What is ERC20 Token & How Do I Get It?

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What is ERC20 Token & How Do I Get It?
What is ERC20 Token & How Do I Get It?

Do you know about ERC20 tokens? Curious to know the buying process of ERC20 tokens? In the present crypto world, the ERC20 token is one of the most popular cryptocurrency coins that can allow the trader to buy, sell, or trade. 

Moreover, the trader or investor can complete their trading activities through ERC20 tokens. But you can not buy this precious coin from all crypto trading marketplace, rather you can only buy the ERC20 tokens from some specific marketplace. In this article, you will be informed about the details of ERC20 tokens and how you will buy ERC20 tokens from any marketplace. So, let’s start to absorb it. 

What is ERC20 Token?

An ERC20 token is one of the Ethereum based coins which can allow traders to buy, sell, or trade any ERC20 token under the Ethereum network. The ERC20 token is used to build smart contracts on the Ethereum Blockchain network. Moreover, it is basically a blockchain-based asset that has a certain value for trading and exchanging.

Therefore, ERC20 tokens are similar to other cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dogecoin, Ripple, and so on. The working mechanism of the ERC20 token is also similar to the other cryptocurrencies. 

But the major difference between ERC20 tokens and other cryptocurrencies is that these cryptocurrencies are running on the Blockchain network but ERC20 tokens are conducted on the Ethereum network.        

How Many ERC20 Tokens Exits?

There are various ERC20 tokens exits in the Ethereum network. In the meantime already 473,168 ERC20 tokens have found and the popular ERC20 tokens are: 

  • BNB (BNB)
  • Tether USD (USDT)
  • USD Coin (USDC) 
  • HEX (HEX) 
  • SHIBA INU (SHIB)
  • Crypto.com Coin (CRO)
  • Matic Token (MATIC)
  • Wrapped BTC (WBTC)
  • Binance USD (BUSD)
  • Uniswap (UNI)
  • OKB (OKB)
  • Celsius (CEL)
  • Livepeer Token (LPT), and so on.

All of these are ERC20 tokens. So, if you want to buy ERC20 tokens, you can buy any of them.        

Best Marketplace to Buy ERC20 Tokens

There are some specific marketplaces from where you can buy ERC20 tokens. Here, I would like to describe the most popular marketplaces that will assist to identify the best marketplace. 

Binance

Binance is one of the best marketplaces to buy, sell, or trade any cryptocurrencies and ERC20 tokens. Most significantly, you can trade more than 150 cryptocurrencies from this marketplace. 

Features of Binance

  • Two-factor authentication 
  • Supports Web, Android, iOS, Desktop
  • Multiple payment systems, and so on.           

Gemini

This one is another marketplace for buying any ERC20 tokens. It can support around 20 cryptocurrencies and 25 fiat currencies to complete the trading activities.

Features of Gemini

  • Dynamic trading chart
  • Support 19 trading pairs 
  • Allows own crypto wallet    

Coinbase

Coinbase is one of the secure crypto trading marketplaces where you can buy ERC20 tokens and it can hold around 30 million users and is available in 103 countries. 

Features of Coinbase 

  • Supports Android and iOS devices 
  • Provides sign-up bonus 
  • FDIC insurance system 

Also, there are some renowned marketplaces to buy ERC20 tokens and you can easily buy your preferred ERC20 tokens from these marketplaces.   

How to Buy ERC20 Tokens?

In this section, you will be informed how to buy ERC20 tokens. To buy an ERC20 token, you need to follow the simple 5 steps for buying an ERC20 token. These are: 

  1. At first, you need to create an account on a crypto exchange marketplace 
  2. Then, you have to deposit BTC, USD, or Fiat currencies. 
  3. After that, you need to go to the crypto marketplace where you will get ERC20 tokens 
  4. Now, you can buy an ERC20 token based on the market pair  
  5. Finally, you can withdraw your purchased ERC20 tokens into your wallet. 

Conclusion

In the present crypto market, one of the most renowned cryptocurrencies is ERC20 tokens. But sometimes the traders can not buy their desired ERC20 tokens because of lacking the proper guidelines. To resolve such kinds of difficulties, I have written this article to inform you of the basic concept of ERC20 tokens.     

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