In this guide you’ll get information about where to buy Frax, if you are planning to buy FRAX token – You’re in the right place!
Frax aims to be the first stablecoin protocol to use both design concepts to build a highly scalable, trustless, exceptionally stable, and ideologically pure on-chain currency. The Frax protocol is a two-token system that includes a stablecoin called Frax (FRAX) and a governance token called Frax Shares (FXS). There is also a pool contract in the protocol that contains USDC collateral. With governance, pools may be created or withdrawn.
Many stablecoin systems have completely adopted one design spectrum (completely collateralized) or the other (entirely algorithmic with no backing). Stablecoins that have been collateralized either have custodial risk or require on-chain overcollateralization. These solutions give a more reliable stablecoin with a somewhat tight peg than purely algorithmic versions. The problem with algorithmic designs is that they are difficult to bootstrap, slow to expand, and display excessive volatility, eroding trust in their utility as true stablecoins. They are primarily seen as a toy or experiment rather than a genuine option to collateralized stablecoins.
- Official website: https://frax.finance
- Reddit: https://www.reddit.com/r/FraxShare/
- Twitter: https://twitter.com/fraxfinance
- Telegram: https://t.me/fraxfinance
- Whitepaper: https://docs.frax.finance/overview
Frax (FRAX) Features
- Fractional-Algorithmic. Frax is the first and only stablecoin whose supply is partially collateralized and partially algorithmic. As a result, FRAX is the first stablecoin with a portion of its supply floating/unbacked. The stablecoin (FRAX) derives its name from the “fractional-algorithmic” stability mechanism. The collateralized to algorithmic ratio is determined by the FRAX stablecoin’s market value. When FRAX trades above $1, the protocol reduces the collateral ratio. If FRAX falls below $1, the procedure raises the collateral ratio.
- Decentralized & Governance-minimized. Community-governed, with a focus on a highly autonomous, algorithmic strategy and no management support.
- Fully on-chain oracles. Frax v1 makes use of the oracles of Uniswap (USDT, ETH, and USDC time-weighted average prices) and Chainlink (USD price).
- Two Tokens. FRAX is a stablecoin with a $1 per coin price target while Frax Shares (FXS) is the governance token that generates income, fees, and extra collateral value.
- Crypto Native CPI. Frax’s long-term goal is to create the first crypto-native version of the CPI, known as the Frax Price Index (FPI), which will be managed by FXS holders (and other protocol tokens). FRAX is presently tied to USD, but intends to be the first decentralized, trustless native unit of account that maintains a constant quality of life.
Where to Buy, Sell and Trade Frax aka FRAX
You can basically use debit card, credit card, or even PayPal to buy the Frax (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Frax 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. 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 currency and exchange your Ethereum / Bitcoin / Tether with the Frax
- Store your Frax 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.
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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, 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:
- 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+
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 FRAX/BTC or FRAX/ETH or FRAX/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you FRAX/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Frax (FRAX)
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 (FRAX) 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 Frax (FRAX) 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. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Frax (FRAX) 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 (FRAX) with Skrill?
You can’t buy FRAX directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Frax. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy Frax (FRAX) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair FRAX/BTC and begin the transactions.
Can I Buy Frax (FRAX) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support FRAX/ETH trading pair.
What Is the Best Payment Method to Buy Frax (FRAX)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Frax right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Frax (FRAX)?
Once you have purchased the Frax, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Frax (FRAX)?
Find a crypto exchange which allow pairing FRAX 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 (FRAX) 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 is to buy it from a reliable exchange.
The Frax Protocol is a stablecoin driven by community, with a unique characteristic. Over a number of years, liquidity providers and yield farmers get more than 60% of the supply of FRAX. It is a completely decentralized system with on-chain governance. It is also the first and only stablecoin to have a hybrid fractional-algorithmic architecture. For this reason, the value of Frax (FRAX) will propel.