How to Buy Unus Sed Leo (LEO) • Benzinga Crypto
Want to jump straight to the answer? You can buy LEO on FTX today.
After the Justice Department announced that it had recovered the stolen bitcoin from the Bitfinex hack in 2016, the price of Bitfinex’s native token, Unus Sed Leo, skyrocketed. Although hackers stole $65 million worth of bitcoin back then, the government was able to recover over $3 billion worth of crypto in today’s dollars.
What is LEO?
Unus Sed Leo (LEO) is a cryptocurrency designed to benefit users of iFinex, the parent company of Bitfinex. Some benefits for LEO holders include reduced withdrawals on the Bitfinex exchange, as well as a reduced commission of 15% for LEO holders.
Unus Sed Leo (LEO) holders can seamlessly convert between Ethereum and EOS protocols with Bitfiniex acting as a bridge between these 2 chains. This provides a convenient dual protocol for traders looking to use both the Ethereum and EOS networks.
iFinex buys Unus Sed Leo monthly from the market. The purchased amount is burned, which is equivalent to 27% of the revenue generated by iFinex. The company claims that this burning mechanism will continue until the total supply of LEO is 0.
Brief history of LEO
Unus Sed Leo (LEO) was launched in 2019 following a successful 10-day US$1 billion round. The token was founded by iFinex after Crypto Capital, a company that processed its payments, had its funds seized by the government. To cover the financial shortfall, iFinex launched the LEO token and unveiled its plan to gradually buy the token back to investors until none are left.
How to Buy LEO Crypto
You can buy LEO on a cryptocurrency exchange like FTX or Bitfinex. A trading platform like one of these is a great choice for people looking to start buying cryptocurrency.
- Open an account online.
The first step to buying your LEO would be to open an account with an exchange like FTX. Before you start trading, you will need to verify your identity. This involves indicating your legal first and last name. Next, select the government ID you want to use, then take a photo and submit it. Finally, users must submit a photo of themselves that matches the previously submitted form of identification.
- Buy a crypto wallet (optional).
When thinking about how to store your cryptocurrency, there are 2 options to choose from: software wallets and hardware wallets.
A software wallet is an application on your computer or mobile device.
A hardware wallet is a special type of wallet that stores user’s private keys in a secure hardware device, keeping your private key information off your computer and on the external device.
- Make your purchase.
Once you’ve created your account, you’ll need to associate a funding method to transfer money to your account. The most common methods are debit or credit cards as well as direct bank transfers. Once you’ve linked a payment method, you can now start purchasing LEO.
Best Hardware Wallet: Ledger
Ledger is the most recognized and credited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB, depending on whether you want to use your computer or mobile device. The Ledger app also makes it easy to secure, store, and manage your assets.
securely through the Ledger Hardware Wallet website
Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.
- ERC-20 Tokens
- All experience levels
- Easy to install and use
- Supports over 1,500 different digital resources
- Long battery life
- Bluetooth Connectivity Features
Best Software Wallet: Trust Wallet
Trust Wallet is a decentralized mobile software wallet, which means it doesn’t hold your funds, so it’s all on the blockchain. The best part is that Trust Wallet encrypts all personal information and keys of its users.
It is important to consider that much of the benefit of holding LEO comes from actually using the Bitfinex exchange.
Trade, sell or convert your LEO
Once you have accumulated LEO, you can trade, sell or convert it. The trading process usually involves the trading of market structures and indicators, with the goal of earning profits within a respectable time frame.
The selling process is different, as the goal is to end your position with that asset. An alternative to selling could be to convert LEO to another cryptocurrency. This can be done through a variety of decentralized exchanges (DEXs). Essentially, instead of selling your fiat position, you can convert your LEO to another crypto of your choice and receive the same dollar amount of that crypto.
securely through the FTX website
Current Crypto Prices
Market sentiment has started to spike as Bitcoin and Ethereum prices have risen over the past week. Some analysts believe we are in the midst of a small pullback on the path to exponential gains, others believe this could be the start of a bear market.
The following weeks will be crucial in determining the future of crypto. If buying pressure remains strong and Bitcoin and Ethereum continue to gain momentum, prices could return to all-time highs sooner than we think.
Is LEO a good investment?
For active users of the Bitfinex exchange, LEO would be a great investment for you considering the various benefits of owning the token. For traders looking for exponential growth and quick wins, LEO can be a solid option given the burn mechanics and popularity of the token. Always make sure to always do your own research before buying cryptocurrency, as these are highly volatile assets.