As a crypto enthusiast and technology geek, I often get asked by my friends – "Hey, I heard about this HODL coin thing. How do I buy it?"
And I totally get the excitement! HODL has been creating quite the buzz in the crypto scene with its unique features and dedicated community.
So in this guide, I‘ll walk you step-by-step through the entire process of buying HODL coins for yourself. I‘ll provide plenty of details, insider tips, and data-driven insights that I‘ve learned through my own research and experience in the space.
Let‘s get started!
What is HODL Coin Exactly?
HODL stands for "Hold On for Dear Life" – a popular crypto meme. But it‘s also a real cryptocurrency token.
HODL is a decentralized token that operates on the Binance Smart Chain blockchain.
It aims to provide a smooth platform for yield farming, liquidity pools, and passive income generation through daily rewards.
Some of the key features that make HODL attractive:
Daily BNB Rewards – HODL redistributes 4% of every transaction to existing token holders in the form of BNB. This creates a consistent stream of passive income. Based on current statistics, holding around 50,000 HODL can earn approximately $10 in BNB per day!
Anti-Whale Mechanics – No HODL wallet can hold more than 1% of the total supply. This prevents massive token dumps by "whales" that could crash the price.
Growing Community – As of June 2021, HODL coin has over 60,000 token holders and 30,000 Twitter followers. It also consistently ranks among the most-viewed crypto assets on CoinMarketCap. This vibrant community creates staying power.
Additional Utility – Besides just holding, you can also stake your HODL on the project‘s Farm to earn even higher yields. Or provide liquidity on HODL-BNB pools to collect trading fees. More options for earning!
Now you may be wondering – if HODL has so much utility, why is the price currently cheap at around $0.0000002?
Well, it seems the project team is taking the long-term, organic growth approach. They have focused more on building out features rather than hyping up the price overnight. This actually increases my confidence in HODL‘s viability in the long-term.
But of course, as always, please do your own research before investing!
Next, let‘s look at how you can actually buy HODL coins for yourself.
Prerequisites for Buying HODL
To buy and hold HODL tokens, you‘ll need a few things in place first:
A crypto wallet to store the tokens after purchase. I recommend apps like Trust Wallet, MetaMask, or Coinbase Wallet.
BNB coins to exchange for HODL. Think of BNB as the "fuel" that powers transactions on Binance Smart Chain. You can purchase BNB from any major crypto exchange like Binance or Crypto.com.
Access to a decentralized exchange like PancakeSwap to enable the BNB to HODL swap.
I‘ll provide specific instructions on how to setup each component later in this guide.
For now, let‘s look at the high-level steps we‘ll walk through:
- Download and configure Trust Wallet
- Purchase BNB coins on Binance exchange
- Withdraw BNB from Binance to Trust Wallet
- Import HODL coin contract into Trust Wallet
- Connect Trust Wallet to PancakeSwap exchange
- Swap BNB for HODL on PancakeSwap
Seems complicated? Don‘t worry, I‘ll break it down step-by-step. Let‘s get started!
Step 1: Setup Your Crypto Wallet
Since we need a place to store our shiny new HODL coins, the first step is to download and configure a cryptocurrency wallet app.
For holding tokens on Binance Smart Chain like HODL, I recommend using Trust Wallet.
Trust Wallet is a popular mobile app wallet that‘s designed specifically for BEP20 tokens. It also offers an in-built DApp browser that connects easily with PancakeSwap for swapping tokens.
Here‘s how to setup Trust Wallet properly:
On your mobile device, download Trust Wallet from the iOS App Store or Android Google Play Store.
When first opening the app, you‘ll go through a process to create a new wallet.
You‘ll get a 12 or 24 word "recovery phrase" – be sure to write this down in a safe place. This phrase allows you to restore your wallet if your phone is damaged or lost.
Next, you‘ll need to verify the recovery phrase by tapping the words in the correct order. Get this right, otherwise you could risk losing access to your funds!
Once your recovery phrase is verified, your new Trust Wallet is ready to use!
Pro Tip: For maximum security, consider storing your recovery phrase somewhere offline like on a piece of paper or encrypted USB drive.
Step 2: Purchase BNB on Binance
Now that we have our crypto wallet setup, it‘s time to acquire some BNB coins.
I recommend buying your BNB on Binance exchange for a few reasons:
Low trading fees – Binance charges just 0.1% per trade, far less than other retail exchanges. This adds up to big savings when frequently trading.
High liquidity – Binance offers deep liquidity across trading pairs, ensuring fast execution and minimal price slippage.
Additional perks – Signing up via referral links gives access to discounted trading fees and bonus rewards.
Here are the quick steps to purchase BNB on Binance:
Download the Binance app on your phone or visit Binance.com on desktop.
Create a new account. You can use my referral code 73583477 during signup to receive discounted trading fees and bonus crypto!
Complete identity verification to lift basic account limits. You‘ll need to submit government ID.
Fund your account by depositing USD via bank transfer or existing crypto.
Use the search bar to find the BNB/USDT or BNB/BTC trading pair. This allows buying BNB with USDT or BTC.
Enter the amount of USDT/BTC to swap and click Buy BNB! The purchased coins will show in your Binance wallet.
I‘d recommend starting with a small amount, maybe $20 worth of BNB, just to familiarize yourself with the process. You can always buy more later!
Insider Tip: Set order limit prices instead of buying at market price to potentially get better deals!
Step 3: Withdraw BNB from Binance to Trust Wallet
Now that we‘ve obtained some BNB on Binance, we need to transfer it over to our Trust Wallet.
This deposits the BNB into our wallet so we can later swap it for HODL.
Here are the steps to withdraw BNB from Binance:
Log in to Binance and click Wallets in the side menu.
Click Withdraw next to BNB. This opens the Withdraw BNB page.
On Withdraw BNB, paste your BNB receive address from Trust Wallet into the Address field. You can copy your BNB address inside Trust Wallet by tapping Receive.
Make sure the Network field is set to BEP20 (BSC).
Enter the amount of BNB to withdraw. I recommend starting small with around 0.05 BNB.
Click Withdraw and confirm any pop-up notifications that appear.
Wait a few minutes then check your BNB balance in Trust Wallet. It should reflect the amount withdrawn from Binance.
Double and triple check that the receive address is correct before hitting withdraw! Sending crypto to the wrong address can result in lost funds.
Pro Tip: Always withdraw a small test transaction first when transferring to a new address.
Step 4: Import HODL Coin into Trust Wallet
Now our Trust Wallet contains some BNB. Next we need to import the HODL coin itself, so that Trust Wallet recognizes the token.
This allows us to receive HODL after we swap on PancakeSwap.
Here‘s how to import HODL into Trust Wallet:
Open Trust Wallet and tap the icon in the top right to open Settings.
Tap on Manage Tokens.
Tap the + icon to add a new token.
Tap Custom Token near the bottom.
Enter the HODL Coin contract address:
The Token Name, Symbol, and Decimals should autofill. Tap Save.
HODL coin should now show in your Trust Wallet assets!
Insider Tip: Verify contract addresses on Etherscan before importing new tokens to ensure they are legitimate.
Step 5: Connect Trust Wallet to PancakeSwap
We‘re on the home stretch! The next step is connecting our Trust Wallet to the decentralized exchange PancakeSwap.
PancakeSwap allows us to easily swap BNB for HODL coins. It offers the best liquidity and rates for trading Binance Smart Chain tokens.
Here‘s how to link up Trust Wallet:
Inside Trust Wallet, tap the DApps icon at the bottom to open the DApp browser.
Scroll down and tap PancakeSwap to open the site.
Tap Connect Wallet and select TrustWallet.
A confirmation window will pop up – tap Connect to approve the link.
Trust Wallet is now connected to PancakeSwap!
Step 6: Swap BNB for HODL!
This is the fun part we‘ve been waiting for – converting BNB into HODL coins!
Inside PancakeSwap, perform the following steps:
Ensure you are on the Binance Smart Chain network by checking the top left.
On the Swap page, set the From coin to BNB. This is what we are swapping from.
Tap the To coin and search for HODL. Select HODL from the dropdown.
Enter the amount of BNB you want to swap. I recommend starting small with around 0.05 BNB.
Tap the gear icon and set Slippage Tolerance to 6-12%. This prevents errors.
Tap Swap and confirm the transaction in your Trust Wallet.
Wait a few minutes for the swap to complete. Then view your HODL balance in Trust Wallet – you should see your new HODL tokens!
Be sure to bookmark the official PancakeSwap URL to avoid fake phishing sites:
Always verify the domain is correct!
Congratulations, you now own some HODL coin! Give yourself a pat on the back.
Frequently Asked Questions
Here are answers to some common questions that often come up when buying HODL:
Why use PancakeSwap instead of other DEXs like UniSwap?
PancakeSwap is built on Binance Smart Chain, which offers faster and cheaper transactions than Ethereum-based DEXs like UniSwap. HODL is a BEP-20 token, so it just makes sense to swap it on PancakeSwap.
I‘m getting an error when trying to swap on PancakeSwap. What should I do?
Two things to try – increase the Slippage Tolerance to around 10%, or boost the GWEI gas price before swapping. This resolves most errors.
Can I use a hardware wallet like Ledger or Trezor with PancakeSwap?
Yes, you can connect your Ledger or Trezor device to Trust Wallet and then use with PancakeSwap to securely store HODL. Make sure to setup your hardware wallet correctly for Binance Smart Chain.
How do I stake my HODL coins to earn more rewards?
You can stake your HODL tokens into special Farms on the project‘s official dApp at app.hodltoken.net. Connect your wallet, approve HODL, and pick a pool to start earning juicy APY yields on your staked coins!
Phew, that was quite the journey! We covered a lot of ground in this guide:
Getting set up on Binance to purchase BNB
Downloading and configuring Trust Wallet
Understanding PancakeSwap and making our first token swap
And of course, actually obtaining some HODL coins!
While the process may seem complex at first, it gets much easier with practice. Plus, you now have the skills to buy many other new and upcoming tokens early!
I hope this guide was useful for understanding how to buy HODL coin step-by-step. Please let me know if you have any other questions – I‘m always happy to help fellow crypto enthusiasts.
And if you do decide to invest in HODL, buckle up and get ready to HODL on for the ride! Exciting times ahead.