Crypto is an increasingly popular medium of investment. But if you are new to this world, it might feel overwhelming. We want to make it easier for you to buy MYST tokens.
Follow this simple and quick guide for beginners in the crypto space.
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First off, what is MYST token?
MYST is a type of cryptocurrency known as a utility token. This means it serves a specific purpose as a native digital currency within a particular network or platform.
In this instance, MYST enables peer-to-peer transactions within the Mysterium Network. Instead of paying a regular VPN service to unblock websites and apps, you can use MYST to pay people around the world when you connect to their IP address using MysteriumVPN. Anyone can join the network as a node and earn.
MYST is an ERC-20 token and can be stored in any Ethereum wallet (MyEtherWallet, Metamask, Ledger, Trezor, etc). MYST is also compatible with Binance Smart Chain and Polygon.
Where can I find MYST?
MYST is available on HitBTC and Bittrex Global, which are both centralised exchanges. These platforms are not available in some countries though, such as the US.
If you’re not able to register an account on these platforms, you can also use a decentralised exchange, which is permissionless (anyone, anywhere can use them).
MYST is available on Uniswap (Ethereum compatible), Quickswap (Polygon compatible) and PancakeSwap (Binance Smart Chain compatible).
Note that in order to register a node in our network or stake in our Delegation Pool, you will need Polygon version of MYST.
If you'd like to obtain Polygon MYST, node runners and token holders have several options:
You can buy MYST on a centralized exchange where MYST is traded, withdraw these tokens to your wallet, such as Metamask, and “bridge” your MYST from Ethereum to Polygon directly in your wallet. However, this option may not be the cheapest, as Ethereum blockchain fees are very high at the moment.
You can get MYST in a decentralised exchange like Uniswap V3 pool or PancakeSwap pool, and bridge your MYST to Polygon through the Multichain V3 router.
You can get MYST directly using the QuickSwap exchange. You can trade some MATIC or other tokens for MYST.
Choosing an Exchange
If you don’t want to use Bittrex or HitBTC, there are hundreds of other platforms to buy crypto assets from, and you can always swap these for MYST using the options above.
First, two things to consider are where in the world you are buying from and with what currency. There are limitations on which exchanges you can buy from based on these two factors.
Exchanges may not accept your local currency or based on your country of residence or citizenship you may be allowed to purchase via local or international wire transfers, or more recently even with your debit or credit cards. Beware though that the charges for buying with a credit card may be considerably more expensive than other methods.
The other thing to think about is transaction fees. There is a wide range of transaction fees and commissions, so it might take some research to find the optimal one for you.
Finally, you might want to see whether the exchange you are hoping to buy your crypto from is licensed and regulated.
You Picked an Exchange to Buy From, Now What?
Once you decide on which exchange you want to buy from, if it is a centralized exchange, they might want to verify your identity. This process might take up to a few days and you may be asked to submit documents like photos of yourself.
If you would like to trade anonymously, there are options out there, mostly on decentralized exchanges.
Once you set up an account, either way, you should be able to buy and sell your tokens fairly instantaneously.
Can You Buy Crypto with Dollars (Or Any Fiat Currency)?
Yes and no. It depends on which cryptocurrency you are looking to buy. The exchange you chose may or may not support the currency with which you are hoping to buy crypto tokens. If the exchange does not support your local currency, you are gonna need to convert your fiat currency into one that is supported (US Dollar or Euro are most commonly supported.)
Some coins and exchanges will allow you to purchase directly with money transfers while others will only be traded with other cryptocurrencies.
To buy MYST, you are going to need to buy another crypto token first. (This is the case for many coins out there.) A common choice in our community is to buy USTD or BTC.
What to Do If You Can’t Find MYST
If the exchange you chose based on all these criteria does not offer MYST, then you can buy a different token like MATIC and use a tool like Quickswap to swap your MATIC for MYST.
You can find MATIC on pretty much any exchange such as Binance, Coinbase or others and buy it for fiat (USD, Euro, etc) Then transfer that MATIC to your wallet on Metamask, Trust wallet or other non custodial wallet. (more on where to store your tokens down below)
If you have a Binance account, but you want to avoid high tx fees on the Ethereum network, then you can follow these steps:
Buy MATIC token for the amount of $ you’d like to spend on MYST
Install Metamask (using this guide configure it to work with Polygon https://medium.com/stakingbits/setting-up-metamask-for-polygon-matic-network-838058f6d844)
Withdraw your MATIC into a wallet address generated by Metamask. It is important that you choose Polygon (not Ethereum) in the Binance withdrawal interface.
Go to QuickSwap (https://quickswap.exchange/#/swap?outputCurrency=0x1379e8886a944d2d9d440b3d88df536aea08d9f3) and swap your MATIC to MYST.
NOTE: Don’t forget to leave 1 MATIC for yourself to cover future Polygon tx fees.
Different Wallet + Storage Options
Once you have purchased your MYST, the question is where do you keep it? Most centralised exchanges allow you to keep your tokens in your account This may be the easiest option, especially if you are thinking of trading tokens fairly often.
A quick word on custodial vs. non custodial platforms. If you work with a non-custodial platform like a DEX or Metamask wallet, you have complete control over your private key. This is the option with most privacy, but for some people, it may be nerve-wracking.
Like in this story of a programmer who lost his key to a wallet with crypto assets worth 220 Million Dollars as of Jan 14, 2021.
So alternatively, you can go with a custodial platform to avoid things like this ever happening to you. In that case, you should know that since the platform will hold the private key to your wallet, technically they own your funds as well.
There are some risks involved with this like the site getting compromised so that is another thing keep that in mind.
If you are buying tokens to purchase other goods and services or to keep them for a while as an investment, then you should get an external wallet.
There are hot and cold (or online and offline) wallets available. While an offline wallet may be the safer option against hacks, they are also the more expensive choice. The online wallets are the most convenient in this case (and often free of charge.)
Be careful not to put your keys at risk by clicking on risky links on phishing emails.
If you have no idea where to start still, Metamask is a commonly used wallet amongst MYST holders. It is initially on ETH network but you can change it to Polygon using our guide here.
For more questions, you may have, feel free to jump into our Telegram, Twitter, or Discord, and someone from the Mysterium team will be happy to help you out.