If you’re interested in purchasing Alpha Finance Lab (ALPHA), you will need to have Bitcoin (BTC) or Ethereum (ETH) to
with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank
account or credit card.
Step 1: Setting up your Binance account:
1.1 Go to Binance’s website (https://www.binance.com/en)
Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL
carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For
security, make sure to bookmark the original site to avoid future mix-ups.
1.2 Complete the signup process
Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with
your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address
you enter is the one you have access to and is your most secure email as this is how you will always sign in to your
After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols,
upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete
the registration process.
1.3 Enable two-factor authentication (optional)
Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more
secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up
2FA because it’s very important!
With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This
code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your
mobile phone in order to generate the code.
Step 2: Making your first purchase of Bitcoin
To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can
use your debit/credit card. (In this section, we’ll focus on the credit card option).
Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to
Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or
Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees,
and increased convenience.
As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the
desired amount of Alpha Finance Lab (ALPHA).
Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make
sure that you get it absolutely right.
· Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your currency,
i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
· On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order amount. The
total charge will be displayed according to the order amount and current market price (all fees are included). If you
prefer, you can set the total charge first and the order amount will be calculated automatically.
· When you are ready, click “Buy BTC” A window will appear so you can confirm the details of your order. Read the
· Next, you will be required to fill your credit card details along with your personal information. When you are done,
click “Pay now” and wait for your card to be verified
· If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an
email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email
and insert the code received by SMS. Once you are done, click “Continue.”
· Next, you will be required to verify your identity using an official document. Please upload a picture of your
document along with your personal data and click “Upload Document.”
· Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has
been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.
Step 3: Transfer Your Cryptos to an Altcoin Exchange
Now it’s time to purchase Alpha Finance Lab (ALPHA) using your investment from Binance.
Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that Alpha Finance Lab
can be traded. So I will guide you to Hotbit which is a well known exchange to trade altcoins. Use the link below to
register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Deposit BTC to Exchange
Once you have your trading account setup at one of the exchanges that trades Alpha Finance Lab (ALPHA), you will need
transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
Mouse over to wallet on the top right and click “Deposit”. Make sure the setup 2FA in this part.
Find “BTC” from Token section and copy the given “Deposit Address”
This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.
Once you copy your unique BTC wallet address go back to Binance.
Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot
(Deposit & Withdrawal)”.
Search for BTC in the list and click on “Withdraw” on the right hand side.
Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the
amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for
your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s it, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade Alpha Finance Lab (ALPHA)
Now you can go back to Bitmart to buy Alpha Finance Lab (ALPHA) with the Bitcoins you sent.
Click “Exchange” and you will see trading menu.
In the left column make sure to select “BTC” pair and in the search bar type in “ALPHA”. Once you move your coin
on it and now you will see a price chart of ALPHA/BTC in the middle of the page. Choose the “Market” tab as that is the
most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC
deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything,
click “Buy ALPHA”. Now you own your ALPHA !
Other Exchanges to Buy
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes
and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be
lower. It is suggested that you also register on these exchanges since once Alpha Finance Lab (ALPHA) gets listed
will attract a large amount of trading volumes from the users there, that means you will be having some great trading
Safety Tips for Trading on Binance:
Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading altcoins on
Binance, safety is paramount. There are several ways you can protect yourself from hackers and thieves. Let’s take a
look at the best ways.
Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for the
“secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact information
found on its secure homepage.
Always use two-factor authentication. While you will be allowed to complete setting up your Binance account without 2FA,
I strongly advise that you don’t. It is a very important step in securing your account and it will help protect your
account from hackers and scammers. Binance currently offers two options for 2FA: SMS and Google Authenticator. However,
they recommend using Google Authenticator.
Use a strong password for your Binance account and you can change it regularly.
Always regularly check the list of devices that have been authorized to access your Binance account. If you see any
devices that you don’t recognize or no longer use, simply remove them
Allow withdrawals only to addresses you trust and check the whitelist regularly.
Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from. Make sure
all the devices you use to access your Binance account are free from bugs and viruses.
Frequently Asked Questions
Can I buy Alpha Finance Lab (ALPHA) with cash?
There is no direct way to buy Alpha Finance Lab (ALPHA) with cash. However, you can use marketplaces such as
first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from
each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You
can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to
go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this
platform and you have to do your due diligence to avoid getting scammed.
Are there any alternative platforms to buy Alpha Finance Lab (ALPHA) or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency
exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and
the buying steps are pretty self-explanatory.
What Is Alpha Finance Lab (ALPHA)?
The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. The first product built by Alpha Finance Lab is Alpha Lending, a decentralized lending protocol with algorithmically-adjusted interest rates.
Leveraged yield-farming platform Alpha Homora was the second product launched by the platform, whereas AlphaX — a non-orderbook perpetual swap product — is scheduled to launch in 2021.
ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.
Alpha Finance Lab will implement governance via a decentralized autonomous organization (DAO) allowing ALPHA holders to vote on the specifics of future Alpha products, and decide how they interoperate. This governance procedure is split over two levels: product-level governance and finance-level governance, giving token holders a great deal of control over the future of Alpha.
Who Are the Founders of Alpha Finance Lab?
Alpha Finance Lab (ALPHA) launched in 2020, following a public token sale on the Binance Launchpad.
The platform was founded by Tascha Punyaneramitdee, Alpha Finance Labs’ project lead and a former head of strategy at Band Protocol. Prior to her position at Alpha Finance Lab, Punyaneramitdee gained extensive experience working with global financial firms — most recently working as an investment banking analyst at Jefferies from 2017-2018, and product manager at technology giant Tencent from 2018 to 2020.
In addition to Punyaneramitdee, the Alpha Finance Labs core team also includes lead engineer and blockchain researcher Nipun Pitimanaaree, a graduate in Mathematics and Computer Science from Massachusetts Institute of Technology (MIT) who won a gold medal at the International Mathematical Olympiad (IMO) four years in a row.
In total, the Alpha Finance Labs team consists of at least seven members, according to its official LinkedIn page.
What Makes Alpha Finance Lab Unique?
Alpha Finance Lab looks to differentiate itself from other DeFi ecosystems by actively seeking, identifying and addressing unmet needs in the DeFi space with a breakneck development cycle.
Unlike other platforms, Alpha Finance Lab looks to ensure its solutions don’t just offer in-demand utility but are also user-friendly, helping to make DeFi more accessible. Each product developed by Alpha Finance Lab also acts to bolster the entire Alpha ecosystem, by providing additional utility for ALPHA token holders.
Alpha Finance Lab’s first products each claim to bring an entirely new solution to the market. Alpha Homora is the first platform to introduce the leveraged yield farming concept and with the launch of Alpha Homora V2 in 2021, it will introduce the first smart contract that is capable of borrowing from another smart contract (Cream Finance) in an under-collateralized way.
Moreover, once launched, AlphaX will become the first Uniswap/Sushiswap-style perpetual swap decentralized exchange without order books. This will allow more individuals to access the benefits of perpetual swaps (such as trading on leverage), without having to understand how they work in the background.
Check out Cream Finance (CREAM) — a permissionless DeFi lending, swap, and payment platform.
Read about Polkastarter (POLS) — a Polkadot-based decentralized exchange.
Keep up to date on the latest crypto lingo with the CoinMarketCap Crypto Glossary.
Visit the CoinMarketCap blog for the latest blockchain news and insights.
How Many Alpha Finance Lab (ALPHA) Coins Are There in Circulation?
The ALPHA token was initially launched with a circulating supply of 174.1 million tokens out of a total of 1 billion ALPHA.
According to Binance’s Alpha Finance Labs research paper, the total supply of ALPHA tokens is allocated as follows:
- Binance Launchpad Sale: 10.00% of the total token supply
- Binance Launchpool: 5.00% of the total token supply
- Private Sale: 13.33% of the total token supply
- Liquidity Mining: 20.00% of the total token supply
- Team & Advisors: 15.00% of the total token supply
- Ecosystem: 36.67% of the total token supply
Team tokens are locked until August 2021 and will be fully vested by March 2024.
How Is the Alpha Finance Lab Network Secured?
As an ERC-20 token, ALPHA is backed by one of the most robust and secure blockchain networks in popular usage — Ethereum. It is kept secure by its extensive proof-of-work (POW) mining network, which uses an army of dedicated miners to maintain the integrity of the network.
Although Alpha Finance Labs has dedicated developers and researchers, it also relies on external audits to ensure its smart contracts are secure. For example, Alpha Finance Labs has enlisted both PeckShield and Quantstamp to audit the smart contract code for Alpha Homora V2.
Where Can You Buy Alpha Finance Lab (ALPHA)?
There are currently no known fiat trading pairs for ALPHA, but you may be able to buy Bitcoin (BTC) with fiat, and then trade it for ALPHA on Binance.