Team Rupee has been asked frequently by people new to Cryptocurrencies that they do not understand the process of How to buy Rupee Coin. To help these newcomers to the crypto space, we have put together this guide on ‘How to Buy RUP’. RUP is the universal symbol for when you wish to trade Rupee Coin. A video has also been created as well to help with the steps below.
- Set up an account on an exchange that offers a local currency (INR, USD, EURO, etc.) connection with your bank account. Such exchanges allow you to connect your bank account to your exchange account and move fiat funds from your bank to the exchange. These funds will then be used to purchase cryptocurrencies. The one you need to buy if you wish to own RUP is Bitcoin, which trades as the symbol BTC. One of the most commonly used exchanges with fiat connection is www.gdax.com. GDAX is widely used in the US and Europe. Unocoin is another exchange with fiat connection in India (INR to Cryptocurrencies). Creating an account on these exchanges is a simple process where one needs to input basic personal information through a few steps which involve international standards that comply with KYC (Know Your Customer) and AML (Anti Money Laundering Laws). In order for you to have a GDAX account you will need to first register an account with their parent company Coinbase.com. You can click the following referral link and any referral proceeds will goto a charitable foundation in the name of Rupee Coin. https://www.coinbase.com/join/553864d4ab19de5180000114
- For this guide, we will show how to use GDAX. Next step is to move fiat currency (USD) into your GDAX account from your bank. If you can wait, use the ACH deposit which is free but takes 5-6 days. A faster method is to use wire deposit from your bank to GDAX but wire deposit has higher fees. The fastest way is to connect a credit or debit card to your Coinbaseaccoint, but the weekly buylimits are lower and the fees are the highest. In the case of Coinbase, the fee to buy BTC with USD from a credit card is currently 4% and is treated as a purchase transaction and not a cash advance, but if you can wait, you can transfer money into GDAX directly from your bank account with zero fees using the ACH option, just be prepared to wait 5 or 6 days before you can use those funds to begin purchasing any cryptocurrency.
- Once your USD is available in GDAX, purchase Bitcoin (BTC). You can use a market order or a limit order to purchase BTC. There is also a way to purchase coins on GDAX with ZERO fees. In the advanced section of a limit order, keep the “Post Only” checked and enter the limit price as the last price of the coin. When this order executes, GDAX will not charge any fees.
- Next, go to coinexchange.io or cryptopia.co.nz and create and an account. Do not forget to turn on 2 factor authentication on all exchange accounts. You will need to have Google Authenticator installed on your phone from either the Android Play Store or Apple iOS App Store. You can usually find 2FA activation on the exchanges under Account > Settings > Security.
- Create a deposit address for Bitcoin and transfer Bitcoin from GDAX to Coinexchange.io or Cryptopia.co.nz (by going to GDAX and initiating a withdrawal of BTC using the coinexchange.io or Cryptopia.co.nz deposit address).
- It’s important to note here that whenever transferring any cryptocurrency, to ALWAYS TRANSFER FROM, AND TO THE SAME TYPE OF WALLET. Meaning you will always transfer from a BTC Wallet to another BTC Wallet; from a RUP Wallet to another RUP Wallet. If you make a mistake and transfer a crypto coin to a wallet other than that same crypto coin wallet YOU COULD LOSE YOUR COINS. The transfer of BTC from GDAX to Coinexchange could take anywhere from 30 minutes to 2 hours (do not panic if it takes longer) depending on the speed of BTC network at the moment.
- Once the BTC is available in your Coinexchange.io or Cryptopia wallet, use those Bitcoins to purchase Rupee coins (there is a RUP/BTC pair in coinexchange.io and cryptopia). Similar to GDAX, you can use a market order or a limit order to purchase Rupee.
- The Rupee Coin you just purchased could be moved to different wallet between exchanges or to your windows or mac wallets using the withdrawal function.
This video below shows the aforementioned steps explained in detail.
Other helpful video: