In this guide you’ll get information about where to buy Frax Share, if you are planning to buy FXS token – You’re in the right place!
Frax Share is a decentralized protocol that introduces algorithmic-fractional stablecoin system. This is the first one in the world. It means that the cryptocurrency is partially being stabilized algorithmically and another part is being backed by collateral. Frax is designed as a permisionless, open source, and completely on-chain, implemented currently on Ethereum. However, there is a possibility of cross-chain operation in the near future.
Frax Protocol’s end goal is to deliver and offer a decentralized, highly scalable, and also algorithmic money that can replace the (fixed-supply) digital assets, such as BTC. Before Frax exists, stablecoins were basically categorized into 3 different concepts: overcollateralized (with crypto), algorithmic without collateral, and fiat collateralized. Then came Frax, the first decentralized stablecoin classifying itself as the algorithmic-fractional type – sitting on the fourth category.
Moreover, it’s a platform that uses two different tokens for different purposes. FXS token functions as the governance token which gives the right to holders to take part in the voting system. FRAX token, on the other hand, functions as the stablecoin whose purpose is for investment and saving.
- Official website: https://frax.finance/#welcome
- Twitter: https://twitter.com/fraxfinance
- Telegram: https://t.me/fraxfinance
- Whitepaper: https://frax.finance/whitepaper/
Table of Contents
Frax Share (FXS) Features
- Algorithmic and fractional manner. Frax has been designed as a unique and one-of-a-kind stablecoin, in which parts of the supply being backed by collateral and another part is backed by supply algorithmic. The ratio relies on the FRAX stablecoin’s market pricing. In the event FRAX is (trading at) above $1, the protocol would decrease the collateral ratio. If FRAX is under $1, then the protocol would increase the ratio.
- Completely (on-chain) oracles. The platform uses Uniswap and Chainlink oracles.
- Governance and decentralized minimized. The platform is completely community governed. It is about autonomous and algorithmic approach without any active management.
- Two tokens mechanism. FRAX would be the stablecoin that targets a (tight) band around $1 per coin. In the meanwhile, Frax Shares (or FXS) functions as the governance token that is responsible for accruing fees, dealing with collateral value excess, and managing the revenue profits.
Where to Buy, Sell and Trade Frax Share aka FXS
You can basically use debit card, credit card, or even PayPal to buy the Frax Share (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Frax Share as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy Tether first. After you get the ETH or BTC or USDT, you can convert it to Frax Share. 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 (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports Frax Share currency and exchange your Ethereum / Bitcoin / Tether with the Frax Share
- Store your Frax Share to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)
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.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
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- 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 Frax Share, once you get your Bitcoin or Ethereum or Tether, 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 or USDT 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 or USDT with Frax Share:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
- Trading Pairs: 1801+
Kucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.
- Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
- Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
- Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
- Trading Pairs: 1044+
IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the FXS/BTC or FXS/ETH or FXS/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you FXS/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Frax Share (FXS)
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 Frax Share (FXS) 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.
- Secure
- 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 Frax Share (FXS) 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 Frax Share. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Frax Share (FXS) 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 Frax Share (FXS) with Skrill?
You can’t buy FXS directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Frax Share. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Frax Share (FXS) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair FXS/BTC and begin the transactions.
Can I Buy Frax Share (FXS) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support FXS/ETH trading pair.
What Is the Best Payment Method to Buy Frax Share (FXS)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Frax Share right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Frax Share (FXS)?
Once you have purchased the Frax Share, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Frax Share (FXS)?
Find a crypto exchange which allow pairing FXS with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Frax Share (FXS) 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 Frax Share is to buy it from a reliable exchange.
Conclusion
Frax Share introduces the unique hybrid system that can combine fractional and also algorithmic stablecoin system, which is expected to boost the possibility of profits in the highest level. As an open source and decentralized platform, Frax is completely managed and run by the community, promoting a free and open ecosystem. Anyone interested in joining the platform and reaping the offered benefits can join, but they must buy Frax Share (FXS) as their initial step.
