How to buy HEX coin: Beginners Guide

Because of Bitcoin and Ethereum, new initiatives and technological advancements are continually being introduced to the cryptocurrency industry. HEX (HEX) was released as an ERC-20 token at the end of 2019. The HEX network intends to use a store of value to replace the traditional certificates of deposit. Investors fascinated by decentralized finance may consider HEX an appealing economic asset.

While HEX is a full project, it results from a collaborative effort. Furthermore, its modest price may entice investors. As a consequence, investing in bitcoin is now easier than ever. This review will teach you how to buy HEX.

What is HEX?

Hex is an Ethereum-based coin billed as the world’s first crypto certificate of deposit. Hex holders will stake batches of HEX tokens for specific lengths, similar to how traditional CDs give a higher interest rate to consumers who consent to leave a lump-sum deposit undisturbed for a set period. During this time, individuals cannot access those coins without incurring severe penalties; however, after the stipulated period has passed, Hex holders can get HEX incentives.

Richard Heart, the company’s creator and CEO argues that the crypto token, HEX, is a significantly greater store of wealth than Bitcoin and offers Hodlers incentives for keeping the coin. This audacious declaration by its founder has also fueled controversy, prompting many doubters to label it a Ponzi scam. However, because HEX offers such appealing returns, any investor would be curious to learn if it is a real investment or a fraud.

Richard Heart founded Hex in 2019. It has been called a fraud or a probable Ponzi scheme, and its market value as of Oct. 11, 2022, was $5.6 billion, down from over $30 billion at the beginning of the year.

How Does HEX Coin Work?

HEX is a new form of cryptocurrency that uses the Proof of Wait (PoWa) protocol to generate interest in users’ investments by staking their coins in the HEX smart contract. Even though HEX is an ERC-20 token, it is known as a coin on the company’s website. HEX may be held in any Ethereum-compatible wallet, such as MetaMask because it is an ERC-20 token.

HEX holders must wait a set length of time before they may unstake their coins and withdraw them from the smart contract to collect interest payments. Interest benefits are paid in HEX currencies, with a yearly inflation rate of 3.69% applied to all current HEX coins.

Inflation happens only when a HEX currency is created, and HEX is only issued after the staking time expires, resulting in delayed inflation. HEX stakers will receive 3.69% when 100% of their HEX coins are staked. According to the company’s website, just 10% are currently staked. As a result, HEX investors may expect to earn about 40% APY.

The quantity of HEX a holder can earn is determined by the amount staked and the duration of the staking period. The more you stake, the more you gain; the longer you stake, the more HEX you gain. The stake duration might range from one day to fifteen years.

Even if you decide to invest for 15 years, you may divide your stake periods using the Hex Stake Ladder, allowing you to pay out your mature stakes regularly. You may continually build your passive income by reinvesting the principal income after cashing out your stakes. However, both early and late “unstakers” face penalties.

Stakers can earn shares in addition to HEX coin issuance by starting a new stake. Shares allow investors to recoup their main investment and extra incentives and interest. Every share is burnt after a stake expires. Therefore the shared pool is always shrinking. As a result, HEX advocates staking early and for a long time to get a large ROI.

Aside from staking, HEX has a referral scheme that pays users money for recommending new traders to the HEX network.

Is HEX Coin a Good Investment?

Given the excitement surrounding HEX, many people are wondering if it is a smart investment or a fraud. Its official website includes a page explaining why it isn’t a hoax. Of course, that assertion alone should not be used to determine whether or not the endeavor is legal. Below are a few indications why HEX might be an excellent investment:

• HEX is now valued in the fractions of a penny, with a substantial ROI in staking payouts. Because of the appealing yields, the price of a fully legal project may be expected to rise with demand.
• HEX has completed external economic and security audits from ChainSecurity and CoinFabrik, and no flaws in its system were discovered.

Where to Buy HEX

HEX may only be purchased on decentralized crypto exchanges (DEXs) such as Uniswap and 1Inch. Here are some things to consider while purchasing HEX on crypto exchanges:

• DEXs are more difficult to use than centralized exchanges. That implies a learning curve, and getting acclimated to the UI may take some time.
• They’re also riskier than centralized exchanges. As a result, prices may change significantly, making it critical to monitor the bitcoin market today.
• They do not provide customer service as centralized exchanges do. If you encounter any difficulties, you must either solve them on your own or seek assistance from the community.

How to Buy HEX Coin

HEX tokens may be purchased through a reputable cryptocurrency exchange. Purchasing HEX tokens is a simple procedure because deposits may be made in fiat currencies like GBP or USD, as well as other currencies.

Step 1. Set up an online account

The first step in purchasing HEX is to sign up with a broker that accepts HEX purchases and sales. However, if you reside in the United States, your choices for purchasing HEX directly with fiat cash are restricted. Currently, HEX is only offered on smaller marketplaces, which are more vulnerable to hacking efforts. Fortunately, you can buy Ethereum on a secure exchange like Robinhood and then convert it for HEX on a decentralized market like Uniswap.

Step 2. Purchase or download a Wallet

After you’ve decided how and where you want to acquire HEX, you need to establish an off-chain wallet to save your tokens. A crypto wallet is a hardware device or software program that gives you a private set of keys to store your tokens. There are two primary types of bitcoin wallets:

• Hardware wallets: A hardware wallet is a real-world object that functions similarly to a flash disk. You’ll use Bluetooth or USB to connect your wallet to your computer and send your coins to an offline wallet. Hardware wallets keep your tokens more securely, but they can only carry a limited number of coins and tokens.
• Software wallets, also known as “hot storage” wallets, are computer or smartphone programs that hold your tokens and currencies on an internet wallet. Though software wallets offer less security than hardware wallets, they are free and typically carry more kinds of assets than equivalent hardware wallets. Because of this, software wallets can be a good solution for inexperienced traders or those who simply need to keep a modest quantity of cryptocurrency.

Step 3. Make a purchase

It’s time to purchase after you’ve opened an account and chosen a wallet. Examine your broker’s site and the many orders you may use to buy HEX. Based on the broker you use, you may have access to hundreds of order types, each of which influences the price at which your order is executed.

When you place your order, your brokerage platform will fill it at the cost or under the terms you specify. When your order is finished, your broker usually tells you through email or in-app text.

We advocate investing in HEX using an intermediate cryptocurrency like Bitcoin or Ethereum. You’ll have plenty of reliable alternatives to purchase and sell Bitcoin and Ethereum via trusted U.S.-based brokerage platforms as the two major cryptocurrencies on the market. From here, you may send your Bitcoin or Ethereum to the preferred exchange, where it will be converted to HEX and sent to a wallet. This allows you to add tokens to your wallet while keeping your details safe and private.

Uniswap is now the best site to buy HEX. To trade for HEX on Uniswap, you’ll need to buy some Ethereum. Ethereum may be purchased using Robinhood. Because Uniswap is a decentralized exchange platform (DEX), you must connect a crypto wallet to the exchange rather than create an account. MetaMask is the finest wallet for interfacing with DEXs.

Conclusion

Consider the possibility of Bitcoin paying holders extra Bitcoin in exchange for pledging to keep for periods of their choosing: a time deposit. Imagine if agreeing to longer periods earned even more, and if others broke their time commitments, those who kept theirs got even more Bitcoin – an on-chain truth engine that rewarded honesty. How would total net selling and buying activity look? HEX does all of these and a lot more. It would help if you gave it a try. Remember to invest only what you can afford to lose.