How to Buy BRC-20 Tokens: A Step-by-Step Guide

November 20, 2023
10 min
BRC-20 tokens like ORDI floating against a dark background

Learn how to buy BRC-20 tokens using your Xverse wallet with this beginner-friendly step-by-step guide.

BRC-20 tokens have become very popular among traders looking to speculate on this new and fast-growing Bitcoin market segment. Read on to learn how to buy BRC-20 tokens using your Xverse wallet. 

What Are BRC-20 Tokens? 

BRC-20 tokens are fungible digital assets issued directly on the Bitcoin blockchain using the experimental Ordinals-based BRC-20 token standard. 

The first BRC-20 token, ORDI, was created in March 2023 by Domo, a developer who is also the founder of the BRC-20 token standard. He fashioned the token standard after Ethereum’s ERC-20 token standard

BRC-20 tokens have been made possible by the Ordinals protocol, which leverages Bitcoin’s Taproot and SegWit upgrades to enable asset issuance directly on the Bitcoin blockchain. Developer Casey Rodarmor launched the Ordinals protocol in January 2023.

Since their emergence, BRC-20 tokens have grown in number and total market capitalization. The BRC-20 token market is valued at over $450 million at the time of writing, according to CoinMarketCap.

You can mint BRC-20 tokens with Xverse Mint App.

Where to Buy BRC-20 Tokens

You can buy BRC-20 tokens on both centralized and decentralized crypto exchanges. 

For instance, ORDI, the top BRC-20 token, is listed on centralized crypto exchanges such as Binance, Gate.io, KuCoin, Crypto.com, and Bybit. The token is also available on ALEX, a decentralized exchange built on Stacks, a Bitcoin layer. You can also buy BRC-20 tokens on a handful of Ordinals marketplaces, such as Unisat. 

If you're interested in minting BRC-20, Xverse has launched Xverse Mint, the fastest way to mint BRC-20 tokens and at low fees, thanks to bulk minting. 

How to Buy BRC-20 Tokens on Binance

Now, let’s take a look at how you can buy BRC-20 tokens on Binance.

Log into your Binance account. If you don’t have one, sign up and complete the verification process.

Next, fund your Binance account with fiat money by clicking the ‘Deposit’ button.

Once you have funded your wallet, go to the “Trade” tab and click “Spot.” 

On the right side of the trading dashboard, look for the BRC-20 token pairs. For example, to purchase ORDI, type the token name in the search field to view the supported trading pairs.

Select a trading pair from the list and first buy the asset you will trade against the BRC-20 token. For example, if you want to trade ORDI against BTC, you must first buy bitcoin. Click the “Buy Crypto” tab to do this.

Enter the amount you wish to spend based on your deposit balance. 

Complete the purchase and wait for BTC to hit your Binance wallet. Once BTC is in your account, return to the spot trading dashboard and select your preferred trading pair. 

Read the disclaimer and click “Confirm.” This step ensures you understand the outcome of trading high-risk digital assets like BRC-20 tokens.

Next, scroll down and enter the details of your order.

Click the buy button and wait for Binance to complete your order. You will receive BRC-20 tokens in your wallet when the order is executed.

Finally, it’s advisable to transfer your BRC-20 tokens from a centralized exchange like Binance to a self-custody wallet like Xverse to give yourself complete ownership and control over your tokens.  

How to Buy BRC-20 Tokens on ALEX

Now, let’s take a look at how you can buy BRC-20 tokens on the decentralized trading platform ALEX.

To begin, download and set up the Xverse Chrome Extension. Skip this step if you already have an Xverse wallet.

Next, obtain BNB Smart Chain (BSC) or Ethereum-based USDT. Then, visit the ALEX protocol’s website and launch the app.

Ethereum or BSC-based USDT can’t be used on the Stacks-based decentralized exchange. Therefore, it must be wrapped through the bridging process to make it compatible with the Stacks network. 

To do this, go to the “Bridge” tab and choose “Cross-chain Bridge.” 

Connect the wallet holding USDT. The bridge will lock these tokens on the origin chain and mint sUSDT on the destination chain. The new tokens will then be sent to your Stacks wallet. You can connect your Xverse wallet in this step.

After finalizing the bridge, click the “B20 Orderbook” tab and pick “Trade” from the drop-down menu.

On the right side of the trading dashboard, click the “BRC-20” tab and select the trading pair of your choice. 

Carefully scrutinize the orderbook and the chart before proceeding.

Next, scroll down to type your order details.

Once you have entered your order, click the ‘Buy’ button and wait for the execution of your order. 

ALEX will automatically send your tokens to your Xverse BRC-20 wallet as soon as the trade is executed. 

Xverse: Your Gateway to Bitcoin DeFi

Xverse is at the forefront of promoting access to the Bitcoin DeFi ecosystem, enabling users to securely store, manage, send, receive, and buy Ordinals, BRC-20 tokens, Stacks tokens, and bitcoin (BTC) while maintaining total control over their assets.

Download the Xverse Ordinals wallet on your phone or as a Chrome Extension today to explore the brave new world of Bitcoin Web3.

FAQs

Which wallet supports BRC-20? 

Xverse is a self-custody Bitcoin wallet built for Web3 that supports BRC-20 tokens. It enables investors to send, receive, and manage these tokens from anywhere at any time. 

Xverse also supports Stacks assets, BTC, and Bitcoin Ordinals. You can download the Xverse wallet to your iOS or Android smartphone. Alternatively, you can use the Xverse extension wallet directly on your Google Chrome browser.

How many BRC-20 tokens are there?

According to Dune Analytics, there are presently 35.7 million BRC-20 inscriptions minted. This number represents more than half of the 42.9 million Ordinal inscriptions created so far, indicating just how popular these new Bitcoin-native tokens are. 

The popularity of BRC-20 tokens is fueled by investor speculation, which has established a multi-million dollar market. BRC-20 tokens are primarily meme tokens, as further use cases are still being explored.   

How do you invest in BRC-20 tokens?

You can invest in BRC-20 tokens by purchasing them directly on centralized and decentralized crypto exchanges. Alternatively, you can buy BRC-20 tokens on peer-to-peer Ordinals marketplaces like Unisat.

While BRC-20 tokens have been all the rage in 2023, it’s worth noting that they are high-risk investments not designed to have any financial value (according to the token standard’s creator). Therefore, you should never invest more than you can afford to lose.

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BRC-20 Tokens
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