How to buy USTC coins for newbies? An article to bring you up to speed

Article Summary

For cryptocurrency newbies, buying USTC coins can be confusing. This article will teach you how to buy USTC quickly and in simple steps, as well as introduce common exchange choices, the buying process, and things to keep in mind. Whether you are interested in cryptocurrencies or have already started investing, this article will help you get started with buying and managing USTC.

What is USTC?

Before we get into how to buy USTC coins, let's first have a brief understanding of what USTC is. USTC, full name TerraClassic USD, is a stablecoin originally issued by the Terra blockchain. Its goal is to maintain a 1:1 value relationship with the US Dollar, so it is a type of stablecoin. With the collapse of the Terra ecosystem, the value of USTC began to fluctuate, but it is still one of the better known stablecoins in the cryptocurrency market and still has some users and investors who have faith in it.

There are certain techniques and processes involved in buying USTC coins. By understanding the basics, you will be able to operate more efficiently in the market and avoid unnecessary losses.

How to choose the right exchange?

To buy USTC coins, you first need to choose a cryptocurrency exchange that supports USTC trading. When choosing an exchange, consider the following factors:

1. Exchange Security: Security is one of the most important considerations. Make sure the exchange has good security measures in place, such as two-step verification (2FA) and cold wallet storage technology.
2. Fee structure of the Exchange: Handling fees vary from exchange to exchange, and some exchanges offer discounts or rebate programs, which are very important for newcomers.
3. Supported Payment Methods: Confirm the deposit methods supported by the exchange, such as credit card, bank transfer or third party payment (e.g. PayPal).
4. User Experience and Interface: Choosing a platform with a simple, easy-to-understand interface is especially important for newcomers.

For example, the OKX exchange supports USTC trading and offers low transaction fees and a wide range of rebate options, making it a great place for beginners to start.

How to register and open an account?

After selecting an exchange, the next step is to sign up for an account. In the case of OKX, here are the basic steps:

1. Download and install the application: Go to the Exchange's website or App Store to download the corresponding app.
2. Create an Account: Click on "Register" and provide the necessary information, such as email, cell phone number, etc.
3. Identity verification: KYC (Know Your Customer) authentication is required by the platform, which is a compliance requirement to ensure the security of the user's identity.
4. Setting up a two-step validation: To enhance the security of your account, it is recommended to enable two-step authentication such as Google Authenticator.

After completing these steps, your account is set up and you are ready to start trading.

How to convert fiat currency to USTC?

Once you have registered and logged in to the exchange, you can choose to convert your fiat currency to USTC. Here is an example of how to do this on Euronext:

1. Rechargeable Currency: First of all, choose a suitable top-up method (e.g. bank transfer, credit card, etc.) to top up your exchange account with fiat currencies such as Taiwan Dollars or US Dollars.
2. Select Pair: Go to the "Markets" screen, search for the "USTC/USDT" pair (USDT is the most commonly used stable currency), and select the quantity to buy.
3. place an order: Choose to trade with either a Market Order or a Limit Order. Market orders are filled immediately at the current market price, while limit orders are filled when your set price is reached.
4. Confirmation of transactions: Check the details of the transaction and confirm the order. After the transaction is completed, the USTC will be deposited into your exchange wallet.

If you choose a limit order, you will need to wait for the market to reach your price before the trade is completed.

How to manage and protect your USTC coins?

Once you have successfully purchased USTC coins, it is important to manage and protect these digital assets. Here are a few key points:

1. Stored in a secure wallet: Exchange wallets are convenient, but due to the risk of hacking on exchanges, it is recommended that USTC coins be transferred to a secure private wallet. Hard wallets such as Ledger or Trezor are the safest options.
2. Setting strong password and dual authentication: Whether it's an exchange account or a wallet, you should set up a strong password and enable two-step verification to protect your digital assets.
3. Regularly check the status of the exchange: Pay attention to the security announcements of the Exchange and transfer funds or take precautionary measures in a timely manner when an anomaly is detected.

How to avoid common mistakes during the buying process?

There are a few common mistakes that beginners tend to make when buying USTC coins, and understanding these can help you avoid unnecessary losses:

1. Neglect of transaction costsMany newcomers to buying USTC coins ignore the transaction fees. Different exchanges and payment methods charge different fees, so be sure to check the fees before you trade.
2. Failure to select a suitable pair: When trading, choosing the wrong pair can lead to unnecessary losses. Remember to make sure that your USTC purchases are for the correct pair (e.g. USTC/USDT).
3. Excessive market volatility: Although stabilized coins can theoretically maintain stable value, there are still price fluctuations in the market. It is advisable to do your homework to understand the market dynamics.

How to earn USTC coins?

After buying and holding USTC coins, you can not only wait for their value to rise, but you can also utilize a number of methods to earn income:

1. Hold and wait for value to growAlthough the USTC is a stabilizing currency with the main objective of maintaining its 1:1 value with the US dollar, some investors still choose to hold it for the long term and wait for a rebound under market volatility.
2. Participation in DeFi (decentralized finance): USTC coins can be used to participate in a number of DeFi agreements, such as liquidity provision, pledges, etc., which can generate additional revenue for your USTC coins.

Conclusion

Buying USTC coins is not difficult for newcomers, but it does require a basic understanding and preparation of the trading process. Choosing the right exchange, setting up a secure account, and learning how to manage and protect your assets are all important steps to successful trading. Remember, don't be in a hurry, do your homework and you'll be well on your way in a market full of opportunities and challenges.