[Updated October 2018] — Major cryptocurrencies, such as Bitcoin, XRP, Bitcoin Cash and Litecoin receive the most attention when it comes to crypto investing, but there are many smaller coins worth talking about. CoinMarketCap lists more than 2000 cryptocurrencies right now, and indeed many small-cap tokens have significant potential, together with a practical utility right now. Cindicator is one of those small-cap coins, with a low cost right now and real potential for growth. Read this guide to see how to trade for Cindicator on Binance.
What is Cindicator?
As described by the Cindicator team, they are developing a “Hybrid Intelligence” investment platform. Their platform combines input from their users with machine learning technology to give investors the tools to make smart trading decisions.
Cindicator is an app that provides crowdsourced crypto price predictions, with the potential for users to earn crypto for their input. People can participate for free, offering predictions and answering questions. The more accurate the answers, the more points you get, which translates into crypto rewards.
Answers given are taken by a machine learning tool, to provide aggregated and intelligent information, which users can pay to access. As of August 2018, the app’s predictions averaged a little over 60% in accuracy.
The Cindicator token is still very new, having only had their ICO in the second half of 2017. As such, there are not many exchanges carrying it, and very few ways to buy Cindicator with Fiat currencies. This guide will show you exchange Bitcoin or Ethereum for Cindicator on one of the world’s largest exchanges, Binance.
Step 1: Register on Binance
If you haven’t already, you will need to register an account with Binance. The process is quite easy, and should not take long.
Step 2: Verify your account
Before you can start trading, you will need to submit several KYC (know your customer) documents to verify your identity. Additionally, set up secure 2-Factor Authentication to protect your account.
Step 3: Send BTC or ETH to your Binance account
As Binance doesn’t offer Fiat (USD, EUR etc) deposits, you will need to send a coin like Bitcoin or Ethereum to your Binance account. If you don’t hold one of these coins already, you can buy with a credit or debit card on sites like Coinmama, Changelly or Coinbase.
To make a deposit, go to the menu at the top of the page, select “Funds”, then “Deposits”.
In the next screen, you’ll be asked to select which coin you wish to deposit. Choose your coin (BTC or ETH) from the dropdown menu.
Binance will give you a wallet address to send your coins to. Make sure you only send that particular coin (i.e. BTC to the BTC wallet, ETH to the ETH wallet). Otherwise, your coins could be lost.
Step 4: Wait for confirmation
Depending on the network load, it could take several moments for the deposit to complete.
Step 5: Find and select the BTC or ETH pair
Once the coins have appeared in your wallet, it’s time to move onto the exchange section. This is where you’ll find rates and decide on a price to buy Cindicator on Binance.
At the top of the page, select “Exchange”, then “Basic”.
From the trading screen, go to the search box on the right-hand side. Select the coin you wish to trade (BTC, ETH, BNB or USDT), and search “CND”. Select the CND pair for your coin (CND/BTC, for example).
Optional: Use Binance’s advanced tools to buy at the right time
Binance has a range of tools and data to help you buy low, and sell high.
On the trading screen, you will be able to view price and order history for the pair you selected. You can also set buy or sell limits. This means you can set a price at which you want to buy or sell, and once CND’s price hits this point, Binance will automatically make your trade. With this, some find they’ve acquired Cindicator on Binance without actively watching the prices themselves (so proceed with caution).
Step 6: Choose the amount of CND you want to buy
Select the price at which you want to buy CND, or choose “Market” to buy for the current market price.
Now select how much CND to buy. You can choose a specific amount in CND, or 25%, 50%, 75% or 100% of the BTC/ETH coins in your Binance wallet.
Step 7: Buy Cindicator!
Click “Buy CND”, and you’re finished! Once Binance confirms your order, your CND tokens should appear in your Binance wallet. You’ve successfully pruchased Cindicator on Binance
Step 8: Move your coins to a secure Cindicator wallet
The best practice in crypto is to keep your coins away from an exchange, in a wallet you control. For this, you will need a crypto wallet that supports Cindicator.
Hardware wallets such as the Ledger Nano S or Trezor, while more expensive, offer the highest level of security and support a wide range of tokens. Otherwise, MyEtherWallet is a free web-based option for ERC-20 tokens, like Cindicator.
To withdraw your CND tokens to your own wallet, select “Funds” then “Withdrawals”. Choose CND from the dropdown menu.
You will be prompted to enter a wallet address. This is the address from your private Cindicator wallet.
Make sure the address you put in is correct, and click “Submit”. Once your transaction is confirmed (this could take several moments, depending on the amount of network activity), your coins will be sent to your wallet.
So that’s it! Now you know how to buy Cindicator tokens on Binance. You can also download the Cindicator mobile app from the iTunes or Google Play app store, or access it online at https://app.cindicator.com/