How to Buy Navcoin (NAV) in 3 Simple Steps

5 Things to Consider if you Want to Buy Navcoin

It’s important that you keep a few considerations in mind before you go ahead and make your first Navcoin purchase. Following these steps diligently will ensure that you stay well-informed and are able to complete the cryptocurrency’s purchase in the quickest manner possible, without facing any problems.

1. Carefully choose your preferred secure payment method

Opting for the right payment method is as important as choosing the right broker or exchange platform to buy Navcoin. Please note, the offered payment methods may vary from platform to platform, and from country to country. You must identify your priorities based on factors like cost, speed and convenience of the transactions, before selecting any specific payment method.

2. Will you need to set up your own wallet?

Any Navcoin purchased from an online platform will need to be stored in some safe and accessible place, so you can use them without any trouble, whenever you like. Avoid leaving them in wallets provided on the exchanges, as these have been hacked in the past. You can go with an appropriate wallet based on the level of security and accessibility you require. It’s worth mentioning here that in the event that you used a CFD to invest in Navcoin, you’ll not require any wallet set-up, as there will be no Navcoin exchange involved.

3. Comparing costs

Whenever you compare costs associated with Navcoin purchase, you’ll need to account for three different types of charges: the fee charged by the payment facilitator, broker/exchange fees and the blockchain processing fees.

With regard to the blockchain fees, Navcoin can be transferred for a fraction of a cent and shows up within a few seconds of executing the transfer (confirmed inside 30 seconds). The fee charged by the payment facilitator will depend upon the exact payment method used, and lastly, both exchanges and brokers may charge certain fees for processing Navcoin transactions, which must also be compared before using any specific platform.

4. Safety and security

Navcoin ensures its network security through a Proof of Stake (PoS) consensus mechanism, implying that anyone can use their coins to enable transaction validations. Security is the highest priority for Navcoin, it uses something referred to as cold staking, for an additional layer of safety. Using this feature, stakers rather than connecting all their coins to the Internet, can keep them off-line for higher protection and yet participate in staking. Apart from the Navcoin blockchain’s security, the cryptocurrency brokers and exchange platforms also implement their respective security protocols to deliver secure transactions to investors/traders. Some platforms may also provide additional security features such as 2FA.

5. Can you understand and navigate the platform?

Inexperienced cryptocurrency buyers can often find brokers and exchange websites a little difficult to understand in the beginning. This is seen more in the case of exchanges. Please make it a point that you have navigated and understood the platform well, before depositing any funds into it. Acquainting yourself with its workings this way can help you steer clear of mistakes later.

What is the Best Payment Method for Buying Navcoin?

Based on whether you have signed up with a brokerage platform or an exchange, you’ll be provided with multiple options to buy Navcoin from the platform. It is important that you carefully select the payment option which suits you in all aspects, including convenience, speed and cost. Let’s discuss some of the commonly offered payment methods in this regard.

Buying Navcoin with PayPal Despite the fact that PayPal is highly trusted across the world, it’s neither the cheapest payment option out there, nor is it offered by the majority of exchanges. Regulated brokers on the other hand accept it as a valid means of payment. Using PayPal to buy Navcoin in bulk works out to be more economical than purchasing smaller quantities. Having said that, ensure that you factor in the transaction fees before making any NAV investment via Paypal, to avoid any last-minute surprises.

Buying Navcoin through bank transfer A large majority of cryptocurrency buyers prefer using bank transfer to buy Navcoin online, particularly because it’s amongst the most affordable ways to do so. After you link your bank account with the concerned broker or exchange website, you can easily transfer funds between the two. Nevertheless, please be mindful of the fact that bank transfers take more processing time than other payment methods.

Buying Navcoin via credit/debit cards Though debit and credit cards provide the most convenient and quickest way to pay for cryptocurrencies on the Internet, they also involve the highest fees of all the payment options available out there. Therefore, it may not be very wise to use this payment mode for large or frequent Navcoin purchases. On the positive side, whenever you use a credit or debit card to make an online purchase, you get a chance to earn handsome rewards, and the transaction is processed fairly quickly.

Buying Navcoin with cash Using cash to buy Navcoin isn’t a very practical choice. The reason for this is that Navcoin isn’t usually listed as an available cryptocurrency on peer-to-peer exchanges where you can arrange to meet traders in person, and possibly hand over cash for your purchase.

What Fees are Involved in Buying Navcoin?

Irrespective of whether you buy Navcoin through a broker or an exchange, it will involve a fee of some type. Such businesses use this fee as one of their main revenue streams, to be able to create a safe environment for the traders to ply their trade. Having said that, this fee can also eat into your overall trading profits.

It is noted that exchanges charge higher fees compared to brokers, as they have bigger overheads, particularly related to the movement and storage of crypto coins. Let’s tell you about some of the commonly charged fees in this regard.

Transaction fees There is a negligible blockchain fee involved in sending NAV from one address to another and hence doesn’t count as a factor in investors’ decisions. Trading on an exchange involves ‘maker’ and ‘taker’ fees, which is normally in the range of 0.20% and 0.25% respectively. Brokerages on the other hand will charge a small brokerage fee for their crypto buying and selling services.

Deposit fees Some exchanges may also charge a fee on the deposits made into the accounts on their platforms. However, the deposit fees charged by brokers are either zero or lesser compared to what’s imposed by the exchanges. Actually, many brokers run ‘No Deposit’ or ‘Minimum Deposit’ promotions from time to time, encouraging more people to sign up with them. Please know that the extent of the deposit fee may also depend on the exact payment option used

Withdrawal fees Any time you want to withdraw your funds from a crypto exchange, you’ll be asked to pay a small percentage in the form of a withdrawal fee. This will be imposed irrespective of whether the withdrawal is in crypto or fiat currency. In contrast, the withdrawal fee levied by brokers is much lesser than crypto exchanges.

Safely Storing Your Navcoin

You will require a cryptocurrency wallet to store your purchased NAV coins. The idea behind such storage is to keep your coins away from the reach of potential hackers and make them easily accessible whenever you need them. There are several wallet types that support Navcoin. Let’s tell you about a few of them below.

Web Wallet Web wallets can be perceived as custodial wallets integrated into the crypto exchange or brokerage portals, with your private keys being held inside a web application running on the service provider’s server. There’s a high risk involved, especially in the case of crypto exchanges, which can get hacked, go bankrupt or even witness exit scams.

Mobile Wallet Commonly known as a type of hot wallet, owing to their constant internet connectivity, mobile wallets are preferred over web wallets because of their higher security in the form of inbuilt security protocols and unlock PIN codes. While they’re better than web wallets, they have their own security vulnerabilities. Being connected to the Internet makes them prone to hacking attempts, and being stored on a mobile device exposes them to the risk of theft. Coinomi is one of the most well-known Navcoin mobile wallets in the market today.

Desktop Wallet Another variant of a hot wallet, desktop wallets are comparatively less convenient than the kinds used on mobile devices. Nonetheless, they too are safer than web wallets. Additionally, many of them have added security features like Two-Factor Authentication (2FA), to deliver an additional layer of security to your NAV coins. Navcoin Core is the standard desktop wallet used by a lot of Navcoin investors.

Hardware Wallet A hardware wallet is essentially a type of cold wallet as it stays disconnected from the Internet most of the time. It helps you store your Navcoins’ private keys on a physical device, normally as small as a USB drive. You can connect it to the Internet anytime you wish to access your funds. Amongst the crypto hardware wallets available in the market, Ledger Nano S is the most commonly used one for Navcoin.

Wallet Combinations Some wallets can be used in combination to provide better security and gain access to a host of other features such as staking. NavCash is a wallet that is based on electrum and can be used with Ledger Nano S to store, spend or stake NAV easily.

What Other Coins Can I Trade or Use to Buy Navcoin?

When you visit cryptocurrency exchanges, you’re most likely to find Navcoin paired with some other popular cryptocurrency, allowing you to buy the former using the latter, and vice versa. This type of pairing is referred to as a ‘Trading Pair’ which allows easy exchange between the two cryptocurrencies. Hence, you may easily be able to buy Navcoin with Tether, Ripple or any other crypto that an exchange pairs it with.

What’s the Smallest and Largest Amount of Navcoin I Can Buy?

Novice investors are often seen asking—What’s the minimum purchase for NAV? Or is there any NAV buy limit in place? Please bear in mind that the largest and smallest quantity of Navcoin you’d be able to buy will be decided mainly by the crypto exchange/broker website you’re transacting on. Considering the low market price of Navcoin right now it may not be very practical to buy small amounts of NAV. In addition, there may be certain regulatory restrictions in place on the maximum allowed purchase of cryptocurrencies, including Navcoin, in your country or state of residence. Hence, if you’d like to buy NAV without limit, please refer to the local crypto laws regarding it.

Can I Buy Navcoin Anonymously with no ID? Is it Safe and Legal to Buy Navcoin?

Cryptocurrency is a fairly new asset class, and you’re not alone in questioning—Is it safe to buy NAV? Owing to their rapidly growing popularity, cryptocurrencies are gaining more and more acceptance across the world. Therefore, you can consider it legal as well as safe to buy NAV in many countries of the world today.

Usually, when individual wishes to buy NAV anonymously, or in other words buy NAV with no verification, they would opt for an anonymous exchange. However, with the constantly increasing regulation in this space, such exchanges are very difficult to find nowadays, and we don’t suggest using them either.

Unlike Bitcoin, you’ll find it very hard to buy NAV safely and anonymously on a peer-to-peer platform either. In order to make a secure NAV purchase, it would be best that you use a broker or an exchange website.

Will Buying Navcoin Make Me Money?

If anyone pitches you a ‘Buy NAV Get Rich’ type of scheme, or offers you 100% assurance that you are going to make money from it, s/he may be telling you an incomplete story. Anyone who is buying NAV must know that it is a cryptocurrency makes it prone to fluctuations often witnessed in the crypto market.

Furthermore, if you’re pondering should I buy NAV or not, it would be best that you first understand your own level of experience, knowledge and skill in trading and buying cryptocurrencies. Navcoin’s all-time low and high price was $0.0005 (October 2014) and $5.53 (January 2018) respectively. Additionally, it is normal to see a 20-25 percent fluctuation within every 24 hours. Hence, you can see the kind of scope that exists for both long-term and short-term investors. If you’d like to know how much does it cost to buy NAV today, please refer to our NAV Price Page for further details.

How to Spend your Navcoin

While Navcoin pitches itself as a digital currency to indulge in private, safe, quick and highly economical transactions, it doesn’t enjoy the market penetration right now to allow you to easily buy goods & services off the internet, or offline. Having said that, considering how cryptocurrencies are becoming increasingly popular globally, with each passing year, that time may not be very far when you may actually be able to use NAV for all such retail purchases.

How to Sell your Navcoin

A regulated broker platform and a popular crypto exchange are two of the most commonly used ways to sell and buy cryptocurrencies on the internet, including Navcoin.

If you’d like to go through a crypto exchange, please locate a reliable one and then create an account on it. After you’ve done that, you’ll need to deposit your NAV coins into it, and then open a ‘Sell’ trade to successfully locate a buyer.

It is important to note here that if you took the CFD route to invest in NAV, selling off your holding would be a rather easier affair, especially as there will be no NAV transfer involved. You’ll need to simply close the CFD trade, and assume the loss or profit based on the existing NAV price at that point in time.