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How To Buy Vertcoin | Ultimate Guide To Buy VTC

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Vertcoin (VTC)
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Vertcoin is an open-source cryptocurrency, launched in early 2014, based on an ASIC-resistant Proof-of-Work consensus mechanism. Its blockchain is maintained by an active community, and has been praised for its inclusive ethos.

Vertcoin has particularly grown in popularity over the last few years, and is now a very credible trading mechanism. So in this article, we will be discussing all of the issues related to investing in this cryptocurrency, and everything that you need to know about the process.

5 Steps to Buy Vertcoin with eToro Now

Buying any cryptocurrency with eToro is easy, simply follow the steps below:

  1. 1
    Sign up for free with eToro, entering your details in the required fields.
  2. 2
    Fill out the questionnaire, this is both educational for you and eToro.
  3. 3
    Click 'Deposit', you'll then be asked how you want to fund your account.
  4. 4
    Choose your required payment method, follow the simple steps to link your payment.
  5. 5
    Enter the amount you want to deposit and you're good to go!

How to Buy Vertcoin with a Broker

Purchasing Vertcoin via an online crypto broker makes perfect sense, particularly for those who are engaging in cryptocurrency trading for the first time. Brokers simplify the trading process, and present a demystified interface through which to interact with the market through derivatives.

However, you should definitely research the market before choosing a particular broker. Both security and fees differ significantly between the many platforms that are available, and you really need to understand this before you begin. Regulation of the cryptocurrency space has also accelerated in recent years, and any broker that you choose to work with must understand all of the latest legislation.

You must also understand that trading with brokers does not necessarily need to be entirely automatic. You can send orders to your broker, which tell the broker how to act in certain market circumstances, retaining a form of interactivity with the market on the behalf of the investor.

1. Register with the Broker

Registering with a broker is an important first act in trading with Vertcoin. Thankfully, this is a relatively straightforward process, as online brokerage platforms are pretty user-friendly. You will need to reveal a few personal details, in order to confirm your identity, and this is often achieved by government documentation and proof of address.

However, you should also be aware that registration can differ depending on which platform you choose to utilise. For example, Plus500 makes it possible to register for an account via social media platforms, while eToro purely uses an account name and password system. Pepperstone permits signing up via Google or Facebook. There are numerous differences between the many other systems that are available as well, so it is therefore important to investigate this before committing to a particular platform.

2. Verify your Identity (KYC Process)

The ‘Know Your Customer’ (KYC) verification process has become popular in the cryptocurrency niche in recent years, and you're likely to need to go through this in order to trade Vertcoin. KYC is an official legislative process used by many banks and financial institutions, which is helping to improve the credibility of the cryptocurrency space.

3. Deposit Funds with your Preferred Payment Method

After you have verified your identity, you'll next need to deposit funds via your preferred payment method. You should also be aware that not all platforms necessarily support all commonly utilised payment methods, so your first job is to research which websites are indeed compatible with your particular choice.

Another important consideration is the speed of the platform. There is plenty of material online about this issue, so it's definitely worth looking this up before beginning. Fees can also vary, and this obviously merits consideration as well.

Before committing to Vertcoin investing, you should also have a strong firewall and some antivirus software in place. You can even check with customer service in order to familiarise yourself with the security provisions, and also to ensure that your deposit has been completed correctly.

4. Open a Position to Long/Short Vertcoin

One of the most fundamental decisions with any Vertcoin trading strategy is whether to go long or short on the token. Shorting cryptocurrency means that you are effectively betting that it will decline in value. This is also described as short selling, taking a short position, and sometimes merely selling. When you choose to take a short position on Vertcoin, you believe that its prospects are negative. If you are correct, and the cryptocurrency declines in value, you will make a profit, and indeed vice versa.

Taking a long position is for those investors who fundamentally believe in the qualities of a particular token. If you take a long position, you believe that a cryptocurrency will increase in value. 

Shorting is often conducted via CFD contracts, which allow for more leverage. Purchasing Vertcoin, and entering into a long position, is an approach that is generally considered to be more solid for beginners.

There are many other possibilities and considerations with trading as well, such as stop loss, market, and limit orders. These are three of the most important ways that you can convey instructions to brokers, which is an essential part of the trading process. 

5. Close your Position

Closing your position is critical in any Vertcoin trading strategy, and this is where stop limit orders come in handy. These instruct your broker to cease trading immediately; effectively an investor believes that they have now achieved what they want from this particular trading round. You may also wish to close your position if you have lost money, and are not willing to lose any more. This is one of the fundamentals of trading: only risk what you are willing to lose.

How to Buy Vertcoin with an Exchange

Purchasing Vertcoin is a largely intuitive process, as modern platforms are built with the beginner in mind. You should therefore find purchasing Vertcoin via an online cryptocurrency exchange to be relatively user-friendly, and it should indeed largely resemble purchasing goods online from a retail website.

Choosing the best exchange for your needs is still important. Fees, security, regulation, and encryption should all be taken into consideration, and clarifying these with developers and owners of any sites that you are seriously considering is definitely to be recommended.

1. Set up a Vertcoin Wallet

Setting up a Vertcoin wallet is absolutely essential for any trading strategy, as you definitely shouldn't store tokens online for a significant period of time via any brokerage or exchange platform. This may be safe, but it is certainly not as safe as using your own wallet for cryptocurrencies.

Choosing between a hardware and software wallet can be tricky, but they both have fundamentally different qualities. Software wallets can be used online, or via desktop and mobile platforms, and are therefore more flexible and accessible. They offer optimum control, whereas hardware wallets tend to be more secure. Most serious investors would recommend a cold storage hardware wallet, based on private keys and separate hardware devices.

2. Choose and Join an Exchange that sells Vertcoin

There are a variety of cryptocurrency exchanges available online, with some of the most popular available including the following:

There can be significant differences between exchanges, though, with fees being one of the most obvious variations. Each of these platforms will also feature different user interfaces, and this can be particularly important for those embarking on their cryptocurrency journey for the first time. Differing security provisions are also common, while you may also find platforms accept different currencies and payment methods.

Another important aspect for consideration is registration and licensing, which can have both practical and legal ramifications for the investor. This is why it is important to investigate and research exchange platforms before committing to your first trade.

3. Choose Your Payment Methods to Buy Vertcoin

When you purchase Vertcoin for the first time, you can choose from a variety of payment methods. These all have their various qualities, strengths, and weaknesses, so in this section we will discuss these.

Debit cards - Purchasing Vertcoin via a debit card is definitely an affordable way of progressing, as there are very few fees associated. However, they don't necessarily offer the same security provisions as credit cards, and this can definitely be problematic.

Credit cards - Credit cards are both fast and secure, and also probably the most popular way of purchasing Vertcoin. However, it is possible to incur fees when purchasing Vertcoin via credit card, so it is certainly worthwhile to enter into this process diligently.

PayPal - This digital payment system has become increasingly credible in recent years, and is now available as a payment system for a wide variety of goods and services. This equally applies to cryptocurrency, but there are both advantages and disadvantages to using PayPal.

Firstly, not all cryptocurrency platforms will accept PayPal, so this can rule it out as a payment method almost immediately. Secondly, this vendor is sometimes questioned for its commitment to refunding when fraud takes place, and thus investors should proceed with caution.

There can also be delays associated with PayPal, and the system can also attract fees in certain circumstances. On the other hand, it is a highly accessible platform, which is now available for unbanked individuals all over the world.

Bitcoin - Vertcoin can also be purchased via this hugely successful cryptocurrency, although this does reduce flexibility in comparison to other payment methods.

4. Place an Order to Buy Vertcoin

Purchasing Vertcoin involves a few simple steps, so in this section we will go over everything that you need to complete.

You should firstly register for a cryptocurrency exchange or brokerage, before confirming your identity on the platform for which you've opted.

Next, you need to register your chosen payment method on the website, before depositing money on the platform via one of the payment methods approved by its developers.

The next step is to sift through the list of available investments, before identifying the one that you are interested in, and selecting it via the user interface. You can then purchase the coin, and store it securely in your wallet solution, with hardware wallets offering more safety and security.

Finally, you can now inform your brokers of your trading intentions, if indeed you have chosen to go through a broker with Vertcoin.

5. Safely Storing Your Vertcoin in a Wallet

Storing Vertcoin is relatively straightforward, and should be considered essential for serious Vertcoin investors. This is particularly true if you intend to enter into a long-term strategy with this cryptocurrency.

Hardware wallets operate via a private key, which must be maintained in order to gain access to your tokens. This means that it needs to be kept in an encrypted location.

Should you Buy or Trade Vertcoin?

Buying or trading Vertcoin will depend on your particular needs from the cryptocurrency, so it is important to understand all of your options here. 

Buying Vertcoin is far less complicated than trading it, as you only need to purchase and store the tokens, eventually selling further down the line when prices have appreciated. 

If you choose to trade Vertcoin, you have many more options available in terms of investment strategies. When you purchase Vertcoin, the cryptocurrency must increase in value in order for you to make a profit, which definitely doesn't apply to trading. This latter approach can therefore be considered more flexible.

What’s the Difference Between a Vertcoin Exchange and a Broker?

Vertcoin exchanges make it possible for users to execute their own trades, while brokers act as intermediaries for investors. Brokers also tend to attract higher fees, as they are offering investors and traders a valuable service. Another advantage of exchanges is that they tend to be more instant, particular considering that access is now possible via mobile platforms.

However, brokers offer more feasible access to CFD agreements, meaning that investors can benefit from increased leveraging and indirect exposure to Vertcoin.

Vertcoin: Long Vs Short Term Investment

Investing in Vertcoin over the long-term is reliant on the price discovery of the token going in a required direction. It is a strategy based on market fundamentals, and one that requires very little interaction or tinkering.

Conversely, those engaging in a trading strategy with Vertcoin will often have made a much shorter-term investment, with trades even completed within a matter of minutes in many circumstances.

The short-term approach to trading Vertcoin is riskier, while long-term trading tends to be more sound. Nonetheless, you can obviously attract a profit in a shorter period of time with the trading approach. It is also more flexible, and tends to provide more options to investors.

However, when you purchase Vertcoin, you take possession of a physical asset, meaning that you have other options available to you as an investor.

3 Tips to Buy Vertcoin

In this section, we will provide you with three crucial tips for purchasing Vertcoin.

1. Choose the Right Time and Do Your Own Research on Vertcoin

Selecting the best time for an investor to purchase Vertcoin should be considered particularly important, as the token will perform vastly differently in bull and bear markets. You must therefore research the token particularly diligently, along with any compelling market trends.

2. Comparing Costs to Buy Vertcoin

There are a variety of different platforms for purchasing Vertcoin and all of these platforms come with different fee arrangements. You should therefore compare cost before entering into any trading strategy with Vertcoin.

3. Safety and Security when Buying Vertcoin

Safety and security is always a consideration in the cryptocurrency market, and this rule definitely applies to Vertcoin. You must seek out a platform that prioritises safety and encryption, as this will make your investment process much smoother. Customising user profiles and cold storage should be a particular priority.

What is the Best Payment Method for Buying Vertcoin

  • Buy Vertcoin with Cash

Buying Vertcoin with cash doesn't happen particularly often, as cryptocurrencies are, by their very nature, an online world. Nonetheless, it is not inconceivable that you may encounter a willing trader on a P2P trading site who may be open to swapping cash for cryptos.

  • Buy Vertcoin with Credit Card

Credit cards are hugely popular, thanks to the security and features associated with credit card platforms. However, they do attract fees in some circumstances.

  • Buy Vertcoin with Bank Transfer

Bank transfers are another way to purchase Vertcoin that are available to most investors, although they can be a little slower sometimes due to bank regulations.

  • Buy VTC with Bitcoin

Bitcoin can often be used to purchase Vertcoin, and it definitely merits consideration, although this can be considered less flexible than other payment methods.

  • Buy Vertcoin with PayPal

The digital payment system PayPal is another excellent choice for purchasing Vertcoin, although investors should be wary of some of the issues mentioned earlier.

Other Ways to Buy Vertcoin

Finally, there are several other methods available for Vertcoin purchases. Mining tokens obviates the need to purchase, while P2P exchanges are also widely available for Vertcoin. 

Vertcoin is an exciting cryptocurrency platform, and one that is definitely worth considering when seeking a token for investment. But ensure that you pay heed to all of the issues mentioned here before engaging on your cryptocurrency investment journey.

Frequently Asked Questions

  1. The developers of Vertcoin recommend AMD and Nvidia GPUs. You can download the mining client from the Vertcoin website.

  2. The developers for Vertcoin recommend Vertcoin Core. It is also important when acquiring Vertcoin tokens that you avoid mining directly to any wallet that does not host a full copy of the blockchain.

  3. It is generally recommended by the developers of Vertcoin to pick a node from the network of distributed connected pools called P2Pool.

  4. This can vary depending on system conditions, but there is a list of expected hashrates when running at stock settings with no overclock available here. {{https://i.imgur.com/bzIzPLi.png}}

  5. Yes. On January 30, 2021, Vertcoin forked from Lyra2REv3 to Verthash.

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