OpenWorld (OPEN) is one of many cryptocurrencies that have been developed on the blockchain. For beginners starting with crypto, it can be a bit complex to figure out how to buy OpenWorld (OPEN). There isn’t much information out there due to the evolving nature of cryptocurrencies.
This is why we have put together a detailed guide to show you how to buy OpenWorld and also where to buy OpenWorld. In 5 simple steps, with options to choose from based on your location, you’ll have your purchase of OpenWorld all done!
What is OpenWorld?
“OpenWorld is a blockchain-enabled open metaverse with a sound circular economy based on real monetary flow. OpenWorld vision is to open a new dimension for everyone to connect, play, express themselves, and find happiness.”
How to Buy OpenWorld (OPEN)
Step 1: Register on a Crypto Exchange Platform
The first step on how to buy OpenWorld (OPEN) is to create an account on the most commonly used crypto exchange platforms provided.
It is recommended to sign up on both Coinbase and Binance so that you can pick the one that best suits your purpose. You will be walked through the process of registration, and verification of your identity.
Once verified, the exchange platform allows you to buy, sell, swap, and store a variety of coins, usually either Bitcoin (BTC) or Ethereum (ETH).
Coinbase is one of the most trusted cryptocurrency exchanges that allow users to buy and sell cryptocurrencies. Coinbase users have surpassed 56 million users as of this writing, and it is the first crypto exchange to go public. You will receive a $10 bonus when you create an account for the first time and buy up to $100 worth of cryptocurrency.
To create a Coinbase account, you must:
- be at least 18 years of age and have an email address,
- activate your account by clicking on the button provided in your email, and
- set up 2-step verification (2FA) to add an extra layer of protection for your funds.
Binance is one of the major cryptocurrency exchanges that allow users to buy and sell cryptocurrencies. Many people use it to convert their fiat currency into crypto. Some use it because they want extra security for their digital coins. Binance allows international users outside of the United States to buy and sell crypto.
To create a Binance account, you must:
- be at least 18 years of age and have an email address,
- activate your account by copying the activation code in your email into the box provided, and
- secure your account with 2-factor authentication (2FA) to add an extra layer of protection for your funds from hackers.
Binance is one of the major cryptocurrency exchanges that allow users to buy and sell cryptocurrencies. Many people use it to convert their fiat currency into crypto for investment purposes or because they want additional security for their digital coins.
To create a Binance account, you must be at least 18 years of age and have an email address. Click on “Register” and fill in your information, make sure to sign up using a valid email and a strong password.
You will get a confirmation email to the address you provided with instructions on how to activate your account. Open it and copy the activation code into the box provided. You will be required to secure your account with 2-factor authentication (2FA) to add an extra layer of protection for your funds from hackers.
The next step is to verify your identity using a government-issued ID. This means you’ll need to upload an official photo identification card such as a driving license or passport. This step is important because of the laws in place right now in the US, UK, and EU. However, the KYC process has been streamlined and automated. You can now complete the whole thing in under 15 minutes!
Step 2: Buy BTC/ETH using fiat currency
Once your KYC process has been completed, the next step is to load up your account with fiat using either a Credit/Debit card or via Bank Transfer. Depending on your country of residence you will be provided with the list of supported fiat currencies available to you.
Type the name of your fiat currency in the search bar or scroll through the list to select your local fiat currency. Enter the amount of fiat money you would like to spend. Select which cryptocurrency to use for this transaction.
In this case, we will be selecting BTC/ETH. Choose to add a new card or use an existing card in your account for payment and tap “Buy”.
Once everything looks good confirm at the bottom of the screen. Make sure all charges have gone through before closing the page.
Congratulations, your transaction is complete and you’ve made your first crypto purchase. Go ahead, and share the excitement with your friends on Twitter.
Step 3: Register on an Altcoin Exchange
This step is required because OPEN is not available on major exchanges. You will need to register on an altcoin exchange that allows you to trade these altcoins (alternative coins). There are several altcoin exchanges where you can buy OPEN.
The exact process above is required to create an account on any of these altcoin exchanges. You need to go through the stage of KYC. This stage can not be skipped until you are ready to withdraw your OPEN for fiat. Choose from any of the listed exchanges below to get started.
Apart from the altcoin exchanges above, there are several other exchanges that you can signup on to buy and trade OpenWorld. These exchanges are ranked among the top 10 exchanges according to the Coingecko website. They have millions of users and process billions of transactions per day.
It is advisable to have an account on each of these exchanges so you have the opportunity to trade your OpenWorld when it gets listed on them.
Kucoin boasts itself to be the top exchange platform in globalization deployment. As of the time of writing it has accumulated a total number of 750 million trades worldwide. It processed a total of 370 billion accumulated transaction volumes in USD.
It is a place for safe and rapid Bitcoin purchases providing many order types for all kinds of risk appetites. Every new user can claim a welcome gift on signup.
Gate.io protects your funds with both centralized and decentralized methods. It is also the first exchange to invest millions in security and law funds to add extra protection for your assets. Its cutting-edge technology offers an efficient and convenient trading system.
For 8 years, Gate.io has been operating great. They strive to offer you the best trading experience with innovative technologies. Gate.io always complies with regulations and has never allowed for market manipulation.
Step 4: Deposit BTC/ETH to Altcoin Exchange
After registering an account, proceed to deposit the BTC/ETH you bought from the major crypto exchange to the new altcoin exchange. Go to your wallet and click on “Deposit”, and select either BTC or ETH depending on which one you bought earlier. You will get a deposit address. Copy this address to the clipboard and go back to your major exchange account that holds your BTC/ETH.
On your major exchange wallet, choose BTC or ETH and click on “Withdraw”. You will have to paste the address you copied initially and enter the amount you want to withdraw. Make sure you cross-check the address to be sure it is correct as cryptocurrencies sent to the wrong address cannot be retrieved once sent.
Wait for at least 30 minutes for the transaction to complete on the blockchain. If everything goes on smoothly, you should now see your BTC/ETH in your altcoin exchange wallet.
Step 5: Swap BTC/ETH for OpenWorld
The final step is to swap the BTC/ETH you deposited from Step 4 above for OpenWorld. You will have the equivalent amount of OpenWorld in your wallet after the swap has taken place. From your altcoin account, go to your wallet and search for OpenWorld, it will be listed against BTC/ETH trading pairs.
Choose the one that best suit your purpose, enter the amount you wish to buy, and click on “Buy OPEN”. Congratulations you are now a proud hodler of OpenWorld. You can now choose to store it in a hardware wallet in other to prevent hackers from stealing your coins.
Store OpenWorld securely in hardware wallets
If you plan to hold OpenWorld for a long time, it is advisable to store your coins outside any crypto exchange. The Ledger Nano S and X are hardware wallets that provide the highest level of security for different cryptocurrencies.
The devices keep private keys separate from any computer or phone, so your funds can’t get hacked or stolen by malware. They also have a screen to confirm transactions on their apps. This helps if you’re not very familiar with cryptocurrency technology.
If you want to take full advantage of all the security features offered, it’s important to set up two-factor authentication (2FA). This provides even more protection against hackers. Hackers would need 2FA codes in addition to physical access to your device to get into your account.
Recommended tool for trading OpenWorld
Celsius is the first and only platform that rewards you for your crypto. It lets you borrow cash on interest (at the lowest rates), and gives you up to a 17% yield on your savings. It’s a decentralized lending platform allowing users to earn interest on their crypto. It comprises financial products everyone needs for earning interest- and rewards for saving! And the best part: all these use blockchain technology.
When you deposit your crypto assets on Celsius, the platform issues you a crypto asset-backed loan in USD. The money from this loan gets deposited into your bank account and can be cashed out via an ATM. New users get a $40 bonus on their first $400 deposit in crypto assets.
Frequently Asked Questions
How do I buy OpenWorld with cash?
You cannot directly buy OpenWorld with cash. However, you can use a known crypto exchange such as Coinbase or Binance to first purchase BTC. Go through the rest of the steps by swapping your BTC at respective Altcoin exchanges for OPEN.
Can I earn free OPEN online?
Yes. There are some ways you can earn crypto online including OPEN. Earn interest with Celsius or get cash back for spending your crypto using a Blockfi rewards credit card.