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Frequently Asked Questions
Bitvavo makes Mirror Protocol as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Mirror Protocol?
Mirror is a DeFi protocol powered by smart contracts on the Terra network that enables the creation of synthetic assets called Mirrored Assets (mAssets). mAssets mimic the price behavior of real-world assets and give traders anywhere in the world open access to price exposure without the burdens of owning or transacting real assets. The Mirror Token (MIR) is minted by the protocol and distributed as a reward to reinforce behavior that secures the ecosystem. MIR can be staked to receive voting privileges and to earn a share of the protocol's CDP withdrawal fees.
How to buy Mirror Protocol?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Mirror Protocol. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store Mirror Protocol?
Storing Mirror Protocol and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Mirror Protocol without any technical knowledge. Here is a brief overview of the existing wallet options to store your Mirror Protocol:
Hosted wallets are wallets where the private keys to your Mirror Protocol are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Mirror Protocol online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Mirror Protocol. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Mirror Protocol, and if malicious parties have access to your device, your private keys (and therefore your Mirror Protocol) can be stolen.
A hardware wallet is a physical device on which you can store your Mirror Protocol offline. It is one of the safest ways to store your Mirror Protocol, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Mirror Protocol is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Mirror Protocol. Once you have purchased Mirror Protocol on Bitvavo, you can choose to send your Mirror Protocol from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.