5 Things to Consider If You Want to Buy Theta
Prior to purchasing Theta, you need to take key factors into consideration ensuring all of your transactions are secure.
Carefully choose your preferred secure payment method
The first thing that you need to account for is that different countries support different payment methods around the globe. We cannot cover all the payment methods here. That being said, you need to consider the reliability, security, and speed of every payment mode before you go through the buying process.
Will you need to set up your own wallet?
If you want to store your Theta for more than a few weeks, a cryptocurrency wallet is highly recommended to secure your digital assets. It should be kept in mind that integrated wallets present in your exchange's account are more vulnerable as compared to dedicated software and hardware wallets. On the other hand, if you are trading Theta using CFDs or other investment drivers, you don't need a crypto wallet.
Before you invest in Theta, it is advisable that you compare and calculate the cost of buying the digital currency. Apart from the network's own fee, you also need to take transaction charges, commissions, and other types of expenses into account. If you are using a cryptocurrency as your primary payment mode then it'd be more affordable as compared to fiat currencies.
Safety and security
You have to keep in mind that different blockchains use different protocols and technologies to ensure the safety and security of their network. Some of the most popular security features include decentralisation, peer-to-peer networks, and public and private key encryption.
Theta has deployed a unique financial incentive option to promote user participation in the governance of the Theta network. That's why the decentralised network is secured by the users who stake their tokens to validate the chain. The Theta network uses a proof-of-stake (PoS) protocol along with a multi-level Byzantine Fault Tolerance (BFT) mechanism for mutual consensus to ensure there's a good balance between the network's security and quick transaction scalability.
Theta network also reinforced its decentralisation efforts by launching Guardian nodes in June 2019. These nodes ensure that there is no single entity that can exercise control over the majority of Theta that are being staked at any given moment. This way no singular individual or group has undue influence over the network or its governance.
Can you understand and navigate the platform?
When deciding on the broker or exchange you will use to buy THETA, it is recommended that you make yourself familiar with several platforms so you can determine which is most accommodating of your needs and personal preferences. It is a good idea to find a user-friendly platform before you invest hard cash into your account.
What is the Best Payment Method for Buying Theta?
In order to buy Theta, you can use a multitude of payment modes, which highlights the growing popularity of THETA. That being said, keep in mind that payment methods will differ from country to country and broker to broker. That's why it is necessary to weigh up your options before investing.
Buying Theta with PayPal
PayPal is one of the most popular payment processors for online retail purchases. It has become as common as cash in the online market of products and services. When it comes to purchasing Theta with PayPal, you can do so through a number of brokers but there are cheaper and more convenient options available.
PayPal isn't available in many countries and only a few brokers offer the payment method. With the increasing popularity of cryptocurrencies, PayPal has taken initiatives to support as many coins as possible but it will take a few more years for PayPal to become as popular as debit and credit cards.
Buying Theta with Cash
While buying Theta with cash bears no charges, it is almost impossible to do so. No broker or exchange supports the option and you will have to find someone who is in possession of Theta tokens and is willing to sell them for cash. This means that you need to look at other payment methods since paying with cash is a long and risky process.
Buying Theta with Bank Transfer
Bank transfer is another popular payment mode for buying Theta as it doesn't incur substantial transaction charges. Using this method also means that it is more convenient for you to send and receive your funds through a broker. Having said that, you need to bear in mind that a bank transfer is a time-consuming payment mode and you cannot expect to buy Theta instantly using this method.
Buying Theta with Credit Cards or Debit Cards
If you are looking for the most convenient and quickest way to buy Theta, then using a credit or debit card is the best option. However, that convenience comes at a price as you will have to pay a transaction fee which is considerably higher compared to other payment methods.
What Fees Are Involved in Buying Theta?
Whether you are looking to trade or buy Theta, you will have to pay different kinds of trading fees, especially when you are using a popular crypto exchange. That being said, the charges are often low particularly when you are buying and storing the tokens on your own. Some of the expenses that you might need to pay include the following:
Theta transactions need to be validated and processed by network participants. These people naturally need to be paid for the services, which results in transaction fees. It is usually between 0.1% and 0.2% of your total trading amount depending on the broker or cryptocurrency exchange you are using. That's why it is a smart idea to find out the transaction fees of every platform before investing.
There are some brokers and exchanges that will charge a deposit fee and the amount varies from one platform to another. That's why it is important for traders to find out if there's any deposit fee on their selected platform.
Once again, withdrawal charges for Theta are dependent on the exchange or broker you are using. Keep in mind that many crypto platforms will not charge you for withdrawals, so it's financially beneficial to find out about such platforms.
Safely Storing Your Theta
If you want to store your Theta in a safe manner, then you will need to use a cryptocurrency wallet that supports Theta. They come in different variants including software and hardware wallets.
Web wallets are often integrated into your preferred broker or exchange website. They provide one of the most convenient ways to store and hold Theta. Web wallets offer convenience and better accessibility but are more vulnerable to security threats as compared to other types of wallets. Coinbase’s exchange wallet is an example of a web wallet.
These are software wallets that have been specially created to work on mobile devices so you can trade Theta on the go. As compared to web wallets, mobile wallets offer better security and a wide range of trading features as well. If you are looking for a mobile wallet for storing coins, then Theta Wallet for iOS and Android is a great option.
These are like software programs which you can install on your desktop as well as laptop computers. They are not as convenient to use as mobile or web wallets but are comparatively more secure, especially if your computer isn't connected to the internet. Desktop wallets secure your funds using features like two-factor authentication and passphrases.
If the security of your Theta is the top concern then hardware or cold wallets are the best options to store your digital currency. Hardware wallets secure your private keys on a physical device that's not connected to any other device via network making it impossible to transfer data. They are also invulnerable to viruses and other types of malware. Some of the most popular wallets that you can use to store Theta include Ledger Nano X, Ledger Nano S, and Trezor Wallet.
What Other Coins Can I Trade or Use to Buy Theta?
Apart from conventional fiat currencies, you can use a wide range of cryptocurrencies to purchase or trade Theta. One of the most popular cryptocurrencies to buy Theta is Ethereum but you can also use BTC, XRP, and other altcoins. Using a cryptocurrency makes the process much easier and more affordable as you don't have to convert your fiat currency into digital money.
What’s the Smallest and Largest Amount of Theta I Can Buy?
Many traders want to find out how many Theta they can buy while many want to figure out the smallest unit of Theta that is available to buy. You have to keep in mind that THETA is the smallest unit you can purchase and since there are 1 billion coins in circulation, their market price will never be too high to turn the lack of smaller units into a problem.
Can I Buy Theta Anonymously With No ID? Is It Safe and Legal to Buy Theta?
Most brokers and exchanges will ask you to verify your identity before you can purchase Theta. Identity verification is necessary because of compliance with AML and KYC regulations which ensure your funds remain safe and secure. That's why it is highly recommended that instead of looking to purchase anonymously, you should buy Theta using a secure and regulated broker or exchange.
However, in the event that you buy Theta from a platform that allows you to purchase anonymously, make sure you've done your homework and take all the steps necessary to save your funds. Your transactions will remain untraceable if you buy anonymously.
Will Buying Theta Make Me Money?
This is a question that you will need to answer by familiarising yourself with all the ins and outs of the Theta network and its cryptocurrency. In recent months, the Theta has witnessed substantial growth which has led to many investors and traders buying the coin as they believe in its long-term success. It is recommended that you read opinions and analyses of market leaders, learn to read charts and graphs, and observe other market factors that can potentially affect Theta's price.
How to Spend Your Theta
Since Theta is relatively a new cryptocurrency as compared to Bitcoin and Ethereum, it is still in its growth and development phase. This means that there aren't many online or retail outlets that currently accept Theta as a valid payment mode. That being said, cryptocurrency is growing in popularity due to strong support from the development and trading market communities. Furthermore, Theta tokens can be used on the Theta blockchain to pay for various forms of content, recently including NFTs (non-fungible tokens) from the World Poker Tour.
How to Sell Your Theta
Selling Theta via a broker is comparatively easy and straightforward. The easiest way to sell Theta is through a brokerage or exchange. You will find this option to be one of the most fundamental features on a number of platforms including exchanges and broker services.
If you hold Theta CFDs, these are liquidated with the broker you made the agreement with.