How to Buy Zilliqa (ZIL) in 2024 - Beginner's Guide

How to Buy Zilliqa

If you’re looking for a simple way to buy Zilliqa, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Zilliqa and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Zilliqa.

1. Choose a platform

Your journey toward buying ZIL will begin with selecting a platform. Some things to consider when making your choice include what fees are charged and how easy the cryptocurrency exchange platform is to use. You can read the section on platforms later in this guide, or get started immediately with our top recommended platforms.

2. Create and fund your account 

Click “Register” or “Create an account” to get the ball rolling by filling in your name and contact details. You may also have to complete the KYC process by providing a photo ID before your account can be verified. Once that is done, go to the deposit page and choose one of the accepted payment options to fund your account.

3. Buy Zilliqa

Navigate to the relevant trading pair—this will be ZIL/USD if you just deposited US dollars or ZIL/GBP if you just deposited British pounds—and create a buy order. You can make it a limit order if you want to specify a future price at which you purchase Zilliqa (ZIL) for you automatically. Alternatively, create a market order to buy ZIL immediately at the current price.

Where is the best place to store Zilliqa?

The easiest way to store your ZIL tokens is to leave them in your crypto wallet. That way you’ll have ready access to them should you need to sell or stake them. If you want a bit more control over your funds you can send them to a non-custodial wallet such as Metamask or Trustwallet.

These wallets are used by millions of crypto traders, investors and enthusiasts and relied on as one of the safest and cheapest ways to keep crypto assets secure. An even better solution for the full protection of your ZIL is to invest in a hardware wallet. These give you the greatest security. Below are the two best hardware wallets for beginner and experienced crypto investors. You can also stake ZIL on the Ledger wallet and earn a passive income on your holdings of up to 15%.

What Is Zilliqa?

Zilliqa is a low-cost, scalable, and developer-friendly blockchain for building decentralised applications (dApps)—apps that run on the blockchain. The project aims to enable dApps that are user-friendly and secure, providing access to decentralised finance (DeFi) services and non-fungible tokens (NFTs).

Ethereum also provides these services, but its design means that transactions become slow and expensive when lots of people use the network at once. Zilliqa tackles this issue with an innovation known as “sharding”, which involves splitting the network into pieces so that more transactions can be processed at the same time.

This makes Zilliqa capable of scaling to facilitate large-scale enterprise use in sectors such as finance, gaming, advertising, and entertainment. In fact, Zilliqa aims to rival global payment networks such as Visa.

Zilliqa is powered by its native token, ZIL, which enables holders to engage with all Zilliqa-based dApps and services. ZIL can also be used to buy products and NFTs, and secure the network through staking.

Ways to Invest in Zilliqa

Whatever your skills and investment goals, ZIL may be a suitable purchase as it can be bought for either the long term or short term. We’ll look at the benefits of each below.

Buy and Hold Zilliqa

This is the simplest strategy you can find—it just involves buying ZIL and keeping hold of it for a while. It doesn’t matter if you don’t have any analysis skills; it takes minimal time and effort to potentially profit from this strategy.

The good thing about holding ZIL for the long term is that you have the opportunity to generate a passive income in the meantime. If you stake your ZIL, you will be rewarded with more tokens.

Best Zilliqa Wallets

Long-term holders often decide to self-custody their tokens in a private wallet for a bit of extra security. This also means that you don’t have to rely on a centralised service for access to your tokens.

For those who are happy to pay for the best security, hardware wallets like Trezor, BitBox, and Ledger may be the best choice. Software wallets provide a free and user-friendly alternative that can be downloaded to your computer or mobile device.

Trade Zilliqa

Like the rest of the cryptocurrency market, the price of ZIL is liable to experience significant volatility. This has the benefit of enabling traders to generate frequent profits by buying and selling ZIL much more often than investors. For more information on price predictions, read our Zilliqa price prediction here. 

As making regular token transfers between a private wallet and an exchange can be time-consuming and costly, many traders prefer to use web wallets. These are less secure but more convenient and each exchange tends to provide one for free.

Things to Consider Before Buying Zilliqa (ZIL)

What makes Zilliqa a good cryptocurrency to buy?

Zilliqa is a well-established cryptocurrency and blockchain-focused on solving the blockchain trilemma of speed, security and scalability. It aims to achieve this through a combination of the Proof of Work (PoW) consensus mechanism coupled with a Byzantine fault tolerance protocol. 

This is better for the environment than the straight PoW used by Bitcoin and other blockchain projects. The fusion of systems also provides more robust security than platforms such as Cardano while attaining speed and scalability through sharding. These things combined make it ideal for emerging and enterprise tech businesses that require a high degree of computational throughput.

When is the best time to buy Zilliqa?

The best time to buy Zilliqa is when the price is appreciating. Although crypto markets are volatile, meaning they move up and down quickly, if you zoom out and look at a long term picture on a weekly or monthly chart, it’s possible to get a good idea of whether the trend is up or down. 

If the price appears to be falling hard, often depicted by long red candles, it’s best to wait. If the price appears to be consolidating—ie sitting in a tight range—after a fall, this is often a good time to buy. This is known as an accumulation phase. To increase your chances of buying ZIL at a discount, wait for this to happen. If you can see this has already happened and there are green candles are emerging coupled with good volume, this also marks a good time to buy Zilliqa.  

Are there other ways to make money from Zilliqa?

The main ways to make money from Zilliqa are through buying it at a low price and selling it at a higher price. If you plan on Hodling your ZIL for more than a few weeks, you can also make money through staking. This is where you deposit your ZIL into a pool in return for a reward. 

Your deposit of ZIL helps to secure the blockchain network and in return, you receive a high APR paid to you in ZIL. If you’d like to stake any ZIL you’ve bought, head to the Zilliqa staking page on its website and choose a ZIL wallet such as Atomic Swap, Moonlet or Ledger. Currently, APR is as high as 15%.

Things to avoid when buying Zilliqa (ZIL)

Zilliqa is one of the most solid blockchain projects with a strong community and plenty of dApps built on its network. That said, for investors keen to buy the coin, there are some considerations. The first is, know your risk appetite. Although Zilliqa is here to stay, the price of the associated coin is often driven from the sidelines by speculators. This makes it prone to pumps and dumps as people enter and exit the market. 

For this reason, if you are new to cryptocurrency, avoid buying on hype bias. Think about the project longer term and ask yourself if you think the price of ZIL will be much higher in five to ten years than it is today. Panic buying through FOMO and panic selling at the first sign of trouble are sure ways to lose money as you are likely to repeat these behaviours. Instead, take a measured view and ask yourself if ZIL will follow the long term trajectories of standout coins such as Bitcoin or Ethereum.

Should I Buy Zilliqa Now?

Only you can make this decision when it comes to investing your own money, but make sure to do the necessary research first. The maximum supply of ZIL is limited, which has the potential to make it a good store of value in the long term.

The staking rewards Zilliqa offers create demand for the token from those wishing to stake, while more tokens being staked results in less supply available on the market. These factors could prove to be positive for ZIL’s price.

There is also demand for ZIL from users of the Zilliqa network, as it is used to pay transaction fees, access dApps, and purchase products and NFTs. As more dApps and users join the network, this demand should increase, which could boost the value of ZIL.

Zilliqa’s innovative sharding technology means that it is capable of scaling to meet the needs of a growing number of users. If Zilliqa achieves its goals of serving large-scale enterprises and rivaling global payments networks, the project and its native token could become very valuable in the future.

Key Takeaways

Zilliqa is an excellent blockchain project with some seriously killer dApps built on its network. These include Unstoppable Domains which allow people to buy readable crypto domains and keep them forever as non-fungible tokens (NFTs) and Mintable, an NFT marketplace that allows users to purchase NFTs. 

The company also has a solid roadmap and is consistently making platform updates to achieve its overarching aim of solving the blockchain trilemma. Through sharding upgrades, storage pruning and more, day by day Zilliqa is becoming leaner, faster and more secure. In short, it bears all of the hallmarks of a blockchain built to withstand every crypto winter.