How to buy HBAR and USDC in HashPack using Banxa
November 10, 2022
If you want to deposit HBAR in your HashPack wallet, the easiest way is to use the buy button, which is on the main screen when you log in. HashPack has partnered with Banxa and Moonpay to offer easy ways to buy HBAR and USDC.
This guide will walk through how to use Banxa to buy HBAR and USDC in the wallet.
What is HBAR and USDC?
HBAR is the native token of the Hedera network. This token can be used to interact with the entirety of the network. This includes participating in decentralized finance (DeFi), buying or selling non-fungible tokens (NFTs), playing games, and many more decentralized applications (dApps).
USDC is a stablecoin that is pegged to the US dollar 1:1 meaning that it is designed to be the equivalent of having 1 USD in physical form. USDC in web3 is primarily used as a store of value to be exchanged with tokens inside the respective ecosystem.
Step-by-step guide on buying HBAR or USDC through Banxa:
First, you will need to log into your existing HashPack account using your password on your preferred device. If you still don’t have your HashPack account set up, here is a simple guide on how to create one.
Enter your password to sign in to HashPack. Once logged in, select the Buy/Sell button on the top-right of the screen.
Next, select Buy HBAR/USDC with Banxa. If you wish to purchase USDC, you'll first need to associate the token to your account. To do this, press the Yes button.
Banxa will now load inside of HashPack. You will have the option of buying HBAR or USDC directly from the fiat currency of your choice. You can change the currencies and tokens by clicking on the drop-down menu next to each currency and token.
The Your Wallet Tag section is optional and if used, should serve as a way to add a personal note to the transaction.
The Select Payment Service section has a drop-down menu that allows you to select from various options, including credit card and bank transfer, to process the payment. Please note, Banxa offers different payment options depending on your country and currency.
Once you have chosen your preferred method of payment and confirmed the amount you would like to purchase, press Create Order.
Banxa may require additional KYC (Know Your Customer) information to be provided to comply with cryptocurrency laws and regulations.
If they require this information, start by completing your Contact Details section. If required by your country of jurisdiction, fill out the Phone Verification number. Next, fill out the Personal Details section.
Once your contact details are verified, you'll need to upload your ID documents and liveness selfie.
If the ID document or liveness selfie could not pass the quality check, you will be asked to submit ID document and liveness video again until the information is verified.
Once you have completed these steps, you will be asked to complete the transaction, and Banxa will send you a confirmation email that will include a tracking link so you can check the status of your purchase.
Normally, the average time it takes for a user to receive the funds is around 30 minutes, and when the funds are added to your HashPack wallet, Banxa will send you another confirmation email.
Congratulations! You have now completed the process of buying HBAR or USDC through the Banxa on-ramp in HashPack. If you have any questions, or require support we encourage you to reach out to Banxa support and they will be happy to assist.
What fees do Banxa charge?
Here is a breakdown of the gateway fees using different types of payment options:
- Bank Deposit - Gateway Fee 0%
- SEPA Bank Transfer - Gateway Fee 0%
- Visa/Mastercard - Fee 1.99% USD (HBAR)
- Visa/Mastercard - Fee 1.99% USD (USDC)
- Visa/Mastercard - Fee 1.99%
- Wire Transfer (US Residents) - Flat fee of $18 ($750 minimum, $77k per week)
Please note, there's also a small additional charge on top of the gateway fee, which pays to support the development of Banxa and HashPack.
How to convert USDC to HBAR using HashPack’s in-wallet token swaps:
Now that you have successfully bought USDC or HBAR, you can now use our in-wallet swaps to either convert your USDC to HBAR, or convert your HBAR to a number of tokens supported by the Hedera network. Token swapping is one of the main features of decentralized finance (DeFi), and HashPack allows you to exchange tokens directly in-wallet.
Select the Swap window on your wallet and pick the token you would like to swap from and the token you would like to receive.
Select the token you would like to Swap From in the top dropdown, and the token you would like to Swap To in the bottom dropdown. Then, enter the amount you would like to exchange, and our swapping technology will show you how much you will receive in exchange.
The Slippage function below is used to determine the maximum amount of price impact you are willing to take. Depending on the token selected and the liquidity it has, the Slippage might need to be increased for the swap to go through.
Once you are happy with the exchange, press the Swap button, and the confirmation screen will pop up. Double check the transaction details, press the Swap button again, and the transaction will be processed. Once the transaction is complete, you will be able to see the token you have swapped on the Assets tab of your HashPack.
Congratulations! You have now successfully performed an in-wallet swap.
If you have any questions, or require help purchasing HBAR, USDC or swapping tokens, please contact us through our community Discord for dedicated customer support channels.