How To Buy Zcash or ZEC Cryptocurrency?
Zcash is another decentralized open source cryptocurrency aimed at protecting user privacy, similarly to Monero. Despite the transactions being registered on a public ledger, the sender, recipient, and amount of a transaction remain private. Zcash was launched in 2016 and is based on peer-reviewed cryptographic research. It claims it is better than Bitcoin, because it has added privacy. Zcash says its mission is to create an open, global economic platform from which no-one can be excluded, but we are not aware where it can be used for payments, for example.
How to buy Zcash Coin?
1. Buy Zcash with another cryptocurrency. Usually the most widely accepted cryptocurrencies are Bitcoin and Ether and you can use them to buy some Zcash. But first you need to get Bitcoin or Ether. There are plenty of exchanges who offer them, but perhaps Coinbase is the best option. It is a reputable exchange with a New York bit license that operates in many countries. Furthermore, it offers the option to pay with a credit card, for a decent fee of 4%.
2. Once you have Bitcoin or Ether, you should open an account on an exchange that offers trading in Zcash. There are over 50 exchanges that offer this altcoin, but we are going to list some of the bigger and better known ones: HitBTC, Huobi, Bitfinex, Exmo, Poloniex, Bittrex, Binance, GateIO, Cryptopia and Kraken. Some of those also offer trading in Zcash for fiat, but more about this – later.
3. After you open your account and go through the verification process, if necessary, you can transfer your Bitcoin or Ether to the exchange of your choice. Most exchanges do not charge deposit fees for cryptocurrencies.
4. Now you can buy Zcash for Bitcoin or Ether on the exchange you chose.
The simpler and more straightforward option is to buy Zcash for fiat currency, but there are not too many exchanges who offer this option and some also have other restrictions. Bitfinex, for example, does not accept clients from the US and Bithumb is next to impossible to use, if you do not have a bank account with a South Korean bank. Kraken, which is among the largest and oldest exchanges, however, offers the option to buy Zcash for EUR or USD. There are few other ones, like Exmo, YoBit and CexIo, where you can buy Zcash for fiat.
Theoretically, you can trade in CFDs on Zcash, if you are solely interested in speculating on the price of the coin. However, no regulated forex broker is offering this option for now. Most properly regulated forex brokers offer CFDs on some of the bigger cryptocurrencies, like Bitcoin, Ether and Ripple.
We recommend that you do not store your newly-acquired Zcash coins in exchange wallets, but rather store them in your own, or even better – offline. As with most coins, the developers have launched an “official” wallet – zcashd. There are also third-party wallets, but some of them have restrictions regarding the coin. Nevertheless, you can use Freewallet, Jaxx, Conomi, Bitpie and several others. The full list is on the Zcash site.
How to Buy Zcash or ZEC Cryptocurrency Conclusion
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