Buying Binance Wrapped DOT is confusing at first. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how and where you can buy Binance Wrapped DOT so that you can start trading/investing in it.
What is Binance Wrapped DOT ($BDOT)?
The Binance Wrapped DOT token serves three distinct purposes:
- Governance over the network
The first function of DOT is to entitle holders to complete governance control over the platform. Included in this governance function is determining the fees of the network, the auction dynamics and schedule for the addition of parachains.
The second function of DOT will be to facilitate the consensus mechanism that underpins Polkadot. In order for the platform to function and allow for valid transactions to be carried out across parachains, Polkadot will rely on DOT holders to play active roles.
The third function of DOT will be the ability to add new parachains by tying up DOT (referred to as “bonding”). The DOT will be locked during their bonding period and will be released back to the account that bonded them after the duration of the bond has elapsed and the parachain is removed.
How to buy Binance Wrapped DOT ($BDOT)?
No matter what people say, it’s easy to buy Binance Wrapped DOT with a credit card. Your first step will always be to buy BTC/ETH/USDT with your credit card. They can then be converted to Binance Wrapped DOT. Transfer BTC/ETH/USDT to an exchange that supports Binance Wrapped DOT. Finally, exchange it for Binance Wrapped DOT. Please follow our step-by-step guide below to buy Binance Wrapped DOT ($BDOT).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how you can buy Binance Wrapped DOT ($BDOT)!
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC).
In this case, we need to buy USDT (USDT) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy USDT with fiat money
Select USDT and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some USDT. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer USDT to an Altcoin Exchange
You can use USDT to buy most coins and tokens in the market. The quickest way to buy Binance Wrapped DOT is to transfer your USDT to Binance (or the exchanges listed above for US traders), convert USDT into BNB, then send it to your own wallet via Binance Smart Chain and swap your BNB for BDOT on PancakeSwap.
Now you will need to find an exchange that allows you to deposit USDT and trade it for BDOT. As Binance Wrapped DOT is currently listed on PancakeSwap we will guide you through how to convert your USDT on the platform.
We’ll be using Binance, but there are many other exchanges like Gate.io, Bitmart, and MEXC that offer Altcoins.
Convert your USDT into BNB on Binance
Now head over to Binance.com and create an account there. It’s a super easy process that shouldn’t take more than five minutes. (Traders from the United States can also use the exchanges listed above)
Once you’re set up on Binance, it’s time to convert some USDT into BNB. You can do this by going to “Funds” and then “Deposits & Withdrawals,” where you’ll see a list of different coins supported by Binance. Scroll down until you find USDT in the list and click the Deposit button for it.
Binance will give you a unique address to send your coins to copy this address and paste it into your Coinbase wallet (it will look something like this: bbq3dgjm…).
Once you’ve transferred your USDT to Binance, it will take about 10-15 minutes for your funds to become available for trading. Once they’re available, trade your USDT to Binance Coin (BNB).
Transfer BNB to your own wallet
Okay, so this is the trickiest part of the process. You need to create your own wallet to hold both BNB and BDOT.
Now head over to PancakeSwap. First of all, if you haven’t done so already, please sign up for an account by clicking on the yellow button in the top right corner. That’s where you’ll store your Binance Wrapped DOT tokens and access a wide range of new features.
Once you’ve signed up, click on the “Connect Wallet” button. This will open MetaMask, a browser plugin that will allow you to send your BNB tokens to PancakeSwap.
If you’ve already got a Metamask account, skip ahead to the next part. If not, go to MetaMask.io, click “Get Chrome Extension”, and install it.
If this is your first time connecting with MetaMask you should be asked immediately if you would like to add the Binance Smart Chain network to your MetaMask, please do proceed with this step as it is very important that you make sure you are sending your BNB via the right network.
Then go to Binance and click on the “Wallet” tab at the top of the screen.
Click on “Withdraw”, then search for “BNB”. Paste your own wallet address where you see an option named recipient address to withdraw BNB; then on the transfer network, make sure you have selected Binance Smart Chain (BSC) or BEP20 (BSC).
Click submit and follow the verification steps afterward. After successfully withdrawing your BNB it should arrive very shortly in your Metamask wallet.
Now you’re ready to buy Binance Wrapped DOT!
Once Metmask is ready, head over to PancakeSwap, click “Connect Wallet” at the top and choose Metamask.
Now select Trade > Exchange on the left sidebar.
On the top field enter the amount of BNB you would like to exchange for $BDOT. You can go back and change this number anytime before proceeding with “Swap”.
Now click on the other field and choose Binance Wrapped DOT from the list. The corresponding amount of Binance Wrapped DOT should show up immediately. Verify and then proceed with “Swap”.
Now MetaMask should pop up and ask you if you want to allow PancakeSwap to spend your BNB tokens, click confirm. Wait for the confirmation popup until it shows “Transaction Submitted”.
You can see your Binance Wrapped DOT in your MetaMask Wallet. Congratulations! You have finally bought Binance Wrapped DOT ($BDOT)!
Frequently Asked Questions
How can I buy Binance Wrapped DOT with PayPal?
Sure! If you want to use PayPal, you’ll have to purchase bitcoins first, then exchange those bitcoins for $BDOGE using a service like Binance.
I want to buy Binance Wrapped DOT, but I have a lot of cash. Is there an easy way to convert my cash into $BDOT without having to buy bitcoins first?
Yes! You can use Binance to exchange your cash directly for $BDOT. However, you should know that Binance Wrapped DOT is not available to purchase directly with cash. Even though some ATMs support Binance Wrapped DOT, they are less than 1% of all cryptocurrency ATMs.
Is it possible to buy Binance Wrapped DOT with Bitcoins?
Yes, it is possible to exchange bitcoins for Binance Wrapped DOT on the Binance platform.
Can I buy Binance Wrapped DOT with Skrill?
Europeans can use BitPanda to buy BTC, ETH, or USDT with Skrill. Ethereum or BTC can be converted to Binance Wrapped DOT on Binance.
What is the best payment method to buy Binance Wrapped DOT?
The cheapest way to do this is to buy bitcoins with a bank account (or BTC/ETH/USDT directly with a bank account) and exchange USDT for BDOT.
How can I protect the BDOT after I buy it?
You must store your Binance Wrapped DOT in a secure wallet. Leaving Binance Wrapped DOT on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Binance Wrapped DOT ($BDOT)?
Binance and PanCakeSwap are good places to exchange your $BDOT for any other cryptocurrency. If you want to exchange it for regular currency, trade $BDOT for bitcoin and exchange BTC for dollars, euros, or other currencies.
Can I mine Binance Wrapped DOT instead of buying it?
You cannot mine Binance Wrapped DOT as it has a different network structure than Bitcoin. You can only buy Binance Wrapped DOT from an exchange.