Full Backed Tutorial

We'll walk you through the entire process, from signing up to buying and selling CompanyCoins

Full Backed Tutorial

1. Sign Up

1.1 To sign up on a desktop/laptop open this link in Google Chrome or Firefox. To sign up on mobile, click here.

2. Filling Out Your Profile

Next, you'll want to fill out your name, choose a handle, write a brief summary and choose a profile photo and cover image.

3. Connecting Your MetaMask Wallet

3.1 To interact with the platform, you'll need a MetaMask wallet. If you don't have one, you can create one for free. We recommend using Google Chrome or Firefox, and downloading the MetaMask Chrome Extension or Firefox Extension.

3.2 Once you have the extension and you have signed in, head back to Backed and click 'Connect To MetaMask Wallet'. It should happen automatically.

4. Connecting To The Binance Smart Chain

The first time you set up MetaMask, you only have the Ethereum Chain configured as standard. Backed's token (BKD) is hosted on the Binance Smart Chain. If this is the first time you have used MetaMask, or if you have not owned any coins or tokens on the Binance Smart Chain before, you'll need to add the Binance Smart Chain to your MetaMask.

4.1 Go to MetaMask and click on the down arrow, next to 'Ethereum Mainnet'
4.2 Click on Add Network
4.3 Use the following settings to add the Binance Smart Chain:

On mobile, you'll need to go to Menu>Settings>Networks>Add Network

Network Name: Binance Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

4.4 Click on 'Save'

You are now on the Binance Smart Chain and you can return to the app.

5. Add the BKD Token To MetaMask

MetaMask only shows major coins and tokens in your wallet as standard. To show your BKD balance in your MetaMask wallet, you'll need to click on import the BKD Token.

1. Open MetaMask and click 'Import tokens'
2. In 'Token Contract Address' enter BKD's token contract address: 0x55AEC83c750e103728aAcF6670Af3E777806eb95
3. Click 'Import' and your BKD will now show in your MetaMask wallet

Once you have done this, you can click on 'Click here to hide this message'

6. Verifying Your Identity (KYC)

Before you purchase any tokens or CompanyCoins, we are required by law to verify your identity. This process is known as KYC (know your customer).

6.1 Click on 'Buy BKD' in the left navigation

6.2 Click on 'Verify Account'. You'll be forwarded to iDenfy, our verification partner

6.3 We recommend that you use a mobile device to verify your identity. To do this, click on 'Show QR Code', open the camera on your smart phone and face it towards the QR code. Click on the tab that shows up that says 'Open in [browser]'

6.4 Follow the steps to verify your identity. Once you have completed this process, it usually takes 5-10 minutes for your identity to be verified. You'll receive an email once it has been completed

Note: If your verification fails, head back to the app and click on 'Profile' where you will find the link to retry the KYC process. If you do not get an email within 24 hours, please ensure you completed the process or contact support

7. Buying BKD Tokens

To buy and sell CompanyCoins, you'll first need to buy BKD tokens. You can then use these to purchase CompanyCoins.

Buying BKD consists of two steps.

1. Buy BNB through MetaMask, using Transak

First, you'll need to buy BNB through MetaMask. To do that, simply open your MetaMask and click 'Buy'. Proceed to either Transak or Moonpay, where you can buy BNB.

Warning: you'll need to buy the BNB in your local currency. If you're outside the US, do not buy it in USD

If this is your first time, you will need to verify your identity with Transak/Moonpay. After you have submitted your ID and selfie, it usually takes 5-10 minutes for your account to be verified.

Once verified, you can purchase the desired amount of BNB, which you'll then swap for BKD tokens (which can then be used to purchase CompanyCoins).

Note: You'll need to keep a few dollars worth of BNB (0.02) in your wallet to pay for gas fees

2. Buy BKD Using BNB

Once you have BNB in your MetaMask wallet, click on 'Buy BKD' in the left navigation of the Backed web app. The minimum purchase is $50 USD worth of BKD. Once you click 'Buy', you'll be directed to MetaMask where you'll need to confirm the transaction.

If you see a warning for 'Insufficient Funds', either you don't have enough BNB in your MetaMask wallet to purchase that much BKD and/or you don't have enough BNB to cover the gas fee. Typical gas fees range from 0.0003 BNB - 0.001 BNB ($0.10 - $0.30) per transaction, but can vary widely depending on the price of BNB and other factors. If your balance drops below 0.01 BNB, you won't be able to complete a transaction in Backed.

Can't see the BKD tokens in your MetaMask wallet? See step 5.

8. Purchasing CompanyCoins

Once you have at least 0.02 BNB and $50 worth of BKD in your MetaMask wallet, you can exchange your BKD for CompanyCoins.

Anyone can buy CompanyCoins from the system, and sell them back to the system at anytime.

To purchase a CompanyCoin, you'll need to follow these steps:

8.1 Go to the company profile and click on 'Buy'
8.2 Enter how much BKD worth of coins you wish to purchase and click 'Calculate'

Note: When you purchase a CompanyCoin, you pay a 10% gratuity fee to the company. They get to keep this as a reward for being on Backed.

8.3 Click 'Buy'
8.4 A MetaMask popup will open, and you'll need to click 'Confirm' at the bottom to complete your purchase

The transaction can take 10-30 seconds. If it takes longer than 20 minutes, please contact support.

If you want to check your purchase, you can see all the details in your wallet and also on the public ledger at https://bscscan.com

9. Selling CompanyCoins

You can sell your CompanyCoins back to the system at anytime. To do this:

9.1 Go to your Wallet. Here you'll be able to see all of the CompanyCoins you own
9.2 Choose which CompanyCoin you wish to sell, and click 'Sell'
9.3 Enter the number of coins you wish to sell and click 'Calculate'
9.4 Click 'Sell' to sell your CompanyCoins back to the system

Still need help?

Contact support

About the Author

Lee Betts

Founder at Backed