Cryptocurrencies and blockchain are complex topics, and many times only those who are very technically literate are the ones that are able to decipher some of blockchain technology’s usability. The Ark company looks to fix that by enabling a convenient and more retail-friendly environment for blockchain solutions. Subsequently, the companies’ ‘ARK’ cryptocurrency offers a new, intuitive cryptocurrency that is adaptable to many, however, buying ARK can be challenging, especially for beginners. As a result, this guide will walk through the quickest and most efficient ways to buy ARK.
We will overview the process of buying ARK, which exchanges are optimal for your purchase, and how to most effectively access and use some of these exchanges.
Compare Exchanges to Buy Ark (ARK)[wpsm_comparison_table id=”7″ class=””]
Ark is a cryptocurrency, which means it is a form of cryptographically secured code that can be transferred from one party to another. Ark is similar, but not the same thing as Bitcoin or Ethereum which are also cryptocurrencies that run on a blockchain. Ark serves more like an ecosystem, unlike Bitcoin, which serves more like a currency. While ‘ARK’ is also a cryptocurrency, its an infrastructure for other projects and potential developments. While Ark runs on its respective blockchain, it looks to combine the best features of other blockchains and pool them together for other companies to integrate the immutable technology form in their internal business practices.
At first glance, Ark might seem extremely confusing, but let’s break it down: the internet has a lot of technologies, development processes, and many of them are not compatible with one another. As a result, Ark looks to create this ‘melting pot’ almost of different blockchain technologies, coding languages, and processes that can be interactive with one another. It looks to serve as an ‘Ark’ (The pun is intended) that bridges different blockchain technologies.
For example, right now, if you want to develop a Bitcoin application using Ethereum’s development language, you simply can’t, they’re not compatible. Ark uses a technology they refer to as ‘SmartBridges’ which are links between different blockchains. This enables triggering of events across blockchains which increases the power and efficiency potential of blockchain.
Cryptocurrencies run on underlying algorithms that, in many cases, are used to reach a ‘consensus’ or an overall agreement that a transaction or process that was conducted on a blockchain is relatively valid. ARK runs on the DPoS model, which stands for ‘Delegated Proof of Stake’. Bitcoin adversely runs on a miner-consensus model where miners validate and verify certain transactions as legitimate, whereas Ark relies on ‘delegates’ to validate transactions. This has been argued to be a bit more centralized than Bitcoin, however, it comes at the cost of being faster and being able to process transactions more quickly.
If you want to register as a ‘Delegate’ of the entire Ark blockchain where the ARK tokens live, you pay a fee of around 25 ARK. As a result, you collect the fees from the incoming transactions that are conducted on the ARK blockchain and also help to direct the blockchain.[/su_note]
Best Exchanges to Buy Ark (ARK)
(Step by Step) How to buy ARK on Coinbase?
Coinbase is one of the most popular cryptocurrency exchanges in the blockchain atmosphere namely because it is reputable and maintains regulation and registration with a number of high-ranking regulatory bodies including the FCA which gives you an extra layer of security to your account. While you can buy a number of different cryptocurrencies on Coinbase, at this time Coinbase currently does not, unfortunately, support the trading or purchase/sale of Ark.
Coinbase also offers the trading of cryptocurrencies through the form of financial products known as CFDs which are representations of the underlying asset, which complicates certain cryptocurrency listings. It’s definitely not impossible for the exchange to add an Ark listing. In fact, Coinbase has been actively looking for assets to list on their exchange and has recently added a list of new ones. It’s definitely not impossible for us to see an Ark listing on Coinbase in the near future.
There are two main ways that you’re able to buy Ark on Binance: 1.) Through depositing a pre-listed cryptocurrency and using it to exchange for Ark, or 2.) By purchasing a base cryptocurrency, such as Bitcoin on the exchange using a credit/debit card and then exchanging that for Ark. Let’s get started with buying Ark on Binance.
Step 1: Registering
In any case, if you’re looking to buy Ark on Binance, you’re going to need to first create an account with the platform. To do this, head to the homepage of the exchange and click the ‘Register’ button at the top-right of the screen next to the ‘Log In’ button. A new page will load where you’ll be asked to enter in your email, password, and then complete a captcha, which looks as follows:
Once you’ve entered the information, you’ll then be asked to verify your email by clicking on the verification link that has been sent to your email. Once you’ve clicked on this, login to your newly created Binance account and we’ll then be able to move forward to buy Ark.
Step 2 (Optional): Secure Your Account
While it’s excellent that Binance lets you create an account ready for trading without completing any verification or submitting additional KYC documents, at its most basic form, your account is very unsafe. It can be hijacked and stolen very easily and there’s nothing you’d be able to do about it. If you buy Ark and have a large amount and your account is hijacked, you can potentially lose everything. As a result, it’s important to add a second method of authorization on Binance. This is optional but is highly recommended.
To further secure your Binance account, head to the ‘Funds’ section of your account by clicking the top-right of the navigation bar. This will lead you to a new page where you’ll be asked if you’d like to add a ‘2FA’ method of authorization for your account. Click yes, and you’ll then be asked to go to the app store and find the ‘Authenticator App’ created by Google (It’s available on both Android and iPhone). Doing this will then bring up a new screen on Binance which will look similar to the one below:Credit: Binance Support
With this page open, head to the newly downloaded application on your phone (Titled ‘Authenticator’) and at the top right of the user interface click on the ‘+’ sign. This will then, as a result, bring up a camera that will prompt you to scan the QR code that is loaded up on the Binance page (Your computer). Scan this, and as a result, you’ll then be given a new tab on the mobile application labeled ‘Binance’ and next to it will be rotating numbers. These numbers, once loaded are your confirmation numbers for whenever you login to Binance. Simply open up the application on your phone and input the numbers as they appear on the screen to your computer. As a result, your account can then only be logged into with both the 2FA method and a correct login, making your profile much more safer.
Step 3: Depositing Funds
After you’ve created an account and hopefully taken some additional measures to add extra layers of security to your Binance account, the next step is to deposit funds to Binance so that we can use them to buy Ark. As mentioned, there are 2 ways that we can do this. The first method is to send already purchased cryptocurrency such as Bitcoin or Ethereum to our Binance created wallets, and the second method is to buy Bitcoin or Ethereum using a credit or debit card directly on the Binance platform. In both cases, the objective is to acquire some form of a base cryptocurrency so that we can exchange it for Ark.
If you already have cryptocurrency and want to deposit to Binance so that you can immediately exchange it for Ark, the first step would be to go to the ‘Funds’ section at the top-right of the navigation bar on Binance when you’re logged in and select the ‘Deposit’ button from the list of different options. A new screen will load and ask which cryptocurrency exactly to deposit. Select which one it is, for our example, Ethereum is the cryptocurrency we have that we want to deposit to Binance.
As demonstrated in the image, simply send your Ethereum to the address that is generated uniquely for you. Once processed you’ll now have funds on Binance that are then able to be used for purchase or exchange to ARK.
Adversely, if you don’t already own any type of cryptocurrency prior to beginning the process, you can purchase Bitcoin or Ethereum by clicking on ‘Funds’ and then selecting ‘Buy with Credit Card’. Selecting this will ask you to enter in credit/debit card information. Do this, specify the amount to purchase, then you’ll be able to proceed.
Step 4: Purchasing ARK
The final step is to purchase ARK with the deposited cryptocurrency. To do this, head to the ‘Exchange’ section on the top-left of the navigation bar. Select the market for the base you deposited (In our case, find ARK/ETH):
Click on the listing as indicated above. A new chart will load up which is the price of ARK relative to the asset you selected. Underneath the chart that load, you’ll see the two squares that enable you to buy or sell ARK. Select ‘Market’ from the options and then indicate how much worth of ARK you want to purchase. Once confirmed, press ‘Buy ARK’ – Upon execution, you’ll have successfully bought ARK from Binance.
Plus500 is a global CFD provider that offers the trading of various assets through CFDs (Contracts for Difference). At this time, Plus500 does not list or support ARK for trading.
Buying ARK in Your Country
ARK can be bought easily on the Binance exchange if you are a resident of the UK. Binance enables credit card purchases as well as direct cryptocurrency deposit for exchanges. The process for registering on Binance does not require prior verification as well.
Residents of the US & Canada can sign up and register for Binance and purchase ARK through there using either a credit card or a direct previously purchased cryptocurrency deposit. US residents can also register for Bittrex, which also lists ARK.
Those in Australia can also buy ARK from Binance, as limitations and jurisdiction restrictions are not present for the exchange. It’s important however to keep up to date with any potentially changing Australian cryptocurrency laws.
Differences Between Buying and Trading ARK
- When you buy ARK, you’re gaining control over the ARK asset.
- ‘Buying’ ARK can in many cases means accessing it for its intrinsic usage such as-as a currency or the like.
- You can only move ARK to other wallets when you buy it.
- If you want to use ARK’s “SmartBridges” feature, you have to physically buy ARK.
- Trading ARK only sometimes means owning the actual asset. If you trade CFDs, you don’t actually own the ARK underlying.
- Traditionally the goal of trading is to solely profit from price movements of an asset, not anything else.
- In the case of trading, if you’re trading contracts, you can’t send ARK to anyone else.
- If you’re singularly trading ARK, you won’t be able to utilize it for SmartBridges or development.
Alternative Methods to Buy Ark (ARK)
The easiest and currently most efficient method for buy Ark using a credit card is through the Binance cryptocurrency exchange. The process for this is simple: Follow our guide above on registering an account for Binance and then once completed go to the ‘Funds’ section and select ‘Buy with Credit Card’ from the drop-down menu that’s presented to you. On this new page, you’ll then be asked to select a cryptocurrency; enter in Bitcoin or Ethereum (The two pairs for ARK on Binance) and specify the amount you want to buy.
Press ‘confirm’ and enter your card information. Then confirm the buy, and once processed, exchange whichever base crypto you bought for ARK.
As it stands, there’s no direct exchange that lists ARK that enables PayPal deposit/purchases. As a result, the best option for buying ARK using PayPal is to first buy Bitcoin using Paypal on a P2P exchange such as LocalBitcoins. Follow our aforementioned guide on Bitcoin & PayPal to learn how to buy Bitcoin with PayPal on LocalBitcoins. Once purchased, transfer the Bitcoin to an exchange that supports ARK/BTC pairing such as Binance. Then, exchange the Bitcoin you bought on LocalBitcoins for ARK.
Bitcoin is the easiest and fastest method for buying ARK if you already possess it. In order to do this, deposit Bitcoin to an exchange like Binance that supports ARK/BTC trading. Once done, head to the markets section of Binance and under ‘Markets’ select ‘BTC’. Then, in the same tab, type ARK, and click on the ARK/BTC pair.
Then, as we instructed before, simply place a market buy order (This time for ARK/BTC pair, not ARK/ETH) and wait for execution; after completion, you’ll successfully have bought ARK using Bitcoin.
ARK is a budding cryptocurrency that combines the efficiency of multiple blockchains at once.
Purchasing cryptocurrencies, no matter what your level of technological expertise can be difficult. As a result, be sure to follow instructions carefully and do your own research.
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Can I send ARK to a Bitcoin wallet?
Although ARK blends the utility of multiple blockchains, you cannot mix and match cryptocurrencies associated with ARK. This means if you send ARK to a Bitcoin wallet, you will lose your funds.
Is ARK Legal In All Countries?
In most major tech and financial-affluent jurisdictions, ARK is considered to be legal, however, it's always best to check and do research respectively. Blockchain/crypto laws are constantly changing.
What Makes ARK Different From Other Cryptocurrencies?
Close to all cryptocurrencies run on their own blockchain that is irrespective of others in the blockchain ecosystem. ARK is a cryptocurrency and blockchain that looks to interlink multiple blockchains, development, and transactions through one connection. ARK can still be sent and received like any other cryptocurrency, it just has additional features.
How do I use ARK's Smartbridges?
ARK maintains a function called 'smartbridges' which are essentially links that are possible to other blockchains. In order to set up a smartbridge, the blockchain in question must be compatible with smartbridges first. A detailed tutorial on how smartbridges work and how to use them can be found on Ark's official page here.