How to Buy Injective Protocol

24 Jan 2024 by Syed Waleed 7 min read

Overcoming hurdles of complexity when acquiring cryptocurrencies can be challenging. Injective and its native $INJ token are no exception, with the answers in this article being explicitly tailored towards how to buy Injective Protocol effortlessly.

TABLE OF CONTENTS

What is Injective Protocol

Where to Buy Injective Protocol

- Centralised Crypto Exchanges

- Decentralised Crypto Exchanges

What to Do After I Buy Injective Protocol

How to Buy Injective Protocol - Conclusion

How to Buy Injective Protocol - FAQ

What is Injective Protocol

Injective is essentially a supercharged financial tool that operates in a decentralized way - therefore making it more open and accessible to everyone. It supports different types of financial agreements, such as CFDs and perpetual swaps, with its main goal being to create a financial system that is not controlled by a single entity… but rather, everyone.

Imagine it as a fast and powerful system that is changing the way we handle money. With easy-to-use components, it's making finance more straightforward, connecting different applications, and making the whole system more decentralised and fair.

Where to Buy Injective Protocol

Purchasing injective Protocol directly with traditional fiat methods like Paypal or bank cards is currently unavailable. To acquire INJ, you'll first need to buy another cryptocurrency that can be easily obtained with fiat, such as USDT, Bitcoin ($BTC), Ethereum ($ETH), or Binance Coin ($BNB). Afterwards, you can transfer these cryptocurrencies to a crypto exchange or wallet that supports INJ trading.

Many platforms offer over-the-counter (OTC) trading services for INJ, allowing you to buy it directly with fiat currency. This makes it convenient for you to choose a suitable crypto exchange or wallet for buying, selling, and trading INJ using your local fiat currencies like USD, EUR, TRY, PHP, and more.

In the realm of Injective Protocol (INJ) trading, two distinct categories of crypto exchanges exist: centralised exchanges (CEX) and decentralised exchanges (DEX). The procedures for purchasing Injective Protocol (INJ) differ between these two exchange types.

To buy an Injective Protocol (INJ) on a centralised exchange (CEX), start by acquiring USDT or BTC. Exchange them for INJ within the CEX. If your current platform doesn't support INJ trading, transfer to a compatible CEX for the swap.
When buying an Injective Protocol (INJ) on a decentralised exchange (DEX), consider the DEX's mainnet. For Ethereum-based DEX like Uniswap or Sushiwap, purchase ETH; for Binance Smart Chain-based DEX like Pancakeswap, get BNB. For other blockchain DEX, buy the corresponding mainnet cryptocurrency with fiat before making the transaction.

Centralised Crypto Exchanges

Given the diverse operational methods across various centralised exchanges (CEX), offering a comprehensive step-by-step guide for purchasing is challenging. However, we can furnish you with general procedures to assist in navigating the buying process.

Step 1: Create an account on the official website or app of the CEX. If the CEX, like Binance, offers a one-step signup through your social account (Check Exchange Ranking), you can directly register using your social credentials.
Step 2: Ensure the verification of your identity and fortify the security of your CEX account. Typically, you'll need a government-issued identification document for the verification process. For added asset security, it's advisable to activate Two-step Verification.
Step 3: Purchase USDT, ETH, or BNB with fiat using the OTC service on a CEX or financial platforms like Paypal or Robinhood (for US residents) via bank account or credit card.
Step 4: Transfer fiat-purchased USDT, ETH, or BNB to a CEX supporting Injective Protocol (INJ) spot market trading. If the CEX facilitates both fiat purchases and offers INJ trading pairs (INJ-USDT, INJ-ETH, or INJ-BNB), you can trade within the same platform without additional transfers.
Step 5: Acquire Injective Protocol (INJ) on the spot market using USDT, ETH, or BNB.

Caution: Some CEXs may not be available in your country or area; it's recommended to consult the exchange's customer service or check official announcements for clarification. Regarding tax concerns, seek guidance from the local tax department for accurate information.

Decentralised Crypto Exchanges

While the functionalities of each decentralised exchange (DEX) may vary, the trading processes generally share similarities.

Step 1: Visit the page of the DEX.

Step 2: Install a Web3 crypto wallet like Metamask, or an app wallet, such as Trust Wallet, supported by the DEX.

Step 3: Establish and configure a new wallet.

Step 4: Send fiat-purchased ETH, BNB, etc. (the relevant mainnet cryptocurrency for the DEX blockchain) to your self-custody crypto wallet address. If the coins are in your CEX wallet, locate the "withdraw" option, paste the crypto wallet address, and initiate the transfer.

Step 5: Link your wallet to the DEX by typically clicking on "Connect Wallet" located at the upper right side of the DEX and following the provided instructions.

Step 6: Access the DEX's "Swap" option, pick your trade token, choose Injective Protocol (INJ), or input its contract address if not listed. Enter your desired amount in the "To" or "From" input box, with an automatic estimate for the opposite amount.

Step 7: Review the information, then press the "Swap" button. Once you're prepared, proceed by clicking the "Confirm Swap" button, and your wallet will prompt you to confirm the action.

Step 8: All set! You can check out the details of your transaction on the block explorer.

Be cautious of scam tokens, as there are numerous fraudulent projects across DEXs.

What to Do After I Buy Injective Protocol

Store/Hold INJ

Numerous investors retain their INJ tokens with the anticipation of it appreciating over time. Here you have the option to keep your Injective Protocol in your exchange wallets like Binance Wallet, or in cryptocurrency wallets such as Trust Wallet.

If you intend to store them for an extended period, opting for a cold wallet instead of a hot wallet is advisable.

Trade Injective Protocol

Engage in the trading of Injective Protocol for various cryptocurrencies on cryptocurrency exchanges. Both CEXs and DEXs provide a variety of trading pairs tailored to suit your specific requirements in INJ trading.

Earn Injective Protocol

Boost your earnings through coin staking - a powerful method to optimise your holdings by staking coins that might otherwise remain idle in your wallet or trading account.

Transfer

Unlike the delays associated with international money transfers, you can virtually instantly send Injective Protocol to anyone worldwide.

Purchasing Goods

Some websites and physical stores let you use cryptocurrency to pay for things. This means you can buy stuff or services from these places using crypto.

How to Buy Injective Protocol - Conclusion

Mastering the art of how to buy Injective Protocol is your gateway to a decentralised and thriving financial realm. The step-by-step guide provided ensures a seamless journey, from selecting the right exchange to securing your assets in a reliable wallet.

As the cryptocurrency landscape evolves, don't miss the opportunity to actively engage in the Injective Protocol market. Empower your financial journey, unlock the potential of decentralised trading, and take charge of your investments.

How to Buy Injective Protocol - FAQ

Can I buy 1 Injective Protocol?

Certainly, you have the flexibility to purchase less than 1 Injective Protocol, a common practice applicable to nearly all cryptocurrencies. However, on most crypto exchanges, the minimum purchase requirement typically starts at around $5 and can extend to higher amounts.

Is Injective Protocol a good investment?

Cryptocurrency prices, including Injective Protocol, are unpredictable. While believers in crypto's value might find it worthwhile, caution is advised due to market volatility. Diversify investments, evaluate pros and cons, and conduct research on factors like the white paper and historical data. Your decision should align with your risk tolerance.

How long does it take to buy Injective Protocol?

Buy Injective Protocol instantly on CEX after a brief KYC process. Verified accounts enable instant transactions. P2P or bank transfers may take longer. In DEX, confirmation time depends on gas prices; lower prices mean longer processing. Refer to trackers like Etherscan for optimal gas prices and transaction times.

Where can I buy native Injective?

To find where you can purchase Injective at the current rate, the leading cryptocurrency exchanges for trading Injective stock include Binance, Bitrue, OKX, Bybit, and Bitget.

How do you trade on Injective Protocol?

To trade Injective Protocol on a CEX, sign up, execute trades, manage fees, and use a custodial wallet. Consider non-custodial wallets for added security. Start small, learn, and trade wisely.

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