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How To Buy Zilliqa Online in 2022

Last updated 13th May 2022
Disclosure

Zilliqa is an altcoin that aims to solve issues related to blockchain scaling. Before you buy the cryptocurrency, it’s a good idea to do some research and determine where you should purchase it, along with if it’s even worth doing so in the first place. On this page, you’ll discover the best brokers to buy ZIL online in 2022. We’ll also reveal different investment strategies and more.

Best Brokers To Buy Zilliqa in 2022

You can buy Zilliqa in various ways, but the currency isn’t listed by every exchange. To save you time researching, we’ve put together a list of the best providers below.

Key Takeaways

  • Zilliqa is not available at as many cryptocurrency exchanges as other altcoins.

  • Zilliqa is native to the Zilliqa blockchain, which aims to solve scalability issues.

  • Zilliqa’s price spiked significantly in 2021 before petering out towards the end of the year.

  • You can buy Zilliqa in a variety of ways, such as from a crypto exchange.

  • There are several payment methods for buying ZIL.

What Is the Difference Between Owning Zilliqa VS a Derivative Product

When you buy Zilliqa from a cryptocurrency exchange or from a friend, you’ll own the coins outright and be able to store them in a digital wallet. Besides making a profit on them, you can also use these coins to buy products in places where ZIL is accepted.

You won’t find many brokers to buy ZIL, but it’s still worth understanding the difference for any future cryptocurrencies you invest in from these platforms. When you buy crypto from a broker, you’ll often purchase the derivatives instead of owning the coin outright. You don’t need to store these in a wallet.

Different Ways To Buy Zilliqa

Buying ZIL is a little trickier compared to other cryptocurrencies. However, it’s by no means impossible. Below you’ll discover all the different ways you can purchase ZIL.

Cryptocurrency exchanges

Cryptocurrency exchanges will let you purchase Zilliqa and store it in your wallet with minimal fuss. Different fees apply when depositing money into your account, so it’s worth double-checking these before committing to a platform.

From a friend

If you have a friend who already owns Zilliqa, you can ask if they want to sell their coins. If they agree, you can send the money however you feel is necessary before getting them to send you the coins you paid for.

Trading other cryptocurrencies

If you already own other cryptocurrencies, you can trade ZIL with several pairs. Doing so will help you avoid deposit fees and more.

Peer-to-Peer (P2P) marketplaces

P2P marketplaces let you purchase Zilliqa from another user. The intermediary only gets involved if there’s a dispute.

Where To Buy Zilliqa

So far, we’ve gone through the different types of platforms you can use to buy Zilliqa. However, we haven’t discussed any in particular depth. However, below we’ve identified two places you can purchase ZIL from.

Binance

Binance is the world’s largest cryptocurrency platform, and you can buy over 100 currencies, including Zilliqa on it. If you live in the US, you’ll need to use Binance.US instead.

Pros

Available in many countries worldwide
The world’s largest cryptocurrency exchange
Desktop and mobile trading capabilities

Cons

Not available in several high-profile countries, including some parts of the US and Singapore
Binance has encountered regulatory issues in some parts of the globe

Huobi

Huobi is a crypto exchange and P2P marketplace headquartered in the Seychelles. On Huobi, you can buy ZIL using several currencies including the USD and GBP.

Pros

A broad range of features
Low minimum deposits
Good customer support

Cons

Not available in the US
Unregulated in many markets

How To Buy Zilliqa Online

When you’re ready to buy ZIL, it’s good to have the steps already mapped out so you can get started without undue delay. To give you a real-life example, you can find out how to buy Zilliqa from Binance below.

  1. Sign up for an account on Binance (or your preferred cryptocurrency platform). Disclaimer: Virtual currencies are highly volatile. Your capital is at risk.

  2. Submit a copy of your passport/driving license and proof of your address (e.g. utility bill) to pass the know your customer (KYC) checks.

  3. Click on the “markets” tab.

  4. Look for ZIL and select “trade.”

  5. Enter the amount of ZIL you’d like to purchase and press Buy ZIL.

  6. Pay for your coins and store them in a wallet.

How To Trade Zilliqa

At the time of writing, you can’t trade Zilliqa on any brokerages. Having said that, you can do so if you use a cryptocurrency exchange. Note, however, that the process is a little more technical, as you need to use cryptocurrency wallets and other resources. In this instance, follow the same steps listed in the “how to buy” section for trading.

Crypto Investment Strategy

When you invest in cryptocurrencies, you’ll notice that there are two main strategies you can choose. These will determine how long you hold your coins for, plus more. Below, you’ll find an explanation for each of them.

  • Long: Long-term cryptocurrency investment is also referred to as hold on for dear life (HODL). Originally, the term meant “hold”; HODL was a typo that caught on. A long-term investment strategy involves keeping your coins for 12 months or more. You’ll do this when you anticipate that you can make a profit in the long run.

  • Short: Short-term cryptocurrency investing involves holding your coins for less than a year. You’ll use this strategy when you expect that the market will change in a favorable way for you before long.

How To Store Zilliqa

You’re not obliged to store your cryptocurrency coins in a wallet after purchasing them. However, we strongly recommend it. If a hacker breaches an exchange’s system and your money is still in your account, that individual can steal them, and you risk never getting them back.

How much you’ve invested will likely affect your storage choice. If you’ve got a larger amount of coins, you’ll want to use higher levels of security. Similarly, you might be more willing to use a less convenient wallet if you’re holding your money for the long term. Below is a brief explanation of hot and cold wallets, along with their pros and cons.

Hot Wallets

Hot wallets are software wallets that require an app or website to sign in. Examples of hot wallets that you can store Zilliqa in include Trust Wallet and Binance Wallet.

Pros

Convenient
(Often) Free
User-Friendly

Cons

Less secure

Cold Wallets

Cold wallets still require an app for you to access your coins. However, you need to verify all transactions offline, which adds an extra layer of security. One example of a cold wallet that allows you to store ZIL is Ledger.

Pros

More secure than hot wallets
Easy to use
Widely available

Cons

More expensive

What Are the Different Ways To Pay For Zilliqa?

When you buy Zilliqa, it’s worth keeping in mind that you can purchase the currency using various payment methods. These will differ depending on the platform you use, so it’s worth doing some prior research before signing up anywhere. Below are the different services you can use to pay for Zilliqa.

Bank transfer

Depending on where you live, you can use several bank transfer methods to fund your account on a cryptocurrency exchange including SWIFT, wire transfer, and SEPA. Transfer times might vary, and if you use wire transfer, you might need to pay a higher fee.

Pros

Easy to use
Widely available
Secure

Cons

Transfers might take longer than some of the other payment methods we’ve listed
Your bank might reject your transaction

Debit and credit cards

Using a debit or credit card will also help you fund your account on a crypto exchange with minimal issues. VISA and MasterCard are accepted on most major cryptocurrency exchanges.

Pros

Faster transactions than bank transfers
Accepted at most cryptocurrency exchanges
Easy to use

Cons

Card fees are often high

Cryptocurrencies

If you don’t want to use fiat money, you can purchase Zilliqa using other cryptocurrencies instead. You can do this by trading whatever you have for ZIL before storing your coins.

Pros

Instant transactions
Little or no fees
Widely accepted

Cons

Transactions are irreversible — you must make sure you send your money to the right place
You need to already have cryptocurrencies for this method to be cost-effective

What To Consider When Buying Zilliqa

When buying ZIL, you’ll need to make several considerations. We’ve listed the most important of these below:

  • Different Fees: Wherever you go, you’ll need to pay some kinds of fees. For example, crypto exchanges will often charge you for depositing money into your account, and you’ll also need to pay maker/taker fees when you buy and sell. All of these differ depending on where you buy your crypto and the payment method you choose.

  • Volatility: Cryptocurrencies are extremely volatile, and Zilliqa is no different in that respect. Make sure you stay within your means when purchasing them.

  • Regulations and Taxes: Depending on where you live, you might need to pay tax on your profits. For example, you’ll need to pay capital gains tax in the UK and US once your earnings surpass a certain amount.

  • Investment Strategy: Your strategy will play a key role in whether you make profits in your crypto investing or not. If you’re a beginner, try a variety and find out which works best for you.

  • Availability: As we’ve mentioned on this page already, ZIL isn’t as widely available as major cryptocurrencies such as Bitcoin. It’s important to do your research before signing up anywhere.

Is It Safe To Buy Zilliqa Online?

Buying ZIL online is safe if you do so from a reputable platform. You can also make things safer and safeguard yourself, and we’ve listed some suggestions to do so below.

  • Store your coins in a wallet: You can refer to the dedicated section above for more information on the best places to do this. We recommend using a cold wallet.

  • Only pass the necessary KYC documents: Beyond your ID and proof of address, you shouldn’t need to submit anything else. Never share passwords, bank login details, or codes.

  • Ask for help only on official sites and forums: It’s also a good idea to practice due diligence before clicking on any links.

  • Trust your gut feeling: If something feels off, back out and buy your coins from another platform. This is especially important if you’re purchasing them from a P2P marketplace.

How To Sell Zilliqa

You can sell ZIL in a couple of ways, and doing so isn’t particularly challenging. We’ll again use Binance as an example of how you can sell your crypto safely.

  1. Sign in to your Binance account.

  2. Transfer the Zilliqa coins from your wallet to your account.

  3. Click on the “markets” tab.

  4. Look for ZIL and select “trade.”

  5. Enter the amount of ZIL you’d like to purchase and press Sell ZIL.

Is It Worth Buying Zilliqa Right Now?

Zilliqa enjoyed a significant price increase early in 2021, reaching all-time highs in certain stages. However, that has since dissipated, and the value of one coin fell sharply towards the end of the year. ZIL solves an important problem, but it faces significant competition. With other established and better-known names on the market, plus the fact that purchasing Zilliqa is trickier than other cryptocurrencies, we don’t think it’s worth buying right now.

Final Thoughts

Having read this guide, you should have a better understanding of where you can buy Zilliqa from, along with how to sell the coin and ways to pay. With everything we’ve discusse, we recommend that you use Binance to purchase ZIL. If you don’t already have other cryptocurrencies, we think that bank transfer is the most convenient option.

FAQs

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Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.