How to buy XEP on Hotbit

You can buy the native coins of Electra Protocol (XEP) on a number of exchanges. The amount of exchanges is still limited, as Electra Protocol was officially launched just in January 2021. Since Electra Protocol is running on its own blockchain, exchanges have to manually connect to this new network, which takes time.

As of today, you cannot buy XEP yet on any top 10 exchange like Coinbase, Kraken, or Binance. More exchange listings are planned to happen. Finding the right exchange for your country of residence can be challenging for new investors, since not all exchages are open to residents of every country. Depending on the crypto exchange, you might also have to identify yourself in a KYC process (where you have to identify yourself by submitting your ID and a proof of address).

Especially investors based in the United States select Hotbit as one of the most liquid centralized exchanges for trading XEP coins. Hotbit currently only supports trading XEP coins using USDT tokens.

Create an account on Hotbit

Open the link https://www.hotbit.io/register in order to create your account. If you already have an account, please log in instead.
There is no KYC process required to use Hotbit (no ID or proof of address required).

Fund your account

Open the page “Deposit” https://www.hotbit.io/dw/deposit?symbol=USDT and you are presented two deposit options available to you: Crypto and Fiat.

Hotbit crypto deposit - Electra Protocol - XEP funding

Hotbit fiat deposit - ePay funding - euro - dollars

Funding via any crypto currency (recommended)
If you want to fund your account using crypto currency, search for the ticker symbol (like “USDT”, “XRP”, or “LTC”) in the search field. When you found it, click “Copy” (address) of the cryptocurrency of your choice. Now you can send the selected cryptocurrency from any cryptocurrency wallet or centralized exchange to this address. Be aware that a USDT transaction costs significantly more fees than depositing for example using “LTC” or “XRP”.

How to: Crypto currency funding

Funding using US dollars, euro, or other fiat currencies
If you want to fund your account using fiat currency, select on the right side your desired deposit option. Be aware that funding your account using credit card costs several percent more fees than doing bank transfers. However, bank transfers take longer – up to 48 hours to be credited to your Hotbit account.

Buy XEP coins

Open the XEP-USDT trading pair https://www.hotbit.io/exchange?symbol=XEP_USDT and buy XEP coins of your choice.

Enter the price per coin you want to buy for (1).
Enter the number of coins you want to buy (2).
Drag the slider to the right if you want to spend all your USDT coins for XEP. (3)
Click the “Buy XEP” (4) button and confirm your buy order.

After your purchase you will find your XEP coins in the fund overview: https://www.hotbit.io/dw?type=normal

Hotbit XEP - Buy XEP on Hotbit - Trade Electra Protocol - Hot Bit Trading - XEP USDT

Transfer XEP coins to your wallet

For security reasons, you should not leave your XEP coins on a centralized exchange. Instead, you should:

Download and install an official XEP wallet. The recommended wallet is a XEP Desktop Wallet, as it allows to stake XEP coins in comparison to the other wallets.
Run the wallet, create a backup as instructed on the wallets page to another device. Keep your password save, do not give it ever to someone else.
Create a wallet address. Usually it starts with “ep1…”. Copy the address and go to the Holdings page, select “XEP”, and click “withdraw”. Enter your XEP wallet address (“ep1…”) and click send. Within 2 minutes you should see your coins in your XEP wallet.

Stake your XEP coins

When your XEP coins arrived in your XEP wallet, you can stake the XEP coins (only possible using a XEP Desktop Wallet). By doing so you help the Electra Protocol blockchain to stay online. As a reward you will receive free XEP coins. See staking section for details.

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