With the recent rise in the variety of Cryptocurrencies available in the market. FEG is one such variety. It is built on the idea to provide a decentralized transaction network that operates on both Ethereum(ERC-20) and Binance smart chain. Unlike Dogecoin that has an unlimited supply, this token has had a capped supply of 100 quadrillions at the time of its launch. To buy FEG token one must be aware of the working of the FEG token.
FEG token works on the principle of supply and demand. How? For each transaction, a tax of 1% is being distributed to the holders and a further 1% will be burnt, hence motivating holders to hold and reducing supply over time. The token’s scarcity grows as the quantity falls.
What is FEG Token?
FEG token is an acronym for Feed Every Gorilla. This, as discussed is a decentralized token that works with both ERC-20 and Binance smart chains. This token value depends on the fluctuating market variations. Its sole path is the way to succeed in the crypto space by implementing new and innovative products for better sustainability.
How to Buy FEG Token?
To Buy FEG token one must own either BTC-Bitcoin or ETH. Because, unlike other cryptocurrencies, FEG tokens cannot be directly exchanged/purchased with fiat money. So to buy FEG tokens we need to swap/exchange existing Bitcoin or ethernet for FEG tokens on a trusted place such as Pancake swap or uni swap.
Where to Buy?
To buy a FEG token, being a beginner one would start by buying BTC or ETH from an exchange market for example Binance.
Step 1: Binance account
If you are a beginner you can Sign up at Binance.To buy them, you need to exchange your cash for the tokens. Here, in this case, we use BTC(Bitcoin)/BNB token.
Binance is great for beginners to start with their first crypto purchase. It is safe yet a trusted space.
Step 2: Download Meta Mask
A software wallet is necessary to begin trading on Pancakeswap
Set up your meta mask wallet by following the steps here.
After setting up your Meta mask wallet account you need to start trading cash for cryptocurrency to exchange on Pancake swap.
- Navigate to the Binance wallet page of your account.
- Copy the Binance Smart chain network address by clicking on it, and do ensure the wallet is on the Binance smart chain page.
- Click on Withdraw near the Binance coin balance of your account and then paste the address in the field named address.
- This is called Contract address used in order to identify token
Contract Address: “0x389999216860ab8e0175387a0c90e5c52522c945”
- Double-check the address you pasted to rule out any mistakes that occurred as a precautionary measure.
- Select “BEP20” on the withdrawal screen.
- Enter the amount you wish to transfer in the amount field.
- Security verification is followed after.
- The transaction will be successful and will be reflected on the meta mask wallet
Step3: Make your Purchase
- Go to Pancake swap.
- Select connect wallet option to connect meta mask wallet and paste FEG token contract/select a token, FEG(in this case).
- A new window will open on showing swap options. Ensure twice that you selected The BNB to FEG token in the swap.
- Click on Swap and confirm it, once done.
- For the trade to finalize you need to adjust the slippage and do bear in mind to use 2.5% slippage or more because if the slippage is less than 2%, it may be the cause for your transaction to fail.
- We would suggest a slippage of 3-5% because this is considered ideal.
- Next click on the confirm button in the meta mask after completion of the last step Pancake swap to approve the transaction.
- You can now find your FEG token on the meta mask wallet directly or you could manually add token if not found even after sufficient “after transaction” time.
One could use a meta mask or trust wallet as a safe crypto wallet and swap for FEG tokens on Pancake swap.
VOILA! So now you have your own FEG token with you so by following these steps one could easily buy FEG tokens. The sufficient is provided to know more about this world of Cryptocurrency into the ocean of trading. This article is the thought for a beginner to start their leap into the world of Crypto.