How to Buy Tezos (XTZ)
Tezos (XTZ) Price in USD: Convert to US Dollar
Tezos (XTZ) is a blockchain platform founded in 2017, and designed to create decentralized applications and smart contracts. One of the key features is the self-adaptation and self-updating mechanism, which makes Tezos one of the most flexible and resilient blockchains. This feature allows you to make updates without the need for a hard fork.
The XTZ cryptocurrency transfer value within the network, and also serves as a tool for system management. XTZ owners can engage in staking – freezing their tokens to participate in the block creation process and vote on protocol update proposals. This allows them to earn income in the form of additional XTZ tokens.
In this article, I will tell you about safe and effective way of buying Tezos cryptocurrency in 2023.
What is Tezos (XTZ)?
Tezos is the network’s native currency that performs a variety of functions:
- Coins can be used as a reward for participants involved in the process of creating and approving new blocks, regardless of whether they are active participants or delegate their tokens;
- XTZ also serves as a voting token in a decentralized governance system, allowing participants to influence the development and changes of the protocol;
- Coins are used as the means of exchange, allowing users to transfer value within the network;
- XTZ tokens are used to pay fees known as “gas”.
Where to buy Tezos (XTZ)??
To buy Tezos cryptocurrency and other digital assets, it is better to use crypto exchanges. Buying cryptocurrency on an exchange has a number of important advantages.
First, exchanges provide access to liquidity, making it easy to find buyers or sellers of assets. This makes it easier to execute trades and reduces the risk of price fluctuations.
Second, on the exchange you can choose from different trading pairs and payment methods, which provides flexibility in buying/selling methods.
The third advantage is that exchanges offer infrastructure for storing and managing cryptocurrency assets, including crypto wallets.
And finally, the most favorable rate is always available on exchanges.
Tezos step-by-step buying guide
Since investing in cryptocurrencies involves high financial risks, you need to carefully assess your readiness for them. After this, you should choose a reliable trading platform, register and make a coin purchase. Next, I will show each of these stages in detail.
1. Assess the personal level of risk
Before purchasing XTZ, it is recommended to develop an investment planthat includes loss limits and price targets for buying and selling the coin. Also follow the basic rules of investing: invest only funds you are ready to lose, avoid concentrating all your funds in one coin, and diversify your portfolio.
2. Choose a crypto exchange
Choosing a reliable cryptocurrency exchange plays an important role in successful investments. When evaluating a trading platform, it is worth considering user-friendliness, high liquidity, availability of the necessary trading pairs, and security. I also recommend paying attention to commissions (trading and withdrawal), available methods of replenishing your account, opportunities for additional earnings, as well as users’ reviews.
As a reliable option, I recommend considering the Bybit platform.
3. Create your account
Registering an account on the Bybit exchange includes the following steps:
- Go to the official Bybit website: https://www.bybit.com/;
- Find the Sign Up button on the main page and click on it;
- Enter your email address or phone number;
- Create a strong password;
- Read the terms and conditions of use of the Bybit exchange and confirm your agreement;
- Click Create Account;
- After entering the data, you will be sent a confirmation letter to the email address you specified: follow the link in the letter to verify the address;
- Phone Verification (Optional): You may be asked to verify your phone number for added security (optional). Follow the system’s instructions if you decide to do so;
- After successful registration, you will be able to log into your account using the email address and password you provided during registration.
4. Top up your account
Funding your account on the Bybit exchange includes the following steps:
- Login to your account on the Bybit exchange;
- Find the Deposit section in the top menu, and click on it;
- Select an account to top up. You can purchase XTZ on the spot market, so we select Spot;
- Select the coin to deposit on the balance page, On Bybit, the XTZ cryptocurrency is traded in pairs with USDT. So select Tether USDT and click Deposit;
- Specify the network for the transfer, for example, ERC20;
- You will be given an exchange wallet address to which you must send the selected cryptocurrency. Copy this address;
- Open your external wallet with the chosen coin (USDT in the example) and send it to the address copied from the Bybit exchange;
- After sending coins, wait for the transaction to be confirmed (the time depends on the blockchain network you are using);
- Once the transaction is confirmed, return to the exchange and check your balance: the USDT deposit will be reflected in your account.
5. Buy Tezos (XTZ)
The proccess of buying Tezos cryptocurrency consists of the following steps:
- Select Trade → Spot Trading in the main menu;
- Find the XTZ/USDT trading pair;
- Create a buy order: enter the amount of XTZ you want to buy and set the price you want to trade at (Limit). You can also use a Market order to buy at the current market price (Market);
- Check your order and confirm it by clicking Buy XTZ;
- After the order is confirmed, wait for the transaction to be executed. XTZ coins will be credited to your exchange account.
How to sell Tezos?
To sell XTZ, follow the same steps as when buying, then click the red Sell XTZ button on the right side of the screen.
How to store Tezos (XTZ)?
To ensure safe storage, it is recommended to transfer your XTZ from the exchange to your own cryptocurrency wallet.
When deciding on a wallet to store XTZ, it is important to consider how you plan to use your assets. Choose hot wallets for frequent use of coins and trading, and cold wallets for long-term storage and security.
Popular solutions for storing Tezos cryptocurrency:
- Trust Wallet is a “hot” crypto wallet for mobile devices that allows users to safely store, send and receive various cryptocurrencies;
- Exodus is a multi-currency crypto wallet with an intuitive user interface that provides features for securely storing and trading Tezos and other digital assets;
- Ledger Nano S and Ledger Nano X: Tezos-enabled hardware wallets that provide a high level of security for storing cryptocurrency.
How to withdraw Tezos to my wallet?
- Login to your account on the Bybit exchange;
- Find the Assets section on the main page of the exchange;
- Select the Withdraw option;
- Click on Withdraw in the spot balance line to begin the Tezos withdrawal process;
- Specify XTZ in the Coin line, and select the XTZ network in the Chain Type line. The Wallet Address line is used to enter the address of the wallet;
- Specify the Trust Wallet address: launch the Trust Wallet application on your mobile device and press the Receive button on the main screen of the application;
- Enter XTZ in the search bar (note that the network in wallet matches the one you selected on the exchange);
- The system will automatically create an transaction address (you can also use QR-code);
- Copy this address and paste it into the appropriate field on the withdrawal page on the Bybit exchange, then complete the transaction.
- Сhoose the cryptocurrency exchange;
- Register on the platform by creating an account;
- Replenish your balance by depositing funds on the exchange;
- Go to the spot trading section and find the currency pair with XTZ (for example, XTZ/USDT);
- Place an order to purchase coins;
- Click on the Buy XTZ button.
However, it is worth remembering that investing in cryptocurrencies always involves risks. High market volatility, regulatory changes and technical problems may affect the XTZ exchange rate and the development of the project. Therefore, it is important to do your own research and invest only those funds that you can аfford losing.