When it comes to DApp (decentralized app) creation, Avalanche (AVAX) is one of the top choices of developers and project builders. Due to the rising popularity of Avalanche, many crypto beginners have started asking questions such as “how to buy Avalanche (AVAX)” and “where to buy Avalanche.”
If you want to buy AVAX but don’t know where to start, you should read this article thoroughly. We’ll cover the fundamental steps of buying AVAX, as well as some important topics about the token.
Avalanche (AVAX) Buying Guide
Step 1: Find An Exchange That Supports AVAX
To start buying AVAX, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support AVAX.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
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Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying AVAX, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy AVAX Officially?
Learning how to buy AVAX is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the AVAX ticker. You can also look directly for AVAX trading pairs to save time. Afterwards, just enter the amount of the AVAX tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Avalanche (AVAX)
Avalanche (AVAX) is a decentralized platform designed for deploying responsive smart contracts. Through Avalanche, developers can make different assets for their DApp projects, ranging from complex systems to digital NFT collectibles.
The Avalanche platform can also build these remarkable things:
- Customized blockchains for various purposes
- Automated market makers
- Decentralized exchanges
- Digital identity system
- Document tracking system
- Licenses and credentials
- Game items, art, and music
Regular users can also use Avalanche’s useful products such as the Avalanche Wallet for storing tokens and Avalanche Explorer for observing transactions. More importantly, anyone can use AVAX to pay for digital goods and services.
How Does AVAX Work?
AVAX, the native token of Avalanche, can be used for transaction payments, atomic swaps, and staking. AVAX holders gain voting rights in the Avalanche ecosystem, and they are eligible for rewards. The required amount of AVAX for staking depends on the current governance status.
What Makes Avalanche (AVAX) Unique?
Avalanche’s strength is the proper implementation of Snow protocols and interconnected subnets. The Snow protocols act as a continuous improvement of previous Nakamoto protocols, resulting in a more stable system with better finality.
Developers can also create and modify subnets to fit the requirements of their projects. The Avalanche subnets operate with each other properly, allowing quick and easy deployment of smart contracts.
Who Are the Founders of Avalanche (AVAX)?
The founder of the Avalanche platform is Emin Gun Sirer – an award-winning computer scientist with great contributions to peer-to-peer systems, operation systems, in-depth crypto research, and distributed systems. Sirer is also the CEO of the company behind the Avalanche platform, AVA Labs. The primary goal of Ava Labs is to establish a groundbreaking decentralized protocol for companies and entities in the financial sector.
What Are the Use Cases of Avalanche (AVAX)?
Avalanche’s use cases are related to DApp creation and utilization of smart contracts. You should understand AVAX’s use cases before buying the token from an exchange.
Here are the use cases of AVAX:
- Speculative trading
- Payments for services
- AVAX staking and governance
- Trustless atomic swaps (asset exchange in the platform)
Who Builds on Avalanche (AVAX)?
Avalanche is designed for DApp developers, game developers, and project builders who need different types of assets for their work. Through Avalanche’s smart contracts, developers can build the necessary assets and combine them into one dynamic output. Lastly, investors can join the Avalanche ecosystem by procuring AVAX and participating in governance.
Official website: https://www.avax.network/
Essential Points of the Avalanche (AVAX) Whitepaper
The Avalanche (AVAX) Whitepaper explained the operational framework and capabilities of the Avalanche platform. Plus, the paper covered the tokenomics and benefits of AVAX.
These are the strong points of the Avalanche (AVAX) Whitepaper:
- Avalanche’s efficiency and scalability
- Snow protocols
- Avalanche subnet operations
- Avalanche’s smart contract flexibility
- AVAX tokenomics and utilities
- AVAX staking and governance
The Best Cryptocurrency Wallet for AVAX
After knowing how to buy AVAX, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for AVAX?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of AVAX wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade AVAX right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy AVAX, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Avalanche (AVAX)
Do you want to learn more about Avalanche (AVAX) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Avalanche (AVAX)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments