How to Buy Qtum (QTUM) in 3 Simple Steps

5 Things to Consider if you Want to Buy Qtum

You need to look at some major factors before you proceed to buy Qtum on a trading platform. Apart from the security of your transactions and speed of processing, it is also crucial to consider the transaction spread and the payment methods available in your place of residence, among others.

1. Carefully choose your preferred secure payment method

Using a secure platform is important as you consider buying Qtum in pursuance of your investment goals. You should be keen to know the security features available on a trading website before you use your credit card there. A secure interface for payment will protect your login credentials and shield your funds from compromise. With the options available for your payment, you should compare the speed of processing and associated costs before you proceed.

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

These days, many trading platforms do not require users to set up a wallet as it is provided by default when you register for a new account. While it is not recommended to store your Qtum coins on an exchange wallet because of concerns over hacking activities, regular traders have to make do with them. If you trade Qtum CFDs, there is no wallet requirement as a contract is activated by your broker for the transaction without the need for coins movement between wallets.

3. Comparing costs

Cost comparison will help you make the best choice as you look to buy Qtum. Do you want to pay more for a purchase method when another offers a lesser cost? For example, a crypto payment could be extremely cheap when using altcoins like XRP to buy Qtum. If crypto payments come out cheaper than using a bank transfer, then you can go with it.

4. Safety and security

When you use a broker’s platform, you could be on one of the most secure trading mechanisms available. With end-to-end encryption enabled on most MT4 systems, no bad actor will be able to compromise your credentials to access your account. Some platforms have also made it mandatory for new account users to activate 2FA before withdrawals are possible. On the crypto end, the decentralised governance protocol dgp present on the Qtum ecosystem is considered a pearl of blockchain applications that helps to safeguard the platform. As an open-source hybrid blockchain application development platform, the core technology of Qtum is founded on the robust Bitcoin core architecture, security of UTXO model, and an Account Abstraction Layer.

5. Can you understand and navigate the platform?

You want to be sure that the dashboard that you are going to use is easy to understand. Simple prompts need to be present so that transaction progression and completion is not complicated. You can browse through a platform that you are new to and be comfortable using it before you carry out your first transaction. Some platforms also have a demo account that you can use for free to practice and get accustomed to the trading features.

What is the Best Payment Method for Buying Qtum?

You can buy Qtum with several payment options, depending on what is supported by the trading platform that you use. Your choice of payment method can impact your cost and processing time.

Buying Qtum with PayPal: With PayPal, you have one of the popular payment methods with a wide coverage. You can buy Qtum with PayPal cheaply and securely. PayPal has one of the most secure algorithms globally among payment networks.  It also shields your credit card from exposure as in-app payment doesn’t reveal your credentials or card details.

Buying Qtum with Cash: When you use cash payments, there are limitations that are not easy to overlook. The fear of loss of funds due to cash movement is ever present. In addition, whether you will receive the Qtum as expected after parting with cash is also a point of concern. In some other places, some platforms might allow payment at till points and POS kiosks, thereby improving security in the process. Cash is discouraged primarily for safety concerns.

Buying Qtum with Bank Transfer: The safest payment method is considered to be bank transfers in most parts of the world. Whether processing will be immediate is colored by whether it is a local bank transfer or an offshore one. SWIFT transfers overseas can take up to two days and the attached charges makes it unrealistic when buying a small number of Qtum units. Institutional investors and six-figure transactions are better suited for bank payments.

Buying Qtum with Credit Cards or Debit Cards: You can buy Qtum with a credit card on almost every crypto trading platform if you have a verified account. Most transactions are processed instantly with payments requiring card verification in the form of a one-time password (OTP) sent to your email address or mobile phone.

What Fees are Involved When Buying Qtum?

Buying Qtum attracts some fees in the course of the transaction that could affect the quantity of the digital coins you will receive in your wallet. The payment method that you choose also has an effect due to the processing charges that may apply.

Transaction Fees: After you make payment for your digital currency, the transfer will be done from the seller’s wallet to your wallet within the platform used for the trading. Miners are paid on the blockchain to validate the transaction to ensure that the sending wallet has the right credentials to complete the transaction and to guard against fraud.

Deposit Fees: Some platforms levy deposit fees on fiat currencies which mean your deposits will attract some charges, with the difference in savings better when you use a crypto-to-crypto method. When you buy Qtum with Bitcoin and Ethereum or Ripple, you can avoid deposit fees since the transfer will be made from one wallet to another directly. Local bank transfer fees are also cheap with offshore transfers incurring the highest charges.

Withdrawal Fees: Some platforms do not charge withdrawal fees while others do. Withdrawing to fiat with bank account transfers will likely be cheap with Direct to VISA card withdrawals proving to be cheaper if available in your area of residence. PayPal and e-wallet withdrawals are also available on a number of platforms.

Safely Storing Your Qtum

Several cryptocurrency wallet options are available for the storage of Qtum. If you buy Qtum to hold, you might as well shop for a private wallet to use, unlike someone who trades on a platform round the clock.

Web Wallet: Web wallets are often provided by trading platforms, and they are accessible when you input your login credentials to the platform that is hosting them. There are other web wallets that are not exchange linked, but they are also accessible when you provide your public address and a private key. Storage on web wallets is discouraged if you are not actively trading. The biggest risk here is that if an exchange is hacked, your digital coins can be lost with an equal chance of loss also prevalent if the platform runs into an operational crisis.

Mobile Wallet: A mobile wallet is found on mobile devices and normally downloaded from iOS or Android stores. The user will be able to access it with the provision of a passcode linked to the wallet service provider, and in some cases, the trading platform. It can also be safeguarded with a 2FA requirement so that each login or transaction must be authorised by an OTP sent to your email address, mobile phone, or from an OTP generator like AUTHY, or Google Authenticator. Edge, JAXX and Qtum Core have mobile versions.

Desktop Wallet: Your personal computer is the housing for your desktop wallet, which can also be on your laptop. With this wallet type, you need to download it from the wallet website onto your desktop. At first, you will be required to input your auto-generated private key, which might not be required unless at intervals. Each transaction will be authorised by inputting your private key or passcode. If you lose your wallet to CPU failure or gadget corruption, you can reinstall it on a new desktop by providing the backup credentials. Liberty, Qtum Core and Electrum are some of the leading names here.

Hardware Wallet: You can also store your Qtum coins by using a hardware wallet. This wallet type is considered the safest as the user would hardly move about with it. Hardware wallets can be used by plugging to a desktop or other devices. Access will be by private keys or passcodes. Investors who buy Qtum to store will find hardware wallets to be most useful. Trezor and Ledger hardware wallets are the best-known brands.

Wallet Combinations: The most mentioned wallet combination here is using a Guarda wallet with Ledger hardware so as to optimise the security of your Qtum coins. Guarda has multi-platform functionalities that make it possible to be used as a web wallet and when you store your coins in a Ledger hardware wallet, you can access it on a desktop connection and view it on the web wallet link provided by Guarda. You will be able to view your balances, make a transaction and store more coins via the Guarda functionality while retaining your coins in the hardware storage. Your coins will enjoy increased safety with this wallet combination.

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

Bitcoin and Ethereum lead the pack of other coins that can be used to buy Qtum. Ethereum can be costly during peak blockchain times for many users. You can buy Qtum with XRP and pay the smallest charges possible. The launch of USDT on the Tron blockchain also means that buying Qtum with USDT on the TRC channel is also quite cheap.

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

The smallest Qtum unit that you can buy is a Qtum satoshi, which is in 8 decimal places. You can buy Qtum without limit on some trading platforms, while others will peg your limit at $1 million if you have completed the level of verification for that transaction amount. You can theoretically buy less than one Qtum coin but most platforms will not allow less than $10 in transaction value, except when you use a swap function to convert from one coin to another.

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

Qtum is offered widely on platforms that are regulated in their respective countries of operation. To buy Qtum anonymously is also possible in some P2P marketplaces, but safety and security can be an issue on unregulated platforms. In any case, if you can use a regulated platform to buy Qtum safely and securely, then the need for an anonymous transaction might be unnecessary.

Will Buying Qtum Make Me Money?

Qtum is traded for value around the world at prices determined by market forces. Traders who bought the coin at less than $1 have been able to sell it at over $10 at some point. Traders who have realised up to 10 times their initial investment could say that the coin has been profitable to trade. However, there are no guarantees in the crypto markets and you should research the coin before deciding to buy it. If you wish to learn about the price history of QTUM, visit our QTUM Price Page.

How to Spend your Qtum

Qtum is accepted as a medium of exchange on some merchant sites like CoinBank, BitPay and GoCoin. These payment processors enable crypto transactions as payment methods so that the holder does not have to sell the digital currencies before using them for payment. There are other online merchants that also enable crypto payments by using a layer on the blockchain for processing. With PayPal already supporting BCH, BTC, and ETH, it could only be a matter of time before Qtum and another crypto also make the acceptance list.

How to Sell your Qtum

You can sell your Qtum instantly to a broker on many platforms. Exchange platforms also support instant sales, and withdrawals can be completed within 24 hours. Selling most of the prominent cryptocurrencies like Qtum is easy as they are widely traded. On most platforms, the coin will be transferred from your wallet to that of the buyer after you click on the ‘sell tab’ beside the coin ticker in your account balance.

For CFD traders, no wallet movement is needed as the broker only acts on the contract agreement to transmit the proceeds to your account. Closing a CFD trade is simple and quick. You could also use bots to trade on your behalf on some broker platforms.