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I love Banano for the easy and feeless transactions (and the potassium of course), but I always struggled with actually buying Banano because I didn't want to have to pay transfer fees, gas fees, etc, and honestly the whole process is daunting as hell.
Recently however, I put the time in to working out the process using the free crypto I got from doing Coinbase Earn rewards (if you have a Coinbase account, I highly recommend you do these paid training courses to earn some free crypto). This article lays out the process of how to swap existing tokens that you have in your wallet for sweet sweet Banano.
Before we get started, you're going to need a few things:
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A crypto exchange account. If you want to be able to buy crypto, you need an exchange, and will need to do the KYC (prove your identity) process to allow you to transact with fiat currency. This is pretty standard stuff. as mentioned, I used Coinbase for this, but pretty much any exchange should work fine.
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A coinex.com account. This is where we'll buy the actual Banano. No KYC required, but go ahead and set up 2 factor authentication, etc
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A Banano wallet. I recommend Kalium, but you can use Banano Vault or Nault as well. Up to you.
Ok now for the actual process.
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On your exchange, buy or swap for either Nano (NANO) or Algorand (ALGO), whichever your exchange has. We use these because they're instant and feeless, just like our favourite coin, and also most exchanges will list them.
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Open Coinex, click Assets>Deposit, and select the coin you want to transfer (Nano or Algo, whichever you bought).
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Click on the prompt to create a destination address, then copy the address.
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Go back to your exchange and do a withdrawal of Nano or Algo to the address you copied. You'll probably have to do confirmation steps and approvals etc, so go ahead and do that.
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Wait for your funds to show up in Coinex. You'll see them arrive on the deposits page. This is the tense bit and can take a few minutes, so don't stress.
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Once they arrive, go to Exchange, and search for USDT. This is Tether coin (I know), but the reason we use it is because on Coinex, Banano is paired with it, and so are Nano and Algo. Transferring to USDT will then let us buy Banano....hang in there, nearly done.
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In the middle section, select NANO/USDT or ALGO/USDT from the dropdown box. This will ensure that you will be trading those pairs.
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To trade to USDT, click on the Market Price tab in the lower middle and click the text showing how much Nano/Algo you have. This will fill in the textbox for the trade with all the Nano/Algo you have (alternatively you can enter an amount). Click BUY USDT.
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Do the last 3 steps again now but this time for USDT/BAN. You'll now have a pile of Banano!
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Click Assets>Withdraw, search for BAN, then go to your Banano wallet, copy the address, and paste it into the Destination Address field. Hit the withdraw button, and you will be sent a confirmation email and have to enter your 2FA code. Click the button in the email, and Finally, your Banano will be sent to your wallet!
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Get a stiff drink and pat yourself on the back, you clever Monkey!
This process doesn't involve any gas fees, but your exchange may charge fees or high exchange rates. Be sure to double check all amounts and fees before you swap out of your exchange to avoid any nasty surprises.
I hope this helps any of you who are interested in buying Banano. Let me know how you go or if you know of a better way!
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