September 22, 2020

Your Step-by-Step Walkthrough for Buying $RFOX on Liquid

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Getting Started

Please note that we’re not dishing out any financial advice here. We’re not saying you should get yourself some RFOX, we’re explaining how to deposit our chain’s native cryptocurrency into a digital wallet. At the time of writing, U.S. citizens are unable to trade on Liquid.

Now, before buying any cryptocurrencies, let’s get you up to speed on ways to prevent your funds from lining fraudsters’ pockets. Because as an owner of digital assets, safeguarding your crypto from shady villains is your #1 priority.

Two-Factor Authentication (2FA)

Setting this up is an absolute must, and all trustworthy exchanges will require it. Any time you create an account on a new exchange, immediately lock it down with 2FA protection. The same goes for your Gmail account!

Two-factor authentication is an excellent method for ensuring your account remains protected should a hacker guess your login credentials.
 
There are others like it, but Google Authenticator — available on Android and iOS — is a common 2FA app.

When you succeed in achieving a goal, be it a big one or a small one, make sure to pat yourself on the back.

The ability to activate and deactivate 2FA details resides within your exchange account dashboard. When initializing 2FA, the exchange provides a QR code for you to scan using your 2FA app.

Here’s an example of what the codes look like:

When setting up 2FA on an exchange account for the first time, save a screenshot of the QR code before proceeding.

Don’t skip ahead in the setup process until you’ve made a backup of your code!

Should something happen to your phone, you’ll need these screenshot backups to re-activate your 2FA settings within your exchange accounts.

Every 30 seconds, your 2FA app will automatically generate a set of six numbers — even if the phone is offline. After inputting your email and password, entering that six-digit code grants entry to your exchange account.

Okay, now that you have a 2FA app, let’s get trading!

Step 1: Open a Liquid Account

New users on Liquid must pass KYC — Know Your Customer — verification before becoming eligible to trade.

And if you use this link, Liquid will hasten the KYC process for you: Liquid KYC FastPass.

Step 2: Buy RFOX

Liquid facilitates easy swaps through your Visa card. After passing KYC, visit the Quick Exchange page to make the trade.

Simply choose the amount, select the currency you want to trade for, and click the ‘Buy’ button.

Step 2a (optional): Trading RFOX

The Quick Exchange feature is excellent for those looking to purchase on the spot. But if you have a bit more patience and are hoping for a price drop, you can use spot trading.

In a nutshell, you buy bitcoin or ethereum and trade them against RFOX. That way, you can set your own order prices. But the trade-off is waiting for buyers willing to pay the price at which you’re willing to sell.

Liquid has a more in-depth explanation of how to use their spot trading service here: Liquid Spot Trading

And now that you have some RFOX coins, let’s get them off the exchange.

Step 4: Withdraw Your RFOX

If you’re using a centralized exchange like Liquid, you were never given a set of 12 or 24 words acting as your all-important private keys.

Since the exchange holds onto your keys, your account balance technically belongs to them. The saying goes, “not your keys, not your crypto.”

It’s never a good idea to keep significant sums of cryptocurrencies on centralized exchanges.

The sad reality is that hackers hack exchanges very regularly. Now, you don’t want to deal with the hassle and potential loss of funds resulting from a hacked exchange.

When it comes to protecting your RFOX, the best place to keep them is in a personal wallet: Verus Desktop Wallet

Be sure to make several copies of the 24 words that act as your wallet backup! And don’t store your private keys anywhere online. In other words, don’t Gmail them to yourself or anyone else.

Use the ‘Receive’ feature from inside the wallet, copy the address, and use Liquid’s ‘Withdraw’ feature to transfer coins from one wallet to another.

Wrapping Up

Thanks to quick-swap technology, trading one cryptocurrency for another is no longer a complicated procedure.

But remember, no matter if you’re using Liquid’s Quick Exchange or spot trading to put RFOX in your account, don’t leave them on any exchange longer than needed. That said, special promotions or trading opportunities may lead you to hold coins on an exchange temporarily.

And in those instances, Liquid sets a high bar by using cold (offline) storage for cryptoassets—the industry’s gold standard of security.

Happy trading!