First Digital USD (FDUSD) is a stablecoin offered by FD121 Limited, a subsidiary of First Digital Limited, based in Hong Kong. First Digital USD (FDUSD) aims to provide stability and efficiency in the cryptocurrency market by offering a digital representation of the US dollar backed by fully controlled reserves. In this article, you can find answers to two frequently asked questions: What is First Digital USD (FDUSD), and how to buy First Digital USD (FDUSD) with TRY.
What is First Digital USD (FDUSD)?
First Digital USD is a stablecoin designed to offer stability and reliability in the highly volatile cryptocurrency market, maintaining a 1:1 value ratio with the US dollar. It is issued by FD121 Limited and backed by reserves fully controlled by First Digital Trust Limited, ensuring transparency and security in its value proposition. Initially launched on the Ethereum and BNB Smart Chain networks, First Digital USD plans to expand to other blockchains in the future.
Stablecoins like First Digital USD play a crucial role in bridging the gap between traditional fiat currencies and the cryptocurrency market. They offer advantages such as faster transactions, lower fees, and enhanced security, making them valuable for various use cases, including money transfers, payment solutions, hedging against price fluctuations, and decentralized finance (DeFi) applications.
First Digital USD has a wide range of use cases, including facilitating fast and cost-effective cross-border transactions for money transfers, enabling businesses and individuals to process payments with lower fees and faster transaction times, acting as a hedge against price fluctuations in the cryptocurrency market, and enabling participation in various DeFi activities such as yield farming, lending, borrowing, and staking.
While First Digital USD offers various benefits, it also comes with some risks that users should be aware of. These include operational risks such as delisting risks, fraud, and cyber risks, regulatory risks due to uncertainties in the regulatory environment, and counterparty risks associated with third-party financial intermediaries involved in the operation of First Digital USD.
How to Buy First Digital USD (FDUSD) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy First Digital USD (FDUSD). On Binance TR, where you can quickly create an account, you can buy and sell over 100 cryptocurrencies, including FDUSD. To buy First Digital USD (FDUSD) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter your basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, then click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your mobile phone camera and continue the process on your mobile phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your mobile phone via SMS.
When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your mobile phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you and continue.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo you took is easily readable when taking photos of the front and back of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your mobile phone’s front camera will open, and you will need to scan your face. Make sure that your face fills the camera area as much as possible after the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and transact 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first go to the “Wallet” option at the top left of the homepage on trbinance.com and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet in your Binance TR account.
How to Buy FDUSD Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying FDUSD coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the TL to FDUSD purchase page by typing “FDUSD” in the search section on the right side of this page and clicking on the FDUSD/TRY option from the results.
Now the FDUSD trading page below will open. In this page, you need to enter the price at which you want to buy FDUSD in the first box marked with a red box and the number of FDUSD you want to buy in the second box. After entering the amount, you can complete your purchase by clicking on the “Buy FDUSD” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer trading services from fiat to cryptocurrency and cryptocurrency to cryptocurrency. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs through Binance TR.
Users are supported by Binance’s core functions with Binance TR, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
