iexec how and where to buy
(Last Updated On: February 1, 2018)

Where To Buy iExec Tokens?

We would recommend using an established exchange platform such as Binance. 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 iExec RLC tokens 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.

Where To Store iExec RLC Tokens?

Within this guide, we will be making use of the easiest and most handy wallet for storing your iExec RLC coins. MyEtherWallet (which can store any coin ERC20 Tokens, including iExec RLC). For added security, we would strongly suggest using a hardware wallet such as the Trezor or the Ledger Nano S.

myetherwallet

Sign-Up To Binance

Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. You will 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.

If you need a 2FA service then check out Google Authenticator for more information on their service.

Adding Ethereum 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, like NEO which has zero transaction fees.

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).

Adding Funds To Binance

 

Using The Exchange To Buy RLC

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 RLC 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 RLC’ button, click the ‘Market’ option.

In the input box marked ‘Amount’ you now need to fill out what number of RLC 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 RLC.

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

Withdrawing Your RLC Tokens

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 RLC.

  1. Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. In the search box, type RLC. You will now see your new RLC in your RLC 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 MyEtherWallet or any other ERC20 wallet that supports RLC.
  6. Amount: Press the ‘Max’ button to send all your RLC.

How to withdraw iExec coins from Binance

When you’re positive all information is accurate (check you’ve inputted the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you will be asked for a code from 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.

What Is iExec RLC?

iExec aims to supply distributed applications running on the blockchain with scalable, secure and easy accessibility to the services, data-sets and the computing resources they require. This particular technology makes use of the Ethereum smart contracts and allows building a Virtual Cloud infrastructure that provides high-performance computing services on demand.

iExec relies on XtremWeb-HEP, a mature, solid, and open-source Desktop Grid software which implements all the needed features: fault-tolerance, multi-application, multi-users, hybrid public/private infrastructure, deployment of virtual images, data management, security and accountability, and many more.

The RLC tokens will be utilized to connect to the resources provided by the Market Network. It’s going to be the unique way of payment for Application providers, Server providers, and Data Providers.

 

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