In this guide you’ll get information about where to buy COVER Protocol, if you are planning to buy COVER token – You’re in the right place!
Cover Protocol has got its fame in the world of decentralized finance. It is a peer-to-peer coverage market build based on blockchain technology that help DeFi to hedge against risks regarding fallacies of smart contracts particularly when staking or farming. In other words, it serves as insurance guards against bug exploits and hacks that might cause a great loss of deposited assets.
In order to protect its users, Cover does not blindly allow DeFi protocols on the platform, yet it carries out a thorough background check to determine user risk levels. It involves checking total value locked, security measures, and other features as well. The project is led by a solid team whose members have notable experiences in traditional finance and blockchain programming.
COVER Protocol (COVER) Features
- Market Efficient. The premium of the coverage is set by coverage demand and supply, making it market efficient. Coverage seekers will hold this tokens, in order to cover the exposure to the protected product. It should be noted that there is fee charged by Cover Protocol from all actions where redeeming the tokens. The amount of fee is subject to governance change.
- Limitless. Being limitless means Cover Protocol lets its users to buy cover on anything while being protected against smart contract risks. In other words, Cover Protocol opens opportunities to all investors to participate in DeFi space with confidence and trust.
- Fungible Coverage. Fungible cover tokens are the core of Cover Protocol that allows the users to obtain ERC-20 coverage anytime they want and trade the coverage as they need. These tokens are created when collateral is deposited by a user into a Cover smart contract. Then the contract specifies the details of the coverage.
- No KYC Required. Many customers do not have a comprehensive credit history or official identity documents. Users of Cover Protocol can buy coverage even without going through complicated and annoying KYC processes.
Where to Buy, Sell and Trade COVER Protocol aka COVER
You can basically use debit card, credit card, or even PayPal to buy the COVER Protocol (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the COVER Protocol as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to COVER Protocol. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports COVER Protocol currency and exchange your Ethereum or Bitcoin with the COVER Protocol
- Store your COVER Protocol to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
Get $10 Bonus when you sign up for Coinbase!
- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying COVER Protocol, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with COVER Protocol:
IMPORTANT! Once you are registered to any of the above, find the BTC/COVER or ETH/COVER trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your COVER Protocol (COVER) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy COVER Protocol (COVER) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the COVER Protocol. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy COVER Protocol (COVER) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy COVER Protocol (COVER) with Skrill?
You can’t buy COVER directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to COVER Protocol. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy COVER Protocol (COVER) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/COVER and begin the transactions.
Can I Buy COVER Protocol (COVER) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/COVER trading pair.
What Is the Best Payment Method to Buy COVER Protocol (COVER)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the COVER Protocol right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect COVER Protocol (COVER)?
Once you have purchased the COVER Protocol, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell COVER Protocol (COVER)?
Find a crypto exchange which allow pairing COVER with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine COVER Protocol (COVER) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a COVER Protocol is to buy it from a reliable exchange.
Cover Protocol definitely offers a disruptive innovation in the world of DeFi which is prone to exploits and hacks from malicious actors. As a result, DeFi users do not need to worry anymore since Cover Protocol allows the users to insure their deposits. It is considered as a critical service that not every project can do. Obviously it becomes the strength of Cover Protocol. The other thing that attract more users in the future is its incentivized liquidity that benefits all users.