cloakcoin tokens guide
(Last Updated On: May 9, 2018)

CloakCoin

CloakCoin was designed to facilitate private, secure, decentralized & untraceable transfers with CloakCoin-ENIGMA. CloakCoin was one of the first digital currency concepts in the crypto market to address this inadequacy, and was introduced in 2014 with the aim of enabling people to use a coin that would provide total privacy, in a world that is more and more encroaching on the freedom of its population, stating real and perceived threats to national security as a reason to ‘protect’ its citizens.

CloakCoin Roadmap

CloakCoin is based on a ’Blockchain’ concept but has added some very simple and clever layers of communication and a sophisticated off-­blockchain coin mixing system making it impossible for 3rd parties to trace transactions between CloakCoin wallets. Today CloakCoin claims to be one of the best systems available for providing private, secure, decentralized and untraceable digital monetary transactions.

Everyone can earn more with Cloak. 6% annual interest is rewarded for simply staking your coins in your wallet. For more information and full indepth look, take a look at the CloakCoin WhitePaper.

Where To Buy CloakCoin (CLOAK)?

We would recommend using an established exchange platform such as Binance when looking to buy CloakCoin. You can either choose to store them on the platform or withdraw them and keep them in a personal wallet. If you are looking to?hold for CloakCoin longterm, then move them off the Binance platform. If you are new to Binance, carry on reading this article for a step-by-step guide on how to use this trading platform. Binance is pretty easy to use and it should’nt take you too long to learn how to use it.

CloakCoin Wallets

If you head over to GitHub you can download the official CloakCoin wallet – available for Linux, Windows and Mac OSX.

 

How To Sign-Up To Binance

Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. You will then be sent an email to confirm your email address? Click the link in the email. If you can’t see it, then check your spam folder.

You will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login’.

binace confirmed email

A pop-up will advise you to set up 2FA (two-factor authentication) on your account. We strongly recommend you set up 2-factor authorization (2FA) on your account. this second level of security makes it very unlikely they will be able to get into your Binance account.

Adding Funds To Binance

Hover your mouse over ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals’. This screen displays any coins which you have stored on Binance – you will need to deposit some. I would suggest using Ethereum due to the lower sending fees. However, you can deposit other coins.

binance add funds

Type ‘Ethereum’ in the search box. This will narrow the wallets displayed to just a few- in those, find Ethereum. Press ‘Deposit’ You will be given an Ethereum (ETH) deposit address. Make sure you have the correct address. If you send a currency to the wrong address, it will be lost forever. (The image below show LTC – this is for example purposes only).

binance add funds part 2

How To Trade CloakCoin On Binance

The exchange page on Binance might appear too much to handle to start with, but don’t worry, you only need to use a small part of it.

There are 2 methods for buying coins on Binance:

  1. A ‘Limit’ order, which enables you to manually set the price you want to buy CloakCoin tokens at.
  2. A ‘Market’ buy, which fills your order automatically at the best price available. The price may have spiked at that time, so be careful not to overpay. If you like the price then go ahead and use this method. Above the Buy CloakCoin’ button, click the ‘Market’ option.

In the input box marked ‘Amount’ you now need to fill out what number of CloakCoin you want to buy. It could be simpler to use the percentage buttons below the input box – for example, press 50% if you’d like to exchange 50% of your Ethereum for CloakCoin.

Once you’re satisfied with the quantity, press the buy button. Your order will be filled immediately.

Withdrawing CloakCoin Tokens From Binance

If you’re happy with it, you can just leave your coins on Binance and they would in all probability be safe. On the other hand, exchanges have been compromised in the past, and users have lost coins, therefore we do suggest you keep them in a personal wallet.? (The image below shows LINK coin – this is for example purposes only) Ensure you have selected CloakCoin.

  1. Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. In the search box, type CloakCoin. You will now see your new CloakCoin in your CloakCoin wallet.
  2. Click the ‘Withdrawal’ button.
  3. In the boxes that appear, complete the information:
  4. Label: Write ‘My wallet’
  5. Address: Put the wallet address that you copied from your CloakCoin wallet.
  6. Amount: Press the ‘Max’ button to send all your CloakCoin.

withdraw from binace

When you’re positive all information is accurate (check you’ve entered the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you will be asked for a code that has been sent to your phone. Enter it and press ‘Submit’. You will be sent an email to confirm the withdrawal. Go to your email and click the link that’s been sent to you. If you found this article useful, please consider visiting Binance through one of our links.

 

Visit Binace Here

Leave a Reply