While Cryptocurrencies have been growing rapidly since their creation 10 years ago, they still face many difficulties today including low liquidity among various liquidity pools and an increasing number of manipulative traits.
Wootrade has created a revolutionary new platform for trading cryptocurrency that solves liquidity, cost, and adverse selection issues. And today's article is going to teach you how to buy Wootrade Exchange’s native token (WOO).
What is Wootrade?
Wootrade was founded by Kronos Research in June 2019, one of the largest cryptocurrency trading firms. They will be seeding liquidity to Wootrade in the short term and creating an ecosystem where employees within both companies won't have any innate advantages over others.
The exchange is a dark pool trading platform that offers significantly above-average liquidity as well as tighter spreads than the major exchanges. Users of this innovative cryptocurrency exchange are offered zero (or even negative) fees and have access to high volumes of trade opportunities with tight spread; it's truly an innovation in crypto markets. They offer simple or advanced layouts for trading purposes.
What is Wootrade (WOO) Token?
WOO is a native platform token that unites liquidity providers and seekers into a mutually beneficial economic system, where traders receive better prices due to high volume orders executed faster than they would on their own.
Traders are incentivized by matching short positions across multiple regions at once, while also involving longs diversifying one's portfolio away from believing in just one singular region or country alone. By leveraging WOO tokens, the platform incentivizes liquidity providers to compete on prices and spreads for traders, rather than placing importance on volume which can sometimes be fake or manipulative by large market participants like HFT firms with high amounts of capital at their disposal.
How to Buy Wootrade?
Step 1. Find an exchange
A cryptocurrency exchange is the best place to buy Wootrade. As it’s a relatively new coin, you need to choose an exchange with a very wide range of coins and one that tends to focus on smaller altcoins. A couple of the best exchanges for that are:
- Binance: The most popular platform in the world, there are hundreds of different cryptocurrencies available on Binance. It also has a lot of beginner-friendly information and a quality mobile app.
- Bittrex: Bittrex is another exchange that focuses on ease-of-use and has a wide range of coins available. It prides itself on being one of the most secure platforms in the world, and is ideal for someone just getting started in crypto.
Step 2. Sign up and fund your account
Before you can use an exchange, you have to create an account. Signing up is fairly simple but you normally have to provide some contact details and verify your identity with a passport or driving license.
To fund the account, you can make deposits in fiat currency (like GBP or USD) on most leading platforms. The cheapest way to do this is with a bank transfer, but other payment mETHods are often available, just with a higher fee.
Step 3. Purchase
To find Wootrade, search for the coin’s ticker symbol – WOO. Then you’ll see a list of the ways you can buy it, such as BTC/WOO. Choose one of these, enter the amount you want, and execute the trade.
Because Wootrade is a relatively small coin, you can’t get it with a fiat currency like USD yet. That’s not much of a problem, all you have to do is get another cryptocurrency, like Bitcoin, first, and use that to get Wootrade.
Step 4. (Optional) Get a suitable wallet
A cryptocurrency wallet is a more secure place to store your new coins than leaving them in your exchange account. Wallets come in many different guises, but all keep your money safe by protecting it with a unique private key. Here are two of the top wallets around:
- Ledger Nano S: The Nano S is a hardware wallet, which is a USB-like device that holds your coins. You plug it into your computer to access the coins, and they’re kept completely offline, so remain secure even if that computer is infected.
- CoolWallet: The CoolWallet is another hardware wallet, but one that can be accessed through an app on your mobile phone that connects to the wallet via bluetooth.
Closing Thoughts
Wootrade is a convenient option if you want a CEX's security and access to unlisted tokens on DeFi platforms. Their liquidity focus is essential to blockchain users who want to avoid slippage at all costs. Overall, the project is one of the rare options out there combining CEX and DEX services.
As Wootrade’s liquidity continues growing in the DeFi and CeFi space, WOO token’s utility also expands, prompting more users searching for “how to buy wootrade”. To continue this growth, Wootrade also plans to expand its extensive list of products, features, and partnerships.
