How to Buy Based Finance Crypto (BASED)
What is Based Finance (BASED)?
Based Finance is a relatively new cryptocurrency on the Fantom Chain that's been making a lot of investors excited. This project's community is already growing fast and strong. The technology that Based Finance is promising will be able to revolutionize the market if done right. Based Finance its still in his early stage but so far seems very promising.
Where can I buy BASED Crypto?
You can buy Based Finance on crypto on SpookySwap
Why should you buy Based Finance?
Based Finance is really one of a kind project. The roadmap is incredibly promising and if the dev team can keep up with the with it, it's only a matter of time for the market to catch up. It's a very risky play but one that can yield amazing profits. Do you own diligence and research the project further so you can make your own decision.
How to Buy Based Finance Crypto?
Step 1 - Register on Binance
Binance is one of the main exchanges for crypto. We'll need to register on Binance and use it to buy FTM.
Now it's the boring part where you need to fill out your information. Make sure to use your real information because Binance will ask you for verification of everything.
Step 2 - Buy USDT with Fiat Money and Trade it for FTM.
Now that all the boring verification part is done, you have to add a payment method. You can choose between a Bank Transfer or Credit/Debit card. Credit Card has higher fees, but you can make an instant purchase. Bank Transfer is cheaper, but you have to wait a couple of days for the money to arrive at Coinbase.
For this demonstration, I will be using the Credit Card payment method.
On the upper left corner, click on Buy Crypto, and select your payment method:
On the next page, select or add the card you're going to use to buy crypto. And the cryptocurrency you'll need to buy is USDT. The reason we are buying USDT is to save on fees. Buying USDT will have much lower fees than buying FTM directly because each USDT token represents one US dollar.
So we'll be buying USDT and trading it for FTM afterwards. If you want to skip this step, you can buy FTM directly now, but I recommend you not to, so you can save on the fees and get more crypto out of your Fiat money.
Add your card if you haven't yet, and proceed with the purchase of USDT.
Time to convert it to FTM. Click on Trade on the top menu:
Select the amount you want to trade (click on MAX if you want to trade it all). Proceed, wait for a few moments and you should now have FTM in your Binance Wallet. That's it for this step.
Step 3 - Setting up a Metamask Wallet
Metamask is by far the most used walled in the world of Ethereum. Whenever you want to buy and sell cryptocurrencies or even use blockchain apps that run on the Ethereum Network, Metamask will be your best friend. Setting up the wallet is also very simple and easy.
Head over to metamask.io and click Download. You'll need to use Google Chrome, Brave Browser, Firefox, or Microsoft Edge for this to work. So make sure you are using one of these four browsers. Now at the end of the page, click on the browser you're using and install the extension.
You are now the Welcome Page of Metamask. Click on 'Get Started.' Now click on 'Create a Wallet.' Choose a strong password for your Metamask wallet and continue.
Very Important Part! Keeping your backup phrase safe is the difference between having millions in your account or be that guy on the landfill looking for his old hard drive.
Click on reveal your backup phrase and write every word down on paper. Make sure you don't save your backup phrase on anything digital. This is for your security. After you wrote down your backup phrase, you'll be asked to confirm it. Click on every word in the correct order, and you should be done.
Now since we are using the Fantom Chain, we’ll need to add the Network. I’ll go over this very quickly. Just go over to https://ftmscan.com/.
Bottom right corner click here:
Accept everything on your Metamask and you should have your Fantom Network configured and the network switched to it.
Alternatively you can add the network manually like this:
Click on the upper right corner where you see the image and then click Settings. Select Networks and click on Add Network.
Fill out the boxes with this info:
- Network Name: Fantom Opera
- New RPC URL: https://rpc.ftm.tools/
- Chain ID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Click Save, and now you have Fantom installed on your Metamask.
Step 4 - Send your FTM to the Metamask Wallet
To buy Based Finance, you'll need to have some FTM in your Metamask balance so you can trade it for BASED. That is why I instructed you to buy FTM first, instead of Bitcoin, for example.
To have your previously purchased FTM on your Metamask wallet, you have to send it from your Binance account to your Metamask wallet.
Copy your Metamask Wallet address by clicking here:
Go back to your Binance. On the upper right corner, click on Wallet - Fiat and Spot.
You should see a list of the cryptocurrencies in your wallet, find FTM and click on "withdraw":
Now you should paste the Metamask wallet address that you copied before to the Recipient's FTM Address. Select the fantom Network and choose the amount you want to send.
Confirm everything is correct and continue. Fill out the verification codes sent to your email, phone number or Google Authenticator and proceed. You should receive your FTM on your Metamask Wallet within minutes.
Step 5 - Buy Based Finance on SpookySwap with FTM
SpookySwap is currently one of the best Decentralized Exchanged for the Fantom Chain.
Before we head over to SpookySwap, we need to prepare your Metamask Wallet to receive Based Finance. Open Metamask, scroll all the way down, and click here:
Select Custom Token and paste this token contract address there:
The rest should autofill, and you need to click next and then add tokens. Your account is now ready to receive Based Finance( BASED).
You can check the price and confirm the correct token address of Based Finance on Coingecko.
Let's buy some Based Finance!
Go to Spookyswap. On the upper right corner, click on Connect Wallet and select Metamask. A confirmation popup should open on Metamask (click on the "little fox logo" if you don't see it).Now you need to accept, connect, and your wallet should be connected to SpookySwap. Make sure your metamask says Fantom on the top.
Select a token and paste the Token contract address: 0x8d7d3409881b51466b483b11ea1b8a03cded89ae
Click Import and accept the terms.
Now you have to select the amount of FTM you want to trade for BASED. After you confirm it, another popup will appear from the Metamask extension and you should approve the transaction.
Wait a few minutes, and your BASED should appear on your Metamask Wallet.
Congratulations! You are now a proud Investor of Based Finance!
In case your transactions keep on failing, adjust your slippage tolerance. To do that, click on SpookySwap's gear icon, and put 5% here:
Please make sure you read our Disclaimer. We are not financial advisors.