How to buy Oraichain (ORAI) coins on Gate.io?

Verifying your identity on Gate.io by completing the KYC process is crucial to comply with anti-money laundering and counter-terrorism regulations, safeguarding the integrity of the cryptocurrency ecosystem.

Dec 23, 2024 at 03:37 pm

Key Points:

• Understand ORAI coin and its applications
• Create a Gate.io account and verify your identity
• Fund your Gate.io account
• Search for ORAI coin in the Gate.io exchange
• Place a buy order for ORAI coins
• Monitor your ORAI coin balance

How to Buy ORAI Coins on Gate.io

1. Understand ORAI Coin and Its Applications

Oraichain (ORAI) is a decentralized oracle platform that provides reliable and efficient data for smart contracts. It aims to bridge the gap between the real world and the blockchain, empowering developers to create more accurate and responsive decentralized applications.

ORAI coins are the native cryptocurrency of the Oraichain ecosystem. They are used for:

• Paying for data retrieval and computation services on the Oraichain platform
• Rewarding nodes for providing data and ensuring network security
• Granting voting rights to ORAI coin holders on the Oraichain governance platform

2. Create a Gate.io Account and Verify Your Identity

To buy ORAI coins, you need to create an account on Gate.io, a leading cryptocurrency exchange. Visit the Gate.io website and click on the "Sign Up" button. You will be asked to provide your email address, create a password, and complete the security verification.

Once your account is created, you must verify your identity by completing the KYC (Know Your Customer) process. This is required to comply with anti-money laundering and counter-terrorism regulations. You will need to provide personal identification documents, such as your passport or driver's license.

3. Fund Your Gate.io Account

Before you can buy ORAI coins, you need to fund your Gate.io account with the desired amount of fiat currency or cryptocurrency. Gate.io supports various payment methods, including bank transfers, credit/debit cards, and other cryptocurrencies.

To deposit fiat currency, navigate to the "Fiat Wallet" and click on the "Deposit" button. Select your preferred deposit method and follow the on-screen instructions. Cryptocurrency deposits can be made by sending your funds to the unique deposit address provided by Gate.io.

4. Search for ORAI Coin in the Gate.io Exchange

Once your account is funded, you can purchase ORAI coins. Navigate to the "Spot Trading" page and search for "ORAI." This will bring up the ORAI/USDT trading pair, where you can exchange USDT for ORAI coins.

5. Place a Buy Order for ORAI Coins

To place a buy order for ORAI coins, you need to choose an order type. Gate.io offers several order types, including:

• Limit order: Allows you to set a specific price at which you want to buy ORAI coins
• Market order: Executes your order immediately at the current market price

Select the desired order type, enter the amount of ORAI coins you want to buy, and click on the "Buy ORAI" button. Your order will be sent to the exchange and will be executed once it is filled.

6. Monitor Your ORAI Coin Balance

Once your buy order is executed, you can monitor your ORAI coin balance by navigating to the "Spot Wallet." Your ORAI coins will be credited to your wallet and you can view your trading history to see the details of your purchase.

FAQs

• What is the minimum amount of ORAI coins I can buy on Gate.io?

The minimum amount of ORAI coins you can buy on Gate.io varies depending on the market conditions and the liquidity of the ORAI/USDT trading pair. Generally, the minimum order size is around 0.01 ORAI.

• Can I withdraw my ORAI coins from Gate.io?

Yes, you can withdraw your ORAI coins from Gate.io to an external wallet. Navigate to the "Spot Wallet," select ORAI coins, click on "Withdraw," and provide the withdrawal details. Gate.io will process your withdrawal request and transfer the funds to the specified address.

• What are the fees associated with buying ORAI coins on Gate.io?

Gate.io charges a flat trading fee of 0.2% on all spot trading pairs, including ORAI/USDT. When you buy ORAI coins, you will be charged this fee on the total amount of your purchase.