As a distributed team of industry insiders, it’s easy to assume that our fanbase already knows the ins and outs of cryptocurrency exchanges. But driving blockchain adoption means being mindful of those just coming into the space.
We also know from firsthand experience that trading crypto is intimidating for first-timers. But once you get a good feel for how everything fits together, you’ll breeze right through your trades.
Bear in mind that since we’re dealing with money — something people tend to get very emotional about — it’s best to start with small amounts. Work with minor figures until you’re entirely comfortable with transmitting digital assets all over the blockchain.
On that note, this article covers the basic skills of trading most cryptocurrencies. Certain trades are more complex than others, but by the time you reach the end of this page, you’ll know exactly how to obtain RFOX coins.
Please note that we’re not dishing out any financial advice here. We’re not saying you should get yourself some RFOX, we’re explaining how to deposit our native cryptocurrency into a digital wallet.
We’ll get into the mechanics in a bit, but here’s the gist:
- Purchase bitcoin
- Send bitcoin to an exchange with an RFOX listing
- Trade bitcoin for RFOX
Now, before buying any cryptocurrencies, let’s get you up to speed on easy ways to prevent your funds from lining fraudsters’ pockets. Because as an owner of digital assets, safeguarding your crypto from shady villains is your #1 priority.
And for the record, we take cybersecurity very seriously here at RedFOX Labs. In fact, our mobile crypto wallet is currently in the care of Hacken, one of the world’s predominant cybersecurity organizations. We won’t release our bespoke digital stash box until it’s undergone certified penetration testing.
Two-Factor Authentication (2FA)
Setting this up is an absolute must, and most exchanges require it. Any time you create an account on a new exchange, immediately lock it down with 2FA protection. Same goes for your Gmail account!
Two-factor authentication is an excellent method for ensuring your account remains locked should a hacker happen to guess your login credentials.
The ability to activate and deactivate 2FA details resides within your exchange account dashboard. When initializing 2FA, the exchange provides a QR code for you to scan using your 2FA app. Here’s an example of what the codes look like:
Fire up your 2FA app, tap the ‘+’ icon, and scan the code.
When setting up 2FA on an exchange account for the first time, save a screenshot of the QR code before proceeding.
Don’t skip ahead in the setup process until you’ve made a backup of your code!
Should something happen to your phone, you’ll need these screenshot backups to reactivate 2FA settings within your exchange accounts.
Every 30 seconds, your 2FA app will automatically generate a set of six numbers — even if the phone is offline. After inputting your email and password, entering that six-digit code grants entry to your exchange account.
If you’re using a centralized exchange — like Coinbase or Gemini or Binance — you were never given a set of 12 or 24 words acting as your all-important private keys. Since the exchange holds onto your keys, your account balance technically belongs to them. The saying goes, “not your keys, not your crypto.”
It’s never a good idea to keep significant sums of crypto on centralized exchanges.
The sad reality is that hackers hack exchanges very regularly. Now, you don’t want to deal with the hassle and potential loss of funds resulting from a hacked exchange. Exchanges are for trading — please don’t mistake them for crypto piggy banks.
On the other side of the token, our upcoming mobile crypto wallet allows self-custodianship of the keys to your funds. By using a crypto wallet protected by private keys — mobile or not — you essentially become your own bank. And with that freedom comes responsibility. But fear not — we’ll cover key management a bit farther down.
Okay, are you ready to start? Great. Let’s get trading!
Step 1: Open an Account on an Exchange with a Fiat Gateway
To trade consistently and pay the lowest fees, enroll with an exchange allowing deposits and withdrawals straight in and out of your bank account. Now, this process takes a few days or more. The exchange needs time to verify that you are who you say you are.
Fiat, aka paper bills and metal coins printed by your country’s gov’t, is a necessary component of the crypto trading ecosystem. Perhaps one day in the distant future we’ll conduct business with crypto alone. But for now, we still need the banks.
Yes, select crypto exchanges have credit card onramps, typically run by the Simplex corporation. However, unless you’re purchasing large amounts, high fees chip away at your accumulation efforts.
For example, the minimum buy-in when putting crypto on your credit card is $50. Your fee? $10. Doesn’t seem like much but that’s a 20% premium on top of your purchase. But we’ll leave the decision of buying with a credit card entirely up to you!
Step 2: Identify a Secondary Exchange
While awaiting your first exchange account’s opening, it’s time to find another exchange to conduct your trading. Why? Well, for starters, most bank-synced exchanges carry only a handful or two of cryptocurrencies.
Multiple exchange accounts broaden your trading capabilities and provide access to 1,000s of different altcoins. What’s an altcoin, you ask? Basically, any cryptocurrency other than bitcoin.
At this point, we’re assuming your homework is complete and the crypto you’d like to obtain is already in your mind. The initial project research process can take some time, but in this instance, we’ll fast-forward to RFOX.
After deciding upon the crypto you’d like to add to your portfolio, you’ll need to know which cryptocurrencies it trades against. Multiple websites provide this service, but we’ll use Coinpaprika for this example.
A) Type ‘red’ into the site’s search bar and click ‘RedFOX Labs’ within the search results.
B) Scroll down and click the ‘Exchanges/Markets’ tab to reveal a list of exchanges trading our coin.
However, for the sake of this article, we’ll use our new exchange to trade RFOX coin. Swapping one currency for another is relatively universal across crypto exchanges. In other words, If you can trade on Zaddex, you can trade just about anywhere.
And, we’re going to trade with the world’s first cryptocurrency — bitcoin. Which means to get RFOX, we’ll first need some BTC.
Step 3: Purchase Crypto
At this point, your fiat-linked account is clear for takeoff. And, if they asked, you passed Know Your Customer inspection on multiple exchanges.
You don’t have to buy an entire bitcoin.
Go into your Coinbase or Gemini account or app, locate bitcoin, and hit the ‘Buy’ or ‘Trade’ button.
You may have already figured this out, but now we need to send some bitcoin over to Zaddex. And to do that, we first must know where to send funds.
Step 4: Find Your BTC Deposit Address
The majority of cryptocurrency wallets use addresses — similar to your bank account number — consisting of a long string of digits. Bitcoin addresses are between 26–35 characters.
For example, a BTC address looks like this: 3KMDuxtoRFOXinSEAsiaZEXOexcBTCFTW
And after logging into your account, here’s how to find your BTC address within Zaddex:
A) Navigate to the ‘Deposit’ tab in the top-left corner of the page.
B) Click on bitcoin within the list of available coins.
Now you’ll see your BTC address in two separate forms — an alphanumeric string of digits along with a QR code equivalent.
If at first you see a QR code only, hit the ‘Refresh’ icon — indicated by the red box in the above image. You now have two options for sending your bitcoin to Zaddex — use the digits or use the QR code.
QR Code: Open your fiat-linked exchange’s app and navigate to your BTC wallet. Then, tap the ‘send’ icon indicated by the yellow box in the below image.
Next to the ‘To:’ field on the following screen is an icon of a QR code, similar to that inside the image above. Tapping the QR icon activates your phone’s QR code scanner. Scan the QR code within Zaddex and follow along with the instructions.
Alphanumeric address: If you prefer using your browser to perform the transaction, copy (Ctrl+C) the string of digits. Alternatively, you can copy your address by clicking the ‘copy’ icon — indicated by the green box two images up from here.
For this example, we’ll use the alphanumeric address rather than the QR code.
Step 5: Transmit BTC
With your address copied, head over to your fiat onramp account. Your account may look slightly different, but we’ll use Coinbase for this send.
Go into your BTC Wallet and click the ‘Send’ button. Now paste (Ctrl+V) the address copied from within Zaddex.
After pasting the code into the box, choose the amount you’d like to send — denominated in either your local currency or bitcoin.
We’re sending 0.001 bitcoin from Coinbase to Zaddex. The BTC/fiat exchange rate varies, as does the network fee, so we’ll exclude monetary figures from the next few images.
And as you’ll see in the image below, the network fee is a little over 20% of the send amount. So, it makes sense to send somewhat more substantial amounts. The next time around.
Remember to take baby steps at first. All of 0.0002 BTC is a small price to pay compared to accidentally sending your entire holdings to the wrong address!
Input the six-digit code from your 2FA app, then click the ‘Confirm’ button. You’ll see a confirmation if everything checks out.
Clicking the ‘View Details’ button reveals the Transaction ID (TXID). Think of a TXID as a receipt. With it, you can use a public block explorer to view the status of your transmission. In other words, your TXID displays the location of your transaction on the immutable bitcoin network.
Once the transaction clears and BTC lands in your Zaddex wallet, you’re ready to grab some RFOX coin.
Step 6: Execute the Trade
Almost done now. Here’s how to perform the swap:
A) Navigate to the ‘Trade’ tab in the top-left corner of the page.
B) Click on ‘RFOX’ within the BTC column.
C) In the bottom-right corner of the page, you’ll find options to buy and sell RFOX.
D) Determine the price you’re willing to pay.
The price is continuously fluctuating, but at the time of writing, the best rate in the order book is 0.00000401 BTC for 1 RFOX.
The exchange automatically displays the best going rate for purchases, indicated by the oversize font.
Numbers in red indicate the prices at which traders are willing to sell RFOX. Conversely, figures in green indicate rates at which traders are willing to buy RFOX.
E) Enter your chosen price into the ‘Price’ box.
Either click the lowest red number with volume matching the number of coins you’re after (causing the ‘Price’ box to auto-populate) or type it in manually.
In this example, at the rate of 0.00000401, you can add a maximum of 1,552 RFOX coins to your exchange wallet. If you’d like more, your rate bumps to 0.00000424 and so on.
If you’re willing to wait until you find a match, you’re always free to set your own price for both buying and selling. As you can see, one trader wants to buy 1k RFOX coins at a rate of 0.00000010 BTC each.
F) Determine the amount you’d like to trade.
Headlining the ‘Buy’ section is the amount of the base trading pair available in your wallet. In this case, 0.001 BTC is ready for trading. Because of trade fees, you can swap slightly less than the full amount of your wallet’s BTC.
Receive a discount on trading fees by holding the exchange’s native token — ZEXO.
Typing numbers in the ‘Total’ box will cause the ‘Amount’ box to autofill. In this instance, we chose 90% of our holdings — 0.00090000 — which yields roughly 223.5 RFOX coins.
G) Click the green ‘Buy RFOX’ button.
So long as there’s sufficient volume in the order book at that rate, the trade will execute immediately.
Bitcoin leaves our BTC wallet, and RFOX enters our RFOX wallet.
On the surface, it may appear this trade executed without fees. However, that’s because the system does a little rounding.
Navigating to ‘Financial History → Trades’ reveals the trade’s negligible fee.
Now, every exchange has some form of fees. And, to score a fee reduction on Zaddex trades— starting at 40% for the first year— simply hold the exchange’s native ZEXO token in your account wallet.
Congratulations for making it this far! You now possess a new skill to add to your digital toolbelt— trading cryptocurrencies.
And as we discussed earlier, if you’re holding small funds, Zaddex is an excellent repository for RFOX coin. But when your stash begins to get a bit heavy, it’s time to shift your digital assets to a self-custodial wallet.
So, where do you keep your RFOX secure? Glad you asked because as it turns out, we have one you can use today.
RFOX Multi-Coin Mobile Crypto Wallet
This section will self-destruct when our multi-coin mobile crypto wallet launches.
While Hacken is hacking away at our upcoming product, we’ll send you over to the team at VerusCoin. Here’s where you can find a safe haven for RFOX:
After download and installation, the wallet provides a series of words — your aforementioned private keys.
These words are important. REALLY important! Be vigilant about knowing the location of your keys and/or PIN.
Your private keys are meant to remain both anonymous and secure. Do not release them to anyone under any circumstances. Handing your keys to someone gives them 100% control over your funds.
Thanks, Gandalf! We’ll share his sage wisdom with you by telling you a few ways to keep your private keys both secret and safe:
- Write them down in multiple locations
- Don’t leave pictures of them in the cloud — keep them away from Amazon and Google
- Put them into a .txt file and keep that on a storage device — USB drive, external hard drive, etc.
- Write some words on a piece of paper and jot down the rest on another. Give the pieces of paper to two trustworthy individuals
Key storage is an excellent opportunity to get creative. For example, you can etch them into metal. Or, even better still, burn them into your memory. After all, the words in your head are the hardest for anyone to find or steal.
With the frequency at which exchanges succumb to hacks, it’s a bit unsettling to keep lots of crypto under their care. However, you still need to know how to use them if you plan to accumulate coins and tokens. And now you exactly how to trade RFOX coin, right on our first blockchain venture. Not only that, you can take your newfound skills to additional exchanges.
Plus, we’re thrilled to have this opportunity to introduce you to our first product, Zaddex. As Southeast Asia’s first blockchain venture builder, we’re now seeing the fruits of our labor.
You see, Zaddex proves our Design Build Operate Transfer model works. And the underlying reason is our customer-centric approach to everything we build. If YOU, as the end-user, don’t want it, we won’t bother making it.
At least for now, Zaddex currently operates under a centralized model. You get the convenience of customer service for enquiries but lack the security of managing keys yourself.
That said, because we know crypto holders want control over their keys, Zaddex is set to transform into a best-of-both-worlds exchange. In other words, you hold the keys while retaining the 24/7 customer support offered by most of today’s centralized exchanges.
RedFOX uses market research to identify opportunities. And frankly, it didn’t take much analysis to realize what was lacking in the crypto trading industry. Remember, we built an exchange for you, and now you know how to use it.
Happy trading, everyone!