In this guide, we will take a look at how to purchase CELO on a Decentralized Exchange (DEX) using Gate.io as an example. The reason why we are looking into purchasing on a Decentralized exchange is that Centralized exchanges usually charge a % of the fee for every transaction, while in a white-label decentralized exchange it operates similar to the per trade fee! Therefore when a transaction is ready to be placed on DEX, you need to pay a gas fee through which your trade will be confirmed through Blockchain.
Purchasing CELO on Gate.io: Setting everything up #
- Open an online account in Gate.io.
The first step to investing in cryptocurrencies like Celo is to open an account with a cryptocurrency broker. FOr this example, we will be opening an account with Decentralized Exchange: Gate.io.
Here is the sign-up link.
2. Buy a wallet (optional).
If you plan to store your Celo long-term, you’ll want to invest in a cryptocurrency wallet. A cryptocurrency wallet provides you with an additional layer of security for your investments. You can use either a hardware (physical device) or a software (computer or mobile application) wallet to secure your crypto. Cryptocurrency wallets allow you to store your investments of your exchange of choice, which leaves you less susceptible to hacks.
3. Get some USDT (Tether) into your account.
When we take a look at CoinGecko, we can see which exchanges are currently providing the CELO token. I will leave the link here.
We can see that Gate.io is currently swapping CELO for USDT. That means we will need to load our account with some USDT.
On the top left corner of the webbrowser, you will see a “Buy Crypto” option which gives you 3 options on how to purchase these tokens:
- Credit Card
- Bank Transfer
- Peer-to-Peer Trade (P2P)
This is how we can trade our Fiat Currency for USDT.
In the image above, we are using the Credit Card method to purchase USDT. Please note that there might be a small fee when using the credit card method depending on the type of method you decide to use.
4. Find CELO.
Next, we go on the top bar and hover over “Trade”. Go ahead and click on “Spot Trading”.
There are two options: Standard and Professional. It does not necessarily matter what you choose, it will just give you a different interface for trading. We chose “Standard in this case.
On the left-hand side, you will see a search bar and with a magnifying glass icon. Go right ahead and type “CELO”. You will see “CELO_USDT” trade pair appear! Go ahead and click on it.
5. Purchase CELO.
Now we are ready to purchase. When you scroll down, you will see the Spot Trading Section. Spot trading simply means that is a continuous process of buying and selling tokens and coins at a spot price
Here we can see the Price for 1 CELO relative to USDT. Set the amount that you would like to purchase and Press the “Buy” button below when you are ready. You can simply reverse the process by selling the order on the right side.
