How To Buy Zilliqa Online in 2022
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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.
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 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 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.
Huobi is a crypto exchange and P2P marketplace headquartered in Seychelles. On Huobi, you can buy ZIL using several currencies including the USD and GBP.
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.
Step 1: Sign up for an account
Step 2: Verify your account
Step 3: Go to "markets"
Step 4: Select “trade”
Step 5: Press Buy ZIL
Step 6: Pay for your coins
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, plus more. Below, you’ll find an explanation for each of them.
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-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 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.
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.
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.
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 a wire transfer, you might need to pay a higher fee.
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.
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.
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:
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.
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.
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.
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?
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.
Step 1: Sign in to your account
Step 2: Transfer the coins to your account
Step 3: Go to "markets"
Step 4: Select “trade”
Step 5: Press Buy 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.
Having read this guide, you should have a better understanding of where you can buy Zilliqa, along with how to sell the coin and ways to pay. With everything we’ve discussed, we recommend that you use Binance to purchase ZIL. If you don’t already have other cryptocurrencies, we think that a bank transfer is the most convenient option.