Detailed tutorial on purchasing Request (REQ) coins

For enhanced security, promptly transfer your purchased Request Network (REQ) coins from the exchange to a hardware wallet or non-custodial software wallet to safeguard your digital assets.

Dec 30, 2024 at 04:54 pm

Key Points

• Understand the fundamentals of Request Network and its REC token
• Choose a suitable cryptocurrency exchange that supports REQ trading
• Create an account on the exchange and complete KYC verification
• Fund your exchange account through available fiat or crypto deposit methods
• Place a buy order for REQ specifying the desired amount and limit price
• Monitor your order and adjust it if necessary
• Secure your REQ coins by transferring them to a hardware wallet or other secure storage option

1. Understand Request Network and REQ Token

Request Network is a decentralized payment system that allows individuals and businesses to request, receive, and make payments securely and transparently. The network's native token, REQ, is an ERC-20 token built on the Ethereum blockchain. REQ serves as a utility token within the Request Network ecosystem, facilitating payments, providing incentives for network participants, and enabling governance and community involvement.

2. Choose a Suitable Cryptocurrency Exchange

To purchase REQ coins, you will need to select a cryptocurrency exchange that supports REQ trading. When choosing an exchange, consider factors such as:

• Security and reputation
• Supported trading pairs (e.g., REQ/USDT, REQ/ETH)
• Trading fees and withdrawal limits
• User interface and trading tools
• Availability in your country/region

3. Create an Account and Complete KYC Verification

Once you have chosen an exchange, create an account and provide your personal information. Most exchanges will require you to complete KYC (Know Your Customer) verification to comply with anti-money laundering and counter-terrorism regulations. This typically involves providing government-issued identification, proof of address, and sometimes a selfie.

4. Fund Your Exchange Account

The next step is to fund your exchange account. Depending on the exchange, you can deposit fiat currency (e.g., USD, EUR) through various methods like bank transfers, credit/debit cards, or third-party payment platforms. You can also deposit cryptocurrencies that are supported by the exchange.

5. Place a Buy Order for REQ

Once your account is funded, you can place a buy order for REQ. On the exchange's trading platform, select the REQ trading pair (e.g., REQ/USDT) and specify the desired amount of REQ you want to purchase. You can choose a market order to buy REQ at the current market price or a limit order to buy at a specific price.

6. Monitor and Adjust Your Order

After placing your buy order, monitor its progress in the exchange's order book. If the market price moves in a favorable direction, you can adjust your limit order to increase your potential profits or reduce losses. You can also cancel your order if you decide to change your strategy.

7. Secure Your REQ Coins

Once your buy order is executed and your REQ coins are credited to your exchange account, it is highly recommended to transfer them to a hardware wallet or a non-custodial software wallet for enhanced security. Hardware wallets provide offline storage, while non-custodial software wallets give you complete control over your private keys.

FAQs

Q: What is Request (REQ) used for?
A: REQ is used within the Request Network ecosystem to facilitate payments, provide incentives for network participants, and enable governance and community involvement.

Q: Is REQ a good investment?
A: The value of REQ fluctuates based on market conditions and investor sentiment. It is important to research and understand the risks involved before investing in any cryptocurrency.

Q: How can I withdraw REQ from the exchange?
A: Once you have purchased REQ coins, you can withdraw them from the exchange to a hardware wallet or another crypto wallet. Follow the exchange's withdrawal instructions to initiate the process.

Q: What are the fees associated with REQ transactions?
A: The transaction fees for REQ depend on the network traffic and gas prices on the Ethereum blockchain. Gas prices vary based on demand, so it is advisable to check the gas fee estimator before making a transaction.

Q: How do I transfer REQ coins to another wallet?
A: To transfer REQ coins to another wallet, initiate a transaction from your current wallet and provide the recipient's wallet address and the desired amount. Follow the prompts provided by your wallet's interface to complete the transfer.