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How to buy, sell and trade Pundi X
Read our beginner’s guide to Pundi X and how to buy NPXS in Singapore.
With a mission to make buying cryptocurrency as easy as buying bottled water, Pundi X created a point-of-sale device to allow brick-and-mortar stores to accept cryptocurrency as a form of payment. The Jakarta-based blockchain startup has secured some solid partnerships and has big plans for growth in the coming months and years.
Pundi X’s native currency, NPXS, launched in March 2018 and can be bought and sold on many popular exchanges.
Where to buy Pundi X’s NPXS tokens
Compare exchanges by deposit methods, fiat currency support and total cryptocurrencies offered. You can currently buy NPXS tokens on the following cryptocurrency exchanges:
A step-by-step guide to buying NPXS tokens
If you want to buy some NPXS, here’s how you can go about it:
Step 1. Register with an exchange that lists NPXS
Compare the features and fees of exchanges that list NPXS in one or more currency pairs. Choose the exchange that best meets your needs, and register for an account by providing your email address and creating a password.
Depending on the platform you choose, you may also need to supply your personal details, phone number and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) requirements.
Step 2. Deposit funds into your account
The next step is to transfer funds into your exchange account so you can buy NPXS. Exchanges choose what payment method they accept, so you may have to pay by bank transfer, credit card, bank transfer or even with another cryptocurrency.
Step 3. Buy NPXS
The final step in the process is to navigate to the “Exchange” or “Markets” section of your chosen platform, search for the Pundi X token and purchase. Make sure you have a place to store your Pundi X tokens, as leaving them on the exchange is not recommended.
How to sell Pundi X
- Find an exchange that supports Pundi X and transfer your tokens to it.
- Determine the right price for your trade based on your needs and preferences. Some exchanges offer market orders that allow you to set a desired sell price.
- Sell your Pundi X for cryptocurrency or fiat. If selling for fiat, you’ll need to provide a bank account or similar payout method. If selling for crypto, have your wallet ready to store your new crypto.
Which wallets can I use to hold NPXS?
Unless you’re planning on exchanging your NPXS tokens soon, storing them on an exchange for any length of time generally isn’t recommended due to the security risks involved. Instead, moving your tokens into a private wallet that lets you control your private keys is a much more secure option.
NPXS tokens are ERC20 tokens on the Ethereum network, so you’ll need to store your tokens in an ERC20-compatible wallet. Examples you may consider include MyEtherWallet, the Ledger Nano S and TREZOR hardware wallets, and the MetaMask browser extension.
How Pundi X works
Pundi X sets out to tackle one of the key problems facing all cryptocurrencies: the lack of mainstream adoption. Though bitcoin and an increasing range of other digital currencies now experience a higher level of public awareness, the proportion of the population that actually transacts with crypto on a regular basis is quite small.
To overcome this obstacle, Pundi X offers a platform for “consumerizing cryptocurrencies” by allowing their use in retail point-of-sale systems through a mobile app and contactless payment card. There are three key components to what Pundi X is offering:
- A mobile application. The mobile wallet is designed to make it easy for users to store their public and private keys and to manage their cryptocurrency balance. The app will allow users to buy BTC, ETH and other cryptos using cash or card, sell digital currency for cash, top up fiat money in a digital wallet, and buy utilities and services using cryptocurrency.
- A contactless smart card. This cryptocurrency payment card will be known as XPass and allow for users to pay for goods and services with a swipe.
- Point-of-sale terminals. Pundi’s point-of-sale terminals are known as XPOS and are designed to facilitate cryptocurrency payments as well as accept transactions through mobile wallets and bank cards.
Pundi X will incentivize participation by providing free hardware to retail stores in its initial target market of Indonesia. Subsequent expansion will target Thailand, Malaysia, Singapore, Japan and other regional markets in Southeast Asia in the next three years, with plans to roll out between 100,000 and 700,000 devices during that time.
The Pundi X team is based in Jakarta, London, Taipei, Shenzhen and Singapore. The blockchain startup was launched by Wokoworks Technology, a Hong Kong registered company, and held an ICO in January 2018 that raised $35 million.
What to consider before buying Pundi X
Cryptocurrencies are notoriously volatile and also highly complicated, so you should never buy any digital currency without thoroughly researching it first. You’ll need to carefully consider the factors that could potentially have an impact on the price of a coin or token before you buy.
If you’re thinking of purchasing any NPXS, take the following factors into account:
- Supply. According to CoinMarketCap, at the time of this writing (March 2021), the circulating supply of Pundi X was 236,379,908,115 NPXS, out of a total supply of 258,498,693,019 NPXS.
- Use. NPXS is Pundi X’s native token and will be used as “gas” to fuel transactions in the Pundi X network.
- White paper. Want to know more about how Pundi X works, its progress to date and the plans it has for the future? Check out the project’s white paper.
- Vision. Pundi X’s goal is to attract the next billion crypto users. From the white paper: “Pundi X will help to generate demand for new and old, as well as big and small cryptocurrencies. No other online cryptocurrency exchange can bring in new cryptocurrency users from this segment and in the same number, thanks to our powerful focus on attracting the consumer market.”
Whether Pundi X has the products, the backing and the team to achieve its ambitious vision remains to be seen, so do your own research before deciding whether to buy any NPXS tokens.
At the time of this writing, the author holds IOTA and XLM.
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