MIR is the presiding token of the Mirror protocol. It is a synthetic token, a creation of Terraform Labs. Mirror coins are blockchain tokens that reflect models of actual-world assets by showing the trade prices on-chain. 

Thus, they allow traders to know the price of tangible assets while ensuring fractional ownership, censorship resistance, and open access to any other digital token. Unlike traditional tokens, MIR is wholly synthetic and only captures the price movement of the respective coin.

With this guide, you will have a breakdown of how to buy Mirror Protocol.

How to Buy Mirror Protocol—Quickfire Walkthrough to Buy Mirror Protocol in Less Than 10 Minutes

Mirror Protocol (MIR) is a Defi coin that allows its holders to take part in its governance activities. The coin is best bought on a DEX such as Pancakeswap, which makes the process both swift and easy.

Pancakeswap is a leading DEX that does not require a third party to initiate its exchange process. As a result, you can learn how to buy Mirror Protocol in under 10 minutes if you follow the guide below: 

  • Step 1: Get Trust Wallet: To get the best out of Pancakeswap, connect it to Trust Wallet. The wallet allows you to use Pancakeswap uninterruptedly. Being a software wallet, you can download the app on your device.
  • Step 2: Search for Mirror Protocol: On your wallet,  input ‘Mirror Protocol.’ into the tab at the upper right corner. After that, search.
  • Step 3: Fund your Wallet with Digital Tokens: You have to first credit your Trust Wallet to enable you to purchase Mirror Protocol. You can deposit digital assets by either making a purchase via your debit/credit card or sending some tokens from an external source.
  • Step 4: Link to Pancakeswap: You can connect to Pancakeswap via Trust Wallet. Click on ‘DApps’ on the Trust Wallet. Select Pancakeswap, and Click on ‘Connect’ to continue the process.
  • Step 5: Buy Mirror Protocol: After you have connected Pancakeswap to your Trust, select ‘Exchange.’ Go to the drop-down box under the ‘From’ tab and select the digital asset you intend to swap for Mirror Protocol. Choose the ‘To’ tab and select Mirror Protocol. Enter the number of Mirror Protocol tokens you want and click on ‘Swap’ to finalize the transaction. 

After the completion of the trade, you will get your Mirror Protocol tokens immediately. In a similar vein, you can sell your Mirror Protocol using Trust Wallet. All you simply have to do is link your wallet to Pancakeswap and make the trade. 

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

How to Buy Mirror Protocol Online—Full Step-By-Step Walkthrough

Being a newbie, you might find the quickfire walkthrough a little technical. This is understandable – as it might be your first time dealing with cryptocurrencies or decentralized exchanges. The following steps are carefully detailed to help you through how to buy Mirror Protocol.

Step 1: Download Trust Wallet

The first step to take when learning how to how to buy Mirror Protocol is getting an ideal wallet. For you to utilize a decentralized exchange such as Pancakeswap, you need a wallet that gives you direct access to the DEX. Trust Wallet is the most convenient and secure, and the wallet is backed by the leading exchange platform, Binance.

It is a software wallet and can be installed on mobile devices via your relevant store. Once installed, go through the required steps to set up your wallet. You will need to use a strong PIN which is needed to log in when you want to open the app.

Additionally, you will receive a 12-word passphrase. This phrase is important to recover your wallet should you forget your PIN.

Step 2: Credit Your Trust Wallet with Digital Tokens

Since your Trust Wallet is new, it is going to be empty. As such, you have to add cryptocurrencies to your wallet before buying Mirror Protocol.

There are two ways to do this:

Transfer Cryptocurrency from a Separate Wallet

This represents the fastest way to fund your Trust Wallet. But note that you can only do this when you have digital assets in an external source. 

To do this:

  • Open your Trust Wallet and choose ‘Receive.’
  • Choose the digital asset you want to send in. Ensure it is the exact one you have in the external wallet. 
  • You’ll get a deposit address from the Trust Wallet. The digital tokens will be sent to this wallet address. 
  • Copy the address and head to the external source from where you intend to transfer from.
  • Paste the unique address in the ‘Send’ section of the other wallet.
  • Type the amount of cryptocurrency you want to send.
  • Complete the trade. 

Your Trust Wallet will receive the cryptocurrency instantly.

Fund your Trust Wallet with your Debit/Credit Card

This is an alternative option for when you don’t have digital tokens in an external wallet. One of the pros of having the Trust Wallet on your phone is that it permits you to purchase digital assets with your debit/credit card. 

  • Open your Trust Wallet app and select ‘Buy.’
  • You will see all the cryptocurrencies you can buy using your card.
  • Select the token you want to purchase. It is best to go for Binance Coin (BNB) or any other well-known token like Bitcoin or Ethereum. 
  • Once you have selected the token you want to buy, you will be required to undertake a Know Your Customer (KYC) process. This is needed because you are buying cryptocurrency with fiat money. 
  • After completing the KYC process, type in your card information and the number of digital tokens you intend to buy. 
  • Confirm the transaction to end the process.

You will receive the purchased cryptocurrency instantly. 

Step 3: Buy Mirror Protocol through Pancakeswap

Once you have funded your Trust Wallet with cryptocurrency, you have successfully completed two steps on how to buy Mirror Protocol, and you can proceed to buy the digital tokens through Pancakeswap.

The next step for you is to link Pancakeswap to your Trust Wallet and buy Mirror Protocol by swapping it with the digital token you already have in your wallet. 

Here is the process breakdown.

  • Connect Pancakeswap to your Trust Wallet. Select ‘DEX’ on Pancakeswap.
  • Select the ‘Swap’ tab. You will be shown a ‘You Pay’ tab where you will select the cryptocurrency with which you intend to pay.

For example, if you have Ethereum in your Trust Wallet, you are paying with Ethereum.

  • Go to the ‘You Get’ tab. Select Mirror Protocol from the list that gets displayed. 
  • Once you have selected Mirror Protocol, you will be shown the number of tokens the swapping equates to. 
  • Select ‘Swap’ to finish the transaction. 

Check your Trust Wallet to see your Mirror Tokens already there.

Step 4: How to Sell Mirror Protocol

Once you have bought your Mirror Protocol token, you will want to make earnings from it at some point. For this, you have to understand the process of selling your coin. 

  • If you want to exchange Mirror Protocol with another cryptocurrency, you can use Pancakeswap. You just have to swap your Mirror Protocol for another token, as illustrated in Step 3.
  • Suppose you intend to get cash in return for your Mirror Protocol token, you will have to do that elsewhere. You can get this done through a CEX like Binance.

Note that using a platform like Binance to access fiat currency facilities means you have to go through a KYC process.

Where to Buy Mirror Protocol Online

You can buy Mirror Protocol on several exchange applications. But, if you want a convenient and easy line of purchase, the best place is a decentralized exchange like Pancakeswap. 

Here are the points explaining why Pancakeswap is the best decentralized exchange to buy Mirror Protocol. 

Pancakeswap—Buy Mirror Protocol through a Decentralized Exchange

Pancakeswap allows you to trade Defi coins without a centralized third party, keeping care of your digital tokens. The DEX is built on automated intelligent contracts operating on the Binance Smart Chain and has low transaction fees. This is in addition to the fast execution time frame, making your trades swift and seamless.

On this DEX, token swaps occur through liquidity pools via a pairing mechanism. Thus, you can exchange one kind of token for another with no need for an intermediary. In contrast, other buyers who stake their assets in the liquidity pools get a share of the remunerations created by these transactions.

Nonetheless, that’s just an aspect of the total Pancakeswap experience. The DEX also allows you to stake coins into so-called Syrup Pools that give increasing rewards. For example, you are allowed to stake cake, Pancakeswap’s local token, and receive more of the asset by allowing it to sit in the Syrup Pool for some time. 

There is also an auto-stake option that will put back your cake into the pool at least every hour, thereby increasing your rewards and interests. Admittedly, as with other decentralized exchanges, cryptocurrency newbies may likely strive to navigate Pancakeswap and understand its various features. But with the DEX’s simple user interface, this won’t take long.

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

Ways to Buy Mirror Protocol

There are different ways to buy Mirror Protocol. The one you pick depends on your choice which may be the payment method or the type of cryptocurrency exchange you want. 

The best ways to buy Mirror Protocol are discussed in more detail below. 

Buy Mirror Protocol with Cryptocurrency

Before buying Mirror Protocol using cryptocurrency, you need to have digital assets in an external wallet. Then, all you are needed to do is exchange the cryptocurrency for Mirror Protocol via Pancakeswap.

You will need to send the cryptocurrency to a safe and user-friendly wallet, and Trust remains the best option. It safeguards your token and works with Pancakeswap conveniently.

Buy Mirror Protocol with your Debit/Credit Card

If you want to buy Mirror Protocol through your debit/credit card, you can use a centralized or decentralized exchange. If you are initiating a purchase from a CEX, you can buy Mirror Protocol directly. However, using a DEX like Pancakeswap, you will first need to buy another digital asset and swap it for Mirror Protocol. 

With Trust Wallet, you can get digital assets with your debit/credit card. After that, all you are required to do is connect to Pancakeswap and exchange the cryptocurrency for Mirror Protocol.

Should I Buy Mirror Protocol?

This is an expected question given the nature of cryptocurrencies, of which Mirror Protocol is one. However, it is a question you have to answer yourself after doing your personal research. This implies that your decision to purchase Mirror Protocol should be premised on personal research and informed perspectives. 

Having this in mind, the points below shine a light on some important points to consider before you proceed to buy Mirror Protocol.

Enables Creation of Synthetics to Gain On-Chain Price Exposure 

The Mirror Protocol is a novel project that permits Synthetics to interact with real-world assets concerning on-chain price exposure. Through the use of high-level smart contracts, the platform enables anyone to trade and issue synthetic tokens that control and track the price of real-world assets. 

Impressively, the protocol does this in the absence of physical backing. Instead, the Mirror Protocol performs this task via collateralized smart contracts that stabilize the blockchain algorithmically. This is a unique value proposition that distinguishes the project in the market. Learning more about this will give you a better understanding of Mirror Protocol's goals. 

Nearly-Instantaneous Order Execution

Frequently, with other protocols, due to the absence of liquidity, orders can require up to 24 hours to execute fully. However, given that Mirror Protocol depends on liquidity provided by each asset pool, orders can reach completion as quickly as the block time of the network.

This increases the protocol’s attraction as it makes for swift trades, which is a perk that often drives traders towards cryptocurrency projects.

Speeds Up the Integration of Traditional Assets Entering the Blockchain Sector

There are many difficulties that the developers behind the Mirror Protocol have set out to solve.

  • The project's goal is to increase the access conventional assets have to the blockchain space.
  • By allowing these assets to have more disclosure through Synthetics, the market becomes more democratized for all. 
  • Presently, millions of people worldwide cannot access relevant financial resources due to their area, status, or other limiting measures.
  • Additionally, investments come with some other difficulties, adding to the challenges investors already face.

To this end, the Mirror Protocol operates to offer a more inclusive approach towards the investment marketplace.

Taking Advantage of the Dip

Mirror Protocol experienced an all-time high on 10 April 2021, when a single token was worth $12.86. Its all-time low was on 04 December 2020, when it was worth $0.90 per token. At the period of writing in early August 2021, Mirror Protocol is worth about $3 per token.

This means that the coin might be a good buy now that it is trading at a more favorable low price, especially if you believe it will regain its prior all-time high. For example, if you trust in the long-term prospect of Mirror Protocol and think it will eventually go above its prior peak of over $12, you’ll be in for a sizable increase in returns. 

Mirror Protocol Price Prediction

Mirror Protocol is unstable and alters as the market desires. The coin can have a price at this moment and have an entirely different value in the next minute. This makes it important to exercise caution before investing. 

The internet is filled with numerous Mirror Protocol price predictions devoid of any tangible backing. As such, base your decision on whether to buy Mirror Protocol on concrete personal research other than online predictions.

Risks of Buying Mirror Protocol

It will be good if you look into the risks associated before you buy Mirror Protocol tokens. As with other cryptocurrencies, the main risk with Mirror Protocol is the rise and decline of its worth in the market.

If you choose to cash out during the dip, you will suffer a loss. This is why you have to take a risk-averse strategy to buy Mirror Protocol.

Take note of the following:

  • Ensure you research and invest reasonably.
  • Buy Mirror Protocol with caution. You can buy small amounts at intervals. 
  • Widen your portfolio by investing in other Defi tokens.

Best Mirror Protocol Wallets

After you have learned how to buy Mirror Protocol, the next thing to think about is the ways in which you can keep your tokens secure and safe. For this, you will require a secure and user-friendly wallet.

Here are the best Mirror Protocol wallets for you to consider. 

Trust Wallet—Overall Best Mirror Protocol Wallet

Trust Wallet is the overall best Mirror Protocol wallet in the market. It is a software wallet, and it can be downloaded on your mobile device. Furthermore, it is easy to navigate and allows you to complete transactions all within the app.

You just have to link the wallet to Pancakeswap—the leading DEX—and make your trade. The wallet also enables you to track the price and chart of Mirror Protocol within the app.

Freewallet—Best Multi-Asset Mirror Protocol Wallet

Freewallet grants you access to numerous benefits and it is available for download on Android and iOS devices. The wallet is constantly ready for use as it is synced and backed up. Besides Mirror Protocol, Freewallet is a multi-asset option that supports many other coins, making it easy to diversify. 

Ledger Nano—Best Mirror Protocol Wallet for Security

Ledger Nano is a high-technology hardware wallet that allows you to stay offline alongside unmatched security. It is best to use if you are investing for a long time or you are purchasing a large amount of Mirror Protocol tokens.

It also allows you to retrieve your tokens in situations where you cannot remember your password or your device gets compromised. You can get this done with the passphrase the wallet provides you when setting the Ledger Nano up. 

How to Buy Mirror Protocol—Bottom Line

This guide has successfully taken you through how to buy Mirror Protocol in the best way possible. We have also provided points to help your MIR-related decision-making and the best wallets to use.

In conclusion, the process involved in buying Mirror Protocol is best completed through a decentralized exchange platform like Pancakeswap. You can buy Mirror Protocol through Pancakeswap via Trust Wallet which allows for ease and convenience.

You can also get cryptocurrency by using your debit/credit card on Trust Wallet. Finally, remember to do your research before you buy Mirror Protocol.

Buy Mirror Protocol Now via Pancakeswap

 

 

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

FAQs

How much is Mirror Protocol?

As at the time of writing in early August 2021, one Mirror Protocol token is worth about $3.

Is Mirror Protocol a good buy?

It is advisable that you answer this after doing your personal research, as there are risks associated with buying Mirror Protocol, just like other digital tokens.

What is the minimum Mirror Protocol tokens you can buy?

The nature of cryptocurrencies makes it possible to buy as little or as much as you want.

What is the Mirror Protocol all-time high?

Mirror Protocol last hit its all-time high on 10 April, when one token went for $12.86.

How do you buy Mirror Protocol tokens using a debit card?

Trust Wallet permits you to buy cryptocurrencies with your debit/credit card if you do not have any digital asset in reserve. Once the purchase is complete, link your Trust Wallet to Pancakeswap and proceed to buy Mirror Protocol.

How many Mirror Protocol tokens are there?

At the time of writing in early August 2021, the coin has a circulating supply of over 77 million tokens. The coin's maximum supply is at over 370 million tokens.