How To Buy Ubiq | Ultimate Guide To Buy UBQ
2020 was a great year for cryptocurrencies. Elevated macroeconomic risks in the global economy pushed many investors to hedge their securities portfolio using digital currencies. While Bitcoin, Ethereum, and other widely known cryptocurrencies stole the show, a new crop of crypto-related projects such as Ubiq (UBQ) also gained substantial value.
If anything, developments in the crypto market in the past year show that Bitcoin does not have a monopoly on crypto investment. Ubiq is a unique project, and it offers excellent potential to challenge Bitcoin in the future. Read on to see where and how to buy Ubiq in 2021.
5 Steps to Buy Ubiq 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 Ubiq
Now, we are alive to the fact that some of you might have a prior experience with Ubiq. Perhaps all you need is a nudge towards the right place to purchase Ubiq. In that case, see below some of the platforms that we recommend.
Where to Buy Ubiq in 2021
For starters, Ubiq is not a new project. The Ubiq team created the project in early 2017 after forking the Ethereum blockchain network. The UBIQ Blockchain includes the UBQ native coin that facilitates transactions and interactions among nodes. You can pursue ownership of UBQ in three ways; mining the UBIQ Network, buying UBQ coins from a cryptocurrency exchange and trading UBQ CFDs (contract for differences) via online brokers.
You own the coins when you acquire them from a crypto exchange. Think of a crypto exchange as the market where you find sellers of UBQ and where you can sell UBQ. When you buy UBQ CFDs, you do not receive the coins. Instead, the Broker will pay you an amount equal to the difference between the price at which you bought the contract and the price where you exited the market. If the trade goes the opposite direction, then you owe the broker the same amount.
An important question that we should address at this point is this; should you buy UBQ for long-term ownership or purchase UBQ CFDs?
We must warn you that there is no absolute answer to this question. Usually, people make decisions based on a range of factors. In this case, the decision to acquire Ubiq depends on your ultimate motive; do you want to buy and hold or trade the price movement?
If you wish to buy and hold, then a crypto exchange is where to buy Ubiq. Owning Ubiq confers the benefits of long-term growth. According to CoinMarketCap, Ubiq has had a 1,686.46% ROI since its launch.
Also, owning UBQ is a good thing if you wish to earn an extra income through staking. Cryptocurrency staking entails locking the coins in a crypto wallet to facilitate the smooth function of a blockchain network. In return, the blockchain network rewards the stakers.
However, owning cryptocurrency could be cumbersome for some people. You need a cryptocurrency wallet to store the coins. But finding the right wallet and setting it up is not something that anyone can do. The process requires adequate knowledge of encryption and how to handle things such as a wallet address. Also, the wallets are a security risk. You could lose all your funds if someone jailbreaks the wallet.
Therefore, buying Ubiq CFDs seems safer. Brokers offer CFDs for various cryptocurrencies, which you can access online. Trading CFDs means you only claim the digital currency, but you do not take physical delivery. The Broker pays you in cash when your trade closes on the right side of the market. As such, none of the hustle involved with handling wallets troubles those who choose to trade CFDs.
How to Buy Ubiq with a Broker
You can buy Ubiq from several brokers available online. However, your experience will depend on the Broker you choose. You should select a broker that ticks specific boxes such as low fees and high platform security. Also, the right broker has all the necessary licenses from reputable regulators.
Below is a detailed procedure for how to buy Ubiq (UBQ):
1. Register with the Broker
All brokers require that you create an account through which you can participate in the cryptocurrency market. For example, eToro takes to the signup page as the first step in the registration process. Here, you will provide personal information such as a username and a valid email address.
For users looking to register with Skilling, you will provide a little more information. The Skilling registration window asks for your email, an active phone number, the country of residence, and the fiat currency of choice.
2. Verify your Identity (KYC Process)
Reputable brokers operate with licenses from specific regulators. The operation license obligates the broker to identify their clients to avoid money laundering and terrorism financing issues, among other ills. For this reason, the broker will ask you for additional details such as tax information, proof of residence and a confirmation that you are not a highly-placed government figure.
You will not be the first one if you find the know-your-customer (KYC) process cumbersome. Many people find the demands exasperating; the broker asks you to upload identification documents such as a valid driving license and bank statements. However, it might be helpful if you realise that the KYC process is the only way the broker can guarantee the safety of all its clients.
3. Deposit Funds with your Preferred Payment Method
Now that the broker knows your identity, proceed to the account funding phase. The funds in your account will be the margin when taking leveraged positions in the market. To deposit funds, make sure to take safety measures such as installing powerful antivirus software on your computer.
Also, ensure that the payment provider you select offers adequate security. Look out for the “SSL Certified” badge on their site or any other identifying item. A suitable payment method lets you fund your account as quickly as possible while keeping the costs at the lowest end.
If you chose eToro, the broker gives you a range of options for funding the account. They include PayPal, Skrill, Neteller, Bank Transfer, and using Bank Cards (debit/credit cards). Select your preferred payment method keeping in mind its speed of settling the transaction, fees, and the security of your funds.
4. Open a Position to Long/Short Ubiq
With your account funded, now is the time to open a position. Brokers give traders two options when trading in crypto markets. You can either take a long position or a short position. A long position involves buying a given crypto pair and hoping to sell at a higher price; a short position is the antithesis of this strategy. For the short position to be successful, the value of the crypto pair must fall starting from the time you entered the market.
The process of opening a trade starts from market analysis. Brokers provide trading platforms inclusive of analysis tools and indicators. Using these tools, find out the probable direction of the market in the future. If the analysis suggests that the market is prime for strengthening, then open a long trade.
Thankfully, brokers such as eToro offer an easy way to open a position. eToro lets you copy the strategies from experts on the platform. Just navigate to the “Copy People” tab on the sidebar and select “Copy,” as shown in the image below.
Whether you open a long or short position, it helps to note that CFDs trading carries substantial risk. Much of the danger comes from the high volatility levels in the fluctuation of crypto prices. As such, it is prudent that you install mechanisms for managing risk. You could set a stop-loss price or, even better, use the trailing stop loss strategy. Also, it does not hurt to select a predetermined price at which you wish to exit a position when you are winning, using the take profit order.
5. Close your Position
Any experienced cryptocurrency trader will tell you that closing your position is as important as entering the market. Traders conduct market analyses for long hours to find the perfect entry point. The research should give a hint of the exit point for the whole strategy to be successful.
One way that you can close your position is by using a stop-loss order. Think of stop loss as an automatic brake that engages when the price of a crypto pair touches a specific price. Traders set a stop-loss price as the price point at which the resulting loss will not be as devastating as losing everything.
Also, you can exit the market without relying on take-profit or stop-loss orders. Sometimes the market behaves so well that you end up with a good return even if you left the market early. But you can also exit early manually when you feel it is not worth it to continue bleeding liquidity.
How to Buy Ubiq with an Exchange
If you are reading this far, there is a chance that you wish to buy the underlying digital currency and not the derivative. Cryptocurrency exchanges exist to enable people like you to buy or sell cryptocurrency. However, it helps to remember that not all exchanges are the same. Some exchanges charge punitively for their services while others are considerate.
Another factor to consider when selecting an exchange where to buy Ubiq is security. A good exchange should have adequate security measures in place. Few people associate the regulatory status of an exchange with the security of funds, but we believe this should be the case. An adequately regulated exchange plays by set rules, which means the probability of the founders disappearing with your funds is zero.
1. Set up a Ubiq Wallet
Recall when we said owning the actual coins comes with additional responsibilities such as storage? It turns out setting up a cryptocurrency wallet is the first thing you should do. At this point, you are better off doing extensive research to find the wallet that suits your needs. For your benefit, we shall discuss the different types of crypto wallets here.
A wallet is a place where you store money and other valuable possessions. In cryptoverse, you will often hear that a crypto wallet is either in hardware or software form. A hardware wallet is a physical device onto which you can store UBQ. With this wallet, you cut any links between your coins and the internet. For this reason, hardware crypto wallets are sometimes called cold wallets. They are cold because the connection between the internet and the UBQ stored in the wallet is cold.
The cold trail assures the highest security level for the UBQ coins. No matter what, hackers cannot access an offline device unless you give away the key that decrypts the wallet device.
On the opposite side of the hardware wallets, there are software crypto wallets. Think of this type of wallets as non-physical and that they need installation on a computer (PC or smartphone) for access. Software wallet offer their services as downloadable and executable pieces of code. As with physical wallets, you need a key to decrypt software crypto wallets for access.
Most software wallets are the hot type. Hot because the coins stored in the wallets are accessible over the internet. The most significant upside of software wallets is convenience and portability. However, they are less secure if compared to hardware wallets.
2. Choose and Join an Exchange that sells Ubiq
Ubiq is a smaller crypto project compared to Bitcoin. Also, Ubiq (UBQ) is listed on smaller altcoin exchanges. Our search traced UBQ to Bittrex, BitZ and LiteBit.eu.
It would be prudent to note that each of the exchanges charges specific fees for their services. Also, each one has a unique registration process, but expect all of them to take you through a rigorous KYC process. We believe that the best exchange has lower fees and operates under the watchful eyes of reputable regulators.
3. Choose Your Payment Methods to Buy Ubiq
Your preferred exchange will provide a range of payment methods out of which you will choose one. Some of the popular options include bank transfers, payment services such as Skrill and PayPal and bank cards.
Each payment method stands out for a particular feature. For instance, transacting using bank cards takes a short time. On the other hand, payment services offer the highest convenience. The cost of using the payment methods depends on your location and the destination of the funds. If the exchange is in the same country as you, the price should be meagre.
4. Place an Order to Buy UBQ
Buying UBQ starts from registering for an account with your preferred exchange. If you jump through all the hoops successfully, you should access and fund your account. Different exchanges support a specific range of fiat currencies. Be sure to check if your preferred exchange supports your local currency.
UBQ is an altcoin, which means you can access it on an altcoin exchange such as Bittrex. Bittrex accepts fiat deposits into the Bittrex Global Account. On Bittrex, go to the “Exchange” button and select UBQ.
The exchange will ask you to specify the means of buying UBQ; determine if you will use fiat or major cryptos such as Bitcoin (BTC) or Ethereum (ETH). The supported fiat currencies include the US dollar and the euro.
Next, key in the number of UBQ coins you wish to buy. Seeing that everything is as required, press the “Place Order” button.
5. Safely Storing Your Ubiq in a Wallet
Bittrex offers crypto custody services. Storing the UBQ coins with the altcoin exchange is convenient, especially if you intend to trade the coins. However, you can transfer the funds into your wallet if you wish.
To transfer the coins, first, go to the “Wallets” tab on the Bittrex platform. Find your wallet (you can have more than one wallet, and a wallet can store more than one digital currency) and click on the “Send” button. The following window will bring you two options. First, you can scan a QR code and specify the amount to send if your wallet is smartphone-based.
If your wallet is a hardware device, then you will need to specify the wallet address in the space provided. The prompt might ask for your second authentication method if the 2FA (two-factor authentication) method is enabled. Your funds should reflect shortly after all verification steps are complete.
Should you Buy or Trade Ubiq?
What is the reason behind your interest in Ubiq? Being able to answer this question should give you clarity on whether to buy or trade Ubiq. But what is the difference between buying the cryptocurrency and trading it? Read on for clarification.
What’s the Difference Between a Ubiq Exchange and a Broker?
A Ubiq exchange shows you how to get Ubiq from people who have the coin in exchange for fiat currency or another cryptocurrency. You meet buyers and sellers of UBQ on the exchange’s online platform. Also, the exchange does not tamper with the price, which means you buy or sell UBQ at the prevailing market prices.
In contrast to the exchange, a Ubiq broker links you to the cryptocurrency market. This way, you participate in the crypto market through the broker. The broker may set arbitrary prices for the crypto assets depending on its profit motive. Also, brokers give clients exposure to crypto CFDs, enabling them to trade both sides of the market.
The main takeaway here is that you buy Ubiq with an exchange, while the broker helps you trade Ubiq.
Ubiq: Long Vs. Short Term Investment
The term investment applies when you buy Ubiq from an exchange and take physical delivery of the coins. Long-term investment involves holding the coins to sell in the future, often at a higher price.
A short-term investment involves buying and holding the coins for a few days, sometimes even hours. Given the high volatility levels in the cryptocurrency market, prices change fast. If you decide to play the price gyrations, then your investment strategy is short-term.
3 Tips to Buy Ubiq
The following tips should put you in an advantageous position when you decide to buy Ubiq:
1. Choose the Right Time and Do Your Own Research on Ubiq
As with other cryptocurrencies, Ubiq’s price fluctuates from time to time. The fluctuation might seem random at first, but some digging might expose deeply embedded patterns. Therefore, do extensive research on various online platforms before settling on the right time to buy the coin.
2. Comparing Costs to Buy Ubiq
Each exchange/broker implements a unique fee structure based on factors that sometimes might be arbitrary. It might come as a surprise that most of these platforms do not vary much in terms of the services offered. As such, it pays to make sure the venue you select has competitive fees. Also, lower costs ensure that you claim maximum profits when that happens.
3. Safety and Security when Buying Ubiq
Security and safety should be unnegotiable when your funds are on the line. The platform through which you choose to buy Ubiq should satisfy your security concerns before even funding the account. For instance, the site should have valid SSL certification. Also, make sure you enable 2FA mechanisms for additional protection.
What is the Best Payment Method for Buying Ubiq?
- Buy Ubiq with Cash – some Bitcoin ATMs allow people to buy UBQ with cash.
- Buy Ubiq with a Credit Card – many altcoin exchanges support buying Ubiq with credit cards.
- Buy Ubiq with Bank Transfer – bank transfer is the most common means of buying Ubiq.
- Buy UBQ with Bitcoin – Bittrex accepts Bitcoin for UBQ.
- Buy Ubiq with PayPal – PayPal is one of the most convenient means to buy Ubiq.
Other Ways to Buy Ubiq
The UBIQ blockchain is an Ethereum fork, which means nodes arrive at consensus through the Proof of Work (PoW) mechanism; this means the network supports crypto mining. Therefore, you can acquire the UBQ coins through mining.
Also, you can earn Ubiq coins if you decide to run a masternode. Masternodes have a managing job where they help to run the UBIQ Blockchain network. Lastly, you can acquire more UBQ coins through staking.
At the end of the day, you get wiser as you consume more knowledge. Specifically, it helps to know that buying Ubiq differs from trading the coin. You buy the token via an altcoin exchange, but trading happens through brokers. This guide touched on critical issues you should take note of when looking for exposure to Ubiq.
Frequently Asked Questions
Yes. Altcoin exchanges such as Bittrex list Ubiq, which you can buy using fiat currency or other major cryptocurrencies like Bitcoin and Tether.
It depends. If you intend to hold the coins for a long time, then a crypto wallet is necessary. However, you could store the tokens with the exchange if you want to trade them based on price volatility. Also, you do not need a wallet when you trade Ubiq CFDs. CFDs only track the price of the underlying crypto assets.
Yes. Ubiq is a lightweight cryptocurrency that you can mine with a consumer-grade GPU. Four different mining pools exist– HiveOS, SMOS, PhoenixMiner and Ubqminer–for efficient and cost-effective mining of UBQ.
First, register an account with a broker of your choice. With your account ready and funded, go to the “markets” section of the trading platform, and select the pair you wish to trade. From there, everything should be clear when you follow the prompts.
No. As with other cryptocurrencies, UBQ price is volatile. The price gyrations make it difficult to guess where it will be tomorrow or the next hour. However, adequate and careful technical analysis should give you an idea of where the price will be in the future.