Trading MIR coins through crypto-exchange platforms is quite a complex process. Unlike cryptocurrencies like Bitcoin, Ethereum, you cannot buy them via direct Fiat money (credit card/debit card/Paypal.) In case you’re interested in ethereum-blockchain based Mirror coin and are unable to find a way to purchase it, follow the steps listed below to successfully purchase it.
Note: To buy MIR coin, you first have to purchase Bitcoin or Ethereum from a Fiat-to-crypto exchange platform. Then you have to transfer these coins to the exchange where MIR token can be traded (like Altcoin pairs). While this entire process is a little time-consuming, you can successfully buy and sell MIR coins by following some simple steps.
Here, I will help you buy MIR coins via Coinbase and trade them using Bitforex since they are the leading and reliable cryptocurrency exchange platforms. But before I begin, I’d like to make it clear that Tutorials.how doesn’t do cryptocurrency recommendations, this guide is for people who are already interested in the MIR coin and are looking for a way to buy it.
- What is MIR and its current price?
- How to Buy MIR Coin via Coinbase and Bitforex [Step-By-Step Guide]
- Step 1: Sign Up on Coinbase for Fiat-to-Crypto Exchange
- Step 2: Use Fiat Money to Buy Ethereum Coin
- Step 3: Sign up on Bitforex to Transfer your Cryptocurrency (Ethereum Coins)
- Step 4: Deposit Ethereum Coins to Bitforex for Exchange
- Step 5: Paste the Unique ETH Wallet Address into the Coinbase App
- Step 6: Trade MIR coins on BitForex
- Why use Hardware Wallets to store MIR coins?
- Best VPN for MIR Trading (Works for other cryptocurrencies as well)
- Frequently Asked Questions
- Is MIR Coin a good investment? – Market Prediction
What is MIR and its current price?
Hosted on the Ethereum blockchain, MIR (Mirror Protocol) is a Defi token that allows the creation of Fungible assets to track the price of real-world assets. It enables the development of synthetic assets called mAssets (Mirror Assets).
You can use these tokens to create new governance polls and vote on the current polls to bring crucial changes in the protocol by listing them on Terraswap against TerraUSD (UST).
As per the Coinmarketcap Current Price Data on 9 June ’22, the current MIR crypto price is $0.003 with a 24-hour trading volume of $29,541.29 (price increased by a 1.09% rate in the last 24 hours). Currently, it is ranked 1228 on Coin Market Cap with a live market cap of $2,359,120.
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How to Buy MIR Coin via Coinbase and Bitforex [Step-By-Step Guide]
Coinbase is one of the most trusted platforms, when it comes to buying cryptocurrencies. I use it all the time. However, if Coinbase is not available in your country you can obtain BTC from someone you know or buy it from P2P Bitcoin platform like LocalBitcoins (but make sure to do the research on the party who is selling it, there are many scammers who’ll run away with your hard-earned money.)
Step 1: Sign Up on Coinbase for Fiat-to-Crypto Exchange
If you are new to Coinbase and have never used this platform for crypto trading, you first have to sign up on the platform. After registration, you will get a free $10 worth of BTC on trading $100 of BTC or more. Follow these steps to register on Coinbase:
- Open this link and enter your details like Email id, Password, etc. and click on the “Create Account” option.
- Confirm the verification email received on your email id. As a second layer of protection, add your mobile number for 2-Factor Authentication.
- Follow all the steps for identity verification to complete the automated KYC process (which will take around 15 minutes).
Here, I have used Coinbase as it is one of the largest and most reliable Fiat exchange crypto platforms. But if you wish, you can use some other alternatives, like:
- Uphold: It is one of the most flexible Fiat exchange cryptocurrency platforms with complete transparency and zero fees on deposits and withdrawals. Here you can trade 90+ cryptocurrencies, utility tokens and national currencies, starting with $1.
- Crypto.com: This is another popular and highly-used crypto trading platform, especially in the US and UK. The platform allows you to securely trade more than 250 cryptocurrencies and 20+ Fiat Currencies with unique perks like crypto and coin-based rewards. The maker and taker fees on the platform start from 0.40% per order.
- Kraken: Founded in 2011, Kraken is one of the oldest cryptocurrency exchange and trading platforms used worldwide. The platform allows you to trade over 65 cryptocurrencies in a few minutes, starting with as low as $10. Also, it charges low trading fees, beginning with 0.16% per order.
- Kucoin: It is one of the largest global social trading platforms with more than 400 cryptocurrencies to trade. It covers 205 countries in 19 different languages. The platform charges 0.1% maker/taker fees per order and provides margin-based automated trading facilities.
Step 2: Use Fiat Money to Buy Ethereum Coin
After completing the KYC process, select or add a payment method to buy Ethereum or Bitcoin. Here, we are using Ethereum coins to purchase MIR coins.
- You can choose the Bank transfer or credit/debit card option to add a payment method. Coinbase will charge you high fees when you select the cards option, but it is ideal for instant purchases. However, if you don’t pay higher fees, choose the Bank transfer option, which takes more time.
Some countries also offer an instant cash deposit option with low fees, like iDeal in European countries.
- Select the “Trade” option on the top right corner (in-browser version) and choose your cryptocurrency (Ethereum in our case).
- Choose the amount of Ethereum coin you wish to buy and confirm your purchase.
Step 3: Sign up on Bitforex to Transfer your Cryptocurrency (Ethereum Coins)
Since MIR is an Altcoin, you have to transfer your purchased Ethereum coin to an Altcoin Exchange platform for trading. Here we are using Bitforex as an exchange platform as it has a huge amount of Altcoin pairs (around 92 different trading pairs).
- Register on the BitForex platform with your Email and other details. Follow the same verification steps as you did while registering on Coinbase.
Here are some other top-rated Altcoin Exchange Platforms you can use:
- eToro: It is a reliable and highly regulated Altcoin exchange platform with zero trading commission. The best thing about this platform is that you can choose other cryptocurrencies like BTC, Ripple, Cardano, etc., apart from Ethereum, to trade here. The platform charges $5 as withdrawal fees.
- Binance: Launched in 2017, Binance is the World’s largest cryptocurrency exchange volume based on its daily trading volume. Here you can trade more than 500 altcoins, including Dogecoin, Ethereum, Bitcoin, Litecoin, etc. The crypto trading fees on the platform start from 0.1%.
- Bittrex: Launched in 2014, Bittrex is a global Altcoin exchange platform specialized in International trading. Here, you can trade coins like Ethereum, BTC, USDT, XCN, ELT, etc. The platform charges 0.5% trading fees.
- Gemini: Highly popular in the US, Gemini allows traders to choose between the three trading apps on both iOS and Android devices. Most traders use its custom Bitcoin wallet app, where you can securely store cryptocurrencies. Its other apps allow the exchange of Fiat currency for BTC and other cryptocurrencies. You can trade over 45 different altcoins using this platform, with a trading fee varying between 0.50% and 1.49%.
- Gate.io: Launched in 2017, Gate.io is another popular American exchange platform available in English and Chinese. Using this platform, you can trade over ten altcoin pairs and cryptocurrencies like BTC, ETH, etc. One of its popular trading pairs is USDT. Here you can trade cryptos safely and quickly using 20+ Fiat currencies using bank transfer or debit/credit card option.
Step 4: Deposit Ethereum Coins to Bitforex for Exchange
Once your KYC is completed and approved on BitForex, you have complete access to its exchange wallet. To send your Ethereum coins from Coinbase to BitForex, you need a unique public wallet address of the Ethereum wallet of BitForex.
Follow these steps to get that unique wallet address to deposit Ethereum coins in the BitForex app:
- Access your ETH wallet on the BitForex app and click on the “Deposit” option.
- Click on the “ETH Address” box on the right side. Here you will see a random string of numbers indicating your ETH wallet address. You can share this unique public address to send or receive ETH coins from any person.
- As we have to transfer ETH coins from Coinbase to BitForex, click on the “Copy Wallet Address” option or right-click to copy this address to later paste into the Coinbase app.
Step 5: Paste the Unique ETH Wallet Address into the Coinbase App
- Open your Coinbase app again and head over to the “Portfolio Page”.
- Under the “Asset List”, scroll down for the “ETH” option and click on it. Choose the “Send” option on the right side of the app.
- Under Recipient details, paste your unique ETH wallet address copied from BitForex ETH wallet and click on the “Send” button.
You will receive a confirmation email on your registered mail id. Verify it to complete the transfer process. Once you receive ETH coins in your BitForex Wallet, you will receive a confirmation notification. At times, the transfer takes a little time to reflect in your BitForex wallet as the transaction gets processed on the Blockchain network. So wait for some time.
Step 6: Trade MIR coins on BitForex
Once you receive ETH coins in your BitForex ETH wallet, it is time to purchase MIR coins using them finally. To do so, follow these steps:
- Open the BitForex wallet again and click on the “Exchange” option.
- You will see various Altcoin trading pair options like USDT, ETH, BTC, etc. Since we want to trade the MIR/ETH altcoin pair, select the “ETH” option first.
- Now, use the search bar to type MIR, and you will see the MIR/ETH option in the search results. Click on it.
- As you select that pair, you will see its Price chart. Click on the “Buy MIR” option to buy MIR token using ETH. Enter the amount or percentage of ETH coins or portion of your deposit you wish to use to purchase MIR crypto in return.
- Confirm all the details, including Amount, fees, etc., and click on the “Buy MIR” button again to confirm your purchase. That’s it. You have successfully bought MIR coins using ETH currency via BitForex.
If you wish, you can sell these coins immediately on the same platform or can store them for a while in cold wallets or hardware wallets and trade them later when MIR coin price go high.
Why use Hardware Wallets to store MIR coins?
There are 2 types of Wallets to store cryptocurrencies like MIR. One is Hot Wallet, i.e. Online Crypto Exchange Wallets like Binance or Coinbase. Despite being highly secure and reliable, these types of online wallets are at risk of getting hacked, and thus traders prefer the other kind of wallet, i.e. Cold Wallet.
Cold Wallet is the safest wallet option to store your cryptocurrency as it only goes online or gives access to the Blockchain network when trading your crypto. This way, Cold wallets are at low risk of hacking incidents.
Hardware wallets are the advanced Cold Wallets where your Wallet address and information are stored in a USB-enabled device. These USB-enabled devices are highly durable and built with military-level security to keep your crypto coins securely. The cost of these wallets varies depending on the features they provide.
Best Hardware Wallets to Store MIR Coins
- Ledger Nano X Wallet: If you are a beginner, it is a perfect and reliable hardware wallet for under $150. This wallet lets you install and use up to 100 crypto apps at a time so that you can manage all your cryptocurrencies in a single wallet. Using its Ledger-Live functionality, You can trade over 50 coins, tokens, NFTs, etc. You can connect it to your phone using Bluetooth and enjoy its large screen for ease of use.
- Trezor One Wallet: It is one of the oldest and most-reliable crypto hardware wallets that comes at an affordable price of $85. It is a simple-to-use hardware wallet with 3-step formula. The wallet features pin protection, a 24-word recovery seed, and physical buttons for confirming transactions to prevent hacking incidents.
- Ledger Nano S Wallet: If you have fewer storage requirements and are looking for a budget-friendly option, you can choose this wallet. Ledger Nano S wallet allows you to store up to 3 cryptos to choose from BTC, ETH, or other currencies. It comes under the $60 price range with pin protection and an easy-to-use set-up.
- SecuX W20 Hardware Wallet: Built with an advanced design and features, it is one of the most reliable and secure hardware crypto wallets under $100. The wallet can be paired with a wide range of devices (Linux, Mac, Android, etc.) using USB or Bluetooth mode. With its military-grade protection, you can store over 1000 ERC and 20+ tokens in this wallet.
Best VPN for MIR Trading (Works for other cryptocurrencies as well)
To safely trade and store your Cryptocurrencies in hardware or hot wallets, you need a secure and encrypted VPN connection, especially when trading on a public Wi-Fi. An encrypted VPN connection securely processes your transactions by lowering hacking incidents. Here are some best-encrypted VPN connection options you can choose from:
- NordVPN: It is one of the best and most trusted VPNs available online. The platform has a strict no-logs policy for a secure operation. The server network is encrypted with AES-256-CBC cipher to prevent hacking incidents. For utmost privacy, you can pay on the platform using cryptocurrencies like BTC, ETH, etc.
- Atlas VPN: With more than 750 servers in 34 countries, this is a free VPN for crypto trading. The server is encrypted with AES-256 cipher and kill switch functionality for additional protection. It has built-in 2 Factor authentication for secure transactions. Also, its Wireguard Protocol provides excellent speed and performance.
- SurfShark: Based in the British Virgin Islands, SurfShark is the best Universal VPN for crypto trading. The no-logs policy and WireGuard protocol protect the server. For additional safety, the network accepts payments in cryptocurrencies via CoinPayments and CoinGate. It supports unlimited simultaneous connection with NoBorder Mode.
- PrivateVPN: With more than 200 servers in 63 countries, Private VPN is the affordable VPN service for crypto exchange and trading. It features military-grade encryption protection via its modern tunneling protocols. The network also offers a no-logs policy and protection against WebRTC leaks and comes with a 7-days free trial model.
Frequently Asked Questions
No, there is no direct method to buy MIR coins using cash. But indirectly, you can use marketplaces like LocalBitcoins to purchase currency like BTC or ETH first and then exchange it to the Altcoin exchange platform. Such trading platforms don’t provide cash as a direct payment method, but you can deposit it first to your bank and then can use the Bank Transfer option to buy Bitcoins or Ethereum.
The MIR coin is trading on five active market(s), with $46,468.59 traded in the last 24 hours. Some reliable exchange platforms that support MIR trading securely and simply are BitForex, BitGlobal, and Flybit.
Yes, you can buy MIR coins on Binance by purchasing one of the stable coins like USDT or BUDT. First, you have to register on the platform and then choose a payment method. The platform offers four payment options: bank deposit, credit/debit card, P2P trading and Third-Party Payment to buy USDT or BUDT currency. Then, you can use these coins to exchange for MIR coins on the same platform.
Europe is one such country that actively supports cryptocurrency trading. In fact, there are online banks where you can open your account instantly to start trading on famous crypto trading platforms like Coinbase, Uphold, Binance, etc.
Is MIR Coin a good investment? – Market Prediction
Mirror Protocol (MIR) is a decentralized cryptocurrency token that enables the production of synthetic Mirror Assets. Despite its relatively small market capitalization, its coin value has increased up to 123.92% over the last three years. The token achieved its all-time high value of $0.33 on Mar 26, 2021. On June 7, 2021, its token value lowered back to $0.005556.
As of 9 June, 2022, the price of this token is $0.003012. All this data indicates that this currency is highly volatile, and you should not invest in it for a long time. However, the coin has the potential to grow with a decent gain in the upcoming days and months. So, it is a good option to invest for a short period when the prices are low, but otherwise, it is a fruitful investment.
Disclaimer: All the prices and data provided in this article are based on the coin’s current growth and by no means is financial advice for anyone. Traders should do their research before investing in any kind of cryptocurrency.