So, you have read up on SALT and are excited about the project. You probably have two main questions: how to buy SALT and where to buy it? This article will outline the simplest way to buy the SALT token and how to store it safely.
- 1 Are You Too Late To Buy SALT?
- 2 How High Could It Go?
- 3 How To Buy SALT – Our 2 Best Ways Explained
- 4 Create A Coinbase Account
- 5 I’ve Made My Coinbase Account! What Next?
- 6 Setting Up A SALT Wallet
- 7 Storing In The Safest Possible Way
- 8 Create a Binance Account
- 9 How To Transfer Your Bitcoin or Ethereum from Coinbase To Binance
- 10 How To Convert Your BTC or ETH Into SALT On Binance?
- 11 How To Send Your SALT From Binance To MyEtherWallet?
- 12 Conclusion
Are You Too Late To Buy SALT?
The project is relatively new and first hit the exchanges on the 29th September 2017. On the 19th December 2017, SALT hit an all time high of $17.74 per token. At the time of writing, SALT (along with the entire crypto market) has seen an significantly discounted price of $2.80.
When most people start investing in cryptocurrency, they tend to buy a rising market and pay all time high prices. The best time to get into projects is usually when they are cheap, as this gives investors the best potential returns.
In short, it is not too late the buy SALT. The project has only been publicly tradable for a short time. The more important question is what price are you getting in at?
How High Could It Go?
SALT is a secured automated lending platform and has plans on introducing a crypto-secured credit card in 2018. Other cryptocurrencies like TenX are focused on providing crypto card solutions. We can do a bit of number crunching for fun and see what the returns for SALT would be if:
- The project reached it’s all time high again.
- We add TenX’s all time high to the SALT tokens valuation to model in the release of the crypto-secured credit card. It should be noted we are making the assumption that this was not baked into SALT’s valuation on 19th December 2017.
The truth is that no one knows what the future may bring for any cryptocurrency price. We are bullish on the future of cryptocurrency and believe that crypto backed loans should increase in demand. It is still early days when it comes to cryptocurrency and growth in the market should see large increases in valuations of successful projects.
How To Buy SALT – Our 2 Best Ways Explained
We will show you two ways of buying SALT. It’s on you to decide which is the right choice for you:
- How to buy SALT with fiat currency. This will include creating accounts at Coinbase and a cryptocurrency exchange. We know that cryptocurrency can appear complicated and daunting. Don’t worry, we will walk you through it.
- Our second option is ideal for those that already own cryptocurrency and want to exchange their holdings for SALT. We will show you the easiest exchange to use.
Buying SALT With Fiat
This is the method for newcomers to the cryptocurrency space. You should be aware that you will have to setup a wallet to store your SALT as well. Don’t worry, we will show you exactly how to do this.
Be warned that you will not be able to invest in the project in 5 minutes. It will take a bit of time to get things set up. We will however, show you the easiest and most efficient way to invest in the project.
Buying With Crypto
Just skip over the Coinbase stuff. The chances are that you have already jumped through this hoop. Well done you!
Create A Coinbase Account
Coinbase Key Facts
- Established Track Record: Coinbase was founded in 2012 and is the world’s most popular cryptocurrency exchange.
- Serious Backers: Venture capital firm IVP, who were involved in the latest funding round, have been early investors in businesses like Netflix and Twitter. Other investors include companies like the New York Stock Exchange.
- Easy To Use: Coinbase is renowned for it’s easy to use interface. This makes it the perfect exchange for cryptocurrency newcomers.
- Small Minimum Deposit: You can invest as little as €6 into cryptocurrencies on Coinbase.
- Regulated: Coinbase is one of the few cryptocurrency exchanges to be regulated.
- Insurance: Customer funds are insured and segregated. US customers are even insured up to a balance of $250,000.
- Deposit Methods : Credit / debit card, bank transfer and PayPal for US customers.
- Tradable Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- Customer Support Methods: Email and FAQ’s.
Looking to invest more than $100 in SALT by using Coinbase? Good news! You will also get $10 FREE by signing up through Total Crypto!
I’ve Made My Coinbase Account! What Next?
Well played on jumping through the first hoop. Unfortunately, there is no direct way to buy SALT through Coinbase. This means you will have to buy Bitcoin or Ethereum and trade this for SALT on a cryptocurrency exchange. We recommend buying Ethereum on Coinbase, as the transaction times are faster. But you cannot go wrong with grand poppa Bitcoin either.
The fastest way to buy Bitcoin or Ethereum on Coinbase
- Head over to the ‘Buy/Sell’ page on your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: You can deposit a ‘Bank Account’ transfer – this method has lower deposit fees, but the transfer takes between 2 and 5 days to be credited to your Coinbase account. Or you can deposit instantly through a Credit/Debit card. With either method, just enter your payment details and process the transaction to fund your account. Once submitted, just sit back and wait for the credit to be applied to your account. You will get an email to telling you when your deposit has been successful.
- Once your account is funded, select Bitcoin or Ethereum in the ‘Buy/Sell’ section of Coinbase.
- Enter the amount of crypto you want to buy.
- Select the currency wallet you deposited funds into as your payment method (we have used EUR in this example).
- Complete your order by clicking buy.
Checkout our Coinbase guide if you are interested in buying Ethereum and Bitcoin on Coinbase with the lowest fees possible. It does take a bit more time though and involves transferring your funds to Coinbase’s sister exchange GDAX and buying your crypto there instead. We do recommend using GDAX and saving yourself some fees.
Once you have your ETH or BTC in your Coinbase account move onto the next step.
Setting Up A SALT Wallet
SALT is an ERC-20 token. This means it’s built on the Ethereum blockchain and is compatible with Ethereum wallets. We recommend using the most popular Ethereum wallet: MyEtherWallet. It’s completely free.
Once you have setup your MyEtherWallet you should know that SALT tokens can be viewed in the ‘View Wallet info’ section. You will need to click ‘Show All Tokens’.
If you scroll down the tokens you will find SALT and can view your balance.
Storing In The Safest Possible Way
MyEtherWallet is a great way to store your SALT. Some of you will, however, be interested in getting the best security money can buy. Right now, the most secure way is combining MyEtherWallet with a hardware wallet.
Why bother with a hardware wallet at all and how is it more secure? Hardware wallets store your private keys and keep them safe from keyloggers and phishing attempts. In fact, with a hardware wallet you won’t even know your private key yourself, so it’s practically impossible for it to ever be exposed to the outside world. Sadly, cryptocurrency is becoming an increasing attractive target for hackers. This means that investing in extra security for your tokens might be a wise idea.
As SALT is an ERC-20 token, it is compatible with both of the most popular hardware wallets on the market. We are very happy to recommend both Trezor and Ledger. We actually use both ourselves.
If you want help in deciding, just check out our Ledger vs Trezor comparison article.
€94.80 (including European tax and free shipping)
Need help setting up your Ledger? Just have a look at our step by step guide.
€128.26 (including European tax and shipping)
Need help setting up your Trezor? Just have a look at our step by step guide.
If you need help integrating your Trezor or Ledger with Myetherwallet, just take a few minutes to find out how in our guide.
Create a Binance Account
To invest in SALT you will need to trade your Bitcoin or Ethereum for it. Sure, you could hop over to a random exchange to try and buy your SALT, but you might be sitting there for a while to get your order filled. The project does practically all its trading volume on Binance. We, at TC, think Binance is the best crypto exchange out there.
Binance Key Facts:
- Largest In The World: Binance is the biggest crypto to crypto exchange in the world!
- Huge Selection Of Cryptocurrencies: Binance offers you the opportunity to get your hands on over 100 different cryptocurrencies. Ripple is one of them.
- User Friendly: The crypto to crypto exchange is the simplest we have ever used. We think this has been one of the main factors leading to Binance’s explosive growth.
- Customer Support: Binance offers email multi language support for 🇺🇸 🇨🇳 🇯🇵 🇰🇷
Get SALT on the world’s largest crypto to crypto exchange.
Need help setting up a Binance account? Just checkout our Binance guide.
How To Transfer Your Bitcoin or Ethereum from Coinbase To Binance
Ok, so you have your Binance account open. Whether you have funds on Coinbase or in another wallet, you will have to send your Crypto to Binance so you can trade it for SALT.
- Login to your Binance account.
- Select “Funds” and click “Deposit”.
- Make sure that you select Ethereum if you have Ethereum on Coinbase or Bitcoin if you hold BTC. If you send to the wrong wallet you may lose your funds!
- You will then see your deposit address for Binance. Just copy this address. We have used Bitcoin as an example.
- Login to Coinbase and go to the ‘Accounts’ tab.
- Click the send button for whatever cryptocurrency you hold.
- Paste your Binance deposit address into the ‘Recipient’ wallet address box and enter the amount you want to withdraw.
- Hit continue and finalise the transaction. Your Bitcoin and Ethereum should show up in your Binance account shortly
Got Crypto In Another Wallet?
- Simply send your crypto to your Binance deposit address.
How To Convert Your BTC or ETH Into SALT On Binance?
You should have some Bitcoin or Ethereum on you Binance account now. Now it’s time to get your hands on some SALT.
- Head over to the Binance homepage and select ‘BTC Markets’ if you have Bitcoin on Binance or ‘ETH Markets’ if you have Ethereum. Then just search SALT in the search field and click the SALT/ETH or SALT/BTC market.
- You will then see a trading screen. At first glance it may look complex but don’t be put off, it’s honestly not that difficult. Just select the ‘Market’ tab (this enables you to buy at the market price). Then just enter the number of SALT you want to buy. You can also use the percentage buttons to use a certain percentage of your balance on Bianance to buy crypto.
- One you have clicked ‘Buy’ your order will be processed and your SALT credited to your Binance account.
How To Send Your SALT From Binance To MyEtherWallet?
Alrighty, so you have your SALT on Binance and your MyEtherWallet setup. The next step is getting your tokens off the exchange. Why is this a good idea? It’s simply that you are in complete control of your crypto if it’s in a wallet you control and have the private key for. As cryptocurrency prices rise, then exchanges become a bigger target for hackers.
- Go into your Ethereum wallet and copy your public address.
- Login to Binance.
- Navigate to ‘Funds’ and hit the ‘Withdrawals’ button.
- Select SALT from the dropdown, then paste in your Ethereum public wallet address and enter in the amount you want to withdraw.
- Just click ‘Submit’ and your SALT will be sent to your Ethereum wallet.
💡 Top Tip: Before you withdraw you can check the withdrawal fee here!
So you now know the easiest ways to buy SALT. It’s completely up to you if you invest in the project and the method you use to do so. The Total Crypto Team will be monitoring the SALT project closely and we are excited to see how the project develops and is adopted.
For now, stay safe and may all your cryptos moon!