The Fei protocol was designed to buy assets directly instead of holding them as collateral for loans. It has its stablecoin — Fei, which is pegged to the US dollar. The protocol was launched to compete in the Decentralized Finance (Defi) industry.

Fei stands out for several reasons: it incorporates a system that prevents holders from selling when it is trading below its USD peg. In this guide, we will show you how to buy Fei Protocol in a fast and convenient way. 

How to Buy Fei – Quickfire Walkthrough to Buy Fei Tokens in Less Than 10 Minutes 

You may be looking into how to buy Fei because of its potential prospects. For this, Pancakeswap is the easiest and most suitable way to buy the token because it helps users maintain anonymity. 

The guide below provides information on how to buy Fei within minutes – no matter where you are located. 

  • Step 1: Download Trust Wallet: Pancakeswap is a decentralized application that dispenses with the need for intermediaries in cryptocurrency exchanges. You can find it on Trust Wallet, which you can download on your Android or iOS. 
  • Step 2: Search for Fei: Locate the search bar at the top right corner of your Trust Wallet and input “Fei.”
  • Step 3: Fund Your Trust Wallet: You have to make a deposit in your Trust Wallet before you can buy Fei tokens. You may opt to send some from an external wallet or buy with your credit/debit card. 
  • Step 4: Connect to Pancakeswap: Next, you will have to connect your Trust Wallet to Pancakeswap. Look out for the ‘DApps’ icon at the bottom of your screen, select Pancakeswap, and hit connect. 
  • Step 5: Buy Fei tokens: You can now buy all the Fei tokens you need. Find the ‘Exchange’ icon, which produces the ‘From’ tab, and this is where you will choose the token you want to trade for Fei. Next, locate the ‘To’ icon on the other side of the screen, and select Fei from the available tokens. Choose the quantity of Fei tokens you want and complete the trade by clicking ‘Swap.’

The number of Fei tokens you bought will reflect in your Trust Wallet in a matter of minutes. Just as you have bought your tokens with Trust Wallet and Pancakeswap, there are also provisions for you to sell them when you are ready. 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

How to Buy Fei — Full Step-By-Step Walkthrough 

If you are already familiar with a cryptocurrency exchange, then the chances are that the guide above has provided sufficient information on how to buy Fei. However, if you are new to buying Defi coins, you will likely need a more thorough guide. 

Our step-by-step walkthrough below provides a more detailed explanation of how to buy Fei conveniently. 

Step 1: Download Trust Wallet

Pancakeswap is a decentralized exchange or DEX that simplifies the process of buying Fei tokens. It is pretty easy to access and user-friendly. The exchange is available on Trust Wallet, which is the most suitable option for your needs. 

Trust Wallet stands out because it is secure and has a simple user interface. Additionally, it is backed by Binance, one of the world’s largest and most renowned cryptocurrency trading platforms. Trust Wallet is available on Android and iOS devices. 

Set up your Trust Wallet and choose a secure PIN. Also, take note of the 12-word passphrase Trust Wallet displays. You can use it to access your wallet if you lose your phone or forget your login details. However, be sure to keep it safe.

Step 2: Fund Your Trust Wallet with Cryptocurrency Assets

If you have just downloaded your Trust Wallet, it likely has no cryptocurrency in it. Therefore, you will have to put some tokens in your wallet before you can buy Fei. Now, there are two methods of doing this, and you may opt for the one that best suits you. 

Buy Cryptocurrency Tokens with Your Credit/Debit Card 

One of the perks of using Trust Wallet is that it lets you buy cryptocurrency directly with your credit or debit card. First, however, you will have to complete the Know Your Customer (KYC) process and verify your identity. 

The KYC process usually requires you to upload government-issued identification, such as your passport or driver’s license. After completing the process, you can now buy cryptocurrency by following these steps. 

  • Search for the ‘Buy’ icon at the top of your Trust Wallet. You’ll be presented with a range of cryptocurrencies that you can choose from, but you may want to go for an established coin like BNB. 
  • You can now choose the coin and quantity you want to buy and complete the transaction. 

Your tokens will appear in your Trust Wallet immediately after you complete the transaction. 

Transfer Cryptocurrency Assets From an External Source 

Now, you may also fund your Trust Wallet by transferring some cryptocurrency from an external source. However, you will have to own some cryptocurrency in that external wallet, as you cannot give what you don’t have. You may transfer some digital assets to your Trust Wallet by following these steps:

  • Locate the ‘Receive’ icon in your Trust Wallet and choose the token you want to send from the external wallet. 
  • Trust Wallet will provide you with a unique address for the token you have chosen. It will be best if you copy the address to avoid mistakes. 
  • Search for the ‘Send’ icon in your source wallet and paste the copied address in it. Next, choose the cryptocurrency you want to transfer coupled with the number of tokens and complete the transaction. 

Your cryptocurrency tokens will appear in your Trust Wallet within minutes. 

Step 3: How to Buy Fei Through Pancakeswap 

Now that you have deposited some cryptocurrency in your Trust Wallet, you can now buy all the Fei tokens you want. However, you will first have to connect your Trust Wallet to Pancakeswap.

You can then buy Fei by following these steps. 

  • Locate ‘DEX’ on Pancakeswap. 
  • Find the ‘Swap’ icon, look out for the ‘You Pay’ bar and choose the token you purchased or transferred from the external wallet. You may also select the quantity you want to swap. 
  • Choose Fei under the ‘You Get’ section and the number of tokens you want. Trust Wallet lets you know the amount of Fei tokens equivalent to your base cryptocurrency. 
  • You can complete the transaction by clicking the ‘Swap’ icon. 

Trust Wallet will display all the Fei tokens you just purchased in seconds. 

How to Sell Fei tokens 

Eventually, you may decide to sell your Fei coins or swap them for another token. So, just as you have learned how to buy Fei tokens, you also need to know how to sell them. 

  • You can choose to swap them for a different set of tokens on Pancakeswap. The exchange offers you a range of tokens to choose from, and you can make the swap by following the guide on how to buy Fei, but in reverse. 
  • Another option is to sell the Fei tokens using a third-party trading platform like Binance. 
  • One of the perks of using Trust Wallet is that you can easily access Binance and sell your Fei coins for fiat currency. However, you will first have to complete a KYC process. 

Where Can You Buy Fei Tokens Online?

Fei is a stablecoin pegged to the US dollar, and currently, there are just above 2 billion tokens in circulation. The ample supply of tokens makes it relatively easy to find enough to buy. 

However, the most suitable and convenient way to buy Fei tokens seamlessly is to go through Pancakeswap. There are numerous perks to buying your tokens through Pancakeswap, and we discuss a few of them below. 

Pancakeswap – Buy Fei Through a Decentralized Exchange

The essence of a DEX is to eliminate the need for a third party in cryptocurrency transactions. Pancakeswap is a DEX and a medium to achieve this objective. The exchange has an impressive security framework with an interface oriented for users whether veterans or beginners. Since its launch, Pancakeswap has become more prominent in the DApp space.

Pancakeswap also allows you to trade privately which means you can maintain your anonymity while buying Fei. Additionally, the exchange is an Automated Market Maker (AMM) through which users are paired for trading seamlessly. This mechanism leverages complex algorithms and liquidity pools for pairing buyers and sellers. 

Pancakeswap charges low fees for transactions even when there is a lot of traffic on it. The exchange also offers a speedy response and delivery time; you can complete every transaction you engage in within minutes. The exchange also features a wide crop of BEP-20 tokens, which is something you may not find on other DEX’s.

You can make some money off your idle coins through staking and yield farming on Pancakeswap. Staking makes you eligible for rewards because the coins you hold contribute to Fei’s liquidity pool. Pancakeswap also makes provisions for diversity in that there is a wide range of tokens available. If you want to use a debit or credit card to access Pancakeswap, you can do this via the Trust Wallet. Then, just connect Trust to Pancakeswap.  

Pros:

  • Exchange digital currencies in a decentralized manner
  • No requirement to use a third party when buying and selling cryptocurrency
  • Supports a sizable number of digital tokens
  • Allows you to earn interest on your idle digital assets
  • Sufficient levels of liquidity – even on smaller tokens
  • Prediction and lottery games

Cons:

  • Might appear daunting at first glance for newbies
  • Does not support fiat payments directly

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

Ways to Buy Fei Tokens 

Currently, two major ways are available for you to buy all the Fei tokens you want. You can choose to go with any of these methods depending on which meets your needs.

Buy Fei With Your Credit or Debit Card 

Trust Wallet makes provisions for you to buy cryptocurrency directly with your credit or debit card, but it is mandatory that you first complete the KYC process.

You can now input your details and purchase the cryptocurrency you will exchange for Fei tokens. Then, connect your Trust Wallet to Pancakeswap and buy the amount of Fei you desire. 

Buy Fei Coins With Cryptocurrency 

If you happen to own some cryptocurrency in an external wallet already, you may transfer it to your Trust Wallet. First, copy your wallet address and paste it into your external wallet.

Next, select the number of cryptocurrency tokens you want to transfer and complete the transaction. You can then connect your Trust Wallet to Pancakeswap and buy Fei. 

Should I Buy Fei Tokens?

Before our 'how to buy' guide can come in handy, you must have decided to purchase some Fei tokens. For a decision of this nature, you have to make it based on your own personal research. This will ensure you make an informed decision. 

Some of the factors you may consider while deciding on whether to buy or not include the following:

Growth Trajectory 

Fei is a stablecoin, and as such, is designed to trade within a particular value range. In this case, Fei is pegged to the US dollar, so it will always mirror its value. It was introduced in 2020 and has traded around the value of a dollar since then.  

As of late July, Fei has a value of $1.01. The protocol also enjoys an active community behind it. This is a plus for the project, as it creates attraction to the stablecoin and helps it garner more traction in the marketplace.

Collateral Risk

The protocol also commits itself to decentralization. As such, the only reserve currency it uses is ETH, which is a testament to its decentralization commitment.

  • However, because ETH is a cryptocurrency subject to volatility, this can create a situation of an unfavorable collateralization ratio.
  • Therefore, in Fei’s whitepaper, the management team set out the modalities for guiding the collateralization in response to market pressure.
  • Essentially, where demand falls at a sharp rate, the protocol will ensure a decrease in collateralization over time.

The project will also use Protocol Controlled Value (PCV) to regulate Fei. 

Direct Incentives 

The Fei protocol operates on a mechanism known as direct incentives. It is what helps stabilize the price and keep it trading just within the range of the peg. Here, there is an incentivization of Fei’s trading activities and usage. 

Essentially, the penalties and rewards entwined with trading Fei are designed to keep the price within the dollar range. The protocol uses a system known as mint and burn, and the larger your sale, the more burn you incur. On the other hand, it awards mint to holders who do not sell, thereby driving the price back to the peg range. 

The incentives come into play when Fei is trading below the peg price. This mechanism helps Fei token holders rest assured that the coin will always be a stablecoin. 

Peg Reweights and Guaranteed Liquidity 

Since Fei is a stablecoin, peg reweights is another way the protocol ensures that the coin trades within the desired range.

  • If it trades below the range past a particular period, the protocol withdraws all the liquidity it owns.
  • Next, it buys Fei using ETH, makes provisions to resupply liquidity and disposes of the excess tokens. 

In terms of guaranteed liquidity, token holders never have to worry about the whales pulling capital out  - as the Fei protocol owns it. 

Fei Price Prediction 

Fei is a cryptocurrency, and like every other one, it never has a static price, despite being a stablecoin. Instead, its value is constantly fluctuating and can be affected by a range of factors. 

If you are looking to buy Fei, your purchasing decision should never be solely influenced by the price predictions you see online. More often than not, they turn out to be wrong. Instead, you should purchase Fei tokens only after doing enough research to convince yourself that it is a worthy decision.  

Risks of Buying Fei Tokens 

Before you decide to buy Fei tokens, you have to tread cautiously. Various factors can influence its value, and it hardly ever has a fixed price. Therefore, it will be best if you avoid buying Fei tokens solely based on price speculations and market predictions. 

Purchasing Fei is risky; however, here are a few tips you may apply before you make a buying decision. They will help in alleviating the potential risks. 

  • Purchase Diverse Coins: When you diversify, you reduce your chances of incurring a loss in cryptocurrency. Diverse purchases mean that you are not putting all your capital in a single token. 
  • Buy at Intervals: When you buy your Fei coins at intervals, you stand the chances of buying at favorable times. This is because cryptocurrency never has a fixed value, and you will reduce potential losses by buying when the price is slightly low than the $1.00 level. 
  • Research: If you plan to enter the cryptocurrency world, you have to carry out adequate research. Read up on the benefits and downsides of buying Fei tokens, and you will reduce your chances of running at a loss. 

Best Fei Wallets 

After purchasing your Fei tokens, you will inevitably need a safe wallet to store them. When choosing one for your tokens, consider the ease of access, user-friendliness, security, and account retrieval provisions. 

Here are some of the best Fei wallets for 2021:

Trust Wallet - Overall Best Wallet For Fei Tokens 

Trust Wallet is the best option for your Fei tokens for several reasons.

  • It is very secure, user-friendly, and easily accessible. Therefore, Trust Wallet is very suitable for cryptocurrency novices and experts alike.
  • It is also backed by Binance, one of the world's leading cryptocurrency trading platforms. 
  • Additionally, Trust Wallet lets you connect to Pancakeswap to carry out decentralized exchanges.

Finally,  you can buy cryptocurrency directly from your Trust Wallet with a debit or credit card.  

Coinomi - Best Fei Wallet For Desktops 

You can choose to store your Fei coins on your desktop system. If you do, then Coinomi is the best wallet for you. It was founded in 2014 and boasts of impenetrable security. Coinomi has never been hacked, so you can rest assured that your Fei coins are safe. 

Even though Coinomi is the most suitable Fei wallet for a desktop, you can also operate it on your Android or iOS device without compromising the security of your coins. 

Ledger Nano- Best Fei Wallet For Security

In terms of security, Ledger Nano is the most suitable wallet for your Fei tokens. It is a hardware wallet with numerous innovations that ensure the absolute security of your coins.

Furthermore, it stores your Fei tokens offline and lets you access them anytime. Ledger Nano is also very user-friendly. The best part is that you can use it with your mobile device or desktop system. 

How to Buy Fei Tokens - Bottom Line

In conclusion, the process of how to buy Fei tokens is not as daunting as it appears at first sight. Trust Wallet and Pancakeswap exist to make it super easy for cryptocurrency veterans and novices alike to purchase Fei coins without stress. 

Fei tokens are Defi coins, so it makes perfect sense to use a decentralized exchange like Pancakeswap to eliminate the need for an intermediary. 

Buy Fei Protocol Now via Pancakeswap

 

 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

FAQs

How much is Fei Protocol?

Fei is a stablecoin pegged to the US dollar. This means that the value of the US dollar will always reflect the value of Fei. As of late July, one Fei is worth a little above $1.

Is Fei Protocol a good buy?

Fei is a stablecoin that has had a good run in the market. However, it will help if you only base your buying decisions on the research you have done.

What is the minimum Fei Protocol tokens you can buy?

One of the perks of cryptocurrency assets is that you can buy them in fractions. Hence, you can buy as little as one Fei or even less.

What is the Fei all-time high?

Fei hit its all-time high of $1.26 on 03 April 20217.

How do you buy Fei tokens using a debit card?

You will have to download and install Trust Wallet from Apple Store or Google Play. Then, verify your identity and input your card details where necessary. You can then connect your Trust Wallet to Pancakeswap and buy all the Fei tokens you desire.

How many Fei Protocol tokens are there?

As at the time of writing in late July, there are over 2 billion Fei tokens in circulation. The coin’s market cap is also over $2 billion.