How To Buy Wanchain | Ultimate Guide To Buy WAN
Wanchain (WAN) is a blockchain that supports cross-chain transactions and the interoperability of multiple chains. In addition to facilitating transactions between blockchains, Wanchain is also a stand-alone blockchain that operates autonomously. Wanchain serves as a distributed ledger that processes and maintains records of cross-chain transactions.
As an important cryptocurrency, we wrote this comprehensive guide to help you understand the various aspects of trading and investing in WAN, the native cryptocurrency of the Wanchain blockchain. With our guide, you can easily trade and invest in WAN.
5 Steps to Buy Wanchain 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 Wanchain
This page is for traders and investors who wish to learn about the WAN coin and the various ways to safely trade and invest in it. If you are in this group, we urge you to read the entire post to grab the needed information to help you make savvy and informed trading decisions.
However, we also have traders who already know about WAN and wish to jump ahead to trading it. In this case, we have made the process easier for you by selecting the best platforms to start trading WAN. You can choose from the list of our recommended platforms to start trading right now.
Where to Buy Wanchain in 2021
If you are confident in Wanchain's vision, then you should consider buying the coin and holding it. Crypto exchanges are the best places to buy WAN coins if you want to be a long-term investor in the project, as they allow you to buy the actual WAN coins, and you can either keep them in your exchange wallet or transfer them to your private wallet.
However, if you don't feel confident about the project's long-term viability and you only intend to make money from its price performance, you can still trade it. However, it would help if you considered crypto brokers as the best place to buy WAN coins in your scenario. The brokerage platforms enable you to invest or trade WAN without holding the actual cryptocurrencies. Hence, it is possible to benefit from the price performance without the need to hold the actual coins.
How to Buy Wanchain with a Broker
Crypto brokers have become great platforms for people to trade a wide range of cryptocurrencies. Their operational model differs from cryptocurrency exchanges. When you use a crypto broker, you are betting on the performance of cryptocurrencies via financial products such as contracts for difference (CFDs) or futures. Hence, you are not buying or storing the actual coins.
The security of your funds is a big part of why we put together this guide. The crypto market is just over a decade old, and as a new industry, it has several scam projects. Hence, we caution traders and investors to only trade with regulated brokers since they offer maximum security of your funds at all times. Ensure you conduct extensive research to find out the regulatory status of a broker before you start trading with them. An unregulated broker is not advisable for you to use. Ensure you look into the features offered by the broker such as their security protocols, UI, liquidity and more.
1. Register with the Broker
The first step to buying the WAN coin on a brokerage platform is to open an account with one. Brokers have easy registration steps, with Pepperstone, eToro and a few others only asking for a username, password, and email address to register your account. However, we recommend only using regulated crypto brokers because they provide the necessary security to secure your funds at all times. Your account password should be strong, containing at least 12 characters with one capital letter, number, or special character for maximum security.
2. Verify your Identity (KYC Process)
We want you to trade in a safe and secure environment, and that usually happens with regulated crypto brokers. These brokers comply with the financial market regulations put in place by regulatory agencies. As such, you have to verify your account by completing the standard KYC (Know Your Customer) and anti-money laundering (AML) processes. After verifying your account with a broker, you will have access to all the available features, including trading, and higher deposit and withdrawal limits.
Verifying your account with a broker usually involves submitting an official ID like a driving license or a passport, proof of residence, and sometimes proof of earning. The verification process provides you with a high level of security for your personal data and funds. The process takes a few minutes, and your brokerage account is almost always fully activated in less than 24 hours.
Implementing AML and KYC policies shows that a crypto company is concerned about the safety of its customer funds and personal data, hence why several crypto companies are encouraged to implement these processes.
3. Deposit Funds with your Preferred Payment Method
After verifying your brokerage account, you can fund it using any of the available payment methods. However, you have to consider the three factors below when choosing a payment method:
- Speed of the transactions
- Transaction fees
- Availability of the payment method in your country or on the platform chosen
These factors play a role in determining the option you are going with. Bank transfers have low fees, but it takes days for the funds to arrive in your brokerage account. PayPal is a great option but isn't acceptable on all platforms. Credit and debit cards are the most popular ones, but their transaction fees are higher. Consider all these options before choosing the best one for you.
4. Open a Position to Long/Short Wanchain
After funding your brokerage account, you can either open a long or a short position on WAN. If you believe in the price potential of WAN and see it rising higher in a few weeks, months or years, then you can buy and hold it for the long term. This means you are bullish on the cryptocurrency, and you are opening a long position on WAN.
On the other hand, if you have a bearish view of WAN and believe the price will dip in the coming weeks or months, you can short the cryptocurrency. This implies that you are betting against the price to go higher within a stipulated period. If your prediction comes to pass, you will make a profit. Understanding the difference between short and long can help you leverage both to make profits from WAN trading.
When trading with brokerage platforms, it is a great idea to implement risk management techniques. Trading limits like stop loss and take profit to help you get out of trades at the right time. You can either get out with profits or avoid further losses on your trades.
5. Close your Position
As soon as you achieve your trading goals, you can close your position. This is easier if you insert the stop loss and take profit limits. The broker will help you automatically close your trading position once the set limit is attained. We recommend using trading limits because it allows you to get out of favourable situations or reduce your losses even while you are away from your computer. We advise learning everything about closing positions via the educational resources available on the platform or this website.
How to Buy Wanchain with an Exchange
The best platforms for buying WAN coins are crypto exchanges. They have more liquidity of cryptocurrencies than other trading platforms. Buying WAN from exchanges differs from brokerage platforms because the exchanges allow you to buy and hold the actual WAN coins.
As a trader or investor, if you wish to deal with the actual cryptocurrency, then crypto exchanges are the platforms for you. Similar to brokerages, we always recommend using the services of reputable cryptocurrency exchanges. The exchanges need to offer great trading, deposit and withdrawal fees.
We don't recommend trading with a crypto exchange that doesn't have a strong reputation for security. Although most exchanges are not regulated, some have built a strong reputation in the market over the years. They are the platforms that have huge liquidity, excellent customer support, great features and high-end security protocols.
1. Set up a Wanchain wallet
WAN is the native cryptocurrency of the Wanchain network. Setting up the WAN wallet is easy, and even novice traders and investors can do it. Depending on the cryptocurrency wallet type you want to use, setting up a WAN wallet takes a few minutes, and you can get started right away.
- Exchange/Online wallets: Exchange wallets are quite popular because they are available on crypto exchanges. Some investors buy WAN and leave it on their exchange wallets. This is okay if you intend to trade the WAN coin. However, if you intend to hold the coin for a year or longer, it is best to move it to a cold storage wallet. This ensures the long-term security of your funds.
- Desktop wallets: Desktop wallets are software programs designed to allow you to store your WAN coins and other cryptocurrencies. There are various desktop wallets available. Ensure you choose one that adequately supports the WAN coin.
- Cold wallets: They are the most preferred wallet type for investors. The cold storage wallets offer the highest level of security for storing your cryptocurrencies. The cold storage wallets are devices, usually like flash drives and some of the top ones you can use include Ledger, Trezor and KeepKey.
- As a crypto investor, the security of your WAN coins should always be your top priority. Hence, we recommend saving your coins on a cold storage wallet and inserting extra layers of securities such as the 2FA. Your password also needs to be strong, and you need to store your keys in a secure location. You can learn more about how to protect your crypto cold storage wallets here.
2. Choose and Join an Exchange that Offers Wanchain
With roughly 10,000 cryptocurrencies, listing all of them would be nearly impossible for any cryptocurrency exchange. You should find exchanges that support the WAN coin. As one of the top 200 cryptos by market cap, WAN is available on some major exchanges, including Binance. Analyse and compare the features of the exchanges and go with the one that offers the best features for you.
3. Choose Your Payment Method for Buying Wanchain
Once you have decided on the digital currency exchange you will be using, open an account with them and verify your account. Choose a payment method to fund your crypto exchange account. Debit and credit cards are very popular and available on almost all crypto exchanges, allowing you to fund your account within minutes.
Bank transfer and PayPal are great options with low fees. However, bank transfers take days for the funds to show in your crypto exchange account, while not all platforms accept the PayPal payment option. The deposited funds can be used to purchase WAN using major cryptocurrencies or fiat currencies. Ensure you work with a regulatorily compliant crypto exchange for the safety of your investment.
4. Place an Order to Buy Wanchain
You can use the deposited funds to purchase WAN directly on some crypto exchanges. Also, you can convert the funds to other leading cryptocurrencies such as BTC, ETH, BNB, or USDT. You can use these coins to buy WAN. Ensure you check the available WAN pairs on a crypto exchange before you start trading with a crypto exchange.
5. Safely Storing your Wanchain
After buying the WAN coins from a crypto exchange, you should transfer them to a cold storage wallet or any of your preferred private wallets. Moving the coins to a private wallet is crucial, especially if you intend to hold WAN for a long time. Cold storage is the best because they offer high-end security for your cryptocurrencies. However, if you prefer to trade the WAN coins, it is best to leave them on your exchange wallet and use them from there.
Your funds will remain secure in your cold storage wallet until you are ready to transact with them. You will need to use the wallet's public key to conduct any transaction from the cold storage wallet. Provide the recipient address, your public key and the amount of WAN coins you intend to transfer.
Should you Buy or Trade Wanchain?
Buying and trading WAN are two different cases. Furthermore, trading WAN on exchanges differs from trading the same cryptocurrencies on brokerage platforms. By understanding the differences, you can leverage them to become a successful trader.
What's the Difference between a Wanchain Exchange and a Broker?
Exchanges and brokerage platforms both grant traders access to the cryptocurrency markets. However, how they do so differs. Cryptocurrency exchanges allow you to purchase the actual coins, hold them in your exchange wallet, or move them to other private wallets. The exchanges also allow you to trade WAN against leading cryptos such as BTC, ETH, USDT, and BNB.
On the other hand, brokers grant you exposure by allowing you to speculate on the price performance of the cryptocurrency. This means you are not buying or holding the actual coins but trading them as a contract for difference (CFD), or alternatively as futures contracts. You get to enjoy exposure to Wanchain’s price without holding the actual WAN tokens yourself.
Wanchain: Long vs. Short Term Investment
Short and long-term investments also differ. As a long-term investor, you are buying the WAN coins and holding them for a long time to earn profits in the end. Depending on the market performance, you can hold the coins for months or years. In this case, crypto exchanges are the best platforms for you to buy WAN coins and store them on cold storage wallets or other private wallets.
Those who buy, rather than trading, are typically long-term investors who believe that Wanchain will be successful in the future. Traders, on the other hand, are more interested in betting on Wanchain’s price movements. This is a more technical and involved endeavour but can be conducted over shorter time frames.
3 Tips to Buy Wanchain
Although we have covered the various ways you can buy WAN coins, the following tips will help you gain an edge in the market.
1. Choose the Right Time and Do Your Own Research on Wanchain
You should take the time to research the Wanchain project to know if you wish to invest in it. Properly doing your research can help you determine if you will play the long game or be a short-term investor. Ensure you consult multiple sources to get adequate and in-depth information on the Wanchain project. This will ultimately help you identify favourable market opportunities and take advantage of them.
2. Compare Costs to Buy Wanchain
The trading costs on exchanges and brokerage platforms differ. You have to compare the costs of transactions on various crypto exchanges and brokerage platforms. This will help you choose the favourable ones and save you from paying high transaction fees.
3. Safety and Security when Buying Wanchain
As emphasised several times before, you should take the security of WAN coins seriously. The trading platform of your choice must have in-depth security measures and must be reputable. This will ensure that your funds are safe at all times, and in case there is a hack, the platform can repay you with ease. Ensure that the exchange or broker offers maximum security measures for your crypto funds.
What is the Best Payment Method to Purchase Wanchain?
- Buy Wanchain with cash: Made possible via peer-to-peer exchanges
- Buy Wanchain with Credit Card: High fees, but very quick and safe
- Buy Wanchain with Bank Transfer: The most popular and cheapest option
- Buy WAN with Bitcoin: For those who own BTC, perhaps the easiest method
- Buy Wanchain with PayPal: Quick and easy, but not supported everywhere
Other Ways to Buy Wanchain
The above-mentioned methods are popular when buying cryptocurrencies. However, you can also explore the other options.
- P2P (Peer to Peer) exchanges are excellent platforms for buying WAN coins. They allow buyers and sellers to deal with each other directly. The traders set the buy and sell prices of the WAN coins. When trading with P2P platforms, you get to enjoy low transaction fees. While most people don't opt for P2P platforms, they make it easy to buy WAN coins.
- Staking: You can also get WAN via staking. Staking is the process of earning rewards for securing the Wanchain network just by holding the coins in your wallet. You will earn more WAN when you stake it, and this can bring you some passive income.
This guide provides you with the information you need to safely and securely buy WAN. You need to do a lot of research to find the best platforms to trade WAN. We have made it easier for you by researching and selecting a handful of exchanges and brokers that support Wanchain. These platforms are very secure, regulated and among the most reliable.
Frequently Asked Questions
No, there is no set amount to invest in WAN. The amount you invest depends on you and certain factors such as your risk tolerance level and how much you have to invest in WAN.
You can purchase WAN from a wide range of cryptocurrency exchanges such as Binance, Huobi Global and Kucoin. You can also buy WAN on crypto brokerage platforms.
There are numerous WAN trading pairs available, depending on the cryptocurrency exchange you are using. You can trade WAN trading pairs such as WAN/BNB, BTC/WAN, ETH/WAN, WAN/USD, and more.
You can use the WAN coin to trade against other top cryptocurrencies, as mentioned above. You can also store it in your cold storage wallet for long-term investment purposes.
The timing of your investment depends on you. However, you can study the market and determine if it is a good time to buy the WAN coin. Our comprehensive crypto guide gives you the necessary information to make smart trading and investment decisions.
It is advisable to do so if you wish to hold the coins for a long time. Cold storage wallets are your best options for storage. However, if you are using the coins for daily trading purposes, you should leave them in your exchange wallet.
Cold storage wallets are the recommended ones for storing your WAN coins. Ledger and Trezor are some of the leading cold storage wallets available for you. There are other private wallets that you can use to store your WAN coins.
You can get the latest Wanchain news from our platform. We provide you with the latest market news on WAN and other cryptocurrencies.