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How to buy Waves Coin online
Developed in Russia and launched in 2016, Waves is an innovative high speed blockchain that’s raced up in value at the start of 2020.
Compare where to buy Waves Coin, and open an account
Read on to find out more about Waves in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy Waves coin.
What is Waves?
As usual with cryptocurrencies, it’s worth distinguishing between the platform and the currency, not least because, in this case, they’re both called Waves.
Waves is a cross-platform trading solution that was developed with the aim of allowing users to create and launch their own custom cryptocurrency tokens. While transactions on the platform can be conducted with a chosen currency, any fees associated with a transaction must be paid using Waves tokens.
How does Waves work?
Like many other cryptocurrencies, Waves is a decentralised, blockchain-based platform that stores transactional data on a ledger. What differentiates the Waves platform is the aim at the heart of the project: To enable the creation of custom tokens for a wide range of services and projects.
The platform is said to make custom token creation uniquely straightforward and accessible, which, if true, could give it the edge over rival cryptocurrencies like Ethereum.
Essentially, Waves has been developed to extend the benefits of fast, decentralised blockchain functionality to a broad usership of developers and businesses.
How to buy Waves online – step-by-step guide
Step 1. Get a suitable wallet
A wallet allows you to store your Waves securely. It’s a good idea to have one ready before you buy Waves so you’re able to transfer your freshly acquired coins off the exchange and keep them safely stored. There are a few good options on the market, including:
- Ledger Nano X: Ledger Nano X is a hardware wallet, which means you can store your Waves (along with a multitude of other cryptocurrencies) offline on a super-secure wireless device.
- Waves Wallet: The official Waves mobile wallet is available for iOS and Android. It’s connected to Waves blockchain as well as other blockchains via secure built-in gateways. This means you can also trade other cryptos including BTC and ETH.
Step 2. Find an exchange to buy Waves
There are plenty of exchanges on offer if you want to buy Waves coins. Each has advantages and disadvantages, so it’s a good idea to do a bit of research. To get you started, here are three of our favourite exchanges to buy Waves:
- Binance: Widely considered to be the best, most dependable place to buy crypto, Binance is the world’s biggest crypto exchange. It offers a huge crypto marketplace and fees that compare favourably with its main competitors, plus a well-designed mobile app.
- Changelly: Changelly combines slick, highly convenient design and speed. Fees are 0.5%, which is a touch higher than many exchanges but that doesn’t feel extortionate given the quality of the platform.
- Waves.Exchange: Launched in December 2019, Waves.Exchange replaces Waves DEX, the platform’s previous exchange. Thanks to its decentralised nature, Waves.Exchange offers excellent security. Apart from its native currency, Waves.Exchange supports a huge range of other cryptos as well as Fiat-crypto trading.
Step 3. Withdraw your Waves
It’s a good idea to secure your Waves by moving them off the exchange and into your wallet as soon as possible. To withdraw your Waves to your wallet you need to generate an address then paste it in the relevant field of your exchange account.
How to trade Waves – step-by-step guide
If you’re only interested in trading Waves you needn’t worry about getting a suitable wallet because trading involves taking a position on a currency rather than actually buying Waves coins. This means you can potentially make a profit from Waves without the hassle and security risk of owning it.
Step 1. Find a broker to trade Waves
Waves is pretty new to the market so you may struggle to find a trading platform that supports Waves. This looks like changing pretty fast given its recent market performance, so you shouldn’t have to look for too long. Plus500 and eToro are two of the most popular crypto trading platforms.
Step 2. Deposit money
Most trading platforms will allow you to deposit Fiat money (USD, GBP, EUR etc.). It’s worth noting that trading platforms offer leveraged trading, which means you don’t have to put down the full value of a trade. Instead you can pay a deposit, known as a ‘margin’. This means you can potentially make bigger profits and, of course, bigger losses.
Step 3. Decide how you’d like to trade
There are two methods to trade cryptocurrencies: CFDs (contracts for difference) and Spread Betting. Both methods essentially entail speculating on the price movements of your chosen currency. If you aren’t sure which option to go for, we recommend researching the differences between spreads and CFDs.
Step 4. Start trading
If you’re a complete novice we recommend starting with a demo account and familiarising yourself with the process and the platform. Cryptocurrency trading is extremely volatile, which means you can make and lose money very quickly. Cryptocurrencies are prone to fluctuation, which makes them intriguing prospects for traders who look to exploit volatility.
As a crypto trader you’re speculating on your currency’s price movements by taking a short (sell) or long (buy) position. If you think Waves will fall in value you should take a short position, if you think it will rise in value you should take a long position.
You may choose to incorporate leverage into your trading strategy. Leveraged trading allows you to put up a fraction of the trade’s value as a deposit or ‘margin’. This can be risky, though, so make sure you have a stop loss in place for damage limitation.
- Waves benefit from extremely rapid network speeds
- Custom token creation is a novel feature and works well with crowdfunding
- Fees are competitive
- Has its own decentralised exchange
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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