A creation of 0x Labs and launched in the year 2017, 0x (ZRX) is essentially an infrastructure protocol that facilitates the easy exchange of Ethereum-based assets, through P2P (peer-to-peer) technology. 0x (ZRX) accomplishes such functionality through publicly auditable open-source smart contracts. The 0x network is enabled with the help of an ERC-20 token referred to as ZRX.
0x’s (ZRX) uniqueness lies in the fact that it allows easy trading of both non-fungible (ERC-723) and fungible (ERC-20) tokens. In this detailed article, we will delve into multiple aspects of it, as well as how to buy 0x (ZRX).
There are a variety of exchanges and brokers available when buying 0x (ZRX) for the first time, and it is therefore important to understand all of the trading possibilities available. Buying the token, and holding it over a period of time, is one popular strategy and it is also possible to trade 0x (ZRX) on the market.
When you purchase 0x ZRX, you are taking ownership of a cryptocurrency, with the intention of holding the currency so that it can increase in value. Those that believe in a cryptocurrency project will opt for this approach, believing that the escalation in the value of the token is inevitable.
Conversely, when trading cryptocurrencies such as the 0x (ZRX), activity occurs over a much shorter time frame. Trades can be conducted in a matter of minutes, with the intention of benefiting from relatively trivial fluctuations in the market. This approach does require close market monitoring, and is only usually advisable for experts.
Trading 0x (ZRX) is definitely a short-term strategy and one that sees many investors use CFD contracts in order to achieve. These trading instruments enable increased leverage, which means that gains from trading can be increased as well.
Other important considerations for first-time investors include familiarising yourself with all of the processes associated with buying 0x (ZRX). This should include research into hardware wallets, the variety of security issues out there, as well as compatibility.
Purchasing 0x (ZRX) with a broker can be considered the most straightforward way of investing in the cryptocurrency, as it enables all trades to be conducted by an experienced and credentialed individual. This reduces the attention that you need to pay to the market, and obviates the need for beginners to participate in what can sometimes be complicated processes.
However, before committing to a particular broker, researching the market should be considered essential. There are many factors that can vary between the brokerage platforms available, and this can make a real difference to your trading activity.
Central to this would be the fees and security factors that differentiate significantly between platforms. Regulation of the crypto space has also evolved significantly in recent years, and this means that your broker must be fully conversant with all of the latest regulations and legislation.
You can also pass orders to your broker, in the form of stop orders and other important information. This can help shape your trading strategy, without requiring you to play the hands-on role that is a necessity in normal trading strategies.
Registering with brokers is an important part of the process of trading 0x (ZRX), or indeed any cryptocurrency. Before you can inform a broker to trade on your behalf, you must sign up with the platform in question. This requires you to confirm your identity, which is achieved via government documentation and proof of address.
Differences in the registration process are also apparent, depending on the platform chosen. For example, Plus500 has a strong social media platform emphasis, while eToro relies on an account name and password system.
One aspect of the registration for cryptocurrency that is becoming more common is the ‘Know Your Customer’ (KYC) process. This has been used by banks and other financial institutions for several years and is now lending credibility to the crypto space as well.
This is an official legislative process that tightens up the way that registration and confirmation of identity works with cryptos. It is therefore expected to help encourage tokens such as 0x (ZRX) to be more widely adopted. Nonetheless, it shouldn’t be too prohibitive for investors when they sign up for 0x (ZRX), or other tokens.
The next step in trading 0x (ZRX) is to deposit via a preferred payment method. Before doing this, you should check which forms of payment are available with the platform that you have chosen. While most should be supported, this isn’t necessarily inevitable.
Speed and fees should also be taken into consideration, as these can differ quite significantly from one platform to another. You should also beef up your security, ensuring that excellent firewall and antivirus software is in place before any deposits are made online.
Checking with customer service can be advisable, in order to ensure that your deposit has been completed correctly. While most funding mechanisms are intuitive today, it’s always best to double-check that everything has proceeded adequately.
One of the many options that you have with cryptocurrency trading is to open a short or long position. These are fundamentally opposing, and reflect the ethos and beliefs of the individual trader.
If you choose to take a long position on 0x (ZRX), it means that you will benefit if the cryptocurrency increases in value. Essentially, you believe that the fundamentals that underpin the project are sound and that the price of 0x (ZRX) will inflate in the foreseeable future.
Conversely, taking a short position, short selling, or just selling 0x (ZRX) means that you think the cryptocurrency will decline in value. If you are correct in this assertion, you will make a profit, while if 0x (ZRX) increases in value when you have short sold the token, you will lose some of your investment.
If you wish to enter a short position on 0x (ZRX), or indeed any other cryptocurrency, CFD contracts need to be opened in order to benefit from price discovery. One of the major advantages of CFD contracts is that they allow leverage, effectively enabling traders to speculate with debt. This is somewhat risky, whereas it can be asserted that purchasing 0x (ZRX) is a more appropriate approach for beginners.
There are many other possibilities and considerations with trading as well, with stop loss, market and limit orders able to transmit instructions to brokers. These effectively convey the intentions of an investor in the market and force the broker to execute certain market positions when the price of 0x (ZRX) reaches certain points.
This can help guide your trading process, while still enabling the broker to make trades on your behalf. It increases the interactivity associated with 0x (ZRX) trading, while still enabling brokers to execute the majority of the trading process.
Closing a position in 0x (ZRX) is clearly a major part of the overall process, and this can be achieved automatically by using a stop-loss order. A stop-loss order transmits to your broker that you wish to close your position at a certain time, naturally when it is advantageous in terms of market conditions.
This would usually occur when traders have reached a certain profit target, but it could also be implemented when losses have been made, and an investor wishes to cease their trading process.
Purchasing 0x (ZRX) via an exchange is hugely popular, and the obvious way that you can benefit from price discovery in the token. This is becoming increasingly user-friendly, with platforms for trading 0x (ZRX) having been constructed with beginners in mind. They are therefore extremely intuitive, and even those who have never traded cryptocurrency usually find them perfectly acceptable in terms of functionality.
Nonetheless, it is important to choose a cryptocurrency exchange diligently, as they all feature different qualities and characteristics. Fees and security are always an important part of the equation, particularly as these tend to differ significantly between platforms. Regulation and encryption are another important part of the process, and clarifying all of these issues before committing is certainly recommended.
Setting up an 0x (ZRX) wallet is certainly advisable for those who intend to trade over a significant period of time. But before you enter into this process, you need to understand that there are several different types of cryptocurrency wallet available, each with its own qualities and drawbacks. Above all else, investors can choose between hardware and software wallets, with both sides attracting a significant number of cryptocurrency investors.
Software wallets are popular because they are flexible, enabling investors to use them online, via desktop, or via mobile platforms. Based on computer software, they are favoured due to the optimum control that they offer users. Conversely, hardware wallets are a bit more unwieldy, but the cold storage technology associated with hardware wallets is considered to be more secure. Nonetheless, users of hardware wallets must store all of their private keys on separate hardware devices, and ensure that they are kept away from hackers and other fraudsters.
There are a wide variety of cryptocurrency exchanges available, and some of the most popular on the Internet include the following:
There are usually a few differences between the various exchanges, with each platform likely to have a different fee structure. User interfaces could also be significantly different, with security provisions also contrasting from one platform to another. You can also expect differences in the currencies and payment methods accepted, while registration and licensing aren’t uniform.
Thus, researching all of the particular qualities and characteristics of platforms that you wish to use is certainly advisable before beginning the trading process.
There are several different payment methods available for 0x, and each of these have their own advantages and disadvantages.
Debit cards – Debit cards are probably the most readily available way to purchase 0x (ZRX), but still benefit from some of the payment protections associated with credit cards.
Credit cards – Credit cards are fast and secure, but tend to attract fees. Nonetheless, they are hugely popular in the cryptocurrency sphere.
PayPal – This digital payment system has become hugely popular in recent years, but there are drawbacks to it as well. PayPal may not be accepted by all vendors, while there can be delays and fees associated with the medium. However, PayPal is available widely, with many unbanked people benefiting from the digital payment system.
Bitcoin – It is also often possible to purchase 0x via the market-leading cryptocurrency, although this is less flexible than other options available.
Buying 0x involves the following steps:
Firstly, you must register for a cryptocurrency exchange or broker. It isn’t necessary to confirm your identity, before registering your chosen payment method on the website.
Once this has been achieved, you can then deposit money, and identify the investment that you are interested in.
Finally, after you have purchased 0x (ZRX), you should store the token securely in your wallet solution, which will ideally be a cold hardware storage method. At this stage, you should also contact your brokers, if indeed you have decided to opt for a brokerage.
Storing 0x (ZRX) safely in a wallet solution is not necessarily complicated, but it is vital if you intend to hold on to your tokens for a significant period of time. Investors with a longer-term strategy will necessarily need to go through this method.
Wallet solutions typically use private keys, and it is incumbent on the individual trader to keep this private key secure. But provided that this is achieved, the private key system ensures that all funds can never be accessed by outsiders.
Buying or trading 0x (ZRX) is dependent on your particular needs and beliefs as a trader. Using a professional broker is usually advisable for those beginning their 0x trading journey, but this doesn’t obviate the need for some market knowledge.
Another option for those beginning cryptocurrency trading is to simply utilise a buy and hold strategy, which doesn’t require a huge amount of market knowledge or indeed close monitoring of market conditions. Again, this marks this strategy out as being ideal for beginners.
On the other hand, trading 0x (ZRX) offers many more options to investors. One of the most obvious advantages of trading is that investors can profit regardless of whether 0x (ZRX) is in a bull or bear market. This allows considerably more flexibility.
0x exchanges are platforms that enable users to make trades, somewhat similar to online shopping retail outlets. Conversely, brokers act as intermediaries for investors, executing trades on their behalf.
But there are other differences as well. Brokers tend to attract higher fees, as they are offering an additional service. But exchanges are more flexible, and offer instant market access. This is especially true in the mobile era, with a large number of exchange solutions being available on mobile platforms, enabling investors to trade on the go.
However, brokers tend to make it more feasible to operate CFD agreements, and these bring flexibility to the trading process, as well as significantly increased leveraging. This can increase profits, but is also riskier, meaning that it tends to be better suited to more advanced and experienced investors.
Another major consideration with 0x (ZRX) is whether to enter into a long-term or short-term investment strategy. Any long-term investment is intended to benefit from the tokens achieving price discovery over a significant period of time. While a short-term strategy can be associated with trading, which definitely has a more intense focus.
The advantage of a long-term approach is that it is based on market fundamentals, and is therefore significantly less risky. Short-term trading is more volatile, and requires considerably more market knowledge. However, you can make profit in a much shorter time period with trading, if investments are engaged in shrewdly.
Leveraging also tends to be more readily available with short-term investment, and this can lead to bigger profits. But purchasing 0x (ZRX) means holding a physical asset, which can then be used for other purposes rather than merely trading.
It’s crucial that you study and account for some important factors before purchasing 0x (ZRX) for the first time. Doing so will ensure that you don’t run into any problems later and can complete the ZRX purchase in the quickest and safest manner possible.
Please bear in mind that there will be different payment modes available for crypto purchase, in different locations across the world. When it comes to picking the best payment option to buy ZRX, you should pay close attention to critical factors like cost, speed and convenience offered by each.
It is highly advisable that you store your ZRX tokens in a separate and independent wallet from the one provided by the broker or exchange where you bought them. In-built web wallets offered by cryptocurrency exchanges are the most vulnerable and have faced hacks, thefts and exit scams in the past. However, there will be no requirement of a wallet if you use a CFD (Contract for Difference) via a recommended broker, to invest in 0x (ZRX). This is because no actual 0x (ZRX) tokens will exchange hands in this case.
Another important aspect that cannot be neglected is the cost associated with the ZRX purchase. Although cryptocurrency payments generally work out to be cheaper than conventional alternatives, their transfers do have certain costs attached, which cannot be overlooked.
The first and foremost is the blockchain processing fee that must be paid for every 0x (ZRX) transfer. ZRX being an ERC-20 token, there will be Ethereum Gas fee involved, rendering transfers of small quantities impractical. Secondly, you’ll need to cough up some transaction fee related to the payment option used. And lastly, the exchange or broker platform will have its own fees with respect to deposits, transactions and withdrawals. All these must be factored in beforehand.
0x (ZRX) network has been constructed on the Ethereum blockchain and hence gains automatic protection against any consolidated attacks from the Ethereum node and miner network. Apart from that, its underlying smart contracts’ protocol is constantly audited by multiple third parties to keep any possible redundant functions, backdoors and vulnerabilities in check.
Apart from the inherent security provided by the 0x (ZRX) network, any ZRX trades you execute on cryptocurrency brokerage and exchange platforms are further secured using various types of cryptographic security protocols including 2FA (2-Factor Authentication).
Before you open an account and deposit any funds to a crypto exchange or broker site, please make sure that you comprehensively understand its workings, and are well-aware of the various features provided by it. In fact, many of these service providers offer demo accounts which can come in pretty handy to not just familiarise yourself with their workings, but also refresh your trading basics.
You can use multiple payment methods to buy ZRX in the market today, something which shows the constantly increasing popularity of 0x (ZRX) among investors. Nonetheless, the exact payment methods may vary depending upon the platform and location.
Buying ZRX with PayPal: PayPal has strongly emerged as one of the most preferred modes of payment over the past decade and is in fact well-integrated into the mainstream financial world today. PayPal payments involve a fairly reasonable fee, lesser than that of credit cards. Though it offers a lot of convenience when it comes to online payments, it’s not as ubiquitous as credit and debit cards, and may not be provided by all the brokerage and exchange platforms.
Buying ZRX with credit or debit cards: Easily the most convenient means of buying ZRX online, credit and debit cards hold a slight disadvantage for the crypto trading platforms in the manner how cardholders can easily request chargebacks or raise disputes for any charges. Furthermore, the fee involved in credit/debit card transactions is higher than the majority of the payment methods.
Buying ZRX through bank transfer: Bank transfers continue to be the most popular option amongst crypto buyers, especially because of their low fees. Using this method also makes it extremely easy to move funds back and forth between the bank account and the exchange/broker account. But these transfers can take a lot more time for processing, than other modes of payment.
Buying ZRX with cash: Keeping in mind that cash transactions normally involve no fee at all, cash would probably be the most attractive way to buy ZRX. The issue is that it’s almost impossible to buy ZRX this way! It would require you to enter into a private agreement with a person you know, making it a bit of a nonstarter right away.
Whenever you sign up with a regulated brokerage portal, you’ll have to mandatorily comply with a verification process followed by it. This process will normally entail uploading some type of address proof (utility bill) and a government-issued photo ID. As long as you have these documents available, it will be a painless and quick process. It’s important to mention here that such verifications are crucial to keep the bad actors away from these platforms and to safeguard the traders/investors’ interests.
Buying a cryptocurrency will inevitably involve some fee, which must be factored in to ascertain the net profit from the activity. Let’s acquaint you with some of the most commonly charged fees for ZRX transactions.
Transaction fees: ZRX being an ERC-20 coin will involve payment of some Ethereum Gas fee for its transfer. This fee can be minimised by making bulk purchases of the token. Apart from that, you’ll need to pay transaction fees associated with the payment method and the broker/exchange platform used to make the purchase. Brokers tend to keep this fee lower than that of exchanges.
Deposit fees: Although exchanges will invariably charge you some deposit fee for the funds uploaded to your account (with them), brokers normally avoid imposing any such fee, to make it easier for the traders to sign up with them. The deposit fee usually varies depending upon the payment option used.
Withdrawal fees: Though this fee is levied both in the case of crypto and fiat currency withdrawals, its extent may differ based on the exact payment mode and from platform to platform. Whilst most brokers keep their withdrawal fee under 3%, exchanges can charge anything up to 5%.
Irrespective of whether you are buying ZRX with a long-term or short-term perspective, you will need to store your tokens in a cryptocurrency wallet, to safeguard them from unscrupulous elements and make them accessible as and when you need them. Below we will discuss some of the commonly-used crypto wallet types in the market today.
Web Wallet: These wallets are offered as a part of the service extended by the online exchanges and brokers. Though web wallets offer greater convenience, in the form of easy and quick accessibility, they have some inherent risks, for instance, the platform going bankrupt or getting hacked, something that has led to major losses for the investors in the past. Therefore, you must refrain from storing any coins in web wallets for the long term.
Mobile Wallet: Designed specifically for use on mobile devices, many of these wallets also allow you to actively trade in cryptocurrencies too. They offer better security than their web counterparts, primarily because of multiple security layers built inside the new-age mobile devices. However, their regular internet connectivity makes them vulnerable to hackers. Exodus and Coinomi are a couple of popular web wallets among 0x (ZRX) investors.
Desktop Wallet: These are software programs meant for desktop/laptop computers, and hence don’t offer the same level of convenience as their mobile equivalents. Some of the well-known desktop wallets for 0x (ZRX) include HolyTransaction and Atomic.
Hardware Wallet: As they are constantly disconnected from the Internet, hardware wallets are believed to be the most secure of all the wallet types available in the market. They come as tiny USB-drive size physical devices and the only time you need to connect a hardware wallet to the internet is when you’d like to move your funds. Ledger and Trezor are the two frequently-used hardware wallets for ZRX storage.
Wallet Combinations: Few of the wallet variants detailed above have the option of linking them to other wallet types, to achieve higher security and easy accessibility for the crypto tokens. In the case of ZRX, you can link the Exodus mobile wallet with the Trezor hardware wallet, and keep a part of your 0x (ZRX) holding in the latter for long-term investment, and a small part in the former for hassle-free access.
Other than depositing fiat currency to an exchange or broker site, for purchase of 0x (ZRX), you can also buy 0x (ZRX) with Tether, Ethereum, Bitcoin, Ripple and other cryptocurrencies. Many exchange platforms may offer 0x (ZRX) as a part of trading pairs, with various well-known cryptocurrencies. All you need to do is find an exchange that offers a trading pair featuring a cryptocurrency of your choice. If it does, you can deposit the required number of crypto coins to the platform and exchange them with ZRX, based on the existing rate.
Even though some platforms may allow you to buy small amounts of ZRX, it may be impractical to go through with the purchase owing to the low price of the cryptocurrency. ZRX coin was well under a dollar at the time of writing this article. With regard to how much ZRX can you buy, the upper limit will be determined primarily by the concerned platform and the local regulatory laws. Thus, always check these limits with the platform you’re planning to use, before making any deposit.
Almost all the regulated exchanges and broker services will require a photo ID for the purchase of ZRX. The core idea behind cryptocurrency was to offer an anonymous buying option to the people, and this is how the trading platforms were supposed to operate as well. In fact, in certain cases, it may be safe to buy ZRX anonymously too, as long as you’re sure about the platform and the person you’re transacting with. However, please remember, when it comes to such verifications, what you sacrifice in terms of anonymity, you gain greatly in the shape of enhanced security for your investments. In the end, if you wish to buy ZRX safely or would like to make a completely secure ZRX purchase, you must deal only with a regulated exchange or broker.
Anyone who is buying ZRX should keep in mind that their profit and losses will depend entirely on their crypto trading knowledge and skills. It will all boil down to how much clarity you have about the strategy you wish to use. If you’d like to know the best price to buy ZRX in the market today, or how much does it cost to buy ZRX right now, please visit the ZRX Price Page on our website, created specifically to provide all such updated information.
The primary use of ZRX tokens is to pay for use of ZRX blockchain’s resources. It’s also possible to stake one’s ZRX tokens to someone, to passively earn ETH liquidity rewards. ZRX is quite unlike other cryptocurrencies like Bitcoin, Litecoin or Tether which can be possibly used to pay for goods & services online, and in some cases offline too.
The process of selling ZRX coins is quite simple. Ideally, you’d be better off using the same medium that you used to purchase the coins in the first place. If it was on an exchange or broker website, you will have to deposit ZRX tokens to the same portal and then place a ‘Sell’ order, to execute the trade. But in case you had used a Contract for Differences to invest in 0x (ZRX), the selling process will be relatively easier for you. All you’ll have to do is close the corresponding CFD with the broker platform and book the resulting profits or losses.