Planning to buy Tezos coin? Well, cryptocurrency investment is essential to greater success. We’ve made it easy with our complete guide on how to buy Tezos (XTZ) in the USA.
Tezos is a self-governed and amendable blockchain that offers support for smart contracts. Its native token, XTZ, may not be as popular as Bitcoin (BTC) or Ethereum (ETH), it has grown steadily over the past year. Both Ethereum and Tezos have their decentralized financial services via smart contracts.
If you’re looking to buy Tezos in the USA and don’t know where to start, this guide will show you the way.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY TEZOS IN THE USA
- A Step-by-Step Guide to Buying Tezos in the USA
- How to Sell Tezos
- Things to Consider When Buying Tezos in the USA
QUICK GUIDE: HOW TO BUY TEZOS IN THE USA
- 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 in the USA
Step 1: Open an online account.
Set up an account with an exchange that supports Tezos in three steps.
The first thing you need to do when buying Tezos is to open an account with a broker or crypto exchange. There are many options available to you, but you have to consider their features. Most of the exchanges do not offer direct transactions of Tezos using fiat money. Also, some of them offer custody services for your cryptocurrency.
Apart from the above, you should be looking for an exchange that is very popular and well regulated. This will be some measure of assurance that your funds will be safe.
You also have to consider the level of popularity when it comes to the number of users. If the exchange has a wide user base, it means buying or selling your Tezos token will not be an issue since there will be a market readily available.
When you have selected the ideal exchange, the next step is to open the account. Here, you will be asked to provide details such as your full name, photo ID, phone number, email address, and Social Security number to complete the registration.
Step 2: Deposit funds into the account
The next step is to link your bank account to the online exchange account. Most exchanges provide different payment options, including credit card, debit card, PayPal, via bank transfer, and using other cryptocurrencies.
If you have another cryptocurrency such as Bitcoin or Ethereum, you can easily fund your exchange account with those assets. However, if you’re new to the world of cryptocurrencies, choose an exchange that accepts fiat currency for deposits.
Step 3: Buy Tezos
After getting your account up and running, the next step is to buy the number of Tezos tokens you want. It is easy as buying stocks and has different order options. The most common order types are the market and limit orders.
If you’re buying Tezos at market order, you are buying the token at market price. However, for the limit order, you will instruct your broker to execute the order when the price of Tezos hits a certain level.
Go to the order page and select the right cryptocurrency pair you want to buy. Fill out the order details and review them before submitting them. When your order is executed, a notification email will be sent to you confirming that the order has been filled. Note that the exchange will not execute a limit order until the price of Tezos falls to the level you indicated.
Step 4: Store Tezos in a wallet
After buying Tezos, you need to find a compatible wallet to store the token. It will be safer to keep the token in a wallet rather than allowing the exchange to hold your crypto for you. Exchanges can be vulnerable to attacks, but keeping your Tezos in a cold wallet will keep threat actors off.
On the other hand, you can choose a software wallet if you’re looking for a wallet that is easily accessible. Whatever wallet option you choose, remember to protect the key that gives you direct access to the wallet.
How to Sell Tezos
Okay, now that you’ve bought the amount of Tezos you want. You may want to sell it for profit when it increases in price. Well’ selling Tezos doesn’t require any technical process. It’s as simple as buying it.
All you need to do is log into the crypto exchange’s portal and go to the section displaying all pairs. Select the Tezos pair and enter the transaction details, including the number of Tezos tokens you want to buy.
The exchange will ask you to review your order before finally accepting the order. When it is executed an email notification will be sent to you.
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Things to Consider When Buying Tezos in the USA
There are several things you need to consider before buying Tezos in the USA.
Consider the volatility of crypto assets
Crypto assets, including Tezos, are highly volatile. Their price movements can be sudden, as they react to all sorts of indications in the market. This price volatility makes it highly risky to trade.
If you’re buying Tezos, understand that the market can swing back and forth in a very short time. This will help you stay within your investment goal and not lose too much from trading.
Consider the network size
Although Tezos and Ethereum have similar networks, the latter’s network is larger. This affects both Tezos' security and utility.
The price of a token can be influenced by what investors think about its future. You need to carry out proper research on Tezos to find out what type of developments and projects are ongoing.
Presently, the developers of the platform have engaged in several projects and entered different partnerships to boost the value of the token.
Many investors see the Tezos project as having a bright future based on the current events surrounding the token.
Consider crypto tax laws
Each state has specific rules regarding the taxation of crypto-based businesses. Before you start buying and selling Tezos, you need to find out the level of taxes levied on crypto holders or buyers.
Read Also: Can Tezos Be A Millionaire Maker?
The Tezos cryptocurrency has grown in popularity over the past few months. However, it’s still not widely known in the market like Bitcoin and Ethereum.
Many investors are trooping to buy Tezos because there is a high expectation of a possible rise in the price of the token. If you are interested in buying a token, the guide above provides all the details you need.
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Virtual currencies are highly volatile. Your capital is at risk.