[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
Binance is one of the largest cryptocurrency exchanges in the market and it allows users to trade around 540 different trading pairs. The platform became famous after having a very positive year in 2018 and becoming one of the largest exchanges in the market.
As reported by CoinMarketCap, Binance is the second largest exchange in the space with a trading volume in the last 24 hours of $916 million. Cindicator has the largest trading volume on Binance through its three trading pairs CND/BTC, CND/BNB and CND/ETH. Binance represents more than 97.4% of the total trading volume of Cindicator around the world.
This is very useful for investors that want to have liquidity and the possibility to find buyers and sellers at all times.
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, ETH or BNB To Your Binance Account
As Binance doesn’t offer fiat (USD, EUR etc) deposits, you will need to send a coin like Bitcoin, Ethereum or Binance Coin 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, ETH or BNB) 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.
To purchase Binance Coin you can do so through Binance’s exchange using a credit card. This is one of the latest services offered by Binance. Moreover, you can directly buy Bitcoin or Ethereum using a credit card.
Sending one cryptocurrency to another crypto wallet may result in your funds being lost forever.
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, ETH or BNB 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).
Binance provides advanced tools for expert users and traders that want to have a better experience while trading digital assets. Binance is an exchange created for beginners and also for professional traders that require many other tools to make better decisions while trading. With these services, individuals will have an overall better experience.
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/BNB 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.
Cryptocurrency exchanges have been affected by different hacks in the last years. Binance, for example, lost 7,000 BTC from users a few months ago after experiencing an attack. Although the users were compensated by the exchange, if the attack is massive, the funds would be lost forever.
Holding the private keys of your digital asset means being the owner of your funds. Although exchanges tend to promise massive security procedures, most of them have been already affected by hacks and attacks.
Hardware wallets are the best option for users to store their digital assets and be sure they will be able to be safe against hackers and attacks on crypto exchanges.
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.
In this guide, you have learned how to purchase Cindicator on Binance. Using this platform has many benefits compared to others, including the possibility to purchase BNB, ETH or BTC using a credit card and exchanging it for CND, and the large liquidity that the exchange provides to users.
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/