How to Use CoinList: The One-Stop Shop For Early Adopters in Crypto
CoinList has a mission: to accelerate the adoption of cryptocurrency. To that end, the crypto platform has developed an all round offering for users, taking in everything from trading tools to lending. Using the multi-service platform, users can buy, trade, stake and lend the hottest new crypto assets.
Here’s how to get started with its array of features.
What is CoinList?
Crypto platform CoinList has shot to prominence for providing fast-lane access to crypto assets before they list on other wildly popular exchanges.
As a global leader in new token issuance, CoinList has helped blue-chip projects like Filecoin, Solana, Celo, Algorand, Dapper, Blockstack, Mina, and Casper connect with hundreds of thousands of new token holders. And they now support the full crypto lifecycle, from token sales through token distribution, trading, lending, and staking.
What’s available on CoinList?
CoinList rigorously vets projects, so the selection on its platform is carefully curated. There are around 40 cryptocurrencies currently available to purchase or trade, including many emerging assets that have yet to hit the wider market.
Getting started with CoinList
Signing up for CoinList takes just a couple of seconds. Go to the registration page and enter a few basic details. CoinList will send a verification link to your email, and the moment you click it, you’re in!
Here’s how the dashboard looks:
To use many of the services that CoinList offers, you’ll need to verify your identity—a simple legal process known as KYC (Know-Your-Customer). This step will ask for your name, address, selfie, and government-issued ID. For most individuals, it should take less than 5 minutes.
Once your account has been verified, you’re good to go!
How to trade on CoinList
Before you can start buying, selling and trading crypto on CoinList, you’ll first need to fund your wallet. Once you’re logged in, click on “Wallet” in the left-hand sidebar. This will default to the first entry on the list, the US Dollar (USD). To add funds to your wallet, click the “deposit”. You’ll now need to link a bank account (using the Plaid service) or send a wire transfer using the details provided (when sending a wire transfer, it’s very important to include the Memo field exactly as written).
Once you’ve loaded up your account with some USD, you can start buying crypto. Simply use the left sidebar to navigate to the “Buy & Sell” page, and use the drop-down menu to select your cryptocurrency of choice. Enter how much you’d like to purchase, and click “Preview Order.” If you’re happy with the transaction, click “Confirm Order”, and the crypto should arrive in your wallet.
You can also deposit crypto to your wallet from elsewhere, by navigating to the “Wallet” page and selecting your crypto of choice. Click the “deposit” button and follow the instructions on the page; you’ll need to copy the CoinList wallet address on the page and follow the usual steps for sending crypto from your wallet or exchange of choice.
As well as buying and holding crypto on CoinList, you can also actively trade crypto within the platform. Simply navigate to the “Buy & Sell” page, select which two assets you’d like to trade and enter the amount you’d like to trade. Then click “Preview Order” to check the details of your order.
If you’re happy, click “Confirm Order” and your assets will trade near-instantly, with your wallet updating to reflect the new token balances. You can only trade between selected types of asset.
More advanced users can also navigate to CoinList Pro, which offers a wider range of trading tools including limit and stop orders.
How to stake on CoinList
While cryptocurrencies like Bitcoin or Dogecoin are secured by mining (proof of work), many newer cryptocurrencies use an alternative consensus mechanism known as proof of stake (PoS). In PoS, you replace mining—and the expensive hardware required—with another economic resource: staked funds.
Stakers pledge their crypto assets to the network to help the blockchain validate transactions—and they’re rewarded for it with a share of the network rewards.
Staking can be a technically involved and complicated process, with high financial requirements. CoinList abstracts away that complexity, making staking a simple process for users. Indeed, it’s an opt-out process, so your assets held on CoinList will automatically be staked for you unless you choose otherwise.
Staking and network participation is critical to the successful growth of new #blockchain networks.
We're proud to work w/ @BisonTrails to allow CoinList users to seamlessly earn staking rewards while improving the network security for these projects.https://t.co/IvoqFsWRd4
— CoinList (@CoinList) July 22, 2021
There are no requirements for staking on CoinList beyond holding the relevant assets.
CoinList currently lets users stake FLOW, MINA, CSPR, NU, CELO and ALGO (US users are restricted to staking NU, CELO and ALGO).
In order to stake an asset on CoinList, you’ll first need to buy it or deposit the asset into your CoinList wallet—for this, refer to “how to trade” section above. Staking begins once your crypto is in the CoinList wallet!
CoinList doesn’t charge users for staking, but it takes a fee on staking rewards paid out to users—like all intermediary validators out there.
Rewards vary by asset and fluctuate according to the conditions of the blockchain network. For many assets, the more people stake, the less rewarding it becomes.
If, for whatever reason, you don’t like the idea of staking, you can choose to opt out.
How to lend on CoinList
CoinList allows users to lend crypto and earn a fixed interest rate on certain assets (at the moment, lending is limited to Filecoin).
Lending on CoinList requires just a few clicks.
On your dashboard, click “lending,” which will list the programs available at the time. Programs include key information such as minimum crypto requirements and the duration; before participating in a lending program, you’ll have to meet those requirements, which include providing photo ID and (for U.S. users) your social security number.
Once you find a program you like and meet the minimum requirements, just click on it and enter the amount you want to lend. At the end of the lending duration, you’ll get back the initial capital, plus the interest generated. Remember, lending means you can’t touch your funds while it’s lent out.
These are time-limited programs, so keep an eye on when CoinList starts accepting the next batch for the asset you want to lend.
What’s next for CoinList?
In September 2021, CoinList launched Karma, a system that rewards users for contributing to token rewards on CoinList. The greater your contribution through value-add activities, the higher your Karma. Activities can be as passive as staking your coins on CoinList or more active, such as taking part in CoinList’s hackathon or miner programs.
Introducing CoinList Karma
Contribute to token networks on CoinList, accumulate Karma, get rewarded.
Learn more https://t.co/6ek76frCG8
— CoinList (@CoinList) September 6, 2021
Karma is a form of badge, and users with high levels of Karma earn access to the Priority Queue, which lets you access token sales quicker than the usual route. In the last 3 sales, CoinList invited users with Karma over 1,000 to the Priority Queue.
Source: Decrypt.co
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