5 Things to Consider if you Want to Buy Ubiq
Before you embark on buying Ubiq for the first time, there are a few things you need to consider. These factors can make or break your experience.
1. Carefully Choose Your Preferred Secure Payment Method
The first thing you need to pay attention to is the payment mode you will have to use to purchase Ubiq. Some modes are safer than others, depending on which platforms you are using to purchase the cryptocurrency. Also, some of these payment modes are faster compared to the rest. The fees charged will also differ and should be considered too. A safe payment mode shouldn't expose your personal information online and should be from a reputable platform.
2. Will you need to set up your own wallet?
Since Ubiq is a digital currency that is a bunch of codes that exist on the internet, its storage requires specialised software and hardware. The wallets to store the digital asset come as software wallets, e.g., browser extensions, desktop applications and hardware devices. For starters making small purchases, it's fine to start with a software wallet, but you will need a hardware wallet if you intend to make a considerable investment in the asset. Remember, even websites that allow you to purchase Ubiq will have their own custodial wallets where you can see your balance when you log onto your account, but the golden rule of crypto is if you don't hold the private keys, then you don't own those coins. Private wallets allow you to hold your private keys meaning access to the assets is only possible by you.
However, if you need to trade Ubiq with a broker, you don't need to set up a wallet since you won't be dealing with the actual asset.
3. Comparing costs
Another thing you need to consider is costs. There are network fees involved when buying and selling Ubiq. Like most cryptocurrencies, these fees will depend on how clogged the network is; the more people are trying to make transactions, the higher the gas. However, mostly these fees are just a tiny fraction of the actual transaction, sometimes even a few cents. Different platforms will charge varying fees for trading and withdrawing your coins. These are also costs you should pay attention to. Generally, you will find transacting using Ubiq relatively cheap and fast compared to most traditional modes.
4. Safety and security
Ubiq uses cryptography, decentralisation and consensus to guarantee the security of the network. Data on the network is structured as blocks. Each new block is attached to the previous block in a cryptographic chain almost impossible to tamper with.
Transactions on the blocks are validated and agreed upon by a consensus mechanism where the majority of participants agree that it's true and correct. Ubiq also eliminates the risk of a single point of failure through decentralisation, where members of the public are allowed to participate in the distributed network.
Also, users have the ability to own their coins by holding the private keys to the tokens. With private keys, it means you are the only individual with the ability to access the coins and no one else. As for trading platforms such as exchanges and brokers, they may offer custody for your funds and employ modes such as two-factor authentication (2FA) to secure personal accounts.
5. Can you understand and navigate the platform?
Another crucial aspect you need to pay attention to before you start pouring your money into Ubiq is factoring if you have fully understood how to navigate the platform you intend to make the purchase using. This can be a crypto exchange or online broker. Most top platforms are designed with ease of use in mind making even less technical individuals confident of using these platforms. However, some can cause headaches, and it's these kinds you should avoid at all costs. One wrong move on a platform where you lack a clear understanding of how things work, and you can lose your funds.
What is the Best Payment Method for Buying Ubiq?
Buying Ubiq is easy, and there isn't much technical know-how required to achieve this goal. If you have ever made any online purchase, you know how straightforward that process is, and buying Ubiq is no different. Below are some of the payment modes you can use to purchase Ubiq.
Buy Ubiq with Credit/Debit Card This is the most common way you will find on most exchanges and brokers. You have to follow the process outlined on the specific platform, enter your card number and other necessary details and complete the purchase.
Buy Ubiq with Crypto Another easy way to buy Ubiq is with crypto, but you need to have crypto before for this to be possible. This means getting your hands on Bitcoin, Ethereum, or any other cryptocurrency before heading to an exchange that supports Ubiq and swapping the coins.
Buy Ubiq with PayPal PayPal recently announced it would allow cryptocurrency buying and selling, which is incredible. Various brokers and exchanges support the payment mode. Enter the necessary details and follow the steps required to complete the purchase.
Buy Ubiq with Cash This is practically impossible since Ubiq is a digital asset. However, you can find an individual who holds the asset and trust to sell you the coins where you give them the cash, and the individual transfers the cash to you.
Buying Ubiq with ATM As cryptocurrencies have grown in popularity, so has the number of crypto ATMs. Today, around 17,000 crypto ATMs exist worldwide, offering users a convenient way to purchase various coins. Most of these ATMs support some of the top coins. If you find one that supports Ubiq, you can make the purchase by scanning the QR code of your wallet address using the ATM scanner, entering the amount you wish to buy and then inserting cash. Wait a few minutes for the transaction to be processed, and you are good to go. However, the fees here can be a huge turn-off.
What Fees are Involved in Buying Ubiq?
There are a few fees involved in buying Ubiq, which you should be aware of when starting. Most of the fees are negligible but can accumulate to a substantial amount depending on your buying frequency. Still, they shouldn't worry you much if you intend to hold onto your investment for the long term.
Transaction Fees Transaction fees are typical for platforms that facilitate buying and selling of Ubiq. This is how they make their money. Different platforms will charge different fees to facilitate buying and selling of Ubiq. It's up to you to check the kind of fees that are involved with various brokers. Also, on exchanges, the fees may be slightly higher depending on how congested the network is.
Deposit Fees These depend on the payment mode you choose to use to fund your account and even the broker you choose. Most brokers will not charge any fees when you are funding your account; however, payment modes may take a fee for facilitating the transaction.
Withdrawal Fees These also depend on the exchange you are using. Like deposit fees, the withdrawal fees will vary on different platforms, and you need to check them and choose where you feel most comfortable. If the Ubiq network is congested, you can expect to see the gas fees rise.
Safely Storing Your Ubiq
To store your Ubiq coins safely, you will need to invest in a crypto wallet that allows you to hold your private keys. However, this isn't a typical wallet like the one you are used to storing your physical paper notes. Below are the various options available.
Web Wallet Web wallets come in the form of exchange-supported wallets or browser extensions. Exchange custodial wallets offer a convenient way for users to store their Ubiq coins, and they will reflect on your account balance. For traders or people that need to make constant transactions, they are quite convenient; however, they are risky since if the exchange gets hacked, you will lose your tokens. As for browser extensions, they are a bit safer since you get to keep your private keys, but since they are always online, there is a chance that hackers can access your funds.
Mobile Wallet These are applications you install on your smartphone. They offer better security compared to exchanges due to inbuilt layers of security on the devices. They can be from popular crypto exchanges or companies that focus on building such software. They offer convenience as one has access to their Ubiq coins on the go. However, they pose a security risk if one was to take hold of your mobile device and happen to have your login details. Popular examples of a Ubiq wallet are Guarda and DexWallet.
Desktop Wallet These are applications you install on your desktop that help to store Ubiq coins safely. They are convenient for individuals who need regular access to their tokens, such as traders or those who need to conduct regular transactions. They are a bit safer compared to web wallets since they are mostly not online. Examples of Ubiq desktop wallets include Fusion and Guarda.
Hardware Wallet These are physical devices that resemble USB flash drives. They host apps that allow one to store their Ubiq private keys. They offer the best security since they are not connected to the internet most of the time and are recommended for individuals with significant investments and long-term holders. Popular Ubiq hardware wallets include Trezor and Ledger.
Wallet Combinations For convenience, if you are both a short-term and long-term investor, you can combine a software wallet and a hardware wallet. For example, you can hold a web wallet that allows you to hold small amounts of funds used to trade on exchanges and have a hardware wallet where you store coins you want to keep for the long term.
What Other Coins Can I Trade or Use to Buy Ubiq?
There are a few other cryptocurrencies one can use to purchase Ubiq, such as BTC or ETH. On exchanges where the token is supported, you can tap on various pairs that feature the coin and make the trade. It's not one of the most popular coins, which means it lacks behind in terms of pairings compared to other popular coins, but at least it's reassuring to know that you can trade the token against some of the most popular and easily accessible coins.
What's the Smallest and Largest Amount of Ubiq I Can Buy?
Ubiq can be divided into many decimal places, meaning it's possible to acquire Ubiq worth a few dimes. Currently, the token costs less than forty cents. However, most platforms will have limitations on the least amount you can purchase. For example, most exchanges will allow the purchase of Ubiq worth around $10 and above. This is because there are network fees involved. On the other hand, brokers will limit the least amount you can use to fund your account. On some, it can be $100, $200 or even $250.
Can I Buy Ubiq Anonymously with no ID? Is it Safe and Legal to Buy Ubiq?
Yes, this is possible on a decentralised exchange that doesn't ask for KYC. However, finding a DEX that supports Ubiq can be troublesome since they are not many. On the other hand, regulated platforms might not appeal to someone that loves privacy, but they offer a level of security for your investment.
Will Buying Ubiq Make Me Money?
As long as the project is solid with a good use case, governance, and development team, everything should work in its favour. Most coins have surpassed their all-time high set at the last bull run, making Ubiq's case quite interesting since the coin is 18x down from its all-time high of $7.21. Most experts expect the project to revisit these highs and even cross the mark just like other tokens have managed to. Even at the low price of 40 cents, the token's ROI stands at 1231%. For more information on Ubiq’s price history, head over to Ubiq’s Price Page.
How to Spend your Ubiq
Ubiq has so much utility within its ecosystem for paying gas fees by facilitating token transfers and contract execution. Also, you can use your tokens to pay for things online and even services. Imagine hiring a web designer to make your website, and you agree you will pay them in the token, which most of the time the designer is likely to accept since they know the value of the coin. You can also swap the token for other popular coins and use them at merchants where they are accepted. Finally, you can convert the tokens into fiat.
How to Sell your Ubiq
The selling process is easy and straightforward just like buying. You have to visit an exchange or broker that supports the token and proceed to execute the sale for other crypto coins or even fiat. For Ubiq CFDs, the process is even simpler as you can use robots to trade in an automated manner. You could even close the trade through a limit or a stop-loss order.