First step: what is an ICO?
We will start from the beginning to make this tutorial for all public.
The acronym ICO correspond to Initial Coin Offering.
And what means that? Well, right now every start up can issue his own currency using blockchain technology usually called tokens or coins, the company has a project and sells this currency to obtain the funds to be able to develop his project. Normally are accepted currencies like Bitcoin or Ethereum, in some cases fiat is also accepted. On the point of view of the investor, they get good discounts to help the company develop his project.
There are lot of types of ICO, the type of Fox Trading is oken ERC-20, which is based on Ethereum block chain.
On the Ethereum blockchain is possible to create smart contracts, this contracts define number of coins, price of the token/ETH and duration of the ICO. The smart contract receives the Ethereum from the contributor and automatically sends back tokens in this case FXT tokens. This means that when you send 1 Ethereum to the wallet of the contract you will receive tokens back to your wallet with the rate token/ETH described on the contract.
Arrived to this point the first that you need is:
2nd Step. Create an Ethereum wallet
There are lots of wallets and apps to create an Ethereum wallet, but you need one wallet that accepts ERC-20.
Some options are following but MyEtherWallet is the most known. And the one described on the tutorial. You can also use Ethereum Mist Wallet, Ethereum Online wallet.
Visit www.myetherwallet.com. And click to create New Wallet.
Create a strong password, fill in the form, make sure to remember it, and then click ‘Create New Wallet’.
Now Download Keystore File and save the file on your computer or on a external drive for more security. After you have saved the file, click the Continue button.
On the next step you will see your Private Key, it’s a line of symbols. You should write your private key to create a Paper wallet.
You should not lose the private key, there is no other way to recover your wallet, if you lose it you will lose the access to the wallet forever.
There are many ways to access to your wallet, we always use the private key we have saved before.
Another option is Keystore file which we saved previously, you need to browse the file and add the password.
3rd Step: Purchase your first Ether
Now you can start using your wallet. And next step is filling it with some Ethereum that you are going to use to purchase FXT Tokens on the ICO.
There are many exchanges on the net, if you have some of them you know the process, if you don´t have any account on exchanges like Bitfinex, Binance, Kraken, Bitrrex and others, the fastest and easiest way is use coinbase widget.
You will see this widget on the right side of the screen.
Coinbase is one of the most important exchanges, they will ask you some information before purchasing Ethereum, name, phone number and email adress.
4th Step: Send ETH to the ICO
Once you have a wallet or you just created, you are ready to participate in Fox Trading ICO!
The next thing you need to do is visit the Fox Trading website. You will find information about the ICO there, sign in, if you have not signed it before and enter to the dashboard.
Once you are on the dashboard, assign your Ethereum wallet VERY IMPORTANT!! DO NOT PUT WALLET FROM AN EXCHANGE OR YOU WILL LOSE YOUR TOKENS ONLY MYETHERWALLET OR SIMILAR ARE WORKING IF YOU PUT YOUR EXCHANGE WALLET YOU CAN LOSE YOUR TOKENS!!
To assign your ethereum wallet you need to put your ethereum adress on the field you can see on the image below.
Once you have your wallet assigned, you can go to contribute button and a new dashboard is going to appear.
Before continue you need to read and accept the terms and conditions.
After clicking you will see the image on the top where you will find all the information to send the Ethereum, minimum amount and gas limit recommended (gas is the commission of the transaction and his value corresponds to the speed of transaction).
The most important thing here is the target address. Copy the characters and paste them on Myeterwallet after clicking on Send Ether and Tokens.
You need to indicate the adress, the amount of token and the gas you want to use.
It´s recommendable to use a gas of 50 to 60 Gwei.
The last thing you have to do is to click ‘Generate Transaction’ and then ‘Send Transaction’.
That’s it! Now you are our contributor and you will have our permanent memberships! At the same time you received FXT Tokens!
Follow the next medium blog to learn how to add the tokens on your wallet.
If you have any doubt please contact us via Telegram or email.