address composed of alphanumeric characters. Copy this address and head to your chosen wallet to send the desired amount. It’s important to note that transaction times can take up to thirty minutes, so it may take some time before your funds appear in your KuCoin account.
Tip 1: Depositing ETH is typically quicker than BTC and incurs lower fees.
Tip 2: For your first deposit, it’s wise to start with a small amount of ETH or BTC to ensure everything is functioning correctly before transferring larger sums.
Tip 3: When moving funds between exchanges, there may be restrictions; hence, it’s recommended to deposit directly from your wallet.
Verifying Your Balance
To check your account balance, navigate to Assets and select Main Account from the menu. If you want to see only the coins with a balance greater than 0.001 BTC, you can opt to hide smaller balances. Once your deposit is processed, the respective cryptocurrency and amount will be displayed in your account. If you have multiple assets, you can easily locate specific coins using the search feature.
Executing a Buy Order for WAXP
To place an order for WAXP, head to the Exchange tab. For this example, we will assume you’ve deposited BTC. If you used ETH, the process remains identical. Select the BTC market in the top left corner and search for WAX, which corresponds to the ticker WAXP. After selecting the WAX/BTC trading pair, a price chart will show up in the center of the screen. On the right side of the chart, you can place your order. It’s important to note that you’ll need to enter your six-digit trading PIN, created during account setup, to proceed with the transaction.
If you wish to buy WAX at a specific price, consider using a Limit order by entering your desired price in BTC and the quantity of WAX you want to purchase, then clicking the Buy button.
Tip 1: If you plan to trade various cryptocurrencies, it’s advantageous to purchase some KCS tokens first, as they provide benefits such as a 30% discount on trading fees and a bonus that returns 50% of total trading fees charged back to KCS holders.
Tip 2: If you’ve deposited a significant amount, avoid making a single large purchase of WAX; instead, consider spreading your purchases across different price levels, a method known as unit cost averaging. If you prefer to buy WAX at the current market price, select the Market tab and input the amount you wish to acquire. This order will execute almost immediately, and the WAX will soon reflect in your balance. For advanced traders, KuCoin also offers an option for creating specific order types by clicking the Advanced button. Congratulations, you’ve successfully completed your first transaction on KuCoin! If KuCoin doesn’t suit your needs, there are numerous other exchanges available where you can purchase WAX.
