To celebrate our recent working relationship with AAX, we have released an easy to follow walkthrough on how to buy one of our favourite cryptocurrencies, Chainlink. Enjoy.
So you have seen the headlines, you’re sick of hearing about it from your friends and you can’t be the only one who misses out on making money this bull run.
Even if your friends have said you can join them on their yachts you know if you do not get in soon, you will be their butler on this Yacht (degenerately spelt; Yot).
So you want to get in but how? First, you need to sign up for an exchange. Luckily for you, I have done the hard work for you and here it is AAX.
You can sign up here for reduced trading fees win-win.
So once you sign up you will be asked for your name, DOB and a photograph of a government-issued ID.
This is the home page you will see. When I say it couldn’t be easier, it physically couldn’t be easier unless I did it for you and no before you ask, I won’t…
If you wanted it to be that easy you can simply select your currency and say what you want to buy.
That’s literally it… Using this method you can buy BTC, ETH, USDT, TRX and BAT.
AAX has a wide selection of the most popular cryptocurrencies on the market including its own native platform currency AAB.
Let’s take a look at how you would buy Chainlink on AAX.
If you don’t know what chainlink is you can read our easy to understand guide HERE.
First, you will need some cryptocurrency to buy Chainlink. I always recommend checking what market pairs are available to trade and then working from there.
Click “Spot” at the top of the homepage. This is spot buying. Spot buying is buying a coin at the current market price or putting in an order to buy the coin at a designated price.
If we want to buy Chainlink, we need to now search for the market pair which is available to trade by typing the ticker name, in this case, LINK.
As you can see, Chainlink can be traded for USDT. So yes as you guessed, you need USDT. Luckily you can buy USDT directly from the Fast Buy method I mentioned above.
Once the USDT clears into your account head back to the spot section and click on the LINK/USDT market.
Here you can see a few things. The LINK/USDT graph with a candlestick pattern below is where your orders will show up, whilst to the right, you can see your Buy and Sell sections.
If you are happy to pay the current price for Chainlink then head over to Market. This effectively purchases LINK at the current market price.
If you think Chainlink is due a small dip and you would rather wait, but don’t have all day to stare at the chart. You can always set a buy order. This is done in the limit section.
For example, you could place a buy order at $28 for LINK and hope the price comes down in the meantime to fill your order. If it doesn’t however, the transaction will not go through.
On the other hand, if you already own LINK and you want to place a sell order, you would do the same. You could, for example, put a sell order for $1000 for LINK and hopefully one day this bid will be filled.
Once you have bought your coin (LINK in this example), it will be in your Chainlink wallet on AAX.
You can view this by selecting the wallets drop-down menu at the top and clicking on Spot.
Here you will be able to see your full portfolio and your % holdings of each.
Another brilliant feature of AAX is that has a passive income earning feature known as AAX vaults.
Although this feature is only available for a select few coins (Chainlink not included), you can deposit your coins into a vault to earn interest, as you would in a regular savings account.
First, check if your coins are available for their savings feature. Next transfer how many of that specific coin into your savings account. Click allocate.
Next, follow the steps carefully to deposit your coins and earn interest.
This is a great way to earn passive income if you are not planning on selling your coins in the short term.
That’s it. If you haven’t yet signed up to AAX then you can do that by following this link here. If it still isn’t making sense to you and you want a helping hand, you can book a one-to-one through our website.
Before you go, we have a Patreon page which is the price of a pint per month. It lets you know what we are buying and selling and when. It also has full access to my portfolio.
You can join HERE
If you liked this article and want to learn more, we offer one-to-one support online to help you set up and get involved in the cryptocurrency space. Hit the ‘Book Today ’ at the top of this page to get started.
Alternatively, you can follow our group on Telegram for our side thoughts on the market. – @blocmates on Telegram.
Sign up to AAX by scanning the QR code below.