How to Buy Cryptex Finance (CTX)

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Contributor, Benzinga
January 31, 2022

Want to jump straight to the answer? You can buy CTX on Gemini.

Cryptex Finance seeks to provide decentralized financial solutions that allow everyone from investors, traders, funds, and decentralized finance (DeFi) users to gain access to the total market value of cryptocurrencies. The firm claims to have made the world’s first total crypto market cap token that is directly tied to the market cap of the entire crypto sector. Think exchange-traded fund (ETF) for crypto: exciting, right? 

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What is Cryptex Finance?

When looking at Cryptex Finance, it offers two tokens to consider: TCAP and CTX. TCAP is the flagship token of Cryptex Finance that aims to provide exposure to total market capitalization across the entire cryptocurrency sector. TCAP ties directly to price changes in over 2,000 digital assets, showing why such a token speaks to investors looking to gain broad exposure with just one asset. 

Behind the scenes of the TCAP token is CTX, a utility and governance token that powers and secures the entire Cryptex Protocol. Individuals who own CTX can vote on adding changes to not only TCAP but also future projects that are made in the Cryptex ecosystem. 

The demand for such a wide-reaching asset has the potential to grow alongside the increasing popularity of crypto as a whole. Benzinga’s guide will help you learn more about this popular crypto and help you place your first CTX order on an exchange.

Why is Total Cryptocurrency Market Capitalization Important?

Before digging into what CTX is and how to buy it, it’s important to understand why total cryptocurrency market capitalization is important and why the team at Cryptex Finance decided to make a token around it. Total cryptocurrency market capitalization is one of the most widely cited and best known data metrics in the world of crypto that measures broad expansions and declines across the entire sector. 

Cryptex Finance cleverly realized that no current method of minting this metric exists in real time that people can invest in, so it decided to make a token (or “tokenize”) this key metric. This profound action allows people to have exposure to the price movements of the entire crypto sector by investing in just one asset. 

What is CTX?

CTX is a governance and utility token that has many use cases within the Cryptex Finance ecosystem. CTX holders can make proposals, vote on proposals and delegate their votes to other CTX holders. This feature is key to the future of the project as it allows the most important stakeholders to determine its direction: the community. Proposed changes could be anything from changes to the TCAP system to replacing the system entirely. 

CTX’s initial supply is 10,000,000 tokens, most of which are part of its treasury. The remaining tokens are split between the Cryptex Team, advisors and community members. When mentioning the development team, some big names immediately stand out such as Preston Van Loon, who also works on Layer one scaling solutions for Ethereum 2.0 and has received funding from numerous big name sources (including the founder of Ethereum, Vitalik Buterin). 

Overall, those who are interested in actively participating in the behind-the-scenes of Cryptex Finance’s project of tokenizing total market capitalization should consider CTX as a way to do so.

Where To Buy Cryptex Finance Token (CTX)

The easiest way to buy CTX is to place an order through a cryptocurrency exchange like Gemini. A cryptocurrency exchange is a crypto app or desktop platform that allows you to place buy and sell orders for cryptocurrencies. Using a cryptocurrency exchange is very similar to a stock broker — you’ll create an account, supply a little personal information to verify your identity and add funds. From here, you’ll be able to place buy and sell orders through your exchange, which will execute the orders on your behalf.

You’ll purchase the CTX token using the same method you’d use to purchase other types of cryptocurrencies. If this is your first time using an exchange, however, you’ll want to choose an exchange that offers access to all the coins that you want to buy and sell. This decision will make it easier to master your exchange’s tools and invest using a single platform. 

How to Buy CTX

Since CTX is a relatively new and obscure asset, buying it is a little more involved. You will likely need to use a select decentralized exchange (DEX) that hosts CTX to begin purchasing it. Fortunately, exchanges like Gemini make this process easy for individuals looking to buy and sell CTX. 

Here are the basic steps you’ll go through when you open your first account.

Step 1: Open a Crypto Exchange Account

You first need to open an account with an exchange that offers the ability for cryptocurrency trading to begin investing in CTX. CTX is a less prominent token, so it’s important to select an exchange that holds the coin. Here are some factors you may want to consider when deciding on the exchange you will use:

  • Ease of use (beginners may want a more intuitive interface)
  • Security features, encryption and two-factor authentication availability
  • Fee schedules, account maintenance fees and commissions

After deciding on an exchange, follow the exchange’s account set up process. Some of the information you might need to provide may include:

  • Your full legal name
  • Your address
  • Your phone number and email address
  • A copy of a government-issued photo ID (like a military ID, driver’s license or passport)

The set up process is relatively quick on most exchanges, but depending on the exchange it may take longer to verify your identity.

Step 2: Fund Your Account

After setting up your account you’ll have to link a method of funding to get money into your investing account. Direct bank transfers are common among most exchanges, but some exchanges allow for funding through a credit card as well. 

For users worried about security when using their online banking credentials, certain exchanges like Gemini allow the option to manually link your bank account and deposit funds through wire transfers. Additionally, users have the option to fund their accounts with crypto through their external wallet or service provider. 

Step 3: Make Your purchase

Once your account is set up and funded, you can place an order through your exchange to buy CTX. Make sure to check the current market price of CTX to determine how much CTX you want to buy. 

Before placing an order, make sure you familiarize yourself with the different types of orders your exchange offers. Multiple types of buy orders exist, and the order you choose can affect how much you pay per coin and how quickly your order is filled. Gemini hosts multiple types of buy orders that help investors purchase CTX in a way that best aligns with their investing goals. 

Trade, Sell or Convert Your CTX

Now that you own CTX, you have a couple options. First, if you don’t plan on trading again on the same day, you should store your CTX in a secure wallet with private keys. A wallet is a storage device or application that protects your coins should your account be subject to a hacking attempt. Your wallet app can often act as a crypto portfolio tracker allowing you to manage how your holdings are changing over time. There are two types of wallets: hardware and software, and depending on your unique needs, a hardware or software wallet may be better suited for you. Check out the following section for recommendations on the best hardware and software wallets to safely store your crypto. 

Buying more CTX or selling your holdings depends on numerous factors. Check out the “Is CTX a Good Investment” section for more information on specific aspects related to the future growth potential of CTX.

Best Hardware Wallet: Ledger Nano X

The Ledger Nano X is a next-level hardware wallet that lets you buy and securely manage all your cryptos in a single application. The ease of use is a major talking point for the Nano X. Designed around an intuitive user experience, the Ledger Nano X lets you check and confirm transactions on its built-in display using two physical buttons (an anti-malware second-factor verification measure). 

All your accounts are securely backed up on a recovery sheet and can easily be restored using a secure 24-word recovery phrase. Users also have the option to install up to 100 applications on their Ledger Nano X from the company’s list of over 1,500 compatible assets. The Ledger Nano X comes with a 100 mAh battery that can last several hours when in use and a few months when idle on a full charge.

Best Software Wallet: ZenGo

ZenGo Wallet is a non-custodial mobile cryptocurrency wallet that replaces the use of private keys in favor of facial recognition technology. This feature means there is no single point of failure and no risk of losing your coins in the event of a hacking or wallet loss.

ZenGo’s competitive trading fees, easy-to-use platform and over 70 cryptocurrencies make it ideal for novices. You can buy, trade, send and receive crypto directly from the ZenGo wallet. If you are looking for a mobile crypto wallet to trade, send and buy over 70 coins, ZenGo has got you covered.

Current Crypto Prices

Cryptocurrency prices have been on a steady decline since late 2021 with Bitcoin down significantly from its $67,000 high in November of last year. Many other “blue chip” cryptos have followed suit and have also been trending down since late 2021. Though underlying sentiment around blockchain remains positive, news regarding the Federal Reserve’s tightening monetary policy and criticisms of crypto from foreign governments partly explain this bear market. For the most up-to-date crypto prices, check out Benzinga’s table below:

Is CTX a Good Investment?

Let’s take a look at some of the factors influencing the future of CTX:

Pros:

  • Easy way for people to get access to one of the most important indices in the crypto sector: the entire market cap of crypto. 
  • Since it is such a wide-reaching asset, CTX has the potential to expand to other large name decentralized exchanges.
  • CTX is a great alternative for someone who wants to invest in the entire crypto market but doesn’t want to invest in any one asset. 

Cons:

  • The data that is fed into the TCAP token currently differs from the actual market prices leading to discrepancies in the token accurately following total market cap. 
    • This is important as investors looking to buy a total market cap coin want the proper valuation, something Cryptex Finance is currently working on solving. 
  • The community behind Cryptex Finance is lackluster, especially for a relatively new project — more can definitely be done on the marketing end.

CTX is a promising token for investors looking to gain more ownership in guiding the direction of Cryptex Finance’s TCAP token. The company is looking to tokenize one of the most important metrics in all of crypto, and this idea is promising when considering how investors can gain access to the entire market cap of crypto with just one token. There are some hiccups, however, specifically with discrepancies between actual market prices and the prices tracked by the TCAP token. Though Cryptex Finance is looking to fix this in the near future, investors should still be wary given the project’s novelty as any new crypto project can be subject to lots of speculation. 

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