What is Zcash?
Zcash is a privacy-focused cryptocurrency created in 2016 by Zooko Wilcox, which uses zero-knowledge cryptography to hide transaction details, including its sender, recipient and the amount.
ZCash was built using the original Bitcoin code, but it does feature key differences in terms of privacy and transaction speed.
Where can I buy Zcash (ZEC)?
ZEC is listed on over 60 exchanges including Changelly, HitBTC, Kraken, Binance, Huobi, and YoBit. The coin can be purchased on some platforms using fiat currencies like USD, EUR, GBP but it is mostly traded against cryptocurrencies, such as Bitcoin, Ether, and Tether.
Things to consider before buying ZEC
Before you proceed with the purchase of your ZEC coins, you should first be aware of some factors that could influence the price:
– Supply and availability:
From data provided by CoinMarketCap, the total amount of ZEC coins that are currently in circulation is 5,597,694 ZEC. The coin has the same total maximum supply as Bitcoin, 21 million.
– Partnerships and developments:
The price of a cryptocurrency is heavily influenced by the developments surrounding its project. The developers of ZEC have been working with organizations and individuals in order to accept ZEC donations, and they have also established a collaboration in May 2017 with JP Morgan for future blockchain developments.
ZEC is among the most traded privacy-focused cryptocurrencies and can be found on a large number of exchanges. There are various methods of purchasing ZEC, including via credit card or fiat deposits.
– Market competition:
ZEC is not the only coin which has privacy as its selling feature. There are many other projects that bear similarities to ZEC, and also boast complete anonymity. Some of these coins include Monero, Bytecoin, Dash, Verge, SpectreCoin, PIVX, CloakCoin, Hush, and NavCoin.
– Wallet options:
ZEC can be stored in a variety of wallets:
Desktop wallets. The wallet incorporated in the official Zcash client is compatible with Linux, Windows and Mac OS X systems. Another desktop wallet for ZEC storage is Jaxx, which can also be used on Windows, Linux and Mac OS X PC’s.
Mobile wallets. Freewallet is a mobile wallet which is available for Android users. Jaxx, Bitpie and Coinomi also have developed mobile apps for Android and iOS users.
Web-based wallets. A Chrome extension for the Jaxx wallet is available.
Hardware wallets. The Ledger Nano S, Ledger Blue and Trezor hardware wallets can be used to store ZCash.
Exchanges to Buy Zcash
Coinbase Pro (formerly GDAX) features cheaper fees compared to Coinbase. The interface however, is steered toward more experienced traders, making it a bit overwhelming for beginners. An advantage is that you can make purchases and sells with Zcash by using the USDC stablecoin, after which you can trade it for USD. In essence, you can trade ZEC for fiat in two steps. Accepted deposit methods include ACH, wire transfer, and Paypal as well.
But unfortunately, this crypto does not have a trading pair through which you can exchange fiat currencies.
Binance is the world’s leading crypto exchange in terms of trading volume, and it provides a secure and simple way through which you can trade ZEC. Binance also features some of the lowest fees in in the industry charging for trading 0.1 percent.
Binance only handles crypto-to-crypto exchanges, not accepting any kind of fiat deposits, trades, or withdrawals.
OKEx‘s fees are lower than the industry average. Maker fees are situated between 0.02 and 0.15 percent. Taker fees are in between 0.05 and 0.2 percent. OKEx is also one of those few exchanges which allow you to make deposits in fiat currencies: USD and CNY.
A step-by-step guide to buying Zcash (ZEC)
In order to purchase ZEC coins, you must follow a few basic steps which are applicable to most exchanges:
Step 1. Register for an account at an exchange which lists ZEC
After you have done your research and found an exchange which is suitable for your need, the first thing that you should do is create an account on their platform. Creating an account usually requires an email address, full name, password, or other details.
Exchanges that have more stringent KYC/AML policies require additional documentation such as photos of your passport, ID, or bills for identity verification. Only after account verification, depositing and trading funds will be possible.
Step 2. Deposit funds into your account
The wide majority of crypto exchanges only allow you to make purchases with other cryptos, which means that you would first need to buy other cryptos such as BTC or ETH with fiat currency from other exchanges and then swap them for ZEC.
Assuming that you will be purchasing ZEC with crypto, proceed with the guide.
Step 3. Buy ZEC
To purchase ZEC, click on the “Exchange” or “Markets” button, depending on which exchange you use. Find the pairing you are interested in using in the list of available currency pairs, such as ZEC/BTC if you intend on buying ZEC with BTC.
Next, you head on to the “Buy” tab, where you will be required to enter just how much ZEC you want to buy. Click on the button to confirm the purchase.
With this, we conclude our guide on where and how you can purchase Zcash. With the information provided above, you should be able to procure your own ZEC coins.