How to Buy Dero and Best Places to Buy
Where to Buy Dero?
Although Dero is a great crypto it is fairly new and is not that popular for the time being. For this reason there are only a couple of platforms that allow you to buy Dero.
Trading Platforms to Buy Dero
There are no exchanges that support Dero only trading platforms. Exchanges usually make things much easier especially for beginners. This is because their interface is much less complex and more user friendly.
On the other hand the trading platforms listed here are good platforms. We will cover how to use each platform to buy Dero further down should you need some assistance.
What is nice to see is that the exchanges that support Dero tend to support other privacy coins. They seem to have a commitment to principles of anonymity and sound money.
KuCoin is a popular trading platform that has over 300+ trading pairs. They have 24/7 customer support to answer any of your questions. They have no KYC up to 2BTC. KuCoin does not support fiat (government issued currencies). However they are looking to support fiat in future.
For full disclosure; KuCoin was hacked in September 2020, but they managed to recover 84% of the stolen crypto. Additionally the CEO was committed to cover the funds completely. The company is focused on making sure their customers are prioritised over and above all else.
TradeOgre is always one of the first to support new privacy coins. Like for example Dero, Pirate Chain and Equilibria.
TradeOgre is quite a popular platform for trading cryptocurrencies as you can see on SimilarWeb. However there is no information on the team that is behind this trading platform. Much like a portion of the crypto world that likes to remain anonymous. So this is not necessarily an issue, but it could be for some.
With TradeOgre you can only deposit other cryptocurrencies into your account. So what you will need to do is send Bitcoin to TradeOgre. If you do not have Bitcoin you will need to buy from another trading platform or exchange to get started.
The reason you should use Bitcoin only is because they only support the BTC-DERO trading pair to buy Dero. Here are some recommended exchanges you can use to buy Bitcoin. You will then need to transfer your Bitcoin to TradeOgre to buy Dero.
How to Buy Dero
Since most trading platforms are similar we will go through how to use TradeOgre. Both KuCoin and TradeOgre do not support fiat. As a result you will need to buy a cryptocurrency from another exchange. Then you will need to transfer it to KuCoin or TradeOgre.
At some point KuCoin should support fiat so you do not need to do this added step. As a result you will be able to do the whole process on Kucoin.
Meanwhile the best cryptocurrency to buy to then exchange to Dero is Bitcoin. This is because it is the cryptocurrency with the most trading pairs. For you to buy Bitcoin you might need a guide to help you figure out how to do this.
You can use the how to buy cryptocurrency guide. Here you have full instructions including image resources on all the steps to buy Bitcoin. You can also use the suggested cryptocurrency exchanges on this guide to buy Bitcoin.
The guide suggests using a hardware wallet to store cryptocurrency. However at the moment Dero is not supported by hardware wallets.
When the opportunity arises and you are able to use Dero with a hardware wallet we recommend you use one. The last thing you want is for your crypto to get stolen after all the effort and investment.
Watch How to Buy Dero Using TradeOgre
If you rather watch a video on how to buy Dero here is a video on how to use TradeOgre. It shows how to buy Pirate Chain, but the process is exactly the same for Dero.
Read How to Buy Dero Using TradeOgre
1. Sign up to TradeOgre
It is like any other platform you would sign up to and fairly self-explanatory. Just follow the prompts you get. Similarly to other websites, TradeOgre will ask you to verify your email address.
Additionally you should set up 2-Factor Authentication to secure your account. You can do this from the security settings.
2. Send Bitcoin to your TradeOgre account
Once you have sorted out your account you need to send your Bitcoin to TradeOgre. To receive Bitcoin you will need to navigate and click to the top right profile icon. You should click ‘balances’ in the dropdown. Now you should see a screen that looks like this. There may be updates to TradeOgre so the interface may change slightly from the date of publication of this page.
Each cryptocurrency has different cryptocurrency addresses. Similarly to having different account numbers for US dollars and euro. Each cryptocurrency has their own account address.
You have to make sure you select the right address. Otherwise you could loose your Bitcoin. So in the line of Bitcoin at the top you should navigate to ‘Deposit’. TradeOgre will give you your Bitcoin address.
You should copy the address and paste it in the other exchange to send your Bitcoin to TradeOgre. You will need to wait a little before the Bitcoin appears in your wallet.
4. Go to market
Once the Bitcoin is in your wallet you can go ahead and buy Dero. To do this you will need to click on ‘Market’ on the top left next to the TradeOgre logo. This is what you will see:
5. Find BTC-DERO
In this case Dero is third in the table. However if you cannot see Dero in the list then you can search for it. You can do this by using the search field on the right hand side just above the table. Click on the blue link that says BTC-DERO. That is the trading pair you want to trade.
6. Buy Dero
TradeOgre has a handy function where you can click the ‘Available BTC’ in purple text. It is in the box on the right just under the graph. By doing this TradeOgre will automatically calculate the max amount of Dero you can buy. It calculates it based on the current price of Dero and Bitcoin.
Now all you need to do is press the ‘buy’ button to buy Dero.
Alternatively you can use the taker box which is highlighted in a red tinge on the bottom right. Here you can scoop up Dero for a better price. However you might not manage to buy the precise amounts Dero as you would like.
How to Securely Store Your Dero
After you buy Dero you are going to need to safely store it. You can use this web wallet to store Dero. As we usually mention it is much more secure to use a hardware wallet. However there are no other options in this case so you will need to go with the DEROWallet.
Here is what you will need to do to set it up.
1. Click on ‘create new wallet’
2. Name your wallet and provide a password.
3. You will then need to take down your 25 word seed phrase. Make sure you do not share it with anyone and store it somewhere safe.
4. The interface should look like this
5. Go to the left hand side menu and press ‘Recieve’.
6. Copy the option in the middle – the integrated 32 Address. Paste the address in TradeOgre or KuCoin to send your funds to your wallet.
Note that if you have a large amount of Dero you need to test that the wallet is working first. So you should send a small amount of Dero. If it works fine, then go ahead and send the rest of your crypto.
Why Buy Dero
Dero is an incredibly interesting cryptocurrency. It is not based solely on blockchain. However it is the first cryptocurrency that has a hybrid system. It is has both a blockchain and DAG block structure.
DAG technology works differently to blockchain. Blockchain includes transactions on its blockchain one block at a time. Usually it processes several transactions at one go.
On the other hand DAG technology uses a different protocol. This protocol works with smaller events. It incorporates them onto its network ledger as and when they happen. This makes DAG much faster.
As a result Dero takes 1.5 milliseconds to process transactions. As opposed to for example Bitcoin which takes 10 minutes. You can read a bit more about it on what is Hashgraph. Hedera Hashgraph works solely with DAG.
Dero has a proof of work network and can support smart contracts. As a result it is classified as a crypto commodity within the 4 cryptoasset classes. This is because it acts as a building block for other projects to use its network.
One of the unique things about Dero is that it can support smart contracts on its native chain. As a result it does not need additional blockchains as second layers.
Additionally Dero is a true privacy coin. The technology it uses for anonymity supports one of the backbones of sound money – fungibility. Moreover by design it is not vulnerable to 51% attacks and is fully encrypted.
These features make Dero a good choice compared to other privacy coins such as Monero and Dash. Additionally developers can pair Dero with Equilibria which is a private oracle. This means the Dero blockchain can handle real world data and events. So it increases the services Dero can offer while keeping everything private.
Dero is the fastest anonymous network that is secure and reliable. It has a great developer team that have more than 10 year’s experience in cryptography. They also have several years of experience within cryptocurrency. To conclude, the developer team are a solid team. They are continuing to work on Dero to develop it further.
How Dero Has Performed So Far
So far Dero has done quite well. It did not take off to a flying start. However it did take off in 2021.
That is when the crypto bull run was getting properly started. Like most cryptocurrencies Dero gets pulled into ups and downs by Bitcoin. Bitcoin leads the way and altcoins lag behind.
Sourced from CoinMarketCap