How To Buy PIVX | Ultimate Guide To Buy PIVX
Protected Instant Verified Transaction (or eXchange) (PIVX) is a cryptocurrency that has been around since 2016. It is a decentralised, MIT licensed open-source and blockchain/cryptocurrency project. The Pivx project is managed, developed, governed, and stewarded by a community-driven decentralised autonomous organization (DAO). As per the design of the blockchain, it provides, first and foremost, user Financial Data Protection.
We put together this trading and investment guide to help you understand the various aspects of the PIVX cryptocurrency. The guide is full of unique tips, the latest information and the steps you need to take to purchase PIVX.
5 Steps to Buy Pivx with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy PIVX
By visiting this page, we can assume that you wish to learn about the PIVX coin and how to safely trade and invest in it. If that is right, then you will need to read the entire post to get all the crucial information you need to make the right trading decisions. This unique guide will walk you through all the processes involved in purchasing and investing in the PIVX coin.
However, if you have the necessary information and you intend to start trading the PIVX coin instantly, we have gone through the trouble of selecting the best platforms to help you get started. You can choose from the list of our recommended platforms to start trading.
Where to Buy PIVX in 2021
When you think of where to buy PIVX, then cryptocurrency exchanges and online crypto brokers should be at the top of your list. Crypto exchanges are your go-to platforms if you believe in the fundamentals of PIVX and intend to hold the cryptocurrency for a long time. Exchanges allow you to buy and store the actual coins. If you intend to hold for a year or more, then we recommend pushing the coins to your cold storage or other cryptocurrency wallets.
In the second scenario, if you wish to enjoy quick returns on your PIVX investment, then cryptocurrency brokers are where you should look to buy the coin. Brokers give you exposure to PIVX via CFDs and futures. This implies that you benefit from the cryptocurrency’s price performance but you don’t hold or store the actual coins.
How to Buy PIVX with a Broker
Cryptocurrency brokers allow users to invest in a wide range of cryptocurrencies. However, their mode of operation differs from the regular crypto exchanges. Despite that, our first advice is to start by choosing a reputable cryptocurrency broker. The crypto market is just over a decade old and as it is growing, so is the number of platforms offering crypto-related services. As a nascent industry, some of the crypto service providers are operating without proper regulatory oversight, which means that you could lose your money if you trust them with it. We encourage you to find out about the regulatory status of a crypto broker before you register with them. Also, check other crucial information about the broker, including liquidity, security and UI.
1. Register with the Broker
The first step to purchase the PIVX cryptocurrency is to register with a crypto broker. The registration process put in place by most brokers such as eToro and Pepperstone is easy and only requires users to provide a username, password, and email address. For the safety of your account, we recommend using a password containing 6-20 characters with at least one capital letter, number or symbol for security. The registration demands differ from broker to broker. Hence, we recommend going with a broker that you are comfortable with their processes.
2. Verify your Identity (KYC Process)
The crypto brokers operate under the rules of the law. As highly regulated platforms, crypto brokers comply with regulations such as the standard KYC (Know Your Customer) and anti-money laundering (AML). As such, they require traders and investors to verify their accounts before carrying out activities such as trading or withdrawing.
The verification process involves submitting an official ID like a driving license or a passport, proof of residence and sometimes proof of income. This is carefully designed to protect traders and the platforms. The verification process usually takes less than 24 hours for most of the exchanges.
The AML and KYC regulations give the cryptocurrency market a professional outlook. Hence, several crypto service providers are encouraged to implement them on their platforms.
3. Deposit Funds with your Preferred Payment Method
The verification of your account is followed by depositing funds into it. Each broker offers a wide range of payment options, and you can choose from any of them. However, it would be best to consider a few things before deciding on your preferred payment option.
The speed of transaction, the transaction fees and the availability of the payment method in your region are some of the things to consider when choosing a payment option. The payment methods have varying costs and transaction speed. Although PayPal is great because of its low fees, it is not readily available in all countries. Credit and cards are widely used, but their transaction fees are quite higher. With bank deposits, the transaction takes days before it can reflect in your brokerage account. The deposited funds need to reflect in your account before you move forward to the next step.
4. Open a Position to Long/Short PIVX
Opening a long position is different from a short position. As a trader, knowing the difference will help you make smart trading decisions. If you believe in the PIVX project and feel like the cryptocurrency's price would soar higher in the long run, you will buy the coin and hold it for long-term profits without leverage on a platform like eToro. If you do this, you are opening a long position on PIVX and you are regarded as a bull.
However, if you feel that PIVX's price will dip in the coming weeks or months, you can short the coin. This implies that you are betting on the price to fall. If that happens, you make a profit by betting against it. This means that you are a bear. Understanding the difference between short and long can help you leverage both to make profits from PIVX trading.
If you are trading PIVX with a cryptocurrency broker, you will have to learn risk management techniques and apply them to your trades. The trading limits such as stop loss and take profit are designed to help you get out of favourable situations at the right time or avoid further losses on your trades.
5. Close your Position
The last step is to close your positions once your trades attain the desired profit level. By setting up stop loss and taking profit limits, you allow the broker to close your trades automatically once they reach certain thresholds. Setting these limits is great for you because the market operates 24/7, and you won't always be around to monitor the trades. We advise learning everything about closing positions via the educational resources available on the platform or this website.
How to Buy PIVX with an Exchange
If you are wondering where to buy PIVX, then know that crypto exchanges are the first and most popular avenues for purchasing cryptocurrencies. Unlike brokers, exchanges allow people to buy and hold the actual PIVX coins. The exchanges are for traders and investors who wish to deal with the actual cryptocurrencies instead of just betting on them.
If you intend to buy the PIVX coin and hold it for the long term, then you can purchase it on crypto exchanges. However, ensure that the crypto exchange you choose is reputable and offers competitive rates for deposits and withdrawals. Crypto exchanges don't offer similar trading fees, and this is alright because they provide varying features and security measures.
We recommend buying the PIVX coins from regulated crypto exchanges as this guarantees you a higher safety level. Some crypto exchanges don't comply with regulatory measures, and this means that you can lose your money with them at any time. We advise you to avoid those types of exchanges and use only those that are regulatory compliant due to their high level of security.
1. Set up a PIVX wallet
PIVX is a regular cryptocurrency that operates on its own blockchain. Similar to most cryptocurrencies, setting up a PIVX wallet is easy and doesn't take more than a few minutes. After launching your wallet, it will be ready to use, and you can store the PIVX coins right away.
- Exchange/Online wallets: They are the first wallet type for most people using the crypto exchanges. However, due to the billions of dollars lost via crypto exchanges over the past decade, storing your PIVX coins on the exchange wallets is not recommended. We recommend holding the PIVX coins on the exchange wallet if you intend to trade the coins regularly.
- Desktop wallets: These are software programs on your computer designed to allow you to store your PIVX coins. The desktop wallet you choose must support the PIVX coins and provide good security measures.
- Cold wallets: These wallets are the best and the most recommended. Cold storage wallets offer you a secure and safe way to store your PIVX coins, especially if you intend to hold them for a long-time. These wallets are hardware devices that usually come in the shape of a flash drive. They have a high level of security protocols such as offline storage, hardware chips, and certifications to keep your crypto funds safe at all times.
When storing your PIVX coins, their safety is your number one priority. This is why we emphasise you use a wallet that provides extra security measures such as 2FA. You also need to implement strong passwords and store your keys in a secure place. You can learn more about how to protect your cryptocurrency hardware wallets here.
2. Choose and Join an Exchange that Offers PIVX
There are nearly 10,000 cryptocurrencies, making it impossible for a single crypto exchange to list all of them. Knowing where to buy PIVX coins is important before you get started. PIVX is amongst the top 500 cryptocurrencies in the world. You can find it on some leading crypto exchanges such as Binance, Bittrex, KuCoin, CoinEX and more. Check the features of the crypto exchanges and select the one that fits your investment needs.
3. Choose Your Payment Method to Buy PIVX
Opening your exchange account is the first step to buying the PIVX coin. The next step is to deposit funds into the newly created account using any of the payment methods available. Credit and debit cards are mostly used by traders, and they allow you to fund your trading account within minutes. Hence, we recommend using any of them. You shouldn't be surprised if your bank or financial institution calls to ask you if you want to authorise the transaction.
Funding your crypto exchange account is also possible using a bank transfer. This method is slower than most as it takes days for the funds to reflect in your account. The deposited funds are available to purchase the PIVX coins. However, you need to buy any of the leading coins such as BTC, ETH or USDT and convert them to PIVX.
Regardless of the payment method, you are using; you need to ensure that the selected crypto exchange is regulatory compliant. Thus, ensuring that your deposited funds are safe.
4. Place an Order to Buy PIVX
PIVX is not a leading cryptocurrency, so you can't use fiat currencies to buy it directly. Hence, you have to start by purchasing BTC, ETH or USDT and swapping them for the PIVX coins. You can buy ETH, BTC or USDT from the cryptocurrency exchanges and then swap them for the PIVX coin. Check the PIVX trading pairs on the exchange to know the leading coin you would buy.
5. Safely Storing your PIVX in a Wallet
After buying the PIVX coins from the crypto exchange, you should move them to a secure cold storage wallet if you wish to hold them for the long term. Transferring your coins to a private wallet is easy and doesn't attract any charges. We prefer cold storage wallets because they offer better security. However, if you want to trade the coins to earn daily profit, there is no need to transfer the coins.
Once you are done transferring the coins, they would be safe in your cold storage wallet. Should the need arise to transact with the PIVX coins, you will have to use your wallet keys. Fill out the recipient address with the address and your public and select the amount of PIVX coins you intend to transfer. Implementing the 2FA on your wallet provides you with an extra layer of security.
Should you Buy or Trade PIVX?
Trading and buying PIVX are two different things. When you trade a coin on a crypto exchange, it is different from when you do it on a brokerage platform. Knowing this can help you become a successful crypto trader or investor.
What's the Difference between a PIVX Exchange and a Broker?
Cryptocurrency exchanges and brokers have different business models despite serving traders and investors. When you trade with exchanges, you are holding the real coins, and you are trading them against each other. This means you can trade PIVX against the leading cryptocurrencies like BTC, ETH and USDT. Usually, crypto exchanges have the best rates for most cryptocurrencies.
With crypto brokers, on the other hand, you are speculating on the price performance of PIVX. This means you are not holding the cryptocurrency. Instead, you are trading it as a contract for differences (CFDs), which is betting on the price performance of the PIVX coin. Crypto brokers allow people to gain exposure to cryptocurrencies without holding the actual coins.
PIVX: Long vs. Short Term Investment
There is a difference between being a long-term investor and a short-term one. If you are a long-term investor, you are buying the PIVX coins so you can hold them for a long time. Usually, the holding period lasts months or years. If you fall into the long term category, it is best to buy the PIVX coins from exchanges and store them on cold storage wallets for safekeeping.
On the other hand, you can make money by holding the PIVX coin for a while. You can purchase the PIVX coin and cash out from its short-term price increase. In this scenario, we recommend betting on the PIVX's performance and using cryptocurrency brokers to do so. With crypto brokers, you don't have to deal with storing the coins in an external wallet.
3 Tips to Buy PIVX
While we have provided you with a wide range of ways to buy the PIVX coin, there are certain things you need to learn again.
1. Choose the Right Time and Do Your Own Research on the PIVX coin
Conducting in-depth research into a cryptocurrency project is one of your responsibilities as a cryptocurrency investor. You should take the time to know the necessary details about the crypto project before investing in it. We don't recommend relying on a single source of information. It is best to read expert analysis from multiple sources and read the latest news about the PIVX project. This will allow you to easily spot favourable opportunities within the market and take advantage of them. Also, If you are interested in becoming a successful crypto trader, then it is important to learn how to use technical indicators, charts and other crucial tools to determine trends and key levels to buy and sell PIVX.
2. Comparing Costs to Buy PIVX
Each platform has its transaction fees. You have to compare the exchanges that support PIVX and see the ones that offer the best rates for you. It would help if you did the same for crypto brokers that support the cryptocurrency. Knowing the PIVX coin's selling rates on exchanges allows you to choose the best one for you.
3. Safety and Security when Buying PIVX
The safety of your cryptocurrencies should be at the top of your mind as a crypto investor. Ensure that you check the security protocols put in place by the trading platform you intend to use. Over the years, exchanges have lost billions of dollars of investor funds to hackers. The security of your coins is important, which is why we have mentioned it several times in this guide. Ensure that the exchange or broker has adequate security measures in place before you deposit any money with them.
What is the Best Payment Method to Purchase PIVX?
- Buy PIVX with Credit Card: Buying ETH or BTC and exchanging it for PIVX.
- Buy PIVX with Bank Transfer: Depositing funds to buy ETH or BTC and swapping it for PIVX.
- Buy PIVX with Bitcoin: For those who want to buy PIVX coins by using major cryptocurrencies such as Bitcoin.
- Buy PIVX with cash: You can deposit a wide range of fiat currencies such as USD, EUR or GBP into your exchange or brokerage account and use the funds to purchase the PIVX coin.
- Buy PIVX with PayPal: Buying ETH or BTC and swapping it for PIVX. The PayPal payment feature is not available in all countries and not on all crypto trading platforms.
Other Ways to Buy PIVX
While the methods mentioned above are quite popular, there are other ways to buy the PIVX coins.
- Peer-to-Peer (P2P) exchanges allow traders to transact with each other directly. These P2P platforms connect the buyers and the sellers, allowing them to negotiate the price of the cryptocurrency. P2P platforms usually have low transaction fees, but it also varies based on the network congestion at the time of the transaction.
- Staking: You can also obtain PIVX via staking. Staking is the process of earning rewards for securing the PIVX network just by holding the coins in your wallet. You will earn PIVX when you stake the cryptocurrencies.
While P2P is not as popular as the other options listed above, it is a great way to purchase the PIVX coin.
The information in this guide will set you up nicely to start purchasing, trading and investing in PIVX. However, we want to make the trading process easier for you, which is why we chose a few crypto exchanges and brokers that support the PIVX coin. The selected platforms are highly secure and very reliable.
Frequently Asked Questions
The amount you invest in PIVX is your personal decision. It would help if you considered several things, such as your risk level and how much you have to invest in the cryptocurrency. The answer to the above questions will help you determine how much you have to invest in PIVX.
You can buy PIVX from crypto exchanges or brokers. Buying the coins from exchanges means you are holding the actual coins and could store them for the long term. With a broker, you are buying the CFD of PIVX, and you don't have access to the actual coins.
The major PIVX pairs are BTC, ETH, and USDT. You can use any of the three to buy PIVX.
The PIVX coin is yours for trading against other cryptocurrencies or holding for the long-term to earn a profit. You can also stake the PIVX coins to earn profit from the community.
This is another question where the answer is up to you to decide. The best time to buy is when the prices are low. So, you might want to watch the cryptocurrency's price action and decide when to enter the market. Our crypto guide gives you the necessary information to make smart trading and investment decisions.
If you are a long-term investor, then don't store the PIVX coins on your crypto exchange wallet. Transfer them to your cold storage wallet instead, as they offer better security for your funds.
Cold storage wallets are by far the best for storing cryptocurrencies. However, you can also use other wallet types such as desktop wallets and exchange wallets.
You can get the latest PIVX news from crypto news sites. Also, there are many other social media news platforms you can explore to get the latest information.