It’s no longer secret that Internet of Things (IoT) platform market is expected to register a CAGR of 28% over the forecast period (2020 – 2024). Therefore at Robotina, we get many questions how to buy, store and trade ROX tokens, which are integral part of Shared Economy System on Robotina IoT platform.
Most problems appear because ROX tokens cannot be bought directly with real world currency. Anyone, who wants to get ROX tokens, will need to acquire a Ether, Bitcoin, Tether or Tron first. Below is a simple guide on how to do that.
First, you need to buy coins that can be used in ROX trading such as Ether (ETH), Bitcoin (BTC), Tether (USDT) or TRON (TRX) from Coinbase. From here you have multiple options.
Option 1- Centralized Exchange (HitBTC, Catex, Coinlim, WhiteBit, Mercatox)
Create an account with one of the exchange services (HitBTC, Catex, Coinlim, WhiteBit, Mercatox). Once you go through the required verification process, you will be able to deposit coins from your Coinbase account into your exchange account. Then you can exchange your Ether (ETH), Bitcoin (BTC), Tether (USDT) or TRON (TRX) for ROX tokens.
Option 2 – Decentralized Exchange (IDEX, EtherFlyer)
- Keystore File: You can upload your private key via a Keystore file you already possess.
- Private Key: You can enter your private key to access an Ethereum address you’ve created.
- Metamask: You can log into your Metamask walletand integrate it with the exchange.
- Ledger Wallet: You can use your Ledger Nano Son the exchange and make transfers directly to and from it.
Using either Metamask or a Ledger Nano hard wallet are the safest options as your private keys are not exposed on the site and are therefore not susceptible to DNS hacks. Once you logged in deposit coins from your Coinbase account into your decentralized exchange account. Then you can exchange your Ether (ETH) for ROX tokens.
Once you bought ROX tokens, you can sell it in an opposite way of buying ROX. However, what to do when you don’t want to trade ROX anymore and want to store it?
The easiest way to prevent losing ROX is to “withdraw” to a controlled location, like a digital currency wallet. By allowing you to keep a digital representation of coins and tokens (“keys”) to yourself, wallets give you full control and security over your portfolio. There are several types of wallets out there.
- Online Wallet— This is a wallet that helps you store your keys online. The main difference between an online wallet and an exchange is in an exchange, your keys are stored in bulk, in a pool (with other keys that belong to other people) whereas an online wallet is similar to a personal iCloud account that contains only your currency. Good example of online wallets are MyEtherWallet, MetaMask or Trust Wallet. All of them will allow you to store your Ether and tokens because they support the ERC20 standard.
- Desktop or Hardware Wallet— This is a piece of software that you can keep on your computer or put on an external storage device that holds keys to your currency. Putting your keys inside a desktop wallet is like putting your keys inside a safe at home. Only you know the combination (password or some other form of encryption). You also know that hackers will not be able to get to it because it’s not online. Examples of this type of wallet are Parity and Ledger Live.
- Mobile Wallet— This is a wallet application that you can install on your mobile device that holds your digital currency. Providing the same functionality and protection as a desktop wallet, it also allows you to have access to your currency from a phone or tablet on iOS or Android. By using a mobile wallet, you can securely store your coins and tokens and transfer them to exchanges to perform trades. Trust Wallet is one of these applications. It supports Ethereum, Ethereum Classic and all of the ERC20 tokens.
Disclaimer: We do not promote any exchange or wallet mentioned above. This is just piece information which serves as guide for total beginners facing crypto at very first time. Anyone, who wants to buy, store and trade ROX tokens needs to investigate independently each ROX exchange provider, various wallet risks and benefits. We are therefore not liable for any loss it might occur in service by relation to any above mentioned providers.