Chess is quite a popular cryptocurrency that uses the ticker symbol (CHESS). For mining new coins, the token makes use of the Scrypt algorithm, as well as the Proof of Work and Proof of Stake. The token, founded in 2016, can be purchased/traded on various crypto exchanges worldwide.
While you cannot buy CHESS using fiat currency, you are still able to buy it using various other digital wallets such as Bitcoin, Ethereum, or Proton (XRP). Below, we show you the steps to buying CHESS on Binance.
A quick guide on buying Chess token
As mentioned earlier, this coin cannot be purchased using fiat currency or with PayPal. However, you can start by purchasing another cryptocurrency and then use it to make your purchase. Outlined below are all the steps that you have to take to get started.
Step 1: Sign Up on Binance
The first step that you have to take is creating an account at Binance. You will first be asked to select your area of residence. If your country is not restricted, you then proceed with your registration. You can use either your email or mobile to signup.
After signing up, make sure that you verify your account so that Binance can successfully connect your account to your funds.
Step 2: Make a deposit
The great this about this next step is that you can make a deposit using various methods that are convenient to you. For instance, you can make a bank transfer, transfer funds with a debit/credit card, or with PayPal.
Step 3: Buy the Base Cryptocurrency
Now, you will need to make sure that you buy an easy-to-use digital currency such as Bitcoin or Ethereum. Making a purchase is quite easy as you only have to navigate to the “Buy” section and look for either the BTC or ETH ticker. Choose your amount and complete the transaction.
Step 4: Purchase CHESS
At this point, you can proceed to buy CHESS. To do that, choose your trading pair accordingly, confirm your purchase and proceed.
Exchanges to buy CHESS
Binance
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
Crypto.com
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
eToroX
This platform was launched in 2007 and has grown to be one of the most trusted brokers due to its safety and security. Recently, it started offering cryptocurrency trading and most traders prefer it due to its user-friendliness.
Step-by-step Buying Guide
- Sign up for an account at eToro
- Verify your account
- Fund your account
- Buy your coin
FinexBox
FineBox is a cryptocurrency exchange platform that allows users to trade between different digital currencies. It was founded in 2017 by a team of experienced professionals with a vision to provide a secure and reliable trading environment for all users. This trading platform allows you to trade between different cryptocurrencies with ease. It has a simple interface and is easy to navigate.
Step-by-step Buying Guide
- Create a new account at FineBox
- Verify your account
- Fund your account and convert your funds to either BTC or ETH
- Buy your coin
CREX24
Crex24 is a cryptocurrency exchange platform that allows traders to trade between different digital currencies. It was founded by a team of experienced professionals who have been working in the field of trading for more than 10 years.
The platform allows you to trade between different digital currencies. It has been designed to provide a simple way to invest in cryptocurrencies without having to go through the hassle of setting up a new account at each exchange.
Step-by-step Buying Guide
- Create an account at CREX24
- Verify your account
- Fund your account with fiat and convert it to BTC or ETH
- Buy CHESS
STEX
STEX is a decentralized cryptocurrency exchange platform based on blockchain technology. It allows users to trade digital assets with each other directly without going through any third party. The platform, which allows traders to trade between different digital currencies, was founded by a group of experienced professionals who have been working together since 2013.
Step-by-step Buying Guide
- Sign up for an account at STEX
- Verify your account and make a deposit
- Exchange your fiat for Ethereum or Bitcoin
- Buy your preferred token
How Chess project is different
CHESS is Tranchess Protocol’s only governance token, following the ERC-20 standard. The token is mostly used in the Tranchess ecosystem for things like fee rebates, voting, and more.
Each week, individuals who own this token get to vote on interest rates, which means CHESS holders have some the power over operations. How much voting power an individual has is determined by the percentage of tokens they hold.
Rebate fees are calculated daily, and they are typically 50% of the interest fees. The fee rebates are then distributed proportionally.
Things to consider before buying CHESS
Before you go ahead and purchase your token, it’s crucial to take note of the following:
Cryptocurrency White Papers
Make sure that you take your time to read the white paper of this token. The great thing I that you will be able to find the white paper quite easily on the token’s homepage. The white paper is there to tell you things such as:
- An overview of the project
- The intention of the project
- The timeframe involved
- Any other specifics to do with the project
If there is no white paper or the white paper seems misleading or incomplete, then make sure you don’t associate yourself with that coin.
Timing Is Key
You will need that you correctly time your investment. This is because cryptocurrencies are highly volatile. Therefore, make sure that you buy and sell at the right time. It’s also advisable to buy a digital currency when it is still new. This is because as soon as it explodes, its value increases, making it a bit expensive to invest in.
Check Price Patterns
If you have followed cryptocurrencies before, then you know that they follow particular price patterns. Because of that, you will need to make sure that you check price patterns regularly to ensure you invest at the right time.
Where to store CHESS token
You can store your tokens using various methods, which include the following:
- Leaving them on the exchange
- Software wallets
- Hardware wallets
However, of these three, we strongly suggest that you use a hardware wallet, which offers more security. Below are the two main hardware wallets that we recommend.
Ledger Nano S
Setting up this wallet is very easy and you will find that the trading interface is very user friendly. Its versatility allows you to use it both on laptops and desktops. Because it is lightweight, it means that you will be able to carry it around.
One of its biggest strengths is that it supports several blockchains. Because of that, you can trade various cryptocurrencies and tokens. If you have a tight budget, this is the wallet for you as it is affordable, and also comes in various languages.
Ledger Nano X
This is an improvement from the Ledger Nano S. Just like the former, this wallet, made with an advanced element chip, is quite affordable and is packed with great features.
The Ledger Nano X comes with Bluetooth integration, which allows you to access your funds even on a smartphone or tablet. It also has a built-in rechargeable battery, but still manages to be lightweight and portable.
On top of that, you will get to enjoy more storage space, as well as a larger screen.
Privacy and security tips
While buying CHESS is extremely easy, storing it safely is a different story altogether. Many cryptocurrency holders have fallen victim to hackers and lost thousands of dollars. This is why you should store crypto privately and safely. In this section, we discuss the various ways to protect your funds.
i. Avoid phishing
Phishing involves someone disguising themselves as trustworthy to obtain sensitive information. This may include fake websites or emails asking you to provide your information.
To be safe, never share your information with a website or person you haven’t verified to be legit.
ii. Don’t store your tokens on exchanges
Several exchanges have lost users’ funds through hacking and technical errors. Therefore, if you are not actively trading or have large amounts of crypto, move it to a software or hardware wallet.
iii. Use a hardware wallet
As we have already mentioned, hardware wallets are the safest option when it comes to crypto storage. Because these wallets are offline, no one has access to them.
iv. Enable 2-factor Authentication
2FA offers an extra layer of security to your funds. Before a transfer can be initiated, a security code is sent to your email or phone. This means that if someone doesn’t have access to your phone or email, they can’t access your funds
F.A.Qs
Can I buy CHESS with PayPal?
No, you can use PayPal to buy CHESS directly. What you will need to do is buy Bitcoin or Ethereum first and then convert that to CHESS.
How do I store my Chess securely after buying it?
There are various ways that you can use to store your tokens. Each of the methods has its advantages. You can decide to keep your tokens on the exchange, store them in your hot wallet or use a cold wallet. Of all these methods, the hardware wallet is the most secure as it’s kept offline.
Can I sell CHESS?
Absolutely! You can use various exchanges to trade this token for various other digital currencies and fiat currencies.
Conclusion
CHESS token is one of the many rising cryptocurrencies right now, offering holders cheap transactions. Because it follows the ERC-20 standard, it means that they are user-friendly and are more fungible.
