Pi Network has finally launched the Open Mainnet. So, how can you buy Pi Coin?
After years of speculation, mining Bit from phones, and heated debates, Pi is about to be listed on crypto exchanges. But the issue is not all platforms will list this Token immediately. So, where can users buy Pi? Let's explore this in the following article.
When Pi Network transitions to the Open Mainnet, exchanges are preparing to launch Pi trading. Token deposits have been enabled, and trading will commence on 20/02/2025.
Here is a quick summary of what investors need to do.
Here are the detailed step-by-step instructions.
1. Register an account on a crypto exchange and complete KYC
Before being able to buy Pi, users need to have an account on a supported exchange. This article uses OKX, but similar steps can be applied on Bitget.
First, visit OKX.com, register, and complete KYC verification (upload ID, take a selfie). After passing the verification, users will be ready to deposit funds and trade.
Note: No KYC = No Pi trading. Therefore, users need to complete the identity verification.
2. Deposit funds (USDT or fiat) to OKX
Pi will be traded against USDT, so investors will need to have some funds in their OKX account by depositing USDT from another wallet (fastest method) or by buying USDT with fiat (credit card, bank transfer, or P2P trading).
If you already have cryptocurrencies on the OKX platform, you can convert them to USDT.
3. Wait for Pi trading to go live
Pi is not yet available for trading, but the developers have announced specific timelines (in Vietnam time) as follows:
4. Place a buy order for Pi Bit (PI/USDT)
When Pi trading opens, people will be able to buy Pi in two ways - limit order or market order.
Limit orders can be placed in the first 5 minutes, after which market orders can be placed.
As Pi Bit is likely to attract a lot of attention, be prepared for some initial trading restrictions:
After buying Pi, investors can either keep their assets on OKX or withdraw them to a wallet when withdrawal orders are enabled.
Some crypto exchanges will list Pi Bit (PI) on 20/02/2025. OKX has outlined its listing schedule in detail. Additionally, Bitget has announced plans to list Pi Bit on the same day.
Note that some trading procedures may vary depending on the exchange used by the user.
Besides the confirmed listings, some exchanges have been trading Pi IOU, which are not the actual Pi Bit but speculative Derivative products representing future claims on the real Token.
Exchanges trading Pi IOU (not the actual Pi Bit) include:
Note: Pi IOU is NOT the actual Pi Bit asset.
Pi IOU is a speculative asset traded on some exchanges as a placeholder for Pi Bit, but they do not represent the actual value of Pi once it is officially listed.
The true price of Pi Bit will only be determined after trading commences on OKX and Bitget.
Note: Concerns around the OKX listing of Pi Bit include the referral model, KYC issues, and centralization risks. There may be many issues around delayed verification, speculative IOU pricing, and Pi's long development cycle. Therefore, investors should be cautious until Pi Bit is actually listed.
Millions of people have been holding Pi Bit, as the Pi Network has been mineable through mobile devices long before the announcement of exchange listings. From the early days, Pi has been distributed through a unique mining process that allows users to accumulate Pi Bit without expensive mining rigs.
Based on current data, Pi Network has over 60 million registered users and more than 19 million users have completed KYC (identity verification). Additionally, over 10 million users have moved their Pi Bit to the Mainnet.
For many years, Pi holders have not been able to trade their Bit outside due to the closed Mainnet phase. But now, with exchanges listing Pi, holders can transfer their Pi to exchanges and sell it for other assets.
As exchanges start listing, a large amount of Pi may flood the market. Demand from new buyers could drive volatility due to FOMO. It may take some time for the prices to settle and stabilize.
With Pi Bit finally being listed on crypto exchanges, the market is transitioning from speculation to actual trading. However, as mentioned earlier, prices may experience significant fluctuations due to early miners planning to dump their assets.
Therefore, investors should only start buying if they believe in Pi's long-term development. Conduct your own research while waiting for Pi to be listed.
You can check Bit prices here.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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