How I can buy SLT for gryvna (Ukrainian money)?

Question

Is that possible to buy SLT (SmartLands token) for UAH (Ukrainian hryvnas)?

Answer 1

Brief guide to buying ANY Stellar-based asset

In general the approach looks like the following:

Fiat Money (USD, EUR etc.) → XLM (Stellar internal currency) → Asset of your choice

0. Prerequisites

In order to hold XLM and purchase Stellar-based assets, you'll need a Stellar account first. If you don't have one, generate a new account keypair here. Securely store and backup your secret key somewhere (preferably on the external drive). Without it you will be unable to login into your account.

1. Choose an exchange to convert your fiat money to XLM

Direct exchange

Visit CoinMarketCap and look through the list of exchanges that support Stellar. Find an exchange that better suits your needs in terms of supported payment methods, language, KYC/AML requirements, and so on. For example, Kraken works great for most EU countries.

Indirect exchange

There are also a few large regional exchanges that don't support Stellar so far. If you are from US, Coinbase is might be what you are looking for. Customers from Russia, Belarus, and Ukraine often prefer Wex because it features Russian language interface and convenient fiat payment options. You can buy other crypto-currency, such as BTC or ETH, and then exchange it for XLM on the exchange listed on CoinMarketCap (see Bittrex or Binance). For example, here is a detailed guide on how to convert fiat to XLM using GDAX + Bittrex.

TIP: the minimum recommended amount to buy on the exchange is at least 5 XLM. You will be unable to create an account with amount less than 1 XLM. Each purchased asset requires 0.5 XLM base reserve. And don't forget about the fees. Yeah, they are almost neglectable (0.00001 XLM per operation); but we don't want to end with a situation when you lack only 0.00001 XLM to purchase a selected asset, right?

2. Exchange XLM for the asset of your choice

As soon as you get your XLM, you are ready to purchase any of the hundreds of tokens freely traded on the Stellar Decentralized Exchange (also known as SDEX).

Chose a wallet/trading client

Choose one of the popular community-supported SDEX browser-based interfaces: StellarTerm, InterStellar, or StellarPort. Some wallets also feature built-in exchange interface.

Establish a trustline

Before you can trade a Stellar-based asset, you'll need to establish a trustline.

When you hold assets in Stellar, you’re actually holding credit from a particular issuer. The issuer has agreed that it will trade you its credit on the Stellar network for the corresponding asset–e.g., fiat currency, precious metal–outside of Stellar.

When you hold an asset, you must trust the issuer to properly redeem its credit. Since users of Stellar will not want to trust just any issuer, accounts must explicitly trust an issuing account before they’re able to hold the issuer’s credit.

To trust an issuing account, you create a trustline. Trustlines are entries that persist in the Stellar ledger. They track the limit for which your account trusts the issuing account and the amount of credit from the issuing account that your account currently holds.

All wallets and trading clients allow you to create a trustline specifying two required parameters: asset code and issuer address. Each trustline requires 0.5 XLM base reserve; those funds are "frozen" on your account. You will be able to reclaim the reserve when your remove the trustline.

Buy an asset

Navigate to active markets page, find the {ASSET}-XLM trading pair for the asset you'd like to purchase. Set the price (for small trades buying at the market price is recommended), buying amount, and submit your order.

Once the order is executed (approximately 4 seconds if you are buying at the market price), you'll get your assets.

Congratulations! It was not so easy, but we did it!