LEO token was launched in 2019. The token entered the market after successfully raising $1 billion in investment as part of the initial offering. The launch was unique for its ability to work on both EOS and Ethereum networks simultaneously.
The price of LEO tokens saw an all-time high recently. The price rise may be attributed to the recent announcement by Bitfinex. The developers claimed that they were able to recover coins that were lost during the hacking incident in 2016. The hackers were able to get their hands on more than $65 million in crypto investments. Through various methodologies, the government was able to recover crypto coins worth $3 billion.
What is an LEO token?
The cryptocurrency LEO was developed to particularly benefit ifinex users. Holding LEO cryptos provided many benefits to its holders including reduced transactions charges, more than 15% discount on commission while trading, and easy withdrawals.
LEO crypto holds the efficiency to easily switch between two platforms effortlessly. Be it EOS or Ethereum Bitfiniex was able to function as a bridge enabling two network chains to interact effectively. So, if a trader is looking for an effective platform to trade using both EOS and Ethereum, then LEO is your best pick.
Every month, iFinex buys LEO from the global market. These tokens are burned. Burning in crypto refers to the process of sending these purchased tokens to a dedicated account. This account is capable of only receiving crypto tokens and does not possess the capability to trade, sell or carry out other activities. It is estimated that every month iFinex can generate more than 25% profit through these buyback scheming models. The company has also made it clear that this strategy of buying and selling will continue until the supply of LEO reaches an all-time level of zero in the marketplace.
How can you invest in LEO cryptocurrency?
Like other cryptocurrencies available in the market, buying an LEO also involves a crypto exchange like bitcoin motion. But in the case of LEO, it would be best to choose between FTX or Bitfiniex to make your investments. Let us look at the step-by-step process to be followed for making your investment.
Create an account in your name
To purchase an LEO token, you need to first create an account. This is a pretty simple process and will allow you to undertake this activity in less than 24 hours. In order to start your trading activity, you will be required to complete the verification process including your KYC. Additionally, the crypto exchange may also ask you to upload a picture of yourself to validate the same with government-provided identity proof.
Open a crypto wallet
Once your verification process is completed, you need to create a crypto wallet. There are two options that you can choose – go either through software wallet or hardware wallet. Software wallets deploy a pretty simple concept and may be made available on your phone, laptop, or desktop computer.
Hardware wallet on the other hand deploys the concept of utilizing private keys for every transaction.
Invest and complete your purchase
Now that your identification and digital wallet are active you can start your purchasing activity. You can link your digital wallet to your bank account and initiate a fund transfer. Once you have adequate funds in your digital wallet you can purchase the required quantity.
If you are on the lookout for the best hardware wallet in the market then it is advised to choose Ledger. It is a trusted and credible hardware wallet ensuring the safety of your private key. You can connect this wallet to your computer or mobile phone using Bluetooth connectivity or a USB cable. The application is also user-friendly making all your transactions easier and more effective.
Coming to software wallets it is best to choose the Trust wallet for your investments. It is capable of ensuring that all your funds and investments are stored in the blockchain. In addition to funds, other details like private keys, and your personal information are also kept secure.
Once you have added the required quantity of LEO to your kitty you can start buying, selling, and trading activities using this token.