Buying ELYFI is confusing at first. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how and where you can buy ELYFI so that you can start trading/investing in it.
What is ELYFI ($ELFI)?
ELYFI is DeFi project to utilize real assets brought on-chain through the ELYSIA protocol. ELYSIA is a project that tokenizes real assets. ELYSIA is a protocol that makes real assets into asset tokens (NFTs) to be used on-chain, and the asset tokens created in this way can be used in ELYSIA’s DeFi, ELYFI.
Participants in the ELYFI Protocol can obtain investment returns by supplying liquidity to the money pool or can borrow liquidity using asset tokens as collateral and can contribute to the protocol’s stability and development through governance participation and staking.
How to buy ELYFI ($ELFI)?
No matter what people say, it’s easy to buy ELYFI with a credit card. Your first step will always be to buy BTC/ETH/USDT with your credit card. They can then be converted to ELYFI. Transfer BTC/ETH/USDT to an exchange that supports ELYFI. Finally, exchange it for ELYFI. Please follow our step-by-step guide below to buy ELYFI ($ELFI).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how you can buy ELYFI ($ELFI)!
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC).
In this case, we need to buy Ethereum (ETH) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy ETH with fiat money
Select ETH and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some ETH. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer ETH to MetaMask
You can use ETH to buy most coins and tokens in the market. The quickest way to buy ELYFI is to transfer your ETH to Metamask Wallet (or the exchanges listed below for US traders) and swap your ETH for ELFI on UniSwap.
- Head over to your Coinbase dashboard and click on the “Accounts” tab.
- Under the category “Deposit,” you will see a list of all the digital assets that Coinbase makes available for trading. If you want to transfer Ethereum from Coinbase to MetaMask, click on the “Send” button next to your Ethereum balance.
- If you want to send all of your Ether, click on “Max” next to “Amount” Otherwise, you can manually input an amount by clicking on this field and typing in a number.
- In the “Recipient Address” field, paste your MetaMask wallet address (or manually type it in). This is where your Ether will be sent after you complete these steps.
- Next, click on the blue “Continue” button at the bottom right corner of the page. At this point, Coinbase will ask you to confirm the transaction by entering your password into a pop-up
Now you will need to find an exchange that allows you to deposit ETH and trade it for ELYFI. As ELFI Coin is currently listed on UniSwap we will guide you through how to convert your ETH on the platform.
Step 4: Connect MetaMask with UniSwap
Connecting to UniSwap using MetaMask is easy, once you have your own wallet set up.
Once you have installed MetaMask on your browser and created a wallet, we can begin connecting it to the Uniswap exchange.
Step 1: Go to the Uniswap website to start the process.
Step 2: Click on Connect Wallet in the top right corner of the page.
Step 3: You will then see a pop-up asking you which wallet you want to use. Select MetaMask from the list of options displayed on this page.
Step 4: A pop-up will appear from MetaMask asking you if you would like to allow Uniswap to connect with your wallet. Click connect.
Step 5: Swap ETH for ELFI
I will show you step by step on how to swap ETH for ELFI:
- Click the “Select a token” dropdown.
- Search for the ELYFI token, or you can copy-paste the token contract code from a website like Coin Gecko or Coin Market Cap.
- Now, we’ll go to Coin Gecko. In the search bar at the top right of the website, search for ELFI.
- Select ELFI in the drop-down.
- Under ELFI you will see a “Contract” To copy the contract code press the paper icon.
- Now go back to Uniswap and paste the contract code into the “TO” field.
- You’ll see “ELFI” appears. Click the import button to save ELFI so you do not have to copy-paste the ELYFI contract code again.
- Read the Uniswap warning and then click “I understand” and then the import button to continue.
- Next, you have to select the amount of ETH you want to convert to ELFI.
- Press the Swap button, and lastly the Confirm button to complete the swap.
Now you can see your ELFI Coin in your MetaMask Wallet. Congratulations! You have finally bought ELYFI ($ELFI)!
Frequently Asked Questions
How can I buy ELYFI with PayPal?
Sure! If you want to use PayPal, you’ll have to purchase bitcoins first, then exchange those bitcoins for $BDOGE using a service like Binance.
I want to buy ELYFI, but I have a lot of cash. Is there an easy way to convert my cash into $ELFI without having to buy bitcoins first?
Yes! You can use Binance to exchange your cash directly for $ELFI. However, you should know that ELYFI is not available to purchase directly with cash. Even though some ATMs support ELYFI, they are less than 1% of all cryptocurrency ATMs.
Is it possible to buy ELYFI with Bitcoins?
Yes, it is possible to exchange bitcoins for ELYFI on the Binance platform.
Can I buy ELYFI with Skrill?
Europeans can use BitPanda to buy BTC, ETH, or USDT with Skrill. Ethereum or BTC can be converted to ELYFI on Binance.
What is the best payment method to buy ELYFI?
The cheapest way to do this is to buy bitcoins with a bank account (or BTC/ETH/USDT directly with a bank account) and exchange USDT for ELFI.
How can I protect the ELFI after I buy it?
You must store your ELYFI in a secure wallet. Leaving ELYFI on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell ELYFI ($ELFI)?
Binance and PanCakeSwap are good places to exchange your $ELFI for any other cryptocurrency. If you want to exchange it for regular currency, trade $ELFI for bitcoin and exchange BTC for dollars, euros, or other currencies.
Can I mine ELYFI instead of buying it?
You cannot mine ELYFI as it has a different network structure than Bitcoin. You can only buy ELYFI from an exchange.