Over the years, cryptocurrencies have gained massive popularity as a means of investment and digital transactions. With the world gravitating more towards widespread adoption of cryptocurrency, it's only natural that there are several ways to acquire these digital tokens.
Taptools is one of the platforms that allows users to invest in cryptocurrencies such as ADA and many more. This guide will take you through the step-by-step process of trading ADA and other cryptocurrencies on Taptools.
What is TapTools?
Taptools is a decentralized analytics platform that focuses on the Cardano blockchain. It is an avenue for users to trade and manage ADA and other tokens conveniently. Taptools combine portfolio tracking, analytics and decentralized exchange functionalities to help users access and interact with Cardano-based tokens easily.
If this is all new to you and you want to buy some ADA, this guide will walk you through the process.
Step 1: Visit Taptools Website
To get started with Taptools, visit Taptools.io and create an account using a valid email address. After this, you'll get a verification mail which allows you to proceed, then access services such as portfolio tracking or monitoring token prices.
Step 2: Connect a Wallet
Before you can trade on TapTools, you need a cryptocurrency wallet to store your assets. With Taptools running on the Cardano blockchain, you need a wallet that is also compatible with Cardano and you can pick from various options. For instance, you can decide to use Eternl Wallet among the provided options and if you don't have one already, this is how to go get one:
● Go to Eternl.io
● Create a new wallet by following the prompts on the homepage
● Set up a recovery phrase and ensure that you keep it safe because it could be important if you need to recover your wallet
● Fund your wallet
● Then download an Eternl wallet Chrome extension and link the newly created address to it.
Alternatively, you can use wallets like Yoroi, Vespr, Nami or Exodus which all have similar registration processes.
After you have created a wallet, return to Taptools.io and on the homepage, click on the wallet icon and connect your wallet.
Step 3: Trade Token Pairs
The next step after connecting your wallet to Taptools is to move on to trading your tokens. On TapTools, you can trade tokens like ADA, MIN and many others. To do this,
● Head to the Taptools homepage and click on the search button.
● Type the ticker symbol of the token you want to trade and select the trading pair.
● After this, input the amount of ADA you want to purchase or the amount of another token you want to sell to buy ADA.
● Subsequently, you'll be charged a small transaction fee and asked to confirm transaction details. Once you confirm this, the trade will reflect in your wallet and you're good to go.
Conclusion
Taptools is obviously a necessary tool for traders who use the Cardano blockchain. Its services go beyond just trading tokens; you can monitor token prices, manage your portfolio and even gain access to information like the best performing assets, popular tokens and the most capitalized tokens on the Cardano blockchain.
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