How to Buy LEO Token (LEO) – Beginner’s Guide

LEO Token (LEO), officially known as UNUS SED LEO,  is a leading exchange-issued utility coin and one of the top 20 altcoins by market cap, having grown by over 900% since its launch.

This guide explains how to buy LEO Token for beginners who want to invest in and manage the cryptocurrency effectively. We’ll also cover LEO Token’s background, core offerings, and potential earning opportunities for token holders. Let’s get started.

How to Buy LEO Token – Step-by-Step Instructions

Here’s a more detailed walkthrough on how to buy LEO Token using Best Wallet. This method requires purchasing Ethereum to swap for LEO Token.

Step 1 – Create an Account

Head to the Best Wallet website and click ‘Download Best Wallet.’ The app is only available on mobile, so scan the QR code shown on the pop-up using your iOS or Android device. Download and install the app.

When setting up your Best Wallet account, enter an email address or link your existing Google or Apple account. Approve Best Wallet’s connection to your email and set a passcode to add an extra layer of security to your wallet app. Depending on your mobile device, you may enable biometric authentication.

Step 2 – Choose a Purchase Method

You must deposit crypto funds into your wallet if you don’t own any cryptocurrency yet. Best Wallet has partnered with various onramping services to give users the best fiat-to-crypto conversion rates and options. Fiat methods include the following:

• Apple & Google Pay: Usually fast, mobile-friendly purchases. Limited availability depends on the region.
• Credit/Debit Card: Quick and widely accepted payment method. This may include fees and spending limits.
• Neteller and Skrill: These services provide multi-currency support and are widely used online. However, they may incur higher fees and aren’t available everywhere.
• Bank deposit: This option has low fees and is ideal for large purchases. However, it may take longer to process.

More payment options may be accepted depending on your location and fiat currency.

Step 3 – Buy Ethereum First

While Best Wallet supports LEO Token, users must buy a cryptocurrency to swap for LEO. Tap ‘Buy’ on your Best Wallet account and choose Ethereum (ETH). Select a fiat currency for the payment method.

We recommend ETH because the LEO on Best Wallet is the ERC-20 Ethereum token, and directly buying ETH removes the need to make an additional deposit for network fees.

Step 4 – Make the Payment

Best Wallet will recommend various onramping providers for buying ETH. Depending on the service, you may need to open an account with the provider to complete the purchase.

Otherwise, use your chosen payment option to enter the payment details (email address, card number, etc.). Follow the prompts and any two-factor authentication (2FA) necessary to secure the transaction.

Step 5 – Buy LEO Tokens with ETH

Finally, tap ‘Swap’ on Best Wallet to open the on-chain token exchange feature. Under ‘From,’ select Ethereum; under ‘To,’ select LEO Token. This indicates that you will swap some ETH for LEO Tokens.

Enter the amount of ETH you wish to swap or LEO you want to receive. Either way, the platform automatically calculates the corresponding amount based on the ongoing rate. An automatic slippage tolerance is set, but users can manually change this on the settings.

Tap ‘Preview Transaction’ to see all the key details, such as gas fee, provider fee, price impact, and slippage. After reviewing the order, tap ‘Confirm’ to initiate the swap. You should receive your LEO tokens in a few minutes, depending on the current Ethereum network activity.

What Is LEO Token (LEO)?

LEO Token, officially known as UNUS SED LEO in its whitepaper, is an exchange token that offers trading benefits for holders on the Bitfinex exchange. The cryptocurrency was developed by iFinex, Bitfinex’s managing company, in 2019.

Following an incident in which Bitfinex lost $850 million after the fall of its former partner, Crypto Capital, iFinex launched the LEO Token to raise $1 billion in a private sale. They promised that any funds recovered from Crypto Capital would be used to buy back and burn LEO.

Beyond its use as a funding mechanism, LEO serves as the core utility token within the iFinex ecosystem, mainly on the Bitfinex exchange. LEO Token holders enjoy various benefits, including deposit and withdrawal discounts and trading fee reductions.

LEO Token’s key features for the Bitfinex platform are the following:

• Burn mechanism: iFinex uses at least 27% of its gross revenue to buy back and burn LEO tokens from the market every month. Additional burns happen when funds related to the Crypto Capital incident are recovered, making LEO a highly deflationary cryptocurrency.
• Trading fee reductions: LEO holders receive a 15% discount on Taker fees for all crypto-to-crypto transactions, regardless of their membership level. This reduction is usually included in new cryptocurrencies listed.
• Lending fee reductions: Peer-to-peer (P2P) lenders get a 0.05% discount for every $10,000 in LEO held on average in the previous month, capped at 5%.
• Discounted crypto withdrawals and deposits: Holders can get a 25% discount on crypto withdrawal and deposit fees.
• Fiat withdrawal fee reduction: Users with over $50 million worth of LEO tokens can withdraw $2 million monthly without incurring extra fees. Excess withdrawals have reduced fees.

Bitfinex users looking to deposit, trade, and withdraw LEO tokens must reach the Basic Plus membership level and above-verified status. The exchange token is also not available in specific countries.

LEO Tokenomics

iFinex launched LEO Token with an initial supply of 1 billion tokens. All tokens were sold for $1 each. In addition to the project’s primary burn mechanism involving 27% of iFinex’s previous month’s revenue, the project features additional burn events:

Community and Platform

The LEO Token community primarily comprises Bitfinex users, given that the cryptocurrency is an exchange token. The Bitfinex X account has nearly 950,000 followers and over 15,000 members on its Telegram channel.

Founded in 2012, Bitfinex was one of the first Bitcoin exchanges and is now one of the most well-established crypto trading platforms. It supports over 380 crypto trading pairs and offers various trading products such as margin trading, derivatives, and crypto lending.

Why Buy Leo Token and Is It Worth It?

Here are some of the top reasons to consider adding LEO to your crypto portfolio:

• Exchange Token Utility: Holding LEO provides users with various Bitfinex platform advantages that enhance the overall experience and provide cost-effective benefits. Frequent traders who want to invest heavily in LEO Token can significantly reduce costs while holding a deflationary asset.
• Burning Mechanism: One of LEO Token’s most valuable features is its aggressive and continuous token burn program. iFinex commits a significant portion of its revenue to permanently reducing the supply of LEO. Additional burns from other events further increase the scarcity to help support the price of LEO Token.
• Well-Established Company: iFinex Inc. is the parent company of Tether Limited Inc., the largest stablecoin in the crypto market. It’s one of the most globally recognized platforms in the blockchain space, with a long-standing presence in the crypto world.

While LEO has its perks, it’s also important to understand the risks involved with investing in LEO Token:

• Centralization: LEO’s developer, iFinex, has faced various scrutiny over transparency and regulatory compliance. Investors should be aware that crypto relies heavily on one company, making it highly centralized. If iFinex is dissolved, LEO’s main utility and value could significantly drop.
• Limited growth: Despite its large market capitalization and particular utility, LEO Token does not offer the explosive growth opportunities that momentum-driven traders and investors seek compared to projects like crypto presales and early-stage tokens.

Best LEO Token Wallet

All things considered, a decentralized wallet is the best place to invest in LEO Token. Today’s best decentralized crypto wallets support multiple blockchains, utilize user-friendly features, and provide the highest crypto and account security level.

In our opinion, Best Wallet is the top option for storing LEO. It’s the fastest-growing Web3 wallet in the market and has a combined rating of 4.5 out of 5 stars across the App Store and Google Play Store. Here’s a short breakdown of some of Best Wallet’s core features:

• Non-custodial, no-KYC (know your customer) required
• Multi-chain wallet that supports over 60 blockchains
• Allows users to manage multiple wallets in one place
• Built-in DEX for cross-chain swaps and the best liquidity pools
• Integrated fiat onramping with support for Apple Pay, Google Pay, credit card, and more

We believe that LEO Token is an excellent investment for hedging and crypto portfolio diversification. Because of its market size as a top altcoin and significant deflationary token mechanics, LEO could give investors stable gains over a long period.

Given this, it’s optimal to use a secure storage solution like Best Wallet, which would allow users to track their LEO investments while also managing other tokens in their portfolios.

What to Do with LEO Tokens You Buy?

Here’s what you can do with the LEO tokens that you purchase.

Long-Term Hold

• Remember, LEO Token is designed with a deflationary token-burning mechanism that involves 27% of iFinex’s gross revenue. This ongoing reduction in supply could lead to price appreciation over time, especially as demand for more LEO occurs if Bitfinex also grows.
• Unlike some high-risk, high-reward crypto projects primarily relying on speculation, LEO is backed by well-established companies and offers real-world utility.

Earn by Providing Liquidity

• As an ERC-20 token, LEO can be utilized for various DeFi (decentralized finance) activities, including providing liquidity. By supplying LEO Token and another crypto as a trading pair in a liquidity pool, the provider can earn a share of the trading fees generated.
• Providing liquidity on a DEX is an excellent passive income-earning opportunity, giving investors additional gains for cryptocurrencies they hold for the long term.

Use for Platform Discounts

• Users can also unlock the LEO Token’s exchange utility by storing the cryptocurrency in the Bitfinex exchange. This gives access to the various trading fee discounts that we mentioned earlier.
• Beyond trading discounts, holding a certain amount of LEO gives users fee reductions on withdrawals, deposits, and lending.

Buy LEO Token Verdict – A Promising Investment?

LEO Token is a deflationary cryptocurrency tied to the leading financial crypto company, iFinex (and consequently Bitfinex). This makes it a unique digital asset with a massive Coin data not available market capitalization.

As an investment, LEO offers traders a special opportunity to diversify their portfolios and hold large amounts to reap the various trading benefits on the Bitfinex exchange.

FAQs

References

• LEO Token Whitepaper (Bitfinex)
• Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege (CoinDesk)
• Bitfinex X (X)
• What Is Tether? The Company Behind USDT (CoinMarketCap)

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Jose Aquino

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Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, TradingPlatforms, StockApps, and BuyShares. Read More

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