How to Buy Civic - Where to Purchase CVC?
Civic is a blockchain-based identity management solution, which enables businesses and individuals to efficiently protect personal identity details, by giving them a higher amount of control over such information. Civic’s utility token, CVC, enables its ecosystem and is actively used for settling identity-related transactions between the users. Since KYC has assumed a lot of significance due to rising frauds, many crypto investors predict that tokens like Civic have a good future ahead.
If you are wondering how to buy CVC, our experts have created this guide to acquaint you with various aspects of purchasing this cryptocurrency.
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Why Trade rather than Buy Civic for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Civic Brokers
Buying cryptocurrencies can be slightly intimidating, particularly for people new to such activity. Your first step should be identifying the best way of buying CVC depending upon your expertise level. If you’re keen on buying this cryptocurrency on an online crypto exchange, you must thoroughly study the platform and learn how to use it effectively. It’s worth noting that exchange platforms can be a little complex for beginners.
Trading CVC via an online brokerage platform may provide you with a much easier and dynamic way of investing in CVC. While the majority of them would allow you to use financial derivative products like CFDs, options and futures to speculate on CVC’s price movements, without actually owning the cryptocurrency, there are some which may facilitate buying/selling of CVC ownership too. When it comes to the best place to buy CVC, what really makes brokers better is that the good ones are regulated by reputed authorities, and work round-the-clock towards safeguarding users’ interests.
5 Things to Consider if you Want to Buy Civic
You’ll need to pay heed to some important aspects before going ahead and buying CVC in the market, These considerations include the payment method to be used, the wallet where you will store the CVC coins, cost of the CVC transactions, Civic blockchain’s security and your familiarity with the platform you wish to purchase CVC on. Let’s throw light on each one of them below.
1. Carefully choose your preferred secure payment method
It’s a well-known fact that different places across the have different laws related to the payment modes accepted in their jurisdictions. The payment options may also vary based on their cost, speed and convenience. On the whole, you must opt for a payment method that is most convenient, quick and cost-effective for you and doesn’t put you in any kind of legal trouble.
2. Will you need to set up your own wallet?
Anyone who plans to buy CVC and hold on to it for the long term, must use a dedicated and safe crypto wallet for this purpose. Needless to say, leaving your CVC coins in an exchange account involves a lot of risk. It’s not uncommon for crypto exchanges to go bankrupt or get hacked.
Cryptocurrency wallets vary depending upon their security and access levels. You can pick one based on your needs, ensuring that it comes from a trustworthy provider. It is also important to mention here that if you choose to trade in CVC, using CFDs through a recommended broker platform and you will not require a crypto wallet, as there’ll be no actual CVC exchange involved.
3. Comparing costs
CVC was originally based on the Ethereum blockchain. However, owing to the constantly rising fees and slow speeds of the Ethereum transactions, Civic’s creators made a switch over to Solana blockchain in March 2021. Solana is essentially a low-cost and fast Layer-1 blockchain capable of handling up to 50,000 transactions per second, and an extremely low fee of around $0.00001 per transaction.
4. Safety and security
Solana, the blockchain that Civic has now integrated with, is a high-performance blockchain based on the Proof of Stake (PoS) consensus mechanism.
Another major concern of most cryptocurrency traders is the security level provided by the exchange or brokerage platform used for buying/trading cryptocurrency. In this respect, you should look for a properly regulated broker or exchange platform which uses various types of enhanced cryptographic security protocols including MetaTrader 4 (MT4), MetaTrader 5 (MT5), Two-Factor Authentication (2FA) and others, to offer you the highest level of security.
5. Can you understand and navigate the platform?
Before you actively use any exchange platform or brokerage website to buy/sell/trade CVC, make sure that you get familiarised with it, and navigate through it well, before depositing any funds. Please keep in mind, entering an extra zero, an incorrect key or a wrong address, can cause you a lot of trouble later. It would be best that you avoid exchanges that seem very complex to use. If crypto exchanges seem intimidating to you, you can always opt for brokers, most of which have very simple user interfaces.
Ultimate Beginner’s Guide to Trading Civic
What is a Civic Broker?
Brokers can be simply termed as service providers used by traders, to access various trading assets. You can also instruct a broker to trade on your behalf, by providing it with some necessary funds and a certain set of instructions. Such brokers exist both in conventional finance as well as modern-day cryptocurrency trading domains.
CVC brokers will allow you to trade Civic through a dealer network, instead of some crypto exchange. In most cases when you use a broker platform, you won’t actually buy the ownership of CVC tokens. Rather, you’d simply bet on their market price movements and profit from your knowledge and foresight. Hence, there won’t be any need of moving CVC tokens off the exchange platform, for safe storage in a wallet either.
What is a Civic CFD?
CFD is the short-form of Contract for Difference, which is basically a financial instrument that enables you to speculate on the price movements of a cryptocurrency, without assuming the actual ownership of the underlying crypto coins. When you use a CFD, you enter into an agreement to exchange the difference between the underlying cryptocurrency’s price at the point of opening the contract and its closure. What’s really beneficial is that you can bet on both positive and negative price movements, by taking long and short market positions respectively. Your profit/loss will depend upon how accurate/inaccurate you were in making that forecast. Most brokerage platforms will offer the leverage option too, allowing you to gain large market exposures without investing a lot of capital.
What is the Benefit of Civic Regulation?
Though regulated cryptocurrency broker platforms follow strict KYC norms and may ask you for certain government-issued identity documents at the time of sign-up, please know, this is all for the benefit of traders only. Such steps are critical in protecting investors from antisocial elements.
Cryptocurrencies are a fairly new form of digital payment, and such regulation is necessary for improving investor confidence overall. Hence, if you decide to take the broker route to trade or buy CVC, make sure that you opt for one which is regulated by a reputed global authority.
What is the Best Payment Method for Buying Civic?
It is entirely up to you which payment method you’re most comfortable using for the purchase of Civic. Having said that, the options may vary depending upon your state/country of residence. Let’s tell you about some of the most commonly referred-to payment modes in this regard.
Buying Civic with Credit/Debit cards Considered the most convenient means of making a cryptocurrency purchase, credit/debit cards are used by many starting-out crypto investors. However, please note, their convenience does come at a cost. You’ll find this payment option available at almost all the well-known crypto exchanges and broker platforms.
Buying Civic through bank transfer This form of payment continues to be the most popular method of buying CVC online. To use it, you’ll first need to locate a broker/exchange which accepts bank transfers. If it does, it may take more time to process than other payment forms, because of a bank’s involvement. Where bank transfers score over other modes of payment, is their low fees.
Buying Civic with PayPal Preferred by millions of crypto buyers across the world, PayPal has emerged as among the most convenient payment modes today. But if you plan to buy Civic with PayPal on a cryptocurrency exchange, there may not be many platforms offering it as an acceptable option.
Buying Civic with cash As cash purchases don’t normally involve any fees, they may seem like the most attractive choice for buying CVC. Perhaps, you could do it is by getting into a private agreement with another trader. As evident, it’s not the most convenient or safest approach to purchase this cryptocurrency.
The Verification Process for Trading Civic
Irrespective of whether you choose to buy CVC on a regulated broker or an exchange platform, you’ll be asked to verify your identity for security purposes. Such verification is meant to protect your and other buyers/investors interests. As a bare minimum, you may be asked to upload a government-issued photo ID and confirm your phone number. Some platforms may go to the extent of asking you to upload a picture of yourself, holding the same ID card. This is done to prevent the usage of stolen identities. Apart from these, few providers may also request you to submit separate proof of address, in the form of a utility bill etc.
Civic: Long vs Short Term Investment
Considering the promise held by Civic, it serves as an ideal cryptocurrency for both short and long term investments. If you choose to invest in CVC for the short term, you’ll need to gain some experience in the activity, to make the most of it. A broker serves as the best service provider for any such short-term trading activity, as it will also enable you to use financial derivatives like CFDs, futures and options for trading purposes.
Long-term CVC investors normally follow the ‘Buy and HODL’ approach. They buy CVC tokens from a place of their choice and then store them in some secure cold wallet, waiting for the price to appreciate.
Why Buy Civic rather than Trade?
The main reason behind someone opting to buy CVC, instead of trading it, is because they are essentially long-term investors who believe its price will appreciate in the future.
On the other hand, when it comes to CVC traders, they time and again underline the fact that cryptocurrencies like CVC and others, which witness so much price volatility, are ideal assets for profitable short-term trading. In fact, it’s a norm in the crypto market to witness significant price changes (often 50% or higher) within a single day itself.
Although there is nothing wrong in buying and holding CVC with a long-term vision, you’ll first need to locate a dependable platform to actually buy CVC cheap first. Thereafter, you’d need to research and find a good crypto wallet to store your tokens, ensuring their compatibility and maximum security. Additionally, buying CVC ownership on a conventional crypto exchange can be a complex process for many new investors. It’s not the cheapest way to buy CVC either. Therefore, a large section of people opt to trade CVC, using CFDs on a crypto broker platform.
What Fees are Involved in Buying Civic?
Now that Civic has integrated with Solana, the blockchain fees for buying/selling CVC tokens is bound to reduce considerably. Hence, investors don’t need to be concerned about this particular aspect when buying or trading CVC.
Having said that, you’d still need to factor in the charges applied by the brokerage platforms and cryptocurrency exchanges for such transactions. This charge is unavoidable and you’d need to incur it whichever place you choose to buy CVC from. Let’s go over some of the most commonly-known fees in this regard.
Transaction Fees Solana, the blockchain that Civic has integrated with recently, is a low-cost blockchain with fees as low as $0.00001 per transaction. Hence, you need not worry about the transaction fees related to blockchain transactions per se. Nevertheless, some transaction fees related to brokers or exchange platforms may come into consideration.
Deposit fees While many brokers don’t charge any deposit fee to the traders, encouraging more and more people to sign up with their platforms, some brokers may ask for a nominal sum on this account, which is usually lower than what’s charged by the exchanges.
Withdrawal fees Many exchange platforms charge a certain fee at the time of making withdrawals from the platform. Brokers on the other hand normally don’t charge any such fees, and the ones who do, keep it comparatively lower than the exchanges.
Safely Storing Your Civic
In the event that you choose to buy the actual ownership of CVC, on an exchange or broker website, you’ll need to find someplace to store your tokens in a safe manner.
It’s highly recommended that you avoid storing your CVC tokens on an exchange portal, as there have been big mishaps related to this, in the past. Instead, you must look for a dedicated cryptocurrency wallet to store CVC, which will be a much safer option. Let’s acquaint you with different types of wallets you can use for this purpose and their corresponding security levels.
Web Wallet A web wallet is normally a custodial wallet offered by cryptocurrency exchanges, implying that a third party (exchange) will store your CVC private keys. As emphasised above, though many people leave their crypto coins in such wallets, it’s not a very safe practice. There have been cases of exchanges going bankrupt, committing exit scams or getting hacked in the past.
Mobile Wallet This is a type of hot cryptocurrency wallet, implying that it stays connected to the Internet most of the time. They normally come equipped with security features such as fingerprint verification and PIN codes, providing you with an additional layer of security. Having said that, being constantly connected to the Internet makes them vulnerable to hacking attempts. Civic’s own mobile wallet ‘Civic Identity Wallet’ is considered best to store your CVC tokens.
Desktop Wallet Another type of hot crypto wallet, desktop wallets too remain constantly connected to the Internet, offering you ready accessibility to your CVC tokens, but on a desktop platform. Although desktop wallets are much safer compared to web wallets, they aren’t entirely risk-free. Some of the popular desktop crypto wallets to store your CVC tokens include Exodus wallet and Atomic Wallet.
Hardware Wallet Hardware wallets stay disconnected from the internet most of the time and hence are also categorised as cold wallets. They are perceived as the most secure of all the cryptocurrency wallets available in the market today. A typical hardware wallet is the size of a USB flash drive, which can be easily connected to a computer whenever you want to access your CVC tokens. The Trezor hardware wallet is amongst the most popular in this category for CVC storage.
Wallet Combinations When it comes to digital assets, it is never safe to store all your critical details in one single place, as any type of human error or security breach can cause you a major loss. Therefore, as a good practice, you must spread your CVC holdings between different wallets types. For instance, you could store a part of your CVC investments in a hardware wallet like Trezor, and some in your Civic Identity Wallet (mobile) for easy accessibility.
What Other Coins Can I Trade or Use to Buy Civic?
‘Trading Pairs’ is a term often used on cryptocurrency exchanges, to refer to the exchange rates between two different cryptocurrencies. For instance, you can buy Civic with Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH) and other popular cryptocurrencies, if the corresponding pairs like CVC-BNB, CVC-BTC, CVC-ETH and so on are offered by the platform you’re transacting on. In this respect, Bitcoin continues to be the most frequently used cryptocurrency for CVC trading.
What’s the Smallest and Largest Amount of Civic I Can Buy?
People new to Civic trading often wonder—what’s the minimum purchase for CVC, if they can buy small amounts of CVC or buy CVC without limit? Well, the smallest and largest amount of CVC you are allowed to buy will depend entirely on the platform being used for making the purchase. As the current CVC price is around half a dollar per token, it may also not make much sense to buy fractions of this cryptocurrency. On the other hand, there may be platforms that will allow you to acquire large quantities of CVC tokens, without any restrictions. But these might not be regulated websites and should be rather avoided.
Can I Buy Civic Anonymously with no ID? Is it Safe and Legal to Buy Civic?
If you wish to buy CVC without ID, or in other words, buy CVC anonymously, please be aware unless you’re purchasing the cryptocurrency on an unregulated platform (which we don’t recommend), it may be difficult to buy it with complete anonymity. Almost all the regulated broker and exchange platforms will ask for identity-related documents to make any such purchase. Please note, while you may be tempted to buy CVC with no verification on some website, there may be a significant security risk involved in doing so.
Will Buying Civic Make Me Money?
So, does buying CVC make you money? To be honest, anyone who answers that question with a definitive Yes, may not be telling you the entire truth. CVC like any other cryptocurrency is exposed to the volatility often witnessed in this market. Despite the fact it has solid fundamentals, we can never rule out external factors impacting its price fluctuations. For instance, while CVC was once trading at around $1.66 per token in December 2017, its price fell to $0.01 in March 2020. Hence, anyone who is buying CVC for trading or investment purposes, should use all possible analytical tools and knowledge to make well-informed market decisions. If you want to know how much does it cost to buy CVC and want more info on its price history, you can refer to our Civic Price Page for further details.
How to Spend your Civic
Civic, unlike its counterparts like Bitcoin, Litecoin and other cryptocurrencies, is not primarily used as digital money for making online/off-line payments. Hence, you may not find many merchants accepting it as a valid payment method, to pay for goods and services. It is actually meant to be used as a utility token in the Civic ecosystem, which mainly offers identity verification services to businesses and individuals.
How to Sell your Civic
Selling your CVC tokens may involve different levels of complexity based on the route you took to make the cryptocurrency’s purchase. If you purchased it from a crypto exchange and stored the CVC in a crypto wallet, you may need to first transfer your tokens to an exchange and pay a fee for it. On the other hand, if you simply bought some CVC CFDs on a brokerage platform to speculate on CVC’s price movements, it would be a rather simple process, as there will be no coin transfer involved.
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Frequently Asked Questions
At the time of writing, there were 670 million CVC tokens in circulation, constituting 67% of its 1 billion maximum total supply.
Civic Identity Wallet also supports some other cryptocurrencies apart from CVC, including USD Coin (USDC), Ethereum (ETH) and Bitcoin (BTC).
CVC’s all-time high price at the time of writing was $1.66 per token on December 25, 2017, and the all-time low was $0.01081 on March 13, 2020.
Yes, regulated cryptocurrency brokers offer a higher level of security than cryptocurrency exchanges. Being regulated ensures that no one will run away with your crypto holdings and the platform takes all possible measures to secure your details and funds.
Almost all the regulated crypto brokers are a part of investor compensation schemes, protecting investors from any financial loss resulting from their bankruptcy.
Civic was co-founded in the year 2015 by South African serial entrepreneurs named Vinny Lingham and Jonathan Smith, the current CTO of the platform.
Civic has managed to rope in some well-known names in different segments including Budweiser, CoinPoker, BitGo, Fastcorp Vending, Chamber of Digital Commerce, Telefonica, FaceTec, Coincover and Tyco Software House.
The future looks bright for Civic after the Solana blockchain integration in March 2021 as per some experts. It’s being widely perceived as a step towards improving the accessibility and security of financial tools, for mainstream consumers.