The Process of Buying Drops
Buying Drops from an exchange and getting them into the Dropil platform may seem difficult and confusing, but we are here to make it as easy as possible for you. The goal is to convert your fiat currency (USD, GBP, EUR, YEN, etc) to Drop tokens on an exchange and then transfer those tokens to the Dropil platform. Unfortunately, not all exchanges support conversion of your fiat currency to crypto, let alone converting from currency to Drops directly. This is why we have to utilize multiple exchanges to get Drops. Steps we will take:
- Buy Ethereum (ETH) or Bitcoin (BTC) with USD using Coinbase
- Send the purchased cryptocurrency to an exchange that supports the Drop token (we will use Tidex in this example)
- Convert from ETH/BTC to Dropil token
- Send Drop tokens to the Dropil platform
This is just one of the ways to buy Drops. There are many exchanges that support conversion from fiat currency to Ethereum / Bitcoin. For example, if you have Japanese Yen and you want to buy Drops, in the first step you would use Bitfinex or Binance exchange to purchase ETH or BTC as they support those currencies.
- If you already have Bitcoin or Ethereum you can skip the first step altogether
- If you have some other cryptocurrency, i.e. Ripple, you will first need to convert it to Ethereum or Bitcoin on an exchange before going to step 2
Buy crypto on Coinbase exchange
We will be funding via Coinbase, as it is one of the more popular exchanges and is the easiest to use for beginners.
- You will start by creating or logging into your Coinbase account and clicking the “Buy/Sell” icon. If you run into any issues you can view the Coinbase’s knowledge base here: https://support.coinbase.com
- Select the payment method
- Input the total USD amount of your purchase, Coinbase will do the conversion, then click “Buy Bitcoin – $100.00”
Transfer BTC to Exchange that supports Dropil
Now that you have your BTC on an exchange we need to transfer it to an exchange where Drops can be bought, in this case, we will be using Tidex. You can use any exchange that’s listed on our official supported exchange list
- Create a Tidex account or login
- Click “Deposit and Withdrawals” located on the top of the page on the right side
Note: If you run into any issues using Tidex please visit their support page: https://tidex.freshdesk.com/support/home
3. Locate the Bitcoin section and click “Deposit.”
This will display your BTC deposit address, this is where you will send your BTC from Coinbase. Copy the address.
4. Go back into Coinbase and click “Accounts” at the top.
5. Locate the BTC wallet and click the “Send” button
5. Paste your Tidex BTC address into Recipient field (should be in your clipboard), then Input the amount you wish to Withdrawal and click “continue.”
Now you will go back into your Tidex account “Withdrawal and Deposits” page and your BTC balance will update once the transaction is confirmed. Sometimes it takes up to a few hours for BTC to show up. Etherium usually transfers faster.
Convert your cryptocurrency to Drops
Now that you have BTC in your account it’s time to buy Drops! The process is the same if you transferred Ethereum, you will just be exchanging Ethereum, instead of Bitcoin, for Drops.
- Drops listing on Tidex can be found here: https://tidex.com/exchange/drop/btc
- There is a “Buy DROP” section on right side of the page below the chart
- The “Balance” text is clickable and will fill the “Total” section with your entire balance
- The “Price” section will be the current price of Drops
- The “Amount” section will fill the total Drops you can purchase based on your balance
- Click the green “BUY” button and you will be asked to confirm your buy order
- Once your buy order is filled the Drops will appear in your account
There you have it, you have now purchased Drops from an exchange. You can now hold them here or move them to a third party wallet, or send to your Dropil wallet. For the next step we are going to show how to withdraw from an exchange (Tidex again in this example) and send your Drops to Dropil and then to Dex.
Sending to Dropil from Tidex:
Now that you have your Drops on a supported exchange you can either hold them there, transfer them to another wallet, or to one of Dropil’s platforms. We will cover how to transfer from Tidex to Dropil and then deposit your Drops into Dex.
- First locate your Dropil wallet address
- Log into your Dropil account and click a “Deposit” button on the top of the page
- Head back to Tidex and go into the “Deposits and Withdrawals” section
- There now should be a “Dropil” box at the top of the page. Click “Withdraw”
- Clicking the “Available Balance” will fill the add the max amount to withdrawal, paste your Dropil address into “Address” section
- Click the green “WITHDRAW” button once you have confirmed the information. (Please note the Tidex Fee is approximately $5 worth of DROP)
- Transfers from Tidex can take anywhere from 30 minutes to 24 hours depending on ETH network fees. Please be patient, Dropil has no control over this
- Check your account periodically, once your Drops arrive we will immediately update your balance and you will see the transfer in the “Transactions” section of your account
Your Drops are now in your Dropil account!
Deposit to Dex
Now that you have Drops in your Dropil account you can start Dex. Go to the performance tab on the left and click “Add to Dex.” You can now select the amount you want to deposit and the settings you would like to setup.