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How to Buy Waves (WAVES) in 3 Simple Steps

By Basil Kimathi - Updated 04 May 2023
Waves Logo Waves (WAVES)
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Launched back in 2016, Waves is a multi-purpose blockchain platform that supports various use cases such as decentralised applications and smart contracts. The protocol set out to improve on the first-generation blockchain platforms by increasing speed, utility and user-friendliness. Some of its products include gravity, a cross-chain and oracle network, Neutrino, which is focused on DeFi, and the Waves DEX, a decentralised exchange.

These innovative products have seen Waves grow in popularity, and this should continue as crypto sees more adoption. This piece will focus on how to buy WAVES and make the most of the opportunities it offers.

Buy Waves in 5 Simple Steps

1

Create an account on eToro

Sign up with our recommended partner eToro now to get started. Once you’ve signed up, verify your account by uploading some form of photo ID and proof of address.

2

Buy some ETH

Next, you’ll need to purchase some ETH to swap for WAVES. Fund your account with your preferred payment method, then search for ETH. Select the trading pair with your local currency, and click “buy”.

3

Send your ETH to a Web 3.0 wallet

Next, set up a Web 3.0-compatible wallet like MetaMask or Trust Wallet—you’ll need this to swap your ETH for WAVES. Paste your wallet address into the “withdraw” section of eToro, and transfer your ETH.

4

Connect your wallet to Uniswap

Go to Uniswap and connect your wallet. Your wallet will display a few prompts to confirm the connection, and after that, you will be able to complete your swap.

5

Swap ETH for WAVES

Find the coin’s pair here, enter the amount you want to buy, then complete the swap. Your WAVES will immediately display in your wallet.

What is the Easiest Way and Best Way to Buy? Compare the Top Waves Brokers

Waves is one of the top crypto platforms with a lot of use cases. Currently, it sits at number 60 with a market cap of over $1.7 billion. This makes the project easily accessible on top crytocurrency exchanges and online crypto brokers. Today several brokers offer access to this token; however, you should opt for the best that boasts an excellent reputation and those that offer easy-to-use platforms. The good thing about brokers is you don’t have to own the actual asset and have to deal with the complications associated with the endeavor. Also, you get to exploit positive and negative price movements with great returns.

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5 Things to Consider if you Want to Buy Waves

Before you start your journey of buying Waves, there are a few things you need to pay attention to. These can make or break your experience.

1. Carefully Choose Your Preferred Secure Payment Method

Most platforms that offer access to Waves will provide various payment options, and depending on regulation; the supported methods will differ. You will realise that maybe in your country, the central bank has warned financial institutions from supporting crypto transactions, and this will mean bank transfers or the use of debit/debit cards might not work. The only way you can use your local currency to purchase Waves, in this case, is via P2P platforms, where you get to trade with fellow citizens. But, most P2P platforms will support only the popular coins such as BTC and ETH. This means you will have to go to a platform that allows you to trade either BTC for WAVES. 

As for brokers, most of the popular payment modes should work; however, ensure to check if your most convenient modes are supported.

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

This decision depends on whether you want to hold the actual asset or trade financial instruments attached to the digital currency. In the first case, you will have to set up a cryptocurrency wallet to store your private keys that offer digital currency access. Waves wallets can either be software or hardware wallets. This will be discussed in detail later on. Brokers will offer exposure to financial instruments attached to Waves. And to interact with these instruments, you don’t need a wallet. Most individuals that don’t want to deal with the actual asset and the complications that come along will opt for the latter option.

3. Comparing costs

Also, to have the best experience, either trading or investing in Waves, you will have to pay attention to the costs charged on various platforms. On exchanges, when dealing with the actual asset, you will experience network fees that go up when the network is too congested. Also, there will be trading fees and withdrawal fees in addition. Brokers will charge commissions per a given bunch of trades. The fees vary on different platforms and can accumulate, especially for traders.

4. Safety and security

How safe is your investment? This is another question you need to ask yourself before putting money on Waves. The digital asset uses cryptography, decentralisation, and consensus to guarantee the security of its network. Transaction data is stored on blocks that are cryptographically linked to each other, forming a chain with the newest blocks holding information about all the previous blocks.

A consensus mechanism is used to validate transactions on the blocks where participants check if the information is correct, with the majority determining if a block is added or rejected. And since the network is an open distributed ledger, members of the public are welcome to run nodes adding a decentralisation aspect and eliminating the chance of a single point of failure.

Users get to stake a claim on their coins by holding private keys to the tokens. These private keys are stored in a private wallet which gives the owner exclusive access to the coins. Not even the network can restore your coins if you lose your private keys.

On top of this, exchanges and brokers will offer additional security measures such as the ability to activate two-factor authentication (2FA) and SMS notifications to safeguard your account from bad actors.

5. Can you understand and navigate the platform?

This is another factor you need to pay attention to since it can make or ruin your experience. If you are having trouble understanding and navigating the platform, then the buying process will not be fun, and there is a chance you could lose your funds. Great platforms believe in simplicity, making them less intimidating to new users and allowing anyone to buy and sell with ease.

What is the Best Payment Method for Buying Waves?

Buying Waves is relatively easy and doesn’t require any technical know-how to go about it. All you need to be aware of is how to read and operate a computer. Then register on a reputable exchange or broker, complete the verification process, and you are good to go. Below are some of the payment modes you can use to buy Waves.

Buying Waves with Debit/Credit Card This is one of the most popular modes of buying this asset supported on many platforms. Brokers will have this as one of the easy ways to fund your account. As for exchanges, you will go to the buy section, select Waves, and then select how to pay with a credit/debit card. Enter the card details, and you are ready to go. However, this option might not be available in some countries due to regulations.

Buying Waves with Crypto To use this method effectively, you have to own some crypto. This can happen by visiting exchanges where you purchase Bitcoin or Ethereum using a credit card or bank transfer. Then transfer the BTC or ETH to a platform supporting Waves and trade the BTC/ETH for Waves. This can be quite a process since you need to sign up on various platforms and transfer your crypto, but it’s still a valid way to make the purchase, and it’s not that complicated.

Buying Waves Peer-to-Peer Many platforms offer peer-to-peer buying and selling cryptocurrencies. However, most of them tend to support some of the top coins. Lately, even centralised exchanges are incorporating P2P trading. You can access their P2P platform where you can buy any of the supported coins using your local currency or payment mode and then convert the coin into Waves. The process isn’t time-consuming, and it’s an ideal way to access Waves.

Buying Waves Using Third-Party Payment Options Some exchanges and brokers will allow users to fund their accounts and purchase Waves using third-party payment options such as PayPal, Skrill, and many others. This is a fast and straightforward process that shouldn’t take much time.

What Fees are Involved in Buying Waves?

When you get into crypto investing, you need to be aware of some of the involved fees. This applies to buying Waves, where you have network fees that are negligible but can rise when the network is congested. These fees are used to pay nodes that verify transactions on the network. Other fees include:

Transaction Fees These are fees charged by platforms that facilitate the buying and selling of Waves. This is how exchanges make their money. These fees will vary from one platform to another, and you need to pay attention to them if you plan to make regular purchases.

Deposit Fees This will mainly come from the payment provider you opt to use to fund your account. Some can even charge a premium since it’s cryptocurrencies you are dealing with, while others can be free to attract more users.

Withdrawal Fees When withdrawing funds from a platform, there will be a fee taken by the exchange or broker. This is another source of their income to support their operations. Most of the time, these fees are negligible, but for a regular user can accumulate. Therefore, it makes sense to compare various platforms and choose the best without compromising the quality of services you receive.

Safely Storing Your Waves

The section below will cover some of the modes that are available to safeguard your Waves Investment.

Web Wallet Web wallets can be exchange supported or browser extensions. When you purchase your coins on a platform such as Binance, they will appear on your dashboard. These coins are stored using Binance custodial wallet, which means you technically don’t own the coins. If the exchange is ever hacked, your investment is gone. Therefore, it’s safe to store them in a private wallet. A browser extension will allow you to hold your private keys. However, they are less secure compared to other wallets on this list since they are online.

Mobile Wallet Mobile wallets are applications that you install on your mobile device that help you safely store your coins. They offer security and anonymity. Also, you have access to 24/7 customer support. Some will allow you to purchase other cryptos within the wallet and, most importantly, access your coins on the go. Atomic wallet is a good example of a Waves mobile wallet.

Desktop Wallet These are software programs you download and run on your PC. They allow users to keep their private keys. They are convenient for traders and people that need regular access to their tokens. Some like Atomic wallet will allow you to hold over 300 coins which is incredible. Also, even if you are to lose your machine, you can recover the wallet as long as you hold your wallet seed. Desktop wallets offer a higher degree of security compared to web wallets. Another popular wallet in this category is Exodus.

Hardware Wallet Waves hardware wallets are physical devices that resemble USB flash drives. They are popular with long-term investors and people with a substantial amount of coins. They host applications that let users store their private keys of various cryptocurrencies and are considered the most secure since they are disconnected from the internet most of the time. The only time you connect the wallet to your smartphone or PC is when you need to make a transfer. Popular waves hardware wallets include Ledger and Trezor.

Wallet Combinations Some individuals will opt to trade Waves actively and invest in the asset in the long term. For such people, it makes sense to have a wallet that offers quick access to the assets for trading, such as a web and desktop wallet. Also, they can hold a hardware wallet where they can store coins for the long term. 

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

As mentioned above, some platforms will allow you to trade other cryptocurrencies for Waves. You will find the token paired against stablecoins such as USDT, BUSD, and others on some exchanges. Stablecoins maintain a stable price and are easy to do calculations using. Also, you will find the popular coins paired with Waves, such as BTC. On some platforms, you will find fiat pairs of euro and USD.

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

One Waves coin currently goes for around $17. The token is divisible up to eight decimal places, meaning it’s possible to buy even coins worth a few cents. But, due to network fees and other charges, most platforms will have a limit of about $10. As for brokers, some will have the minimum capital you should fund your account with to trade various financial instruments attached to Waves. This can be $100, $200 or even $250.

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

It’s possible to buy Waves anonymously through decentralised exchanges that don’t ask for KYC. So if you find a reputable DEX that offers this option feel free to purchase if you are the kind that likes keeping their transactions anonymous. However, most reputable exchanges will require you to verify your account before you can begin buying and selling crypto. This can seem contrary to what cryptocurrencies were invented to do, but it adds a layer of security for your investment.

Will Buying Waves Make Me Money?

Our goal with these guides is to educate people on what cryptocurrencies are all about and the opportunities the market offers. Most individuals are not interested in crypto for the value it offers but for the tremendous returns. They want to make money and based on this coin’s history, those that got in early have made money.

How to Spend your Waves

Waves coins can be used to make purchases online at accepted merchants. Also, the token has utility on the Waves ecosystem being used to pay fees at discounted rates. The Waves ecosystem is vast, as mentioned at the start of this guide. You can also exchange your coins for other cryptocurrencies and spend them as you like to make instant payments for coffee, groceries, bills, and so on.

How to Sell your Waves

Selling Waves is easy and straightforward just like the buying process. You can use exchanges or brokers to make the sale and convert the coins to fiat or even other cryptocurrencies. If you trade WAVES using CFDs, then the process is easy as you can even use robots to trade in an automated manner. 

Frequently Asked Questions

Is Waves regulated?
No. This is a decentralised digital currency that isn't controlled by any single entity. However, most platforms that enable its trading are regulated.
What value does Waves offer?
Waves is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts.
When was Waves launched?
This project was launched back in June 2016.
What is the token supply of Waves?
This protocol has a circulating supply of 105,132,202 million coins.
Who is behind Waves?
Alexander Ivanov, a Ukrainian scientist, is behind this project.
Will I make money with Waves?
It's possible to make money investing in this asset and even actively trading, but you need to educate yourself on how to.
How much should I invest in Waves?
The answer to this question lies with you. You can start with any amount and grow your portfolio with time.
What consensus mechanism does Waves use?
Waves is a Proof of Stake (PoS) cryptocurrency where you stake coins to validate transactions.

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