How to Buy Wanchain (WAN) in 3 Simple Steps

5 Things to Consider if you Want to Buy Wanchain

You can’t take part in Wanchain trading when you haven’t explored and gotten your work done on all trading perspectives. You need to make yourself mindful of the factors that can influence your trading so you can decrease your trading risk.

1. Carefully choose your preferred secure payment method

While there are diverse payment choices accessible, their accessibility relies upon the country you live in and your picked broker service. Since there are many payment modes, we can’t discuss them all in this guide. Nonetheless, the most essential factors that you need to consider incorporate security, speed, and reliability.

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

When you are intending to go for a drawn-out or long-term venture which needs you to hold your Wanchain tokens for quite a long time or even years, we suggest that you get a crypto wallet for secure storage. The wallets that are incorporated into crypto brokers are relatively secure, however, they don’t have satisfactory security for long-haul investment. They can be helpless against cyberattacks and that is the reason it is recommended that you use a wallet to limit your risk. If you would prefer not to do anything with setting up and overseeing crypto wallets, go for short-term trading rather than long-term purchase and storage.

3. Comparing costs

You can’t simply go to a broker and begin trading Wanchain tokens. You should remember your trade costs which can significantly lessen your net revenue. A portion of the regular costs incorporates network charges, exchange expense or commission, withdrawal charges, deposit charges, and storage charges. You can decrease your costs by using digital funds to get WAN coins and using your own crypto wallet.

4. Safety and security 

Before putting money into any digital currency or blockchain project, you must verify that it is safe and secure. With regards to Wanchain, it has been created on the Ethereum blockchain which offers an undeniable level of security with cryptographic encryption of public and private keys. It implies that if someone even gets hold of your keys, they will not have the option to decrypt them. 

In addition, the Wanchain blockchain offers numerous other security highlights including decentralisation and P2P networking features. Being decentralised implies that there is no single organisation or person who can practice control over the blockchain or the assets stored on it.

5. Can you understand and navigate the platform?

Before making your first trade or purchase with WAN, ensure that you can successfully navigate the broker or exchange of your choice. Once you have made your first purchase, it may be inconvenient to change to another provider, so you don’t want to be stuck with a platform that you find cumbersome to navigate. 

What is the Best Payment Method for Buying Wanchain?

There is no single best payment mode to purchase WAN coins. It relies upon your needs and trading or investment methodology. You need to keep in mind that the accessibility of numerous payment techniques is dependent upon the country you are in alongside your favoured platform. That is the reason we implore you to consider a multitude of payment choices to recognise the one that lines up with your trading goals.

Buying Wanchain with PayPal: Before you buy WAN coins using PayPal, remember that there are various other payment techniques that are more economical, due to the considerable fees that allow for the convenience of the service. PayPal’s availability is also subject to geographical constraints. However, many favour this payment rail due to its accessibility and ease of use.

Buying Wanchain with Cash: When you have the alternative to purchase WAN coins using cash, you will not need to pay exchange costs. Having said that, you must discover somebody who will sell you Wanchain tokens at your required price. This isn’t just tedious but risky. That is the reason we suggest that you look at other payment modes unless you value anonymity over all else.

Buying Wanchain with Bank Transfer: Bank transfers offer you the best all-around solution for purchasing WAN. Cheap (usually free), secure, easy, and available pretty much everywhere, bank transfers allow you to get your WAN easily. Bear in mind one drawback, though: these transfers can sometimes take days to clear, so if speed is your priority, look elsewhere.

Buying Wanchain with Credit Cards or Debit Cards: When you don’t want long processing times and transaction charges are not a worry for you, you should purchase or trade WAN coins with your bank card. While it will be costly when contrasted with other payment techniques, your trade will be processed almost instantaneously. Credit cards also add another layer of security, as credit companies will act in your interest if your funds are compromised.

What Fees are involved in Buying Wanchain?

When you desire to trade or put money into any token, including Wanchain, you will have to incur a number of costs. These should be considered so you can calculate your net profit. A portion of the essential costs incorporates network charges, exchange costs, commissions, storage charges, and that’s only the tip of the iceberg. When you are using the web wallet that is associated with your crypto website account, you will pay the storage charge. The alternative is to use your own wallet, which is usually free.

Transaction Fees: Since you use the blockchain to confirm your transactions, resources are needed to perform validation. There are stakers who stake their coins so the transactions can be approved. That is the reason the network charges you 0.1% to 0.3% of the aggregate sum so it can compensate the individuals who have contributed their assets. You shouldn’t forget that transaction charges change dependent on your favoured cryptocurrency platform. That is the reason it is crucial to assess every one of the costs prior to putting money into Wanchain.

Deposit Fees: Many crypto platforms don’t charge any deposit expense, there are some that do. Ensure that you are picking a crypto platform that doesn’t charge you any deposit expense since it can diminish your net revenue.

Withdrawal Fees: Similar broker services and crypto exchanges that charge deposit expenses may charge withdrawal expenses too. It is up to you to guarantee that your picked service doesn’t expect you to pay a withdrawal expense as it can diminish your gains.

Safely Storing Your Wanchain

When you are going for a long-term investment, it is a better idea for you to get a wallet. These wallets come in various forms which you can choose as per your trading necessities.

Web Wallet: The wallet that is associated with your trade account is called a web wallet. These kinds of wallets offer speedy accessibility to your Wanchain coins as you can trade them immediately. That being said, these wallets are more vulnerable as compared to others. Coinbase is one of the highly used web wallets for storing WAN tokens.

Mobile Wallet: When you need fast access to your Wanchain tokens alongside better security, then mobile wallets are a decent option. They are particularly made for your cell phone and make it simpler for you to trade from wherever you are. When you are searching for a mobile wallet to store Wanchain coins, Trust Wallet is a good choice.

Desktop Wallet: These are the kinds of wallets that you can install on your PC and use like applications. They don’t give fast accessibility like web and mobile wallets; however, they have more features and are secured using two-factor authentication (2FA). You can use MetaMask to store your Wanchain coins.

Hardware Wallet: When you need to hold your Wanchain tokens for quite a long time, you need to focus on security over all the other things. That is when using a cold wallet bodes well. These are called cold wallets since they don’t have any equipment that permits internet connection. You essentially store public and private keys related to your tokens on a physical device. Trezor’s offerings and Ledger’s Nano S are a couple of the top cold wallets.

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

When you would prefer not to use conventional money to purchase Wanchain, you can generally purchase or trade the coins using cryptocurrencies. Some of the cryptocurrencies you can use to purchase WAN tokens are ETH, XRP, and BTC. Using a digital currency has different advantages also, for example, you don’t need to pay credit card charges which can diminish your net profit.

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

Since the cost can be a major factor, numerous traders need to purchase a fraction of the WAN token. However, that is not the issue with Wanchain as there are 210 million tokens, and one WAN costs less than one US dollar as of June 2021. This means that it is impractical to purchase less than one token. 

In terms of an upper limit on purchasing WAN, most exchanges and brokers don’t impose one, so the only limit is your total capital.

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

It is suggested that you use a regulated crypto platform to trade Wanchain tokens. Regulated brokers and exchanges comply with KYC and AML guidelines which implies that they are innately safer than a platform that doesn’t guarantee consistency. 

Having said that, when you actually need to purchase Wanchain coins anonymously, you can use an unregulated broker or a peer-to-peer (P2P) exchange. We suggest that you survey your picked crypto exchange or broker exhaustively to guarantee they are a real, genuine business. This way you can limit your risk. You need to keep in mind that since anonymous transactions can’t be traced, you can’t get back your assets when you lose them.

Will Buying Wanchain Make Me Money?

The appropriate response isn’t that simple. It relies upon numerous factors, the most significant of which is your trading or investment methodology. If you can deal with your risk and settle on savvy choices, there is a possibility to acquire financial gains. 

We suggest that you only ever contribute what you can bear to lose and consistently make yourself acquainted with your chosen crypto broker or exchange. It additionally assists to find out about the projects you will put money into and understanding assessments of market pioneers and opinion leaders. The profitability of your WAN investment will depend on both your timing, your investment or trading technique, and the general performance of the token, which may be deduced from good research.

How to Spend your Wanchain

Since Wanchain is a blockchain that essentially intends to deliver interoperability between public and private chains, it won’t be a significant payment mode in all likelihood. What you can do is trade your WAN tokens for BTC or ETH and afterward use them for online shopping. This can be done on any exchange that lists the WAN token.

How to Sell your Wanchain

If you have used a CFD to invest in Wanchain, you simply close your position with the broker in order to ‘sell’ your position. With an exchange, you’ll need to send your WAN tokens from your personal wallet to your exchange account. From here, find a WAN trading pair (i.e. WAN/BTC or WAN/USDT) and execute a trade. You can then access a fiat currency trading pair (i.e. BTC/USD or USDT/GBP) in order to convert back into “normal” money.