Planning to invest in Tezos asset? Well, cryptocurrency investment is essential to greater success. We’ve made it easy with our complete guide on how to buy Tezos in the UK.
Tezos (XTZ) is the native cryptocurrency of the Tezos blockchain, it’s not as popular as Bitcoin (BTC) or Ethereum, but the token’s price momentum has got everyone looking in its direction. It has gained considerably over the past year as the cryptocurrency industry witnessed sustained periods of boom.
However, it can only be traded on few cryptocurrency exchanges in the UK. If you’re keen to add Tezos to your crypto portfolio, you’re welcome on board. The following is a step-by-step guide to help you buy Tezos in the UK.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY TEZOS IN THE UK
- A Step-by-Step Guide to Buying Tezos
- How to Sell Tezos
- Which Wallets Can I Use to Hold Tezos?
- How Tezos Works
- Things to Consider Before you Buy Tezos
QUICK GUIDE: HOW TO BUY TEZOS IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Tezos.
- Enter how many Tezos coins you want to buy.
- Check the details and confirm your purchase.
A Step-By-Step Guide to Buying Tezos
Step 1: Register an account with an exchange
A cryptocurrency exchange is the right way to go if you’re looking to invest in Tezos (XTZ). As we stated earlier, you will have limited options when it comes to choosing an exchange that offers direct Tezos trading or conversion with fiat currency. So, you need to do a little research to pick the right exchange.
It’s a fact that the crypto industry has grown tremendously for the past few years. But the market is still not yet matured enough for the liquidity of some tokens like Tezos. That’s why many exchanges do not offer a direct transaction between GBP and Tezos token. In other words, you need to first buy Bitcoin before exchanging it with the equivalent amount of Tezos.
So, if you’re looking to buy the Tezos token, you need to start by purchasing Bitcoin from the exchange. Once you’ve acquired the Bitcoin or Ethereum, you can exchange it for Tezos on the exchange platform.
Step 2: Deposit funds into your account
Before registering with an exchange you will be asked to provide certain personal details, including your name, email address, photo ID, and probably your employment information. This is the standard procedure for most exchanges in the USA because they need to adhere to crypto laws in the state. But few of the crypto exchanges do not require all these details when registering with them.
Also, exchanges have different payment options on their portal, as you can pay through credit cards, debit cards, PayPal, Bitcoin, or through bank transfer. Remember again that these options will enable you to buy Bitcoin before transferring the funds to the Tezos cryptocurrency you’re interested in.
Step 3: Buy Tezos
This is the time you have to go over to the transaction section of the portal. Here, you are required to fill out the order type. After typing the amount of Tezos you want to buy, review and send for execution.
Once it is accepted, a notification will be sent to you as your crypto account is credited with the requested Tezos.
Step 4: Store your Tezos in a wallet
After buying your first Tezos, you should have a compatible crypto wallet that can hold the token. One of the main reasons why investors choose to store their Tezos in a wallet is security. Exchanges are prone to cyberattacks, and you could lose your Tezos funds if your exchange is breached.
But a wallet gives you total control of the tokens by protecting them with a wallet key. However, remember that your wallet key should be kept safe and protected immensely. If it is misplaced or forgotten, it will be very difficult to get access your Tezos funds from the wallet.
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How to Sell Tezos in the UK
If you want to sell your Tezos tokens, you can do so by following a fairly similar process to that described in Step 3. However, you need to enter your details in the “Sell XTZ” heading. After filling in the details, you will be asked to review the transaction before sending it.
Also, you may not be able to exchange Tezes directly to Tezos due to its limited range of trading pairs. As a result, you can exchange to get Bitcoin or Ethereum before selling directly to get your fiat currency deposited in the exchange.
Which Wallets Can I Use to Hold Tezos?
You have two major options when it comes to choosing a wallet. You can settle for the cold wallet or the hot wallet. The former is not connected to the internet. It is a hardware wallet you can keep physically safe until you want to access your Tezos funds. On the other hand, the hot wallet lets you store your Tezos funds using the software you can access online. It is ideal for traders or investors who want to access their funds regularly. But if you’re looking for a wallet to hold Tezos, the cold wallet is the right option for you.
Check Out: Pros and Cons of Investing in Tezos
How Tezos Works
Apart from being a platform for smart contracts and decentralized applications (dApps), Tezos is also the first-ever self-evolving blockchain.
It uses delegated proof-of-stake algorithm to actualize network consensus. With this algorithm, the protocol can be continuously upgraded via on-chain governance.
The unique technology of the asset makes it highly attractive to investors who see major growth for the token in the future.
Things to Consider Before you Buy Tezos in the UK
If you’re looking to buy Tezos in the UK, the following are some of the things you need to consider.
Generally, the market forces of supply and demand have a major role to play when it comes to price. In the crypto industry, most assets, like Tezos, have a limited supply. This limited supply provides the backbone for the crypto asset to rise in price when demand is high.
One of the downsides of trading Tezos is the limited number of exchanges offering it. If you’re buying the token to store, this may not be a challenge. However, as a day trader, the liquidity of Tezos within an exchange may impact your trading activities.
The market volatility of Tezos is also another important consideration to make. Remember that prices can move too sudden and too fast, causing complete loss of funds. As a result, you need to trade cautiously in the market.
Read Also: Can Tezos Be A Millionaire Maker?
Although the crypto industry has been around for a decade, it is still developing industry with lots of promises. Investors are still skeptical when it comes to making purchase decisions. But so far, Tezos and some other crypto assets have proven to be a good investment choice for those who went long on the asset.
If you plan on entering the crypto market, the above guide will enable you to buy Tezos in the UK with no hassles.
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