Exchanges are online platforms on which individuals and institutions can buy, sell and hold cryptocurrencies.
There are hundreds of cryptocurrency exchanges out there and choosing the right one for you requires considering a number of factors such as reliability, supported currencies, security and more. Most major exchanges are overseen by KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements.
Below is an outline of how to get started with an exchange to buy STX tokens for deposit into your Hiro Wallet.
Step One: Create an account
Navigate to the official website of the exchange you wish to use and select the option to Sign Up.
You will be asked to enter a valid email address and to create a password of your choosing. A verification code will be sent to the email address you provided; please enter the code into your browser window as quickly as possible.
Many exchanges will recommend setting up 2-Factor Authentication; you can do so with your personal cell phone number or an authenticator app, which is the most secure option. Finally, you’ll be asked to verify your identify via a series of KYC questions. Verification may take a few hours, possible up to a day.
Please ensure you enter correct and up-to-date information that matches your physical documents to help the verification process go smoothly.
Step Two: Buy STX
Once your account has been verified, you will be able to buy, sell, withdraw and deposit cryptocurrencies directly from your dashboard of the exchange.
To buy STX tokens, please ensure you are first using an exchange that supports the token. Select “Buy” and input the amount of money (USD or other) you’d like to exchange for STX.
The exchange will automatically convert the dollar amount into the amount of tokens you’ll receive, including any transaction fees. Depending on the exchange, you can pay for the transaction with a credit or debit card, PayPal, or directly from your bank.
Step Three: Send STX to Hiro Wallet
Now that you own STX tokens that are held in your exchange account, you can easily move them into your Hiro Wallet.
To get started, make sure you have your Hiro Wallet Address handy. You can do this by opening the Wallet’s web extension and selecting “copy address” near the top of the window.
Back in the exchange, from your account’s dashboard, select either “Send” or “Withdraw.” From there, input the amount of STX you’d like to withdraw from the exchange and send to the Hiro Wallet. Paste your Hiro Wallet address into the “To” line.
Important: You do not need to include a memo to send funds from an exchange to your wallet.
However, you always need to include a memo when you send from the wallet back to an exchange. The exchange will show you all fees you may incur from the transaction.
Please take a moment to confirm that all information is correct before you send. Once sent, you can expect to receive the STX in your Hiro Wallet within 15-30 minutes depending on network congestion.