NEAR ProtocolHow & Where to Buy NEAR Protocol A Step-by-Step Guide to Buying NEAR
No exchanges offer NEAR Protocol NEAR for direct purchase using cash.
To buy NEAR Protocol, you will complete a simple three step process:
- Buy Binance Coin
BNB at a trusted crypto marketplace. - Send your new BNB to your Metamask Wallet.
- Connect Metamask to 1inch.io and swap BNB for NEAR.
Keep reading to get the simple to follow step-by-step instructions.
- Step 1Trade Cash For Crypto If you already own BNB you want to trade, skip this step and go directly to step two.
If you don't currently own crypto, then the first step is to get some. In this step you will be buying some Ether
BNB. You are buying Binance Coin because you can directly swap it for NEAR in step 3.This will reduce fees by requiring only one trade:
BNB for NEARClick the "Visit Binance.US" button below to sign up at Binance.US — our favorite place for beginners to make their first crypto purchase.
1inch
BNB
Crypto OnlyEase of useVery EasyTime to 1st Buy3 mins24h Volume$478,006,534Coins200k+1inch is a site that searches across all decentralized exchanges in the Ethereum, Binance Smart Chain, and Polygon networks for the best price on any token you wish to buy. It launched in 2021 and uses the CHI gas token to save up to 42% on gas fees. Simple to use and saves time and money.
After you sign up for Binance.US, complete the steps on the website to fund your account and complete your first purchase of
BNB. - STEP 2Send BNB to a Crypto Wallet
Now that you have
BNB in your Binance.US exchange account you need to send it to an Binance-compatible wallet. The industry standard crypto wallet that we will be using for this is Metamask.How to Set Up A Metamask Wallet
- Visit Metamask.io
- Download the browser extention for Chrome on desktop or the Metamask app for iOS or Android.
- Complete the wallet set up process taking special precaution to record your Secret Recovery Seed Phrase. You will lose your funds forever if you lose access to your wallet and can't recover it with your backup recovery phrase.
- Navigate to chainlist.org to add the Binance Smart Chain to your Metamask.
How to send Binance Coin (BNB) to Metamask
- Copy your new Metamask wallet address by clicking "Receive" and then click "Copy."
- Navigate to your Binance.US wallet and click "Withdraw" on your Binance Coin balance.
- Select "BEP20" on the BNB withdrawal screen.
- Paste in the Metamask wallet address you copied earlier. Make sure you are using your Binance Smart Chain account address!
- Double check the address you pasted vs the address in your Metamask to make sure no copy/paste errors occurred.
- Once you're 100% satisfied that the addresses match, "withdraw" your BNB from Binance.US.
Now that you have your Metamask wallet set up, let's move on to buying some NEAR Protocol.
- STEP 3Connect Metamask to a Price Aggregator
Now that you have
BNB in your Metamask wallet, you will find the best price to buy NEAR.How to Find the Best Price for NEAR Protocol
There are many decentralized exchanges on Binance Smart Chain where you can buy NEAR Protocol. You could simply pick one of them and use it and hope that it's the best price.
But the best option is to use a decentralized exchange (DEX) aggregator to find the best price possible without having to compare each one manually. A DEX aggregator like 1inch.io uses the power of open defi programs to compare prices across all marketplaces. 1inch saves you time and money by automatically choosing the best price and then placing that trade for you.
Best NEAR Protocol (NEAR) Exchange Aggregator
1inch
BNBCrypto OnlyEase of useVery EasyTime to 1st Buy3 mins24h Volume$478,006,534Coins200k+1inch is a site that searches across all decentralized exchanges in the Ethereum, Binance Smart Chain, and Polygon networks for the best price on any token you wish to buy. It launched in 2021 and uses the CHI gas token to save up to 42% on gas fees. Simple to use and saves time and money.
Copy the token address below and paste it into 1inch to add NEAR.
Once you have added
NEAR into the "You receive" box, click "SWAP Token" and confirm the transaction in Metamask.
That's all you need to do to buy NEAR Protocol.
To see your newly purchased NEAR in your Metamask wallet, click "Add Token" and copy the NEAR contract address into the Custom Token Contract Address field. You will now see your NEAR balance in Metamask and be able to send, receive, and trade it.
How and Where to Buy Near Protocol (NEAR)
Entrepreneur Erik Trautman founded the Near Protocol with co-founders Illia Polosukhinan, an ex-Google employee with a Master’s degree in Applied Math and Computer Sciences, and Alexander Skidanov, a Computer Scientist and ex-Microsoft software developer.
The project initially started in 2017 as a machine learning platform and was called Near.ai. With the team’s combined expertise, they studied cryptocurrencies and smart contracts. As a result, they were compelled to investigate and study cryptography.
The team claims to have the world’s leading developers working on the Near Protocol (NEAR) project; those individuals with experience in building at scale, real-world sharded systems, which the protocol intends to develop to enhance blockchain scalability, something that many blockchains fail to achieve.
“Reimagine your world: Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future.” – Near Protocol Website
What Is NEAR Protocol (NEAR)?
Near Protocol (NEAR) is a layer-1 blockchain using PoS (proof of stake) consensus mechanism, first conceived as a cloud computing platform run by the NEAR collective global community. This process was a way to overcome the typical issues associated with blockchains, such as poor interoperability and slow transaction speeds. Thus, the user-friendly platform created a perfect environment for DApps development.
Unlike most crypto wallet addresses – a series of multiple letters and digits – the Near Protocol uses account names readable by humans. The protocol also has a consensus mechanism of its own called “Doomslug.”
The NEAR collective is a community that helps build the Near Protocol. It updates the initial code and releases updates to the Near ecosystem. The project’s ultimate goal is to create a platform with the highest security for managing high-value assets for the average “man on the street”.
The native token for Near Protocol is $NEAR, primarily used for paying transaction fees and collateral for storing users’ data on the blockchain.
What Makes NEAR Protocol (NEAR) Unique?
Firstly, the Near Protocol is certified carbon neutral, an issue for many blockchains, including the energy-sucking Bitcoin (BTC) and its proof of work (PoW) consensus mechanism. A carbon-neutral environment is a big plus for developers that want to continue creating but have a code of environmental ethics.
In early 2021, Near Protocol was awarded the Climate Neutral Product Label, “Builders on NEAR, join us and offset your carbon footprint! How can a decentralized blockchain that uses energy be climate neutral? – It can, by a commitment to measure, reduce, and offset its carbon footprint with green projects. NEAR Protocol has been awarded the Climate Neutral Product Label from South Pole.” – Near Protocol Website
Secondly, to improve transaction speeds and blockchain capacity, the Near Protocol uses its Nightshade technology, a variation of sharding (multiple network validators processing transactions in parallel across numerous sharded chains). The Near Protocol can achieve 100,000 TPS (transactions per second) and almost instant transaction finality. To put the speeds of the Near Protocol into perspective, Bitcoin averages 5 TPS. What fast speeds also means is nominal transaction fees.
Another unique aspect of the Near Protocol (NEAR) is the ETH <> NEAR Rainbow Bridge, which is a way of migrating assets to the NEAR platform without compromising on transaction speed.
Ethereum users can onboard the NEAR platform using the ETH Faucet, hosted by MetaMask and Paras. As long as you have a minimum of 0.05 ETH, you can claim a NEAR account and access the Rainbow Bridge
“The biggest tokens from Ethereum are now on NEAR” – Near Protocol website.
Your assets can move freely between the Ethereum and NEAR blockchains and bridge any ERC-20 token. As an example, the following ERC-20 coins are interoperable with NEAR: –
- Stablecoins – Tether (USDT), DAI (DAI), and TrueUSD (TUSD)
- Wrapped assets – Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH)
- DEX tokens – Uniswap (UNI) and 1inchnetwork (1INCH)
- Lending tokens – AAVE and Compound (COMP)
- Service company tokens – Huobi (HT) and Cronos (CRO)
Users with MetaMask or other Web3 wallets can send ERC-20 assets directly to NEAR wallets and apps, and vice versa.
How and Where to Buy Near Protocol (NEAR)?
Binance is a trusted cryptocurrency exchange with a good reputation as the world’s largest crypto exchange by trading volume. The platform’s fiat currency funding options make purchasing Near Protocol (NEAR) a stress-free experience.
- Register for an account with Binance – verify your account. For reasons of security and compliance, you may have to provide identification documents
- Go to “Deposit Fiat” – Binance offers several fiat currency options
- Choose deposit options – Visa and Mastercard or deposit by wire transfer or with cryptocurrency
- Open the exchange tab – $NEAR is paired to NEAR/USDT, NEAR/BUSD, NEAT/BTC, NEAR/ETH, NEAR/BNB & NEAR/EUR & a few others
- Choose a currency pair and make your purchase
- Store your $NEAR tokens – Binance has an exchange wallet, or you can choose an off-ramp cold storage wallet to secure your $NEAR holdings
How do I Sell Near Protocol (NEAR)?
It’s easy to sell your $NEAR tokens on the Binance exchange: –
- Sell your $NEAR holdings for a stablecoin like $USDT
- Transfer the $USDT to a reputable off-ramp platform like Coinbase or Gemini
- When the transfer is complete, convert the $USDT in your Coinbase or Gemini account to fiat currency and withdraw to your bank account. You can then enjoy the profits you’ve (hopefully) made on your $NEAR investment
Should I Buy Near Protocol (NEAR)?
Although we cannot provide investment advice, if you wish to invest in Near Protocol (NEAR), Binance is a reputable and popular cryptocurrency exchange. The platform offers Trust Wallet, a reputable open-source mobile wallet app available for iOS and Android.
KuCoin and Gate.io list Near Protocol (NEAR) tokens and are both trustworthy cryptocurrency exchanges. KuCoin has a custodial and non-custodial service. Gate.io has an exchange wallet or cold storage wallet, the “S1”.
How do I invest in Near Protocol (NEAR)? Safely?
If you wish to invest in Near Protocol (NEAR) tokens, purchase from a reputable cryptocurrency exchange like Binance, KuCoin, or Gate.io. After purchase, we advise storing your Near Protocol (NEAR) tokens securely in a cryptocurrency wallet.