How To Buy WAX Crypto On KuCoin

8 months ago   •   9 min read

By Craig Fulton
Table of contents

You can buy WAXP on KuCoin, which is a great option for USA residents who can't buy WAXP on Binance.

It can be a little overwhelming if you are new to the space but don't worry, it's simple with our step-by-step guide.

Before you get started, make sure you have a WAX wallet account.

1. Create a KuCoin account

KuCoin is one of the world's largest crypto exchanges. It's a fantastic trading platform and offers a high level of flexibility and buying options.

KuCoin can also be used if you reside in the USA, but only as an unverified account (KYC isn't available for the US). This means you have a capped daily withdrawal limit of 5 BTC (which is more than enough for most of us).

We can also trade for WAX coin, which is what we are going to guide you through.

Firstly, head over to KuCoin and create an account, which is simple to do.

Once you have your KuCoin account set up, we are going to need an on-ramp!

2. On-ramp

To buy WAXP we first need what is referred to as an 'on-ramp'. This is simply the platform where we trade traditional fiat (such as dollars) for cryptocurrency.

Once we have a crypto token of our choice, we can easily trade for another cryptocurrency on exchanges like KuCoin.

We just need that initial on-ramp to swap our traditional fiat for some sweet crypto to get started.

KuCoin thankfully gives us a few direct on-ramp options when you click on the menu 'Buy Crypto':

Kucoin has a few buy options

We will do separate guides on P2P (peer-to-peer) and Fast Buy, but for now, we will keep it simple with the Credit/Debit Card options.

3 Buy USDT with a credit/debit card

When you click on 'Credit/Debit Card' option, you will see two options at the top:

'I want to spend' and 'I want to Buy'.

I want to spend is self-explanatory, it's how much fiat you would like to spend in your local currency. In this example, we will buy $30 worth, though keep in mind that when you want to withdraw WAX from KuCoin, you will be charged a fee of 30 WAX (which is roughly a $9 charge at the time of writing). So we recommend you buy more to save on high withdrawal fees.

For I want to Buy, we want to change this to USDT.

USDT is what is known as a stablecoin and its value is tethered to the US dollar. That means for every $1 you spend, you expect to get 1 USDT token (minus fees of course).

We need USDT as it's the only crypto token trading market on KuCoin that allows us to trade for WAX.

Below those two options, we have Payment Method and Choose Your Payment Channel.

3.1 Payment Methods

The Visa/Mastercard and Apple Pay options are identical. Both have the same minimum transaction of $30 and a maximum of $20k.

SEPA is another option, designed to simplifying transactions in Europe. Note, this option requires you to open a bank account with Simplex, though we will cover this option in more detail in a future article.

This has a minimum transaction of $50 and a maximum of 20k. On testing, you actually have to add over $50 for quotes to work with this option.

For this example, we will choose the Visa/Mastercard option.

3.2 Payment Channel - Banxa & Simplex

Once a payment method is selected, you will see payment channels and quotes from KuCoin partners over to the right. The 'best offer' will always appear at the top. Banxa will be the only option under $50, whilst Banxa and Simplex will appear $50 and over.

On our testing, Banxa comes out comfortably on top for pricing. Who you choose will also depend on your country of residence.

Banxa can be used in the US, with exception of the states of Hawai'i and New York. See a full list of countries not supported. Simplex offers the same restrictions to Hawai'i and New York. View the full list of Simplex restricted countries.

In our example, we will choose Banxa (the only option for $30). For that, we will receive 28.56 USDT. As we know, 1 USDT is worth $1, we will receive $28.56 worth of USDT for our initial $30 spend (a conversion fee of $1.44).

Although the next steps will show Banxa, the process is very similar if you choose simplex.

3.3 Banxa - ID Verification

Yes, a collective sigh. We need to run through ID verification to use Banxa (or Simplex). The good news is that once we uploaded our documents, verification was instant!

Your order summary will appear at the top and you will be asked for personal details:

You will then be asked to upload a document type. I chose a passport as it so happened to be sitting on my desk.

Document requirements are explained well and we didn't have any issues with uploading our files.

Next, you need to take a selfie of yourself holding your ID. The ID needs to be readable and your face must be clear.

Once uploaded, you will be asked the purpose of the transaction. As we were using this to buy some sweet WAX NFTs, we chose the 'online purchase' option.

3.4 Banxa - Make Payment

Once completed, you can add your Visa/Mastercard details:

Once you hit 'make payment' that's it done! You will see an order summary and the status of the steps you went through.

It can take 5 - 10 minutes for your crypto to be delivered. To check, hit return to KuCoin and then click on 'assets' on the right-hand side of the main header navigation.

Click on the main account over to the left under 'Assets Overview':

Here you will see all your crypto token balances. True to word, I received my 28.56 USDT.

Nice!

Now, all we need to do is to exchange our USDT for WAX.

4. Exchange USDT for WAX

4.1 Transfer USDT to trade account

We are back on the 'assets' page and we are looking at the main account overview. Like this:

Since we are going to trade for WAX, click on 'transfer' under the operation tab over to the right-hand side.

Here we need to transfer our USDT from our main account to the trading account.

Simply click on the blue 'Available Amount' figure and this will auto-populate the Amount field with all our available USDT.

Click confirm. Now our USDT is ready to trade.

4.2 WAXP/USDT Market

Next, click on 'Markets' in the top left menu header

Over t0 the right there is a search bar. Type in WAX and you will see the WAXP/USDT market appear under 'Main Market'. Click on WAXP/USDT.

You will now feel as though you have walked into Wall Street. Don't worry, you can ignore the flashy charts.

In the bottom right-hand corner, you should be asked to set a trading password. We have ours already set up, so we are asked to input our 6 digit trading password.

Now you will see two options within this window, one to buy WAXP and one to Sell WAXP.

We want to focus on the 'Buy WAXP' section.

Here we want to place a buy order for WAXP and we need to find a willing seller. To do this, first, we need to add a 'price' in USDT that we want to pay for 1 WAXP token.

The easiest way to do this, and to ensure a quick buy, further up the screen you will see this larger figure:

This figure is the most recent sale price in USDT for 1 WAX token. If we simply click on this, it will automatically add the price to our buy order.

You can see above, we also have the amount of WAXP we will receive (in this case 95.2411). Your field will still be blank. To get this field populated, simply click the 100% button just below. This will assign 100% of your available USDT to the buy order (choose a lower % if you don't want to trade all your USDT).

Now you are ready to click 'Buy WAXP'.

Over the bottom left hand of the screen, you will see your order pop up under the 'open orders' tab. How quickly the order will be fulfilled depends on the current most recent sale price. If it has jumped up in price since you filled out the order, it may take some time.

You can always cancel the order over to the right and run through the steps again if the price is rising and you need the WAX quickly.

Once the order has been fulfilled (and in some cases, this can be instant, where you don't see the above open order line), you can see your new WAX balance just above the 'Trade History' tab.

You did it! You are now the proud owner of WAXP.

5. Withdraw WAXP from KuCoin to your WAX Wallet.

Now you want to head back to your assets and click on withdraw over to the right:

When you click on the search bar, your assets with an available balance will pop to the top of the list. You can also type in WAX if required.

Here you will see your total KuCoin WAX balance. Now we need to transfer our WAXP from our trading account back to our main account. You can do this by clicking on the blue Transfer text over to the right:

Simply click the blue figure next to 'available amount' to add your total WAX balance to the transfer amount (or manually type in the amount you would like to transfer). Click confirm.

Now you will see your Main Account Available has a balance (denoted in the green text). All you need is your WAX cloud wallet address and you can leave the memo blank.

You may get a few warnings about the memo, but don't worry, you don't need this to deposit to your WAX cloud wallet address.

Type in the amount of WAXP you would like to withdraw, or hit Max next to the field to auto-populate the full available balance (minus the 30 WAX withdrawal fee).

You can leave Remark blank.

Simply click confirm, finish the security steps and that's you done!

Your WAX will be delivered to you within 30 minutes.

6. Keep Updated

Now you know how to get WAX on KuCoin, make sure you don't miss a beat in the world of NFTs.

  1. Follow - Arodie on Twitter.
  2. Subscribe - To arodie.com for free and get updates straight to your inbox.

Spread the word

Keep reading