This guide is going to take you step-by-step through the process of buying Power Ledger (POWR) tokens on the Binance Exchange.
What is Power Ledger?
Power Ledger is a project pushing the advancement of renewable energy sources. It’s doing this through a Peer-to-Peer energy trading platform, wherein producers of renewable energy with consumers on the blockchain. Consumers pay with the POWR token, giving the cryptocurrency a very real use case.
After running a successful ICO in late 2017 (the 14th largest in the world to date), Power Ledger have been busy developing their platform, securing partnerships with a number of Australian and New Zealand energy providers. As of writing this, Power Ledger is the 90th largest cryptocurrency in the world. With a market cap of just over $60 million, it is in a position to potentially make significant gains for its investors.
Let’s see how to buy your first POWR tokens.
Step 1: Register on Binance
With its relatively low market capitalization, few platforms offer the ability to buy Power Ledger POWR directly with Fiat currency such as USD or EUR. So the best option is to buy Bitcoin or Ethereum first, and trade for POWR on a large exchange like Binance.
The first step, if you haven’t already, is to register an account on Binance.
Step 2: Verify your account
Binance will require you to submit several KYC (know your customer) verification documents before you can start trading. You should also set up security measures, such as a strong password and 2-Factor Authentication to keep your account safe.
Step 3: Send BTC or ETH to your Binance account
Once you have been approved, you will have to send Bitcoin or Ethereum coins to the Binance Exchange. If you don’t hold either of these coins, they can be bought from the Coinbase Exchange, or sites such as Coinmama or Changelly.
To deposit, go to to the header menu and click “Funds” then “Deposit”. Select the coin you wish to send from the menu. This will give you an address to send your Bitcoin or Ethereum to. Make sure that any coins you send to this wallet address are only that currency – for example, if you send BTC to an ETH address, you may lose your coins
Step 4: Wait for confirmation
Depending on how much activity is on the network, there may be a short wait for your deposit to be confirmed. Make sure to check the deposit has gone through, and the BTC/ETH shows up in your Binance wallet, before navigating away from the page.
Step 5: Locate the BTC or ETH pair
Once you have Bitcoin or Ethereum in your Binance account, it’s time to move to the Exchange. Click on “Exchange” from the top menu, then click “Basic”.
Once you are in the Exchange section of Binance, find the pair for POWR and the coin you previously deposited. To do this, go to the search bar in the top right, and enter POWR. You will see pairs for Bitcoin, Ethereum or Binance Coin, Binance’s native cryptocurrency (used for discounted trading fees).
Find the pair you’re after. This will bring up the trading screen for Power Ledger POWR.
Optional: Use Binance’s advanced tools to buy at the right time
Binance has tools and data charts to help you buy low, and sell high. From the trading screen, you can view the history of price and order for your pair. You can also set buy or sell limits. This means you can choose a price at which you want to buy or sell, and once POWR’s price hits this point, Binance will make your trade automatically.
Step 6: Choose how much POWR you want to buy
Select the price you wish to buy at, or else click the “Market” tab and buy for its current price.
You can choose to buy a certain amount of POWR, or to spend 25%, 50%, 75% or 100% of the BTC/ETH in your Binance account.
Step 7: Buy POWR!
Click the “Buy POWR” button to complete your order.
Step 8: Move your coins to a secure wallet
It’s best practice in crypto to keep your funds in a secure wallet that you control, off of an exchange, when not trading.
The Ledger Nano S hardware wallet is one of the safest ways to hold your crypto, and supports POWR. Alternatively, you can use the Coinomi mobile wallet, or the web-based MyEtherWallet.
Once you have finished your order and your Power Ledger POWR tokens have shown up in your Binance wallet, head to “Funds” then “Withdrawals”. Select POWR from the menu. Enter a withdrawal address (the address from your POWR wallet), and the amount of POWR you wish to take out.
…and that’s it! Now you know how to get Power Ledger tokens on Binance.