Beta Finance is another DeFi platform designed to operate on an isolated collateral model. Its main purpose is to act as a bridge to the money market of DeFi.
The possibilities of running on unlimited access are high, a good feature for both beginners and seasoned users.
As for users, they can make transactions and credits on Binance Finance protocol. Beta Finance operates on an advanced Ethereum Mainnet. Looking at Ethereum Mainnet it is basically reliant on a wallet setup that has to be fully connected to Ethereum Mainnet.
Some of the prominent wallets appropriate for such execution are Binance and Metamask. All there is to know about Beta Token will be detailed below.
A quick guide on buying Beta Token
This guide rest on Binance as a recommended sample. Binance accounts are very easy to create.
With a lot of reputation and features, Binance ultimately becomes the ideal platform. Remember, it’s impossible to buy BETA with USD let alone other fiat currencies. Credit cards are better as compared to other ways.
a) Create an account
Account creation is pretty simple. All you have to do is provide an active email address and phone number for notification purposes.
It’s free of charge, a good sign for beginners or newbies in trading. Once you are set, access your ID and log in. It’s possible to purchase BETA using Bitcoin or Ethereum but it’s impossible to make a direct purchase of BETA with fiat.
Purchasing major crypto coins is possible with credit cards, debit cards, or with PayPal depending where you are. It is still impossible to buy BETA tokens with USD. Credit card purchases are hefty in charges while bank transfers are affordable. Remember, Binance is the best place to buy BETA tokens.
b) Beta search
With your position account, access the official exchange page and look for BETA in the search box.
Remember, it’s impossible to purchase BETA token directly using fiat so use your Bitcoin or Ethereum balance. Look for BTC/BETA or ETH/BETA currency pairs.
Swap bitcoin for BETA and confirm your transactions. Proceed to complete your payment by verifying your identity. By now you would have received your first BETA tokens.
Exchanges to buy BETA
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
This exchange is about 5 years old, having been launched in 2016. However, in such a short space of time, it has managed to gain a great reputation and become a trusted platform worldwide. On the platform, you will be able to trade cryptocurrencies conveniently due to the various services on offer.
On the platform, you can buy 100+ cryptos at true cost. Not only that, but you will also be able to manage your visa card offered by the platform, earn interest on your crypto, make crypto payments, and so much more. Another great feature is that the company has a non-custodial DeFi wallet. As a result, you retain full control of your private keys.
Step-by-Step Buying Guide
- Sign up on the platform and provide your ID and selfie for verification
- Fund your account
- Tap on the Trade button
- Click Buy, and then your chosen crypto. This lets you choose your preferred coin
- Add your card and follow the secure link provided
This exchange is a new-kid-on-the-block, having been launched on the 20th of September, 2020. The decentralized exchange (DEX) runs on the Bitcoin Smart Chain (BSC). You can expect quite a number of innovative ways to get some income from the automated market maker (AMM).
PancakeSwap is one of the many decentralized food-themed projects on the market, and because it is not built on the Ethereum network, it tends to have lower fees, as well as lightning-quick transactions. Another great advantage is that since it’s an AMM, it allows you to trade digital assets against liquidity pools. As a result, you will be able to collect the yields from your trade.
Some of its great features include the ability for users to trade BEP20 tokens, as well as stake CAKE to earn more CAKE. Users can also provide liquidity to the exchange and earn fees in return. That’s not all, though! You can also stake your LP tokens and earn CAKE tokens.
Step-by-step Buying Guide
- Open an account on Binance, or other exchanges that accept your preferred coin
- Fund your account
- Complete your PancakeSwap Purchase
How Beta Token project is different
BETA tokens have received a fair share of traction in 2022. They have unique features which should be taken into account. Below we look at some interesting characteristics displayed by BETA.
Looking at lenders, they have the privilege of giving assets to any money market within Beta Finance proximity. From the moment that BETA tokens are transferred to money markets, lenders are given bTokens.
These are part and parcel of interests passed for all underlying tokens. The basic idea behind lending is to farm and harvest interests at a meaningful rate.
Where does the interest emanate from? Well, borrowers and short-term sellers pay fair sums of money at a specific rate. Every token has a separate lending pool.
This is done to achieve guarantee and protection. Lenders have a better advantage because big bidders usually gain a lot of interest due to a wider borrowing base. However, for small and short-term borrowers it’s still a win-win situation.
Borrowers have a wide option to enter Beta Finance. They can agree to a collateral approach to enter a borrowing position. However, borrowers have to abide by the LTV ratio. The loan to value ratio contains protective measures meant to protect assets.
The borrowing mechanism shares the same operations and features as shorting. Short sellers just like borrowers can utilize collateral as an entrance option in good positions. Short position sellers can take advantage of leverage and further sell their borrowed tokens.
Remember, Beta Finance runs on an isolated platform. This insinuates that every asset liquidity symbol does not influence the rest of the protocol.
It’s all about risk management courtesy of Beta Finance. Check out liquidity ratios and how they influence collateral support. In simple terms, traders should expect a “high high and low low” type of approach. An example will do the trick.
- high liquidity assets have high collateral while low liquidity digital assets have low collateral. Thanks to developers who made it possible for the execution of USDT, ETH, USDC, and DAI with respective percentage tags of 90%, 90%, 90%, and 80%.
Things to consider before buying BETA
Beta Finance is a broadly accessed protocol with a lot in store when it comes to lending and borrowing. Check out the following factors before you start to think of investing.
This is an important factor that makes one knowledgeable. Researching Beta Finance and all its unique mechanics is an added advantage. You get to have a better angle on how to operate in the collateral protocol setup.
Who created Beta Finance?
Gaining knowledge on the men behind is important in cementing a guarantee. It’s bad to operate on anonymity. Check out their level of professionalism and what they have done before.
Partners are either high shareholders or small stakeholders in business agreements. When it comes to cryptocurrency firms commercial partners do bring new expertise and branding.
It’s always important that traders know more about current partners because they shape both the token and platform.
The BETA token is a good asset if you really know how to use it. Make sure that you search on how best BETA can be used.
Where to store BETA token
The BETA token is part and parcel of the altcoin family. There are few options legible for storage.
Also called offline storage packages they have better encryption. Private keys are kept safe through cold wallets or hardware wallets. Examples are
Since they operate offline traders can rest assured of protection against hacking and scams. USB and paper wallets are also good examples of hardware wallets though paper wallets are more focused on access and private key protection.
Examples of hot wallets are cloud-based wallets and exchange-based wallets. You have to be connected to the internet for use. However, a lot of internet loopholes are on the loose especially for users always connected to the internet.
Hot wallets are more appropriate for short-term trading rather than long-term storage. Check out CryptoTag, a readily available titanium plate designed for extra protection.
Privacy and security tips
i. Use 2FA authentication process
2FA process is very ideal for account verification. When you create an official Binance account, verify using 2FA authentication for prolonged security.
ii. Do not share passwords
Sharing passwords is very biased because it creates vulnerabilities. Make sure that passwords are not shared with other social media account or bank accounts.
iii. Use a secured network
Using a secured VPN network is the way to go. VPN networks protect browsing history when trading or purchasing BETA. VPN home-based networks ensure the safety of personal log-in details and customization is top-notch.
iv. Change password regularly
Using the same password for a long time is biased especially when your account has a lot of BETA tokens. Make sure that you follow all password creation instructions. All characters are important and complementing them with regular changes is also equally important.
v. Stop Phishing
As long as you are connected to the internet pop-up messages and links will display on your device. You must always avoid them because a lot of them are hacks and scams. Hackers use pop-ups to manipulate devices.
Q. Can we buy BETA token now?
- BETA tokens are yet to be launched officially on the market but traders and prospective users should expect exceptional offers.
Q. Is it possible to build a money market for XYZ tokens these days?
- A. This is a work in progress since it is not possible at the moment.
Q. Is BETA worth going for?
- Developers promise good Beta Finance deals when the official token is launched. Beta Finance’s long-run planning process looks good.
It has already been set straight that Beta Finance will pose unique functionalities and collateral protocols. Traders respect trustworthiness and convenience and Beta Finance promises to do likewise. This article has managed to enlighten of the oddly interesting features which are unique.