How to Buy Qtum - Where to Purchase QTUM?
The range of investment opportunities available has deepened since the introduction of cryptocurrencies a few years back. New projects are available in the market now with robust services coverage.
A few projects are geared to improve on existing solutions while others are completely new. With the attention that cryptocurrencies are getting, many people are willing to try out some new investments. QTUM is an interesting project and has become popular in a short span of time with many investors voicing support for the project. This guide will cover all aspects of QTUM buying/selling.
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Why Trade rather than Buy Qtum 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.
Trades 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 Qtum Brokers
Many cryptocurrency brokers provide a platform for the buying and selling of Qtum around the world. Most brokers have excelled in other areas of investment brokerage for decades before adding crypto trading to their platform. The easiest way to buy Qtum is to use a broker or cryptocurrency exchange platform for most investors. There are more insights provided in the next section.
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 to use 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.
Ultimate Beginner’s Guide to Trading Qtum
What is a Qtum Broker?
A broker provides a platform for the buying and selling of financial instruments like stocks, bonds, crypto and currencies. The popularity of brokers has surged in recent years as the profit margins of cryptocurrency trading hit the roof.
Qtum brokers can be found in many regions around the world with each having a reputation rating that depends on the standard of service rendered. Regulated brokers enjoy top ratings for their range of services.
What is a Qtum CFD?
When you invest in a CFD, you are speculating on the underlying asset’s price movement, and the broker provides an agreement to that effect. The investor gets paid by the broker when the agreed price put forward by the investor is realised.
Qtum CFD opens more opportunities to earn as an investor can make money irrespective of whether prices are falling or rising. On the other hand, when Qtum is directly bought, falling prices leave little room for profit making. Leverage trading also works for Qtum CFDs, with the investor getting access to the platform’s credit facility. You can trade more than what your account balance can cover in this case. You can take a position that can be up to 20 times your actual Qtum balance, and also amplify your profits by the same magnitude. However, the losses will also be greater in case you avail of leverage.
What is the Benefit of Qtum Regulation?
A regulated broker has the added advantage of regulator cover, which means provision of investor insurance in some countries. It also provides a shield to investors who will lose no sleep as to the legality of broker operations. That your broker is regulated means that you will be provided services according to the stated best practice guidelines in your country or place of residence.
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.
The Verification Process for Trading Qtum
When you open a new account on a trading platform, a confirmation link is sent to your inbox for new account validation. When you click on the link, your account will be validated, and you can go ahead to provide your personal identification documents like a driver’s license or international passport. A utility bill or your bank statement might also be required to prove your place of residence. Verification can be completed instantly or within 24 hours on most platforms.
Qtum: Long vs Short Term Investment
The common short term investment in Qtum is day trading, which requires that you buy the crypto by following the market pulse so that as price rises, you can sell for thin margins. If you also buy the coin for a few days or weeks before sale, you are still within the definition of short term trades.
For long term investing, exiting the market after immediately buying your Qtum is not considered. Here the investment time period ranges from months to years. You will most likely buy and store your coins offline and wait for the long term to earn the benefit of a price increase or capital appreciation. Holders of Qtum in the long term could also earn the benefit of an airdrop, or distribution of free project tokens on the blockchain. The latest token airdrop on the Qtum blockchain led to the free distribution of QiSwap to holders of the coin in proportion to their Qtum holdings.
Why Buy Qtum rather than Trade?
When you buy Qtum, you are in a position to take advantage of the long term rise driven by coin fundamentals unaffected by price volatility in the short term. Some price spikes have given rise to a ROI of 80 percent in recent weeks, and this could be higher in the long haul. There are no guarantees in crypto but long term hodlers need to be patient and ignore short term volatility.
What Fees are Involved in 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 means 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 ewallet 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 a Ledger hardware so as to optimise the security of your Qtum coins. Guarda has multi-platform functionalities that makes 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 other 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.
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Frequently Asked Questions
Qtum was founded in 2016 by Patrick Dai who remains the chairman to date. He is experienced in blockchain technology. The co-founders include Neil Mahi, the CTO, and blockchain architect, and Jordan Earls, the lead developer. Otum has a number of team members whose profiles are right on the Qtum website. There are several notable individuals that have been backing Otum. These high-profile personalities include Bitcoin.com’s Ver and Jeremy Gardner, co-founder of Augur and a leading figure in Blockchain Capital.
Qtum is one of the numerous cryptocurrencies out there that used the well-known etherum's smart contract functions with the security of Bitcoin to birth a coin that can be accepted by large organisations. It is a Proof of Stake smart, open-source blockchain platform and value transfer protocol built on the UTXO transaction model of Bitcoin with the functionality of dApps and smart contract execution.
The ecosystem for Qtum developers and network participants is robust providing increased operational efficiency and speedy transactions. Other benefits include streamlined development utilizing a stack of coding libraries, flexibility that is enabled by smart contracts, and multiple APIs for plug-and-play integrations. Moreover, the Proof of Stake (POS) consensus mechanism activates true decentralisation, while boosting the security, stability, and efficiency of the blockchain platform
Yes. Qtum is legal in most jurisdictions and traded on regulated brokerage platforms around the world. Each broker is also regulated wherever it is open for operations. In some countries, the financial services authority has an oversight responsibility for brokers.
No. Qtum, like other cryptocurrencies, does not enjoy stable prices. The market price of the coin fluctuates between highs and lows, creating an opportunity for traders to make a profit on the price difference.
The maximum supply of Qtum coins on record is 107,822,406. There are 98,391,650 Qtum coins in circulation.
Yes. Cryptocurrencies incur taxes in virtually all countries on the earth. When traded for profit and sold, the profits attract income tax. In other countries, accumulated gains on coins attract capital gains when they are eventually sold.
The Qtum network presently serves for payment purposes at present and is used for value remittances around the world. With its acceptance as a medium of exchange, Qtum can assume the role of a payment network in the years to come as it builds on its fast transaction processing time and low fees.