How to Buy Zcash
Did you know that it is possible for someone to trace Bitcoin transactions back to you? However, some cryptocurrencies give you a choice to keep your details anonymous during a deal. They are known as privacy coins, and the most popular amongst them is Zcash (ZEC). Zcash sticks to the original idea of cryptocurrencies by offering users the chance to keep their payments and transactions completely private.
Does this mean the coin will be useful for moving forwards? Most likely, but like all cryptocurrencies, there are multiple drawbacks – before investing, we discuss whether or not Zcash is worth putting your money into.
7 Days Change
Buy Zcash in 5 Quick Steps
- Register free with eToro to open a trading account.
- Try a demo account before you hit the Deposit button.
- Choose a payment method (Paypal, credit card etc) & deposit into your account.
- In the ‘Trade Markets‘ section on the left, select Crypto and then Zcash.
- Hit trade, a ticket will open, choose your risk preferences and then click ‘Open Trade‘.
Where to Buy Zcash
Buy Zcash with eToro
eToro is the leading CFD provider when it comes to cryptocurrencies and buying Zcash. They were one of the first to launch Zcash on their trading platform and continue to be a market leader in the cryptocurrency space. If you’re looking to buy Zcash, then look no further than eToro, see below our 3 step process to getting started!
Step 1: Registration
eToro is free to sign up and has a demo account that you can use to practice before buying Zcash for real. To sign up, click the button below and fill out the form; name, email, phone and then you’ll need to create a password. Next you’ll be required to verify your account by clicking the link in your confirmation email.
Step 2: Deposit
Once you’re account is verified, you’ll need to deposit funds into your account to make it live. We recommend starting with the minimum of $250, start small to get used to it and then begin to add more over time. Choose your payment method, eToro offers several options, pick your favoured and then fill out your details and click submit.
Step 3: Buy Zcash
Once you have funded your account, it’s time to buy Zcash. eToros platform is easy to use, to find Zcash, click ‘Trade Markets’ on the left, then you’ll see ‘Crypto’ at the top. Once in this section, you will see eToros full list of cryptocurrencies. Hit Zcash and then ‘Trade’. A ticket will open, manage your risk and then ‘Open Trade’.
Buy with Binance
Binance is one of the largest cryptocurrency exchanges on the planet. It grew quickly after its launch in 2017 and now even has it’s own token, Binance Coin. It is one of the best places to buy and trade some of the more obscure altcoins, they have a huge range that is always changing with new coins being added and old ones being removed. For security reasons, we would always prefer to buy using a CFD provider like eToro.
Step 1: Registration
To get started you need to go to the homepage and click ‘Register’. You’ll be taken to a sign up page where you need to fill out the fields; email and password. You’ll be sent a verification email, click the link to activate your account. It’s also advised to set up 2FA.
Step 2: Deposit
Binance now allows you to buy bitcoin with credit card, a relatively new feature. Other coins available by credit card are Ripple, Ethereum, Litecoin and Bitcoin Cash. Once you’ve bought one of these you can then exchange for any other coin on the platform
Step 3: Buy Your Coins
Depending on your experience level you have the choice of the basic or advanced exchange. If you’re unfamiliar with the Binance platform then we’d recommend using the basic version. click on Bitcoin and then fill out the ticket to make the exchange.
Why Should You Buy Zcash?
At the beginning of the cryptocurrency revolution, most people assumed that using cryptocurrencies offered complete privacy by default. Zcash pioneered the solution to this vulnerability.
Zcash forked its codebase from Bitcoin to provide enhanced security and privacy for its users. You can choose any of the three transaction types namely; shielded, unshielded, and semi-shielded.
The shielded transaction is where both parties have their identities hidden (z-z transaction). The opposite is an unshielded transaction (t-t transaction). There are also times when only one of the parties choose to keep their details private (z-t and t-z transactions).
The ability to choose whether to keep your transaction details or not is the main competitive advantage the crypto has over Bitcoin and Ethereum. However, does this justify an investment in the currency?
In terms of future returns, Zcash looks promising due to its assured halving every four years. Investors hope that the halving will have the same effect it had on Bitcoin. The price of BTC increased by 8000% and 2000% after the first and second halving respectively. However, whether the same shall happen to Zcash in 2020 is a matter of wait and see.
Pros and Cons of Buying Zcash
- Controlled privacy: Zcash provides a compromise between ultimate privacy and unrestricted exposure. In a world where security is a significant concern, this is a plus. You can choose which transaction to keep traceable and the ones to make private.
- Gemini listing: Gemini is one of the highly regulated exchanges in the cryptocurrency world. It comprises of very few cryptocurrencies most of which have the ability for long-term profitability. Zcash is one of the few privacy coins on the platform. It not only proves the coin’s potential but also indicates that it meets the regulation of certain government agencies.
- BOLT: Zcash plans on launching Blind Off-Chain Lightweight Transactions (BOLT) to remedy its high computational requirement for private transactions. It will hopefully make economic sense to use Zcash shielded transaction, which was only 12% of the total ZEC transactions in 2019.
- Sign Value: Every successful cryptocurrency has a sign-value. As a privacy coin, most people have used ZEC coins to support WikiLeaks’ CEO Julian Assange’s defence. The move has given the currency a sign-value of freedom and resistance against authoritarian regimes and neo-liberalism. Even though some might not like it, it will earn Zcash a community of dedicated long-term users.
- Similar to competition: Its public blockchain works similar to Bitcoin. Its shielded transaction service is also facing stiff competition from Monero and DASH. Even worse, Ethereum and Bitcoin are planning to create private blockchains.
- Limited purchase options: Like most upcoming coins, you cannot purchase Zcash on most exchanges. On most platforms, you have to trade for other cryptocurrencies, which comes with additional transaction charges.
What are the Best Payment Methods to Buy Zcash?
The most common payment method for online transactions is PayPal. However, PayPal policies do not permit purchasing cryptocurrencies. Besides, most exchanges opt to use other conventional methods because of the high risk of scamming with PayPal. Therefore, if you plan to use your PayPal account to buy Zcash, then you have hit a relative dead end.
- Buying Zcash with a credit card: Only a few exchanges allow the purchase of ZEC using fiat currency. They include Coinbase and Kraken. In both sites, you can deposit fiat currency using your credit card and then use the money directly to purchase Zcash coins.
- Buying Zcash with other payment methods: Other exchanges allow you to purchase a different type of crypto mainly Bitcoin and Ethereum and then exchange these for ZEC.
Buying Zcash in Your Country
Limitations on the ability to buy Zcash in your country depends on several factors including the exchange you are using, the mode of payment, and your country’s laws concerning cryptocurrencies. Some exchanges are not available in some states for regulation reasons. Certain banks also limit transfers to specific regions.
In spite of its massive growth in the past few years, cryptocurrency still does not have worldwide acceptance. Regulations by different authorities make its full adoption almost impossible. Certain countries, including China, have banned ownership as well as trading in cryptocurrencies. Other countries that have banned cryptocurrency activity include Egypt, Morocco, Ecuador and Columbia.
Is There a Difference Between Buying and Trading Zcash?
You can purchase Zcash to make a non-traceable donation to causes such as WikiLeaks, or maybe you only want to own cryptocurrencies. No matter the reason for buying, trading is different. You purchase ZEC coins, but you can never withdraw them or use them for any other purpose except as leverage on the future prices of cryptocurrencies. You do not own them, but you can still make a profit/loss on the price fluctuations.
Again, when you buy ZEC, you pay for the value of the coin amount. However, in the trading platform, you spend what you can afford and can quickly get setup and trading within minutes. Using an exchange to buy is complex and cumbersome – it really all comes down to your personal investment preference.
What are the Fees Involved in Buying Zcash?
The following fees apply when you are buying Zcash from an exchange or brokerage. The actual values vary from platform to platform:
- Transaction costs: It is the fee an exchange or brokerage platform charges on every transaction. Some exchanges have a flat rate while others charge varying rates depending on market factors.
- Deposit fees: It is the amount charged on every deposit. Most reputable exchanges such as Coinbase do not have charges on deposits.
- Withdrawal fees: All platforms charge a percentage for withdrawals away from their platform. This is standard across the whole cryptocurrency industry.
- Spreads and commissions: There are common on trading platforms. It ranges between 0.2% and 1%.
If this article has given you the confidence to start investing in cryptocurrencies and you want to buy Zcash, click the button to get started.
Frequently Asked Questions
Can I Buy Zcash Anonymously?
Yes, but this requires quite a few complicated steps in order to do so. Obviously, Zcash is meant to be an anonymous privacy coin, so it does allow for block transactions to be untraceable, but you’ll need to use a VPN and sign up for a wallet that has no KYC requirements.
Can you buy Zcash on an exchange?
There are limited options for fiat to Zcash exchange. However, you can get Zcash through crypto-for-crypto transactions or buy directly for fiat by using a trading platform instead.
Should I Buy Zcash with a Robot?
Trading robots can be lifesaving but using them will imply a transfer of money to a third party. It might only take a simple software glitch for you to lose all you hard-earned ZEC coins.
How Can I Sell My Zcash?
You can sell your ZEC directly on peer-to-peer exchange sites. However, finding a reliable one with sufficient ZEC pairs can be a hassle. You also use an independent exchange or on a trading platform. Just ensure you use a site that follows strict Know-Your-Customer regulations.’
How Do I Buy Zcash in Bulk?
There are some beginner-friendly exchanges where you can make a large purchase. They usually have a fixed transaction fee irrespective of the amount involved. However, it is usually much easier to trade Zcash in bulk using a regulated broker. These platforms don’t have restrictions like traditional exchanges do.
Can I buy Zcash with Credit Card? Can I buy Zcash with USD? Can I buy Zcash with Paypal? Where to buy Zcash UK?
In most cases you can’t buy Zcash with those methods, but you can always buy Zcash from someone you meet in person or online by exchanges addresses. In this case, a credit card or USD or Paypal might be used to make the payment. This works in the UK too.
How Do I Read this Zcash Price Chart?
Check out this handy guide to find out. Zcash USD can tell you a lot, so make sure you understand how to read the Zcash price chart.
Is This Zcash Price Good?
Depending on when you’re reading this, the Zcash price could be high or low. Compare today’s price to historic Zcash prices on coinmarketcap.com to truly know, and stay up to date with Zcash news.