Stock tokens are crypto tokens that represent shares of companies listed in stock markets. You can buy stock tokens on the Reflection.trading platform using stablecoins such as BUSD.
If you want to buy stock tokens but do not already have BUSD, you can follow this process to buy BUSD on the Binance Exchange.
Note: The price of BUSD is pegged to the US dollar and nearly the same as $1 USD.
How to buy BUSD on Binance
Binance is a popular exchange for cryptocurrencies and digital assets. BUSD is the native stablecoin of Binance. Follow the steps below to buy BUSD on Binance.
1. Create an account on the Binance website or app
In order to buy BUSD on Binance, you must have a Binance account. You can create one for free at the Binance website or mobile app using your email or mobile number.
Visit www.binance.com and Click on the “Register” button.
You can sign up with your phone or email or directly with your Google or Apple account.
When registering with email, enter your personal email and a secure password for your account.
OR
When registering with a Phone number, select your country code and enter your phone number and a secure password.
Verify your email/phone by entering the unique code sent to your email or phone.
2. Verify your Binance account
All Binance users need to verify their accounts before they can buy or trade cryptocurrencies.
The account verification process on Binance is as follows:
Personal information verification
Verify a Government-issued ID
Facial recognition
Review time: 2 days
3. Choose how you want to buy Binance USD
Once your account is verified and ready to use, you can proceed to buy BUSD on Binance.
On the Binance Exchange website, click on the “Buy Crypto” option. On the next page, you’ll be asked to choose from the following options:
Buy using a credit or debit card
Buy through a bank deposit
Buy through P2P trading
Third-party payment
** Some payment options might be country-specific.
On the transaction page, you can select BUSD to buy and then select your preferred method of payment. You will have 1 minute to make the payment and confirm your order, as the token price might change every minute.
Once you make the payment and the same is verified by the website, you’ll receive BUSD, which you can store in your free Binance account or transfer to your MetaMask or any other supported wallet.
Users are also advised to buy and hold some BNB (Binance coin) in their wallet, as some stock token trading platforms, including Reflection will need you to have BNB in your wallet in order to pay the transaction fee when purchasing stock tokens.
Buy Stocks Tokens using BUSD on Reflection
Once you have BUSD in your MetaMask wallet, you’re ready to buy stock tokens on the Reflection platform.
Visit the Reflection.trading platform (https://reflection.trading/).
Connect your MetaMask wallet with Reflection.
Choose the stock token that you wish to buy.
Select BUSD in payments. (make sure that you have sufficient tokens in your wallet)
Also, you must have BNB coin in your wallet in order to pay the transaction fee when buying stock tokens. You can buy BNB directly from the Binance Exchange and deposit it in your MetaMask wallet for the transaction on Reflection to go through smoothly. All you need is a small amount of BNB (worth $1-$2 max) to pay transaction fees.
Once the payment is completed, i.e. BUSD from your wallet is transferred to the platform, your purchased stock tokens will be minted in your wallet.
Every time a user buys stock tokens on Reflection, the platform buys shares in the underlying stock on the stock market and keeps them in a brokerage account.