How to Buy SORA (XOR): The Best Practices, Where to Buy, Store & Tips (2021)
You have dollars, euros or any fiat currency and would like to buy SORA tokens with it? Then you are on the right place, as this article will explain step by step how to buy SORA (XOR) tokens. Buying SORA (XOR) tokens can seem complicated, but it’s much easier when you break it down into steps. The process of buying SORA tokens is getting easier day by day. Regardless of where you get your XOR, consider the risks of investing in digital assets. This article provides information and education for the crypto community, but it does not offer advise or recommends to buy or sell.
Key Points
- While it is impossible for the SORA Blockchain itself to be hacked, it is possible for your wallet or exchange account to be at risk. For this reason, storing them properly and following security measures is absolutely essential.
- Anyone looking to invest or trade SORA tokens will need an account on a crypto exchange and a wallet.
- Currently, SORA token is on Ethereum as a ERC-20 token standard and only available on the decentralized exchange Uniswap, so you need ETH coins to buy SORA (XOR).
Before you Buy SORA (XOR)
Before purchasing SORA (XOR) tokens, you first need a place to store it.
The place where you store your XOR token is called a Wallet.
However, it is important to mention that technically your wallet does not store your SORA (XOR) token. Instead, it stores the private key that is necessary for getting access to a SORA address and being able to spend the token. The private keys are required to sign a transaction, and if the user loses the private keys, they will essentially lose access to their SORA (XOR) token.
Buying XOR in 4 steps
1) Get a Wallet
For this guide we decide to use and Store the XOR in Metamask.
2) Buy ETH with fiat money on a crypto exchange
It will be possible to buy the ETH from Coinbase or Kraken. Therefor you need to create an account in order to purchase ETH.
3) Transfer the ETH to your Wallet
To be able to buy SORA (XOR) tokens on Uniswap you must have ETH on MetaMask and be able to buy XOR tokens with it.
4) Buy XOR from Uniswap
Buy from Uniswap DEX using MetaMask wallet.
Step 1 — Get yourself a Wallet
Wallets are a place to store your digital assets in a more secure way.
By storing cryptocurrencies outside of the exchange and in your personal wallet, you ensure that only you have control over the private key to your Funds.
Types of Wallets
You can store your private keys in a variety of ways.
The main categories of wallets are:
- Software Wallet — stores the private keys in data files. (MetaMask, Trust Wallet, Coinbase Wallet)
- Hardware Wallet — stores the private keys on a chip inside a device, such as a Ledger Nano S.
- Paper Wallet — is a pieces of paper which the private keys is written on it. Guideline here.
Best Ethereum Wallets
1. Metamask
Website: https://metamask.io/
Download: https://metamask.io/download.html
MetaMask wallet is a browser extension aimed to make it easier to access the apps, which also serves as a wallet for ERC-20 tokens. With Metamask, you can access Ethereum DApps through your browser. (In this guide we use Metamask)
2. Ledger Nano S
Website: https://www.ledger.com/
Product: https://shop.ledger.com/products/ledger-nano-s
Ledger Nano S is a hardware wallet. It connects the computer via USB with a integrated display to check and confirm transactions with a finger tap.
3. Trust Wallet
Website: https://trustwallet.com/
Download: https://trustwallet.com/deeplink/
Trust wallet is a secure, easy to use, mobile wallet that allows you to interact with your tokens directly from your mobile, without a complex interaction.
4. Coinbase Wallet
Website: https://wallet.coinbase.com/
Download: https://wallet.coinbase.com/
Coinbase wallet is a mobile wallet allows you to interact with DApps. Easy and secure of storing cryptocurrency owning your private keys.
Step 2 — Sign up for an Account on an Exchange an Buy ETH with fiat money
Now you need to buy Ethereum coins from cryptocurrency exchanges. Many of them charge a percentage of the purchase price. You should find the right exchange for you, however, you have a large option of exchanges available. To buy Ethereum coins from crypto exchange an account is required. Therefore, you need to create an account before you can buy.
Some of the more popular crypto exchanges are:
Kraken
Website: https://www.kraken.com/
Tutorial how to buy Ethereum: https://www.kraken.com/learn/buy-ethereum-eth
Binance
Website: https://www.binance.com/en
Tutorial how to buy Ethereum: https://www.youtube.com/watch?v=pKbXGTlpSpc
Coinbase
Website: https://www.coinbase.com/
Tutorial how to buy Ethereum: https://www.coinbase.com/buy-ethereum
You can find a list of crypto exchanges here.
Step 3 — Send the Ethereum (ETH) to your Wallet
In this section we’ll be explaining how to send Ethereum (ETH) from Coinbase to a MetaMask wallet.
Since you must have MetaMask to connect to Uniswap DEX to be able to buy SORA (XOR), we highly recommend using MetaMask as your Ethereum wallet.
Here you find a tutorial on how you send the Ethereum (ETH) to your MetaMask wallet:
Kraken:
Binance:
https://www.binance.com/en/support/articles/115003670492-How-to-Withdraw-from-Binance
Coinbase:
Step 4 — Buy SORA (XOR) from Uniswap
After you send your Ethereum (ETH) from Kraken, Binance or Coinbase to your Ethereum Wallet you need to interact with Uniswap in order to buy SORA (XOR) token. This will be you last task and after you did that, your SOR (XOR) token will be safe stored in you Wallet.
The video below explains easily how you can buy any token from Uniswap.
Note that you need to enter the SORA contract address in Uniswap to find the token SORA (XOR), because the SORA (XOR) token does not display automatically in Uniswap.
Contract address: 0x40FD72257597aA14C7231A7B1aaa29Fce868F677
Conclusion
Buying SORA (XOR) tokens is currently not simple as it is only available on Uniswap, however the purchase of XOR tokens will become much easier over time due to on-ramp integration with the native SORA App in future.
