Cryptocurrencies have become a must for every business to accept in the past few years due to their potential. Small businesses can take advantage of cheaper and faster transactions and expand their customer base to the global scene.
MSMEs is a blockchain project focused on helping businesses access finance by providing innovative applications and an extensive ecosystem. To achieve this, MSMEs has launched the MSMECOIN, a utility token that allows small and medium businesses to access the crypto world.
MSMECOIN is available on different exchanges such as PancakeSwap and Coinsbit. This article highlights how you can buy your MSMECOIN on Coinsbit.
How to Sign Up on Coinsbit.io
Coinsbit is a crypto exchange that allows you to deposit, trade, exchange, and withdraw cryptocurrencies. It provides users with an inbuilt wallet where you can store your MSMECOIN, and MSMECOIN is listed on its trading platform.
Registering on Coinsbit is relatively straightforward, and all that is required is to follow the following steps.
Visit Coinsbit.io and click on the sign-up menu
The registration interface appears where you fill in the following information
- Enter your current E-mail address.
- Password — Enter the password.
- Confirm password — Retype the password.
- Click on the tap to agree to their policies.
- Press SIGN UP to register a Coinsbit account.
Coinsbit will send a mail to the email where you registered your Coinsbit account. Check your mail and click on the link they sent to complete the confirmation.
After completing step 2, you have completed the registration for the Coinsbit account. You can now deposit and trade on Coinsbit but won’t be able to withdraw your coins until you verify your account.
How to buy USDT on Binance and Deposit on Coinsbit
Binance is the biggest crypto exchange globally and is a popular place for crypto lovers in Africa to buy cryptocurrencies. USDT is the crypto form of the dollar that is widely used by traders to buy cryptocurrencies and is what we’ll use in this tutorial to buy MSMECOIN on Coinsbit.
Firstly you need to sign up on Binance for an account and complete verification. Once this is done, then follow the steps below.
Login to your binance account
Once you log in to your Binance account, you’ll be redirected to the homepage.
Hover on Trade and click on P2P from the drop-down menu.
You’ll be directed to the p2p exchange, where you can purchase USDT from your local currency. Binance p2p is safe and allows buyers and sellers to exchange cryptocurrencies among themselves using an escrow system.
Click on the Fiat tab to select your preferred local currency to begin trading with local traders looking to sell their USDT.
Once you have selected the right currency, you’ll be provided a page with the top traders buying or selling crypto.
Click on Buy and select the trader that has the amount of USDT available that you want to purchase to buy MSMECOIN
Select a trader and click on Buy USDT
You’ll be directed to a payment portal to fill the amount you intend to buy and get the seller’s conditions.
Once you conclude the payment, your USDT will be released to your wallet, and you can proceed to withdraw it from Binance to Coinsbit.
Go to fiat and spot wallets and search for USDT as the coin you want to withdraw. Click on withdraw.
Go to your Coinsbit account and click on the wallet in the top right-hand corner. Click on balance to access the USDT wallet you intend to receive the USDT token.
In the wallet section, search for USDT and click the deposit menu
Choose the ideal deposit option and copy the wallet address
On the Binance withdraw page. Input the wallet address from Coinsbit and complete the remaining withdrawal process.
Once the USDT withdrawal is successful, you can refresh your USDT wallet on Coinsbit to view your balance.
How to Purchase the MSMECOIN (MSME) on Coinsbit.io
Buying MSME on Coinsbit.io is easy. Here are detailed steps to guide through the process.
Step 1: To buy MSME, you need some mUSDT in your wallet. You can get this by trading your USDT for mUSDT. Head to wallet balance and move your USDT from the main wallet to the trading wallet.
Step 2: On your menu, under the Buy Crypto section, select the Classic Spot Trading option.
Step 3: On your trading dashboard, select the option for stablecoins and choose USDT.
Search for mUSDT as you want to trade with the mUSDT/USDT pair.
Select the trading pair and sell your USDT for mUSDT.
Step 4: Next is to trade your mUSDT for MSME. Switch from the stablecoin tab to the alts tab on your trading dashboard and search for the MSME/mUSDT trading pair.
Sell your mUSDT for MSME and confirm your trade.
How to Verify Account on Coinsbit.io
Verifying your account is important as you need to complete your KYC to make withdrawals on Coinsbit. Below are detailed steps on how to verify your Coinsbit account.
Step 1: Head over to your profile on the menu bar
Fill in your basic information and your address.
Step 2: The next step is to upload your means of identification and wait for approval.
Once your account is verified you can then make withdrawals from your Coinsbit account.
How to make withdrawals on Coinsbit.io
Click on the wallet section on the homepage and select balance.
Input MSME in the search bar and your wallet address will pop up with your balance. Click on withdraw
In the withdrawal tab, input the wallet address to receive the MSMECOIN and the amount you intend to withdraw. Ensure that you have enough to cover the transaction fees and click on withdraw. You have successfully withdrawn MSMECOIN from Coinsbit.
To get more information and learn about MSMEs follow the links: