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How to buy DeFiChain (DFI) in the US
Learn how to buy DeFiChain (DFI) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
How to buy DeFiChain
1. Compare crypto exchanges
The easiest way to buy DeFiChain is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cryptocurrency, paypal, wire transfer and credit or debit card payments are all widely accepted.
4. Buy DeFiChain
You can now exchange your funds for DeFiChain. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your DeFiChain to your personal wallet.
Where to buy DeFiChain
Find an exchange to buy, sell and trade DFI by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy DeFiChain
Look for an exchange that supports both fiat and cryptocurrency to simplify buying DeFiChain.
- Compare cryptocurrency exchanges that supports DFI.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy DeFiChain.
- Buy DeFiChain.
Complete your DeFiChain purchase and then find the best wallet to store DFI.
What to consider when buying DeFiChainBefore you add DFI to your cryptocurrency portfolio, it is highly critical that you are aware of certain aspects that impact the price and economics of the token. Some of these aspects are:
- Supply. The supply of DFI tokens is limited to 1.2 billion tokens in its entire lifetime. 49% of these tokens were a part of the initial supply while the rest will be issued to masternode holders over time. Thus, it is a deflationary utility token.
- Governance. The DeFiChain Foundation is governed by an independent board, consisting of the DeFi masternodes, that votes on its members and provides directions on key decisions. You need to own a minimum of 20,000 tokens to become a masternode and receive staking rewards.
- Time decay. It is important to note that the returns that the masternodes receive for staking will decrease as time passes. This reduction will be compensated by the increase in volume and the number of transactions as the network becomes more active.
- Acquiring DFI tokens. According to the project’s whitepaper, these coins can only be acquired by users of DeFiChain or partners that have an interest in utilising and participating in the ecosystem. There won’t be a public sale or a public token offering for this asset.
- Issuance schedule. The network offers a block reward of 200 DFI, out of which 10% goes to the community fund. This reward is consistent until a minimum of 1,050,000 blocks are created after the genesis block, an approximate time window of 1 year. After this point, the block rewards will be decided and adjusted based on governance votes. The project has proposed a staking schedule for 10 years which shows the block reward gradually decreasing to 5 DFI in the 10th year. At the same time, the staking rewards decrease from 42.91% to 0.44%.
How to sell DeFiChain
You can cash out your DFI with the same exchange you bought it through:
- Sign in to the exchange you have DFI on.
If you store your DeFiChain in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of DFI you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of DeFiChain.
Disclaimer: Cryptocurrencies, including DeFiChain, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DFI is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the DeFiChain or any other cryptocurrency discussed.
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