How to buy POKT coins

To acquire POKT coins, start by identifying a reputable cryptocurrency exchange, purchasing supporting cryptocurrencies such as BTC or ETH, transferring them to the exchange, placing a POKT order, and finally storing your purchased coins securely in an appropriate wallet.

Dec 06, 2024 at 04:05 pm

A Comprehensive Guide to Acquiring POKT Coins

In the realm of decentralized networks, Pocket Network stands as a beacon of innovation. Its native token, POKT, serves as a vital cog in the network's ecosystem, empowering users to participate in its governance and earn rewards for providing Relay services. Whether you're a seasoned crypto enthusiast or a newcomer seeking entry into the world of decentralized networking, this comprehensive guide will illuminate the path to acquiring POKT coins.

1. Identifying a Suitable Cryptocurrency Exchange

The initial step in purchasing POKT coins entails identifying an exchange that offers trading pairs involving POKT. While numerous exchanges list POKT, it's imperative to conduct thorough research to ascertain their credibility, security measures, and trading fees. Prestigious exchanges such as Binance, Huobi, and OKEx offer robust trading platforms, while decentralized exchanges (DEXs) like Uniswap and PancakeSwap provide an alternative for those seeking non-custodial trading.

2. Acquiring Existing Cryptocurrencies

Once you have identified a suitable exchange, you'll need to acquire existing cryptocurrencies supported by the exchange for POKT trading. Popular options include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Coin (BNB). These cryptocurrencies can be purchased through various means, including fiat currency purchases via credit/debit cards, bank transfers, or peer-to-peer (P2P) marketplaces.

3. Transferring Cryptocurrencies to the Exchange

To facilitate POKT trading, you must transfer your acquired cryptocurrencies from your personal wallet or external exchange to the exchange where POKT is listed. Most exchanges provide detailed instructions on how to deposit cryptocurrencies into your exchange account, ensuring a secure and efficient transfer process.

4. Placing a POKT Order

Once your exchange account is funded, you can proceed to place an order for POKT coins. Exchanges typically offer various order types, such as market orders and limit orders. Market orders execute trades at the prevailing market price, while limit orders allow you to specify the desired price at which you wish to buy or sell POKT coins.

5. Completing the Transaction

After placing your order, it will be executed once the specified conditions are met. Exchanges typically display order books that provide real-time updates on the available buy and sell orders, enabling you to monitor the status of your trade and adjust your strategy as needed.

6. Storing Your POKT Coins

Once your POKT purchase is complete, you'll need to determine the best storage option for your coins. Hardware wallets provide unparalleled security by storing your private keys offline, while software wallets offer convenience and ease of access. Additionally, you can opt to store your POKT coins on the exchange you purchased them from, although this option is less secure compared to hardware or software wallets.