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As mentioned before, CargoX is my favourite blockchain project and CXO is my favourite token.
Since it is only available as CXO/BTC or CXO/ETH pair on KuCoin, the subreddit for CargoX is full of questions on how best to purchase CXO and I will try to give my take on the best solution in this article to help prospective CXO buyers.
After researching CargoX and reading the bluepaper, I wanted to get in as soon as possible. I was very unhappy that I could not get CXO on Binance and even after finding out that I could buy CXO on KuCoin, it was not immediately clear to a crypto beginner like me how to do so.
After finding out that there were only CXO/BTC and CXO/ETH trading pairs on KUCOIN (I was trying to use USDT at first), I managed to make my first purchase of CXO by transferring USDT from BINANCE to KuCoin, then trade USDT for ETH and then ETH for CXO. This is a lot more complex than, for example, buying stocks via a broker and I fully understand why many people don?t immediately find a good way of facilitating this transaction.
My Approach
Since my first purchase of CXO on KuCoin, I have slightly refined my approach for speed and reduced fees. Please keep in mind that I am simply describing my prefered approach here and you should still do your own research to see if there is a better way for you to do this.
I suppose the easiest way would be to transfer fiat to your KuCoin account, exchange fiat for ETH or BTC and then trade them for CXO but I am happy enough with Binance (I know quite a few people who are not, though) for now and will stick with them as my exchange.
The first step in my setup is to transfer a coin with quick execution and low fees to KuCoin. In this example, I will be using XLM. To transfer XLM to KuCoin, go to the “deposit” section and select XLM.
Before you continue, you need to confirm you have read the notice regarding memo and address; this really is important and I urge you not to forget to include the memo in your transfer.
In the next step, KuCoin will display your address and memo for the transfer. You will need this information to withdraw the XLM you hold in our main exchange (Binance in my case).
The transfer should not take long and fees should be insignificant (<0.01$ at the time of writing). Once you have the XLM in your KuCoin account, you can exchange them to ETH and your ETH to CXO afterward.
Go to spot trading section of KuCoin:
Select XLM/ETH trading pair:
Select CXO/ETH trading pair:
The one thing you need to keep in mind, even though it should be clear from KuCoin?s trading application, is that in the first step you sell XLM for ETH and afterward you buy CXO with these ETH.
Sell your XLM for ETH:
Purchase CXO with your ETH:
Congratulations, you are a holder of my favorite token now ;)
Notes
As mentioned above, purchasing BTC or ETH with fiat directly from KuCoin should work as well but I have not tried this, yet, and I am sure there are limitations to this (especially with regards to customer location).
Another simplified approach would be to directly transfer BTC or ETH to KuCoin from whichever wallet / exchange you already hold BTC or ETH. While this approach certainly works, it will most likely lead to higher fees than the approach described above.
