EXC is only available on the cryptocurrency exchange FOCREX operated by Prime Point LLC, so you will need to open an account there in order to purchase (As of November 2020).
The steps to purchase are not difficult, but there are pitfalls you may not notice unless you understand how EXC works.
In this article, we will take care of the pitfalls that beginners are likely to fall into when attempting to purchase EXC.
How To Buy EXC
I suspect that many people that are interested in buying EXC are new to investing in cryptocurrencies.
If you are investing at your own discretion, please refer to this guide.
Additionally, to make this guide informative as well as entertaining, i have included trivias regarding EXC.
Open An Account At BigBoss
Create an account via this Open Account Page
You will then need the following:
- Proof of Identification Documents
- Proof of Address
Using a smartphone for this is recommended because it can be done easily and quickly.
Changes to opening an account in 2021
On January 21st, 2021, Bigboss has unified their account opening option to ‘Quick Open Account”
However, clicking this “Quick Open Account” option will not require a KYC, meaning that you will not be able to link your excors to your account.
Therefore, the Excor security system which will recover any hacked or lost tokens will not function properly. Unlike other cryptocurrencies, even if EXC gets hacked, it is possible to restore the token back to its rightful owner.
This is thanks to the 3 ID authentication system (3-way database) that assigns IDs to all owners, tokens, and transactions along with its security design that has 100% traceability.
However, the 3ID authentication system will not work without the owner’s KYC (Know Your Customer).
We personally recommend using this open account page as you will be asked to do your KYC when you are opening your account.
If you have already opened an account via “Quick Open Account” please do KYC as soon as possible.
Account Type For EXC
EXC can only be traded on the cryptocurrency exchange FOCREX operated by BigBoss Group, so select “FOCREX, Standard 999 : 1” when opening an account from here.
You may choose either USD or JPY to fit your circumstance.
Once your application is complete, you will receive an email from BigBoss in around 0 to 1 business days notifying that your account has been opened.
Please check that you have received the following 2 emails:
- Notice of opening a FOCREX account
- Notice of opening a Live account
Your account number and password are written in the email, so make sure to keep it in a safe place.
If you have not receive the email after 2 business days, it is highly likely that it has been sent to your junk folder. If your application is incomplete, BigBoss Support will contact you by email, so follow the instructions to apply again.
Deposit Money To BigBoss
Depositing with credit card is probably the best option until you get used to it.
After logging into BigBoss click “deposit” on the left and then click “credit card”.
Since USD is the only currency pair EXC supports, please select USD as the settlement currency.
This is because EXC is designed to store fiat currencies in USD at the Digital Central Bank. Therefore other currency pairs and cryptocurrency pairs such as Bitcoin are not available.
For the account, select USD, which is a 10-digit FOCREX (Cryptocurrency Exchange) account.
Precautions When Depositing
Depositing with a credit card is simple and easy, but you will get charged a spread (fee) of around 1%. If you happen to be converting your currency to USD in this process, you will also be charged an administrative fee in addition to the spread around 1%.
To minimize these spread fees, we recommend using TransferWise.
You can make a deposit directly via TransferWise by selecting “Overseas Bank Deposit” which will show when you click the “Deposit” tab.
Log Into FOCREX
After confirming the deposit, log in to the cryptocurrency exchange FOCREX.
The email address and password are the same as BigBoss.
After logging in, select the “Trade” tab at the top screen and check that “BALANCES” reflects the US dollars you have deposited. (BALANCES should be near the bottom left on your screen)
When you select the currency pair EXC/USD, the EXC chart (located in middle) and order book (located on right) will appear.
While the official registered trademark of the token is EXC, it is commonly called Excor as the token was inspired by the global currency “Bancor” advocated by Keynes. In Japan, EXC Tokens are commonly called EX Coins as the founder Koji Fusa used to call it that way when he first announced it.
Steps to Purchase EXC
When purchasing EXC, enter your desired Price, Amount, Total and click Buy.
BigBoss support window
While there are many Forex companies and cryptocurrency exchanges that are difficult to contact support, BigBoss has a customer live chat support (bottom right). In most cases you will get a reply within a few minutes if you have any questions so please take advantage of it.