Want to jump straight to the answer? You can buy LEO on FTX today.
After the Department of Justice announced it reclaimed the stolen bitcoin from the Bitfinex hack in 2016, the price of Bitfinex’s native token, Unus Sed Leo, skyrocketed. Although the hackers stole $65 million of bitcoin back in the day, the government was able to reclaim over $3 billion worth of the 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 discounted withdrawals on Bitfinex exchange, as well as a 15% reduced commission fee for LEO holders.
Unus Sed Leo (LEO) holders can convert seamlessly between the Ethereum and EOS protocols with Bitfiniex acting as a bridge between these 2 chains. This makes a convenient dual protocol for traders looking to utilize both the Ethereum and EOS networks.
iFinex buys back Unus Sed Leo from the market on a monthly basis. The amount that is purchased is burned, which is equal to 27% of the revenues generated by iFinex. The company claims that this burn mechanic will continue until the total supply of LEO is 0.
Brief History of LEO
Unus Sed Leo (LEO) launched in 2019 following a successful $1 billion USD raised over 10 days. 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 LEO token and unveiled their plan to gradually buy back the token from investors until none are left.
How to Buy LEO Crypto
You can purchase LEO on a cryptocurrency exchange like FTX or Bitfinex. A trading platform like one of these is a great choice for individuals looking to start buying cryptocurrency.
- Open an online account.
The 1st step to purchasing your LEO would be to open an account with an exchange like FTX. Before you begin trading you will be required to verify your identity. This involves stating your legal first and last name. Followed by selecting the government ID you wish to use, then taking a photo and sending it in. Finally, users must send in a picture of themselves to match the form of identification previously sent.
- Buy a crypto wallet (optional).
When thinking about how to store your cryptocurrency there are 2 paths 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 the 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 have created your account you will need to link 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 have linked a payment method, you are now able to begin purchasing LEO.
Best Hardware Wallet: Ledger
Ledger is the most recognized and most 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. Ledger’s application also makes it much easier to secure, store and manage your assets.
Best Software Wallet: Trust Wallet
Trust Wallet is a decentralized mobile software wallet, which means that it does not hold your funds so everything is on the blockchain. The best part is that Trust Wallet encrypts all of its users’ personal information and keys.
It is important to consider that a lot of the benefit of holding LEO comes from actually using Bitfinex exchange.
Trade, Sell or Convert your LEO
Once you have accumulated some LEO, you can trade, sell or convert it. The process of trading generally implies trading off of market structures and indicators, with the purpose of making profits in a respectable time frame.
The process of selling is different, as the goal is to end your position with that asset. An alternative to selling could be converting LEO to another cryptocurrency. This can be done through a variety of decentralized exchanges (DEX). Essentially, instead of selling your position for fiat, you can convert your LEO to another crypto of your choosing and receive the same dollar-value amount of that crypto.
Current Crypto Prices
Market sentiment has started to climb as Bitcoin and Ethereum prices have rallied over the past week. Some analysts believe that we are in the midst of a small pull back on the way to exponential gains, others believe this may be the beginning of a bear market.
The following weeks will be crucial when determining the future for crypto. If buying pressure stays strong and Bitcoin and Ethereum continue to build momentum, prices may revisit 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 different benefits of holding the token. For traders looking for exponential growth and quick gains, LEO may be a solid option considering the burn mechanics and popularity of the token. Although always make sure to always do your own research before buying cryptocurrency, as they are very volatile assets.
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