DeFi is a very popular term these days and there’s a lot of hype around it right now. It stands for Decentralized Finance and it’s a whole industry, combining various financial services such as borrowing and loaning, trading or providing data exchange between various platforms in a decentralized manner. The biggest sector of Defi is by far decentralized borrowing and loaning and there are many projects that are currently operating in this space but this post is not about DeFi in general. It’s about a particular token (cryptocurrency) that is called DeFi token and it’s not at all the same as DeFi as a general term. If you heard people talk about DeFi, it is most likely they are referring to the DeFi industry rather than this particular token.
Defi (Decentralized Finance) is a Southeast Asian FinTech project that uses a secure multi-party computation technology with the goal of helping Southeast Asian countries establish a reliable credit system and providing high-quality inclusive financial services.
The project is great and gaining popularity day by day. Its value is also on the rise and I got a few messages today about it, so without further ado, here’s the easiest way to buy Defi in a few simple steps.
Currently Defi is only available on a couple of exchanges – Binance Dex and Bitz.
If you are going to buy it from either of these two exchanges you will need to open accounts with them and in the case of Bitz, it might take you more than a few minutes, so I wouldn’t bother with that. You will need to provide phone number, verify email and all that jazz, all for the sake of buying just one asset? Not really my cup of tea.
Instead, I would opt for Binance Dex, which is the decentralized service provided by Binance. Even there the process is not very quick, unless you already have it all set up. You don’t have to go through a lengthy registration, but you do need to link a wallet with it to make it work. One of the wallets that are accepted is Trust Wallet and as it stands, this is also the official wallet for Binance Coin. You have other options too but I will focus on the Trust Wallet for one simple reason – ease of use. There are more factors that work in its favour of course – decentralized, private, secure, anonymous.
The best part is, once you install Trust Wallet, you can access the DEX platform straight in there, so that cancels the need to go to the Binance Dex website and take any extra steps, so this is saving time and effort. It’s in fact the easiest and quickest way to buy Defi straight from within your phone app.
It is worth mentioning that DeFi right now is only traded against BNB on Binance Dex so you will need to transfer some BNB from your Binance account to Trust Wallet.
This is a quick process, it takes about 5-10 minutes. Trust Wallet is completely anonymous and private, so you have to make sure that you keep your 12 word mnemonic phrase safe and that all.
You can use this invite link to download Trust Wallet: https://share.trustwallet.com/TtMUdOW
There are two ways to buy Defi from within the wallet.
First option is to go to token swap and swap BNB for DEFI but as my research shows, you won’t get a great rate. For 10 BNB I was going to get 1113 Defi.
Second option, you go to the DEX option in the wallet. This will open the exchange platform and there you will type in the search bar – Defi. That will take you to the Defi-BNB trading pair and that’s it. Here you get to choose the price you pay and at the current rate I would get 1677 Defi for the same 10 BNB
I don’t suggest that you go and buy it straight away at this rate because Defi has pumped hard in the past few days (over 230% in the last day and over 1200% in the past week) so there is a healthy correction coming for sure, so keep an eye on its price action and make sure you don’t buy the top but have patience and accumulate it when the price drops. And it will. But if you are reading this in a few months from now and want to get your Defi coins asap, you know what to do.
Good luck and make sure you follow this blog for more great tips and tutorials.
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